United Spirits Ltd.

•

diageoindia.comBSE: 532432NSE: UNITDSPR

Market Cap₹ 1,01,625 Cr.

Current Price

High / Low₹ 1,563 / 1,211

Stock P/E51.8

Book Value₹ 125

Price to Book10.14

Dividend Yield1.22 %

ROCE30.1 %

ROE22.1 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Prestige & Above: 90.0% • Popular: 9.0% • Others: 1.0%

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 42.6% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 28.8%
Company has a good return on equity (ROE) track record: 3 Years ROE 21.1%
Latest quarter profit grew 51.6% YoY, showing strong momentum
Company has been maintaining a healthy dividend payout of 67.3%

CONS

Stock is trading at 10.1x its book value
Recurring exceptional / one-off items are inflating headline profit
Growth is decelerating - 3Y profit CAGR (20.3%) trails the 5Y trend (42.6%)
Expensive relative to growth - PEG of 2.6
Rich enterprise valuation - EV/EBITDA of 30.1x

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	5,313	6,733	6,949	6,394	5,829	6,671	7,731	6,549	5,823	7,192	7,928	6,838	6,113
	4,928	6,263	6,459	6,032	5,371	6,164	7,143	6,044	5,408	6,520	7,310	6,247	5,781
Operating Profit	385	470	490	362	458	507	588	505	415	672	618	591	332
OPM %	7.25%	6.98%	7.05%	5.66%	7.86%	7.60%	7.61%	7.71%	7.13%	9.34%	7.80%	8.64%	5.43%
	4	70	46	198	32	34	125	170	50	46	134	255	303
Interest	4	27	16	29	22	25	20	22	49	21	19	69	30
Depreciation	65	65	63	71	65	69	72	68	68	65	79	71	70
Profit before Tax	320	448	457	460	403	447	621	585	348	632	654	706	473
Tax %	25.62%	23.88%	24.07%	16.52%	25.81%	25.06%	23.83%	22.91%	25.86%	25.32%	19.11%	19.12%	17.34%
Net Profit	238	341	347	384	299	335	473	451	258	472	529	571	391
	3.27	4.69	4.79	5.28	4.11	4.61	6.50	6.20	3.55	6.49	7.27	7.85	5.38

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	8,548	8,170	8,981	9,091	7,889	9,424	10,374	10,692	11,573	12,448	28,071
	7,577	7,142	7,693	7,637	6,902	7,926	8,955	8,984	9,524	10,152	25,858
Operating Profit	971	1,028	1,287	1,454	988	1,498	1,419	1,708	2,049	2,296	2,213
OPM %	11.36%	12.58%	14.34%	15.99%	12.52%	15.89%	13.68%	15.97%	17.71%	18.44%	7.88%
	-215	215	68	99	-104	-109	245	318	370	485	738
Interest	369	268	220	191	166	88	104	76	89	158	139
Depreciation	132	135	144	228	249	289	271	264	274	283	285
Profit before Tax	255	840	991	1,135	469	1,012	1,289	1,686	2,056	2,340	2,465
Tax %	33.27%	33.15%	33.57%	37.90%	33.84%	15.88%	18.39%	22.18%	24.22%	21.79%	20.37%
Net Profit	170	562	659	705	310	851	1,052	1,312	1,558	1,830	1,963
EPS	11.69	7.73	9.06	9.70	4.27	11.70	14.46	18.10	21.49	25.24	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	49.73%	55.84%	67.35%	—

COMPOUNDED SALES GROWTH

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

COMPOUNDED PROFIT GROWTH

10 Years:: 31%
5 Years:: 43%
3 Years:: 20%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 19%
5 Years:: 20%
3 Years:: 21%
Last Year:: 22%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	1,788	2,358	2,981	3,659	3,975	4,747	5,798	6,817	7,733	8,575
	3,691	2,900	2,582	1,443	648	474	80	137	334	307
Trade Payables	1,180	1,394	1,336	1,171	1,381	1,528	1,738	1,827	2,152	2,377
	1,868	1,886	2,385	3,163	2,848	3,029	1,653	2,170	2,798	2,761
Total Liabilities	8,672	8,684	9,430	9,581	8,997	9,924	9,414	11,096	13,162	14,165
	1,187	1,002	1,128	1,335	1,301	1,487	1,182	1,106	1,331	1,223
Capital Work in Progress	85	98	101	102	78	88	67	37	72	70
	324	278	298	253	202	439	462	823	1,107	1,454
	1,854	1,869	1,877	1,836	1,981	2,164	2,230	2,063	2,305	2,659
	0	0	0	0	0	0	0	2,763	3,288	3,592
Cash & Bank	52	120	59	34	55	33	849	1,209	1,773	1,882
	5,170	5,317	5,968	6,022	5,380	5,713	4,624	3,095	3,286	3,285
Total Assets	8,672	8,684	9,430	9,581	8,997	9,924	9,414	11,096	13,162	14,165

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	868	1,336	1,681	1,233	1,853	1,369	873	913	1,606	1,483
Cash from Investing	-89	155	-7	26	13	-246	-22	466	-950	-335
Cash from Financing	-545	-1,033	-912	-717	-1,720	-688	-500	-439	-527	-1,443
	39	68	-61	-24	22	-22	54	940	129	-295

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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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