- Home
- Results news
- United Spirits
- Q2 FY27 results
United Spirits Q2 FY27 results: net profit down 7.8% to ₹428 crore, revenue down 2.6%
United Spirits Limited reported consolidated revenue of ₹7,014 crore in Q2 FY27, down 2.6% from Q2 FY26. EBITDA was ₹643 crore at a 9.2% margin, while a net profit of ₹428 crore and basic EPS of ₹6.03 were lower year on year.
Key points
- Consolidated revenue was ₹7,014 crore, down ₹185 crore or 2.6% from Q2 FY26.
- EBITDA was ₹643 crore, down ₹17 crore or 2.6%, while the margin remained 9.2%.
- A net profit of ₹428 crore was down ₹36 crore or 7.8%; basic EPS was ₹6.03, down ₹0.50 or 7.7%.
- Against Q1 FY27, revenue rose ₹892 crore or 14.6% and EBITDA rose ₹214 crore or 49.9%.
- Beverage Alcohol revenue was ₹3,264 crore, up 2.9%, with EBIT of ₹643 crore.
How did United Spirits perform in Q2 FY27?
United Spirits reported consolidated revenue of ₹7,014 crore in Q2 FY27, down ₹185 crore or 2.6% from Q2 FY26. Total income was ₹7,079 crore, down ₹201 crore or 2.8%, while EBITDA fell ₹17 crore or 2.6% to ₹643 crore. The EBITDA margin remained 9.2% against Q2 FY26.
Profit before tax was ₹619 crore, down ₹6 crore or 1.0% from ₹625 crore, and a net profit was ₹428 crore, down ₹36 crore or 7.8%. Basic EPS was ₹6.03, down ₹0.50 or 7.7% from ₹6.53.
Against Q1 FY27, revenue rose ₹892 crore or 14.6% and total income rose ₹884 crore or 14.3%. EBITDA increased ₹214 crore or 49.9% to ₹643 crore, and the margin rose 2.2 percentage points to 9.2%. Net profit was ₹34.50 crore lower, or 7.5%, while basic EPS fell ₹0.49, or 7.5%. On the standalone basis, revenue was ₹7,001 crore and profit was ₹462 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 7,014 | 6,122 | 7,199 | −2.6% | +14.6% |
| Other income | 65 | 73 | 81 | −19.8% | −11.0% |
| Total expenses | 6,471 | 5,795 | 6,625 | −2.3% | +11.7% |
| EBITDA | 643 | 429 | 660 | −2.6% | +49.9% |
| EBITDA margin | 9.2% | 7.0% | 9.2% | +0.0 pp | +2.2 pp |
| Profit before tax | 619 | 319 | 625 | −1.0% | +94.0% |
| Tax | 158 | 82 | 160 | −1.2% | +92.7% |
| Net profit | 428 | 462.50 | 464 | −7.8% | −7.5% |
| EPS (₹) | 6.03 | 6.52 | 6.53 | −7.7% | −7.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in United Spirits' costs and profit?
Total expenses were ₹6,471 crore, down ₹154 crore or 2.3% from Q2 FY26. Cost of materials rose ₹94 crore or 5.7% to ₹1,732 crore, employee cost fell ₹26 crore or 14.5% to ₹153 crore, finance costs rose ₹3 crore or 14.3% to ₹24 crore, and depreciation rose ₹11 crore or 16.9% to ₹76 crore. Other expenses declined ₹160 crore or 3.4% to ₹4,522 crore.
Other income fell ₹16 crore or 19.8% to ₹65 crore. The quarter included a ₹11 crore exceptional gain, against a ₹30 crore exceptional charge in Q2 FY26. Tax expense was ₹158 crore, down ₹2 crore or 1.2% from ₹160 crore, and the profit margin was 6.1%, down 0.3 percentage points.
