United Spirits Ltd.

•

diageoindia.comBSE: 532432NSE: UNITDSPR

Market Cap₹ 1,01,625 Cr.

Current Price

High / Low₹ 1,563 / 1,211

Stock P/E53.9

Book Value₹ 126

Price to Book9.87

Dividend Yield1.22 %

ROCE27.9 %

ROE20.0 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Beverage Alcohol: 100.0% • Sports: 2.0% • Revenue from Discontinued Operations: -1.9%

AI Sector View

AI GENERATED

Fast Moving Consumer Goods

Hold

Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.

Confidence

62%

View full sector analysis →

PROS

Company has delivered good profit growth of 36.4% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 28.0%
Company has a good return on equity (ROE) track record: 3 Years ROE 20.2%
Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.99x)

CONS

Stock is trading at 9.9x its book value
Recurring exceptional / one-off items are inflating headline profit
Growth is decelerating - 3Y profit CAGR (14.9%) trails the 5Y trend (36.4%)
Expensive relative to growth - PEG of 3.6
Rich enterprise valuation - EV/EBITDA of 31.3x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Fast Moving Consumer GoodsAlcoholBreweries & Distilleries

Part ofNIFTY NEXT 50 NIFTY FMCG NIFTY MNC NIFTY100 QUALTY30 NIFTYLARGEMIDCAP250

S.No.	Name
1.	UNITDSPR	1397.20	53.94	101625.46	1.22	463.00	11.03	6122.00	-2.75	27.86	7.01
2.	RADICO	4366.95	83.16	58509.44	0.21	229.60	75.91	5867.69	10.43	22.64	6.07
3.	UBL	1255.85	83.93	33205.32	0.80	166.28	-9.65	5919.44	10.01	11.92	4.77
4.	ABDL	631.85	79.98	17673.49	0.85	45.42	-18.65	1809.15	1.85	18.53	6.38
5.	TI	520.50	0.00	12903.09	0.19	31.59	-64.31	2252.43	160.74	4.31	7.50
6.	PICCADIL	602.65	42.27	5940.45	0.17	214.35	1063.05	2705.03	1081.24	18.01	16.20
7.	TRUALT	416.30	24.05	3569.88	0.00	592.71	12444.13	6268.83	1962.85	10.57	21.18
8.	GLOBUSSPR	839.60	26.27	2641.49	0.78	26.48	49.69	1151.88	21.05	11.34	6.66
9.	GMBREW	908.50	13.23	2075.64	0.99	377.40	524.21	8029.00	1110.77	20.40	5.79
10.	SDBL	70.03	0.00	1455.93	0.00	1.56	-96.29	609.19	-31.13	18.52	2.46
11.	ASALCBR	677.55	16.46	1360.47	0.30	17.83	-24.60	286.30	5.96	18.06	10.43
12.	SULA	136.35	46.49	1151.44	1.47	1.06	-45.36	120.79	2.11	7.57	13.74

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	5,808	6,737	6,962	6,511	6,238	6,672	7,732	6,549	6,295	7,199	7,942	6,855	6,122
	5,095	6,269	6,476	6,177	5,525	6,170	7,164	6,039	5,651	6,539	7,343	6,262	5,795
Operating Profit	713	468	486	334	713	502	568	510	644	660	599	593	327
OPM %	12.28%	6.95%	6.98%	5.13%	11.43%	7.52%	7.35%	7.79%	10.23%	9.17%	7.54%	8.65%	5.34%
	5	71	52	80	35	54	7	173	58	51	41	255	154
Interest	4	27	16	29	22	25	20	22	49	21	19	69	30
Depreciation	74	66	63	73	72	69	72	70	76	65	80	76	72
Profit before Tax	640	446	459	312	654	462	483	591	577	625	541	703	319
Tax %	25.31%	23.99%	23.75%	22.76%	25.69%	25.76%	30.02%	22.34%	26.69%	25.60%	22.74%	19.20%	25.71%
Net Profit	0	0	0	0	485	341	335	421	417	464	418	539	463
	6.71	4.78	4.93	3.40	6.83	4.80	4.72	6.45	5.87	6.53	5.88	8.00	6.52

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	8,818	8,591	9,341	9,325	8,131	9,712	10,612	11,321	11,573	12,467	28,118
	7,828	7,383	7,947	7,810	7,079	8,117	9,195	9,320	9,522	10,181	25,939
Operating Profit	989	1,207	1,394	1,516	1,053	1,595	1,417	2,001	2,051	2,286	2,179
OPM %	11.22%	14.05%	14.92%	16.25%	12.95%	16.42%	13.35%	17.68%	17.72%	18.34%	7.75%
	-263	174	72	145	-25	-117	249	208	269	387	501
Interest	375	278	237	212	188	88	104	76	89	158	139
Depreciation	189	192	215	285	299	304	282	275	274	289	293
Profit before Tax	163	912	1,012	1,160	540	1,087	1,279	1,857	1,950	2,219	2,188
Tax %	42.84%	28.50%	32.43%	46.51%	32.94%	25.40%	11.96%	24.18%	25.90%	22.98%	22.85%
Net Profit	93	652	684	621	362	811	1,126	1,408	1,445	1,709	1,688
EPS	7.06	8.94	9.87	9.29	5.41	11.68	16.01	19.42	21.82	25.35	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	46.34%	54.99%	67.06%	—

