United Spirits Ltd.
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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 GENERATEDFast Moving Consumer Goods
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| UNITDSPR | 1398.90 | 54.01 | 101749.11 | 1.22 | 463.00 | 11.03 | 6122.00 | -2.75 | 27.86 | 7.01 |
| RADICO | 4449.90 | 84.74 | 59620.83 | 0.20 | 229.60 | 75.91 | 5867.69 | 10.43 | 22.64 | 6.07 |
| UBL | 1257.00 | 84.01 | 33235.73 | 0.80 | 166.28 | -9.65 | 5919.44 | 10.01 | 11.92 | 4.77 |
| ABDL | 611.40 | 77.39 | 17101.48 | 0.88 | 45.42 | -18.65 | 1809.15 | 1.85 | 18.53 | 6.38 |
| TI | 537.00 | 0.00 | 13312.12 | 0.19 | 31.59 | -64.31 | 2252.43 | 160.74 | 4.31 | 7.50 |
| PICCADIL | 600.35 | 42.11 | 5917.78 | 0.17 | 214.35 | 1063.05 | 2705.03 | 1081.24 | 18.01 | 16.20 |
| TRUALT | 418.70 | 24.19 | 3590.46 | 0.00 | 592.71 | 12444.13 | 6268.83 | 1962.85 | 10.57 | 21.18 |
| GLOBUSSPR | 837.00 | 26.19 | 2633.31 | 0.78 | 26.48 | 49.69 | 1151.88 | 21.05 | 11.34 | 6.66 |
| GMBREW | 912.45 | 13.29 | 2084.67 | 0.99 | 377.40 | 524.21 | 8029.00 | 1110.77 | 20.40 | 5.79 |
| SDBL | 70.82 | 0.00 | 1472.36 | 0.00 | 1.56 | -96.29 | 609.19 | -31.13 | 18.52 | 2.46 |
| ASALCBR | 696.95 | 16.93 | 1399.42 | 0.29 | 17.83 | -24.60 | 286.30 | 5.96 | 18.06 | 10.43 |
| SULA | 138.40 | 47.18 | 1168.75 | 1.45 | 1.06 | -45.36 | 120.79 | 2.11 | 7.57 | 13.74 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - United Spirits Limited has informed the Exchange about Schedule of meet
2026-09-03 - United Spirits Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of SEBI Listing Regulations - ESG Ratings'.'.
2026-08-31 - United Spirits Limited has informed the Exchange about Schedule of meet
2026-08-26 - United Spirits Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of SEBI Listing Regulations - ESG Ratings'.
2026-08-25 - United Spirits Limited has informed the Exchange about Schedule of meet
2026-08-21 - United Spirits Limited has informed the Exchange about 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 - United Spirits Limited has informed the Exchange about Copy of Newspaper Publication
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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