Against Q1 FY27, total expenses rose ₹676 crore or 11.7%, including a ₹553 crore or 46.9% increase in cost of materials and a ₹424 crore or 10.3% increase in other expenses. Other income fell ₹8 crore or 11.0%, while tax expense rose ₹76 crore or 92.7% to ₹158 crore. The quarter recorded a ₹11 crore exceptional gain, compared with a ₹81 crore exceptional charge in Q1 FY27.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,732 | 1,638 | +94 | +5.7% |
| Employee cost | 153 | 179 | −26 | −14.5% |
| Finance costs | 24 | 21 | +3 | +14.3% |
| Depreciation | 76 | 65 | +11 | +16.9% |
| Other expenses | 4,522 | 4,682 | −160 | −3.4% |
| Total expenses | 6,471 | 6,625 | −154 | −2.3% |
| Other income | 65 | 81 | −16 | −19.8% |
| Tax | 158 | 160 | −2 | −1.2% |
| Exceptional items | +11 (gain) | −30 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹13,136 crore, down ₹358 crore or 2.7% from H1 FY26, and total income was ₹13,274 crore, down ₹373 crore or 2.7%. Profit before tax fell ₹264 crore or 22.0% to ₹938 crore.
A net profit for the first half was ₹891 crore, up ₹10 crore or 1.1% from ₹881 crore. Basic EPS was ₹12.55, up ₹0.14 or 1.1% from ₹12.41.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 13,136 | 13,494 | −2.7% |
| Profit before tax | 938 | 1,202 | −22.0% |
| Net profit | 891 | 881 | +1.1% |
| EPS (₹) | 12.55 | 12.41 | +1.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹14,625 crore against ₹14,469 crore at 31 March 2026, and total equity was ₹9,066 crore against ₹8,957 crore. Borrowings fell from ₹6 crore to ₹4 crore, while cash rose from ₹859 crore to ₹1,178 crore. Inventories were ₹2,688 crore, trade receivables ₹3,752 crore and trade payables ₹2,327 crore.
H1 FY27 operating cash flow was ₹1,330 crore, compared with ₹939 crore in H1 FY26. Investing cash flow was negative ₹25 crore against negative ₹452 crore, and financing cash flow was negative ₹869 crore against negative ₹956 crore. Capital expenditure was ₹114 crore, compared with ₹89 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 14,625 | 14,469 |
| Total equity | 9,066 | 8,957 |
| Borrowings | 4 | 6 |
| Cash and equivalents | 1,178 | 859 |
| Inventories | 2,688 | 2,668 |
| Trade receivables | 3,752 | 3,609 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 1,330 | 939 |
| Cash from investing | −25 | −452 |
| Cash from financing | −869 | −956 |
| Capital expenditure | 114 | 89 |
Source: Company's results filing (XBRL).
How has United Spirits done over the last 8 quarters?
Revenue over the last eight quarters peaked at ₹7,942 crore in Q3 FY26 and was lowest at ₹6,122 crore in Q1 FY27. It then rose to ₹7,014 crore in Q2 FY27, with quarterly EBITDA margin recovering from 7.0% to 9.2%.
Net profit over the period peaked at ₹539 crore in Q4 FY26 and was lowest at ₹335 crore in Q3 FY25. It was ₹428 crore in Q2 FY27, after ₹462.50 crore in Q1 FY27. The current EBITDA margin of 9.2% matched Q2 FY26, while the quarterly profit margin fell 1.5 percentage points to 6.1% from Q1 FY27.
Which businesses drove the quarter?
Beverage Alcohol revenue was ₹3,264 crore in Q2 FY27, up 2.9% from ₹3,173 crore in the year-ago quarter. EBIT was ₹643 crore, down from ₹666 crore, and the segment’s EBIT margin was 19.7%.
Sports reported nil revenue in both Q2 FY27 and Q2 FY26. Its EBIT was a loss of ₹11 crore, compared with a loss of ₹6 crore in the year-ago quarter.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Beverage Alcohol | 3,264 | +2.9% | 643 | 19.7% |
| Sports | 0 | −11 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
In a filing on 28 October 2026, the board approved the appointment of Sameer Chugh as General Counsel, India, effective 1 December 2026. Shobana Nikam resigned as Executive Vice President and General Counsel for personal reasons with effect from the close of business on 31 October 2026, while Archana Sasan’s interim tenure was due to end on 31 December 2026.