COMPOUNDED SALES GROWTH

10 Years:: 4%
5 Years:: 9%
3 Years:: 6%

COMPOUNDED PROFIT GROWTH

10 Years:: 30%
5 Years:: 37%
3 Years:: 17%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 6%

RETURN ON EQUITY

10 Years:: 19%
5 Years:: 20%
3 Years:: 20%
Last Year:: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	145	145	145	145	145	145	145	145	145	145
Minority Interest	-2	14	-3	-41	-61	-79	0	0	0	4
	1,636	2,274	2,940	3,577	3,968	4,809	5,855	6,975	7,958	8,807
	3,783	3,068	2,879	1,761	979	474	80	162	334	314
Trade Payables	1,225	1,425	1,408	1,199	1,417	1,582	1,783	1,954	2,239	2,383
	1,931	1,968	2,405	2,051	2,945	1,832	1,741	2,406	3,072	3,117
Total Liabilities	8,718	8,894	9,775	8,692	9,393	8,764	9,604	11,642	13,748	14,770
	1,917	1,791	1,841	1,956	1,886	1,855	1,509	1,421	1,637	1,346
Capital Work in Progress	199	102	102	104	88	88	67	37	72	77
	0	0	25	22	0	222	286	645	923	1,171
	1,928	1,920	1,934	1,928	2,052	2,157	2,230	2,063	2,305	2,668
	0	0	0	0	0	0	0	3,056	3,410	3,609
Cash & Bank	87	256	283	74	84	60	883	1,269	2,030	1,977
	4,587	4,825	5,589	4,609	5,283	4,382	4,629	3,151	3,371	3,922
Total Assets	8,718	8,894	9,775	8,692	9,393	8,764	9,604	11,642	13,748	14,770

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	847	1,338	1,786	1,366	1,924	1,434	883	1,118	1,662	1,455
Cash from Investing	-227	104	-66	-194	-99	-313	-55	226	-1,114	-428
Cash from Financing	-470	-966	-808	-740	-1,707	-688	-500	-407	-557	-1,450
	-50	63	74	-150	12	-23	60	937	276	-419

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
56.67	56.67	56.67	56.67	56.67	56.67	56.67	56.67	56.67
15.09	16.11	15.93	14.98	15.05	14.38	14.13	14.41	12.89
14.00	13.15	13.54	14.59	14.40	14.90	15.36	15.36	17.15
0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
14.22	14.05	13.84	13.74	13.88	14.04	13.83	13.54	13.28

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - United Spirits Limited has informed the Exchange about Schedule of meet

2026-09-03

Updates

2026-09-03 - United Spirits Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of SEBI Listing Regulations - ESG Ratings'.'.

2026-08-31

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-31 - United Spirits Limited has informed the Exchange about Schedule of meet

2026-08-26

Updates

2026-08-26 - United Spirits Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of SEBI Listing Regulations - ESG Ratings'.

2026-08-25

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-25 - United Spirits Limited has informed the Exchange about Schedule of meet

2026-08-21

Action(s) taken or orders passed

2026-08-21 - United Spirits Limited has informed the Exchange about Action(s) taken or orders passed

2026-08-19

Action(s) taken or orders passed

2026-08-19 - United Spirits Limited has informed the Exchange about disclosure under Regulation 30 of SEBI Listing Regulations

2026-08-18

Copy of Newspaper Publication

2026-08-18 - United Spirits Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Appointment

2026-08-13 - United Spirits Limited has informed the Exchange regarding Appointment of Ms Archana Sasan as Interim General Counsel of the company w.e.f. February 23, 2026.

News

Recent coverage and analyst commentary for UNITDSPR

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United Spirits Ltd.