The board also approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. The company filed the earnings-call transcript on 5 November 2026 for the call held on 29 October 2026. The supplied same-day filings do not mention a dividend or fund raise.
What did United Spirits' management say?
The company’s earnings-call document was filed on 5 November 2026, covering the call held on 29 October 2026. The supplied excerpt records availability of the transcript but does not set out management’s guidance, priorities, risks or analysts’ questions, so no specific management statement can be attributed from the available filing.
How did United Spirits shares react?
United Spirits rose 3.7% within five minutes of the filing appearing after market, 2.3% after 15 minutes and 1.6% after 30 minutes. From the previous close, the stock was up 4.8% on the reaction day, 8.4% by the next day’s close and 13.9% by the fifth session’s close.
The Breweries & Distilleries industry median moved 0.3% on the reaction day, down 1.1% by the next day’s close and up 3.0% by the fifth session’s close. United Spirits exceeded those median moves by 4.5 percentage points, 9.5 percentage points and 10.9 percentage points, respectively. Earlier reaction-day moves were 0.8% on 22 July 2026, 3.5% on 14 May 2026, 0.1% on 20 January 2026 and 2.2% on 30 October 2025.
| After the filing | Stock | Breweries & Distilleries median |
|---|---|---|
| 5 minutes | +3.7% | |
| 15 minutes | +2.3% | |
| 30 minutes | +1.6% | |
| Reaction day | +4.8% | +0.3% |
| Next day | +8.4% | −1.1% |
| 5 days | +13.9% | +3.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 22 July 2026 | +0.8% |
| 14 May 2026 | +3.5% |
| 20 January 2026 | +0.1% |
| 30 October 2025 | +2.2% |
| 13 August 2025 | +0.7% |
| 20 May 2025 | −0.5% |
| 23 January 2025 | −2.0% |
| 23 October 2024 | −0.0% |
Source: MarketPing price-reaction measurement.
How did other Breweries & Distilleries companies do?
Six other Breweries & Distilleries companies had filed for the quarter by 6 November 2026. Their median revenue growth was negative 16.5%, compared with United Spirits’ consolidated revenue decline of 2.6%; three peers grew more slowly than the company and three grew faster than the company.
Of seven peers for which profit was compared, five reported higher profit. The peer comparison therefore included three companies with revenue growth below United Spirits’ growth rate, three above it and five with higher profit.
| United Spirits revenue growth (YoY) | −2.6% |
|---|---|
| Median of 6 other Breweries & Distilleries companies | −16.5% |
| Companies with slower revenue growth than United Spirits | 3 of 6 |
| Companies with faster revenue growth than United Spirits | 3 of 6 |
| Companies whose net profit rose | 5 of 7 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was United Spirits' revenue in Q2 FY27?
Revenue from operations was ₹7,014 crore, down 2.6% from ₹7,199 crore in Q2 FY26 (consolidated).
Did United Spirits make a profit in Q2 FY27?
Yes. Net profit was ₹428 crore, against a net profit of ₹464 crore in Q2 FY26.
What was United Spirits' EPS in Q2 FY27?
Basic earnings per share were ₹6.03, against ₹6.53 in Q2 FY26.
How did United Spirits shares react to the Q2 FY27 results?
On the reaction day the stock moved +4.8% from the previous close; the median Breweries & Distilleries stock moved +0.3%.
When did United Spirits announce its Q2 FY27 results?
On 28 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation For Considering And Approving Unaudited Financial Results (Standalone And Consolidated) Of The Company For The Quarter And Half Year Ended 30Th September 2026. (BSE, 12 October 2026) · PDF
- Outcome Of Board Meeting In Accordance With SEBI Listing Regulations, 2015 - Financial Results For Quarter And Half Year Ended September 30, 2026 (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting In Accordance With SEBI Listing Regulations, 2015 - Financial Results (BSE, 28 October 2026) · PDF
- The earnings call (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.