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Name

UNITDSPR

1397.20

53.94

101625.46

1.22

463.00

11.03

6122.00

-2.75

27.86

7.01

RADICO

4366.95

83.16

58509.44

0.21

229.60

75.91

5867.69

10.43

22.64

6.07

UBL

1255.85

83.93

33205.32

0.80

166.28

-9.65

5919.44

10.01

11.92

4.77

ABDL

631.85

79.98

17673.49

0.85

45.42

-18.65

1809.15

1.85

18.53

6.38

520.50

0.00

12903.09

0.19

31.59

-64.31

2252.43

160.74

4.31

7.50

PICCADIL

602.65

42.27

5940.45

0.17

214.35

1063.05

2705.03

1081.24

18.01

16.20

TRUALT

416.30

24.05

3569.88

0.00

592.71

12444.13

6268.83

1962.85

10.57

21.18

GLOBUSSPR

839.60

26.27

2641.49

0.78

26.48

49.69

1151.88

21.05

11.34

6.66

GMBREW

908.50

13.23

2075.64

0.99

377.40

524.21

8029.00

1110.77

20.40

5.79

SDBL

70.03

0.00

1455.93

0.00

1.56

-96.29

609.19

-31.13

18.52

2.46

ASALCBR

677.55

16.46

1360.47

0.30

17.83

-24.60

286.30

5.96

18.06

10.43

SULA

136.35

46.49

1151.44

1.47

1.06

-45.36

120.79

2.11

7.57

13.74

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

5,808

6,737

6,962

6,511

6,238

6,672

7,732

6,549

6,295

7,199

7,942

6,855

6,122

5,095

6,269

6,476

6,177

5,525

6,170

7,164

6,039

5,651

6,539

7,343

6,262

5,795

Operating Profit

713

468

486

334

713

502

568

510

644

660

599

593

327

OPM %

12.28%

6.95%

6.98%

5.13%

11.43%

7.52%

7.35%

7.79%

10.23%

9.17%

7.54%

8.65%

5.34%

173

255

154

Interest

Depreciation

Profit before Tax

640

446

459

312

654

462

483

591

577

625

541

703

319

Tax %

25.31%

23.99%

23.75%

22.76%

25.69%

25.76%

30.02%

22.34%

26.69%

25.60%

22.74%

19.20%

25.71%

Net Profit

485

341

335

421

417

464

418

539

463

6.71

4.78

4.93

3.40

6.83

4.80

4.72

6.45

5.87

6.53

5.88

8.00

6.52

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

8,818

8,591

9,341

9,325

8,131

9,712

10,612

11,321

11,573

12,467

28,118

7,828

7,383

7,947

7,810

7,079

8,117

9,195

9,320

9,522

10,181

25,939

Operating Profit

989

1,207

1,394

1,516

1,053

1,595

1,417

2,001

2,051

2,286

2,179

OPM %

11.22%

14.05%

14.92%

16.25%

12.95%

16.42%

13.35%

17.68%

17.72%

18.34%

7.75%

-263

174

145

-25

-117

249

208

269

387

501

Interest

375

278

237

212

188

104

158

139

Depreciation

189

192

215

285

299

304

282

275

274

289

293

Profit before Tax

163

912

1,012

1,160

540

1,087

1,279

1,857

1,950

2,219

2,188

Tax %

42.84%

28.50%

32.43%

46.51%

32.94%

25.40%

11.96%

24.18%

25.90%

22.98%

22.85%

Net Profit

652

684

621

362

811

1,126

1,408

1,445

1,709

1,688

EPS

7.06

8.94

9.87

9.29

5.41

11.68

16.01

19.42

21.82

25.35

—

Dividend Payout %

0.00%

46.34%

54.99%

67.06%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

145

Minority Interest

-2

-3

-41

-61

-79

1,636

2,274

2,940

3,577

3,968

4,809

5,855

6,975

7,958

8,807

3,783

3,068

2,879

1,761

979

474

162

334

314

Trade Payables

1,225

1,425

1,408

1,199

1,417

1,582

1,783

1,954

2,239

2,383

1,931

1,968

2,405

2,051

2,945

1,832

1,741

2,406

3,072

3,117

Total Liabilities

8,718

8,894

9,775

8,692

9,393

8,764

9,604

11,642

13,748

14,770

1,917

1,791

1,841

1,956

1,886

1,855

1,509

1,421

1,637

1,346

Capital Work in Progress

199

102

104

222

286

645

923

1,171

1,928

1,920

1,934

1,928

2,052

2,157

2,230

2,063

2,305

2,668

3,056

3,410

3,609

Cash & Bank

256

283

883

1,269

2,030

1,977

4,587

4,825

5,589

4,609

5,283

4,382

4,629

3,151

3,371

3,922

Total Assets

8,718

8,894

9,775

8,692

9,393

8,764

9,604

11,642

13,748

14,770

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

847

1,338

1,786

1,366

1,924

1,434

883

1,118

1,662

1,455

Cash from Investing

-227

104

-66

-194

-99

-313

-55

226

-1,114

-428

Cash from Financing

-470

-966

-808

-740

-1,707

-688

-500

-407

-557

-1,450

-50

-150

-23

937

276

-419

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

56.67

15.09

16.11

15.93

14.98

15.05

14.38

14.13

14.41

12.89

14.00

13.15

13.54

14.59

14.40

14.90

15.36

17.15

0.01

14.22

14.05

13.84

13.74

13.88

14.04

13.83

13.54

13.28

United Spirits Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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United Spirits Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI