United Spirits Ltd.
•₹ 1,5560.78%
2026-08-21
ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Beverage Alcohol: 100.0% • Sports: 2.0% • Revenue from Discontinued Operations: -1.9%
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 3.9
- Rich enterprise valuation - EV/EBITDA of 31.3x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | UNITDSPR | 1520.00 | 58.68 | 110557.33 | 1.12 | 463.00 | 11.03 | 6122.00 | -2.75 | 27.86 | 7.01 |
| 2. | RADICO | 4677.00 | 89.07 | 62663.57 | 0.19 | 229.60 | 75.91 | 5867.69 | 10.43 | 22.64 | 6.07 |
| 3. | UBL | 1352.80 | 90.41 | 35768.73 | 0.74 | 166.28 | -9.65 | 5919.44 | 10.01 | 11.92 | 4.77 |
| 4. | ABDL | 598.35 | 75.74 | 16736.46 | 0.90 | 45.42 | -18.65 | 1809.15 | 1.85 | 18.53 | 6.38 |
| 5. | TI | 573.70 | 0.00 | 14197.58 | 0.17 | 31.59 | -64.31 | 2252.43 | 160.74 | 28.50 | 7.50 |
| 6. | INDIAGLYCO | 1105.85 | 23.43 | 7412.15 | 0.68 | 96.83 | 32.19 | 2988.44 | 19.39 | 12.73 | 6.36 |
| 7. | PICCADIL | 704.85 | 49.44 | 6947.86 | 0.00 | 21.43 | 16.30 | 270.50 | 18.78 | 22.68 | 16.20 |
| 8. | TRUALT | 471.35 | 27.23 | 4041.95 | 0.00 | 59.27 | 1154.41 | 626.88 | 106.29 | 10.57 | 21.18 |
| 9. | GLOBUSSPR | 904.80 | 28.31 | 2846.62 | 0.72 | 26.48 | 49.69 | 1151.88 | 21.05 | 5.71 | 6.66 |
| 10. | GMBREW | 876.40 | 12.77 | 2002.30 | 1.03 | 37.74 | — | 802.90 | 21.08 | 20.40 | 5.79 |
| 11. | SDBL | 73.13 | 0.00 | 1520.38 | 0.00 | 1.56 | -96.29 | 609.19 | -31.13 | 18.52 | 2.46 |
| 12. | ASALCBR | 717.40 | 17.43 | 1440.48 | 0.28 | 178.31 | 653.99 | 2863.03 | 959.58 | 18.06 | 10.43 |
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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 22 | 40 | 52 | 111 | 35 | 54 | 72 | 173 | 72 | 81 | 51 | 295 | 73 |
| 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 |
| 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 |
| 7 | 5 | 5 | 3 | 7 | 5 | 5 | 6 | 6 | 7 | 6 | 8 | 1 | |
| Equity Capital | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Jun 2023
- 5,808
- 5,095
- Operating Profit
- —
- OPM %
- —
- Other Income
- 22
- Interest
- 4
- Depreciation
- 74
- 640
- Tax %
- 25.31%
- Net Profit
- 0
- 7
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 6,737
- 6,269
- Operating Profit
- —
- OPM %
- —
- Other Income
- 40
- Interest
- 27
- Depreciation
- 66
- 446
- Tax %
- 23.99%
- Net Profit
- 0
- 5
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 6,962
- 6,476
- Operating Profit
- —
- OPM %
- —
- Other Income
- 52
- Interest
- 16
- Depreciation
- 63
- 459
- Tax %
- 23.75%
- Net Profit
- 0
- 5
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 6,511
- 6,177
- Operating Profit
- —
- OPM %
- —
- Other Income
- 111
- Interest
- 29
- Depreciation
- 73
- 312
- Tax %
- 22.76%
- Net Profit
- 0
- 3
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 6,238
- 5,525
- Operating Profit
- —
- OPM %
- —
- Other Income
- 35
- Interest
- 22
- Depreciation
- 72
- 654
- Tax %
- 25.69%
- Net Profit
- 485
- 7
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 6,672
- 6,170
- Operating Profit
- —
- OPM %
- —
- Other Income
- 54
- Interest
- 25
- Depreciation
- 69
- 462
- Tax %
- 25.76%
- Net Profit
- 341
- 5
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 7,732
- 7,164
- Operating Profit
- —
- OPM %
- —
- Other Income
- 72
- Interest
- 20
- Depreciation
- 72
- 483
- Tax %
- 30.02%
- Net Profit
- 335
- 5
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 6,549
- 6,039
- Operating Profit
- —
- OPM %
- —
- Other Income
- 173
- Interest
- 22
- Depreciation
- 70
- 591
- Tax %
- 22.34%
- Net Profit
- 421
- 6
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 6,295
- 5,651
- Operating Profit
- —
- OPM %
- —
- Other Income
- 72
- Interest
- 49
- Depreciation
- 76
- 577
- Tax %
- 26.69%
- Net Profit
- 417
- 6
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 7,199
- 6,539
- Operating Profit
- —
- OPM %
- —
- Other Income
- 81
- Interest
- 21
- Depreciation
- 65
- 625
- Tax %
- 25.60%
- Net Profit
- 464
- 7
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 7,942
- 7,343
- Operating Profit
- —
- OPM %
- —
- Other Income
- 51
- Interest
- 19
- Depreciation
- 80
- 541
- Tax %
- 22.74%
- Net Profit
- 418
- 6
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 6,855
- 6,262
- Operating Profit
- —
- OPM %
- —
- Other Income
- 295
- Interest
- 69
- Depreciation
- 76
- 703
- Tax %
- 19.20%
- Net Profit
- 539
- 8
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 6,122
- 5,795
- Operating Profit
- —
- OPM %
- —
- Other Income
- 73
- Interest
- 30
- Depreciation
- 72
- 319
- Tax %
- 25.71%
- Net Profit
- 463
- 1
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 145
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 1,094 | 1,426 | 1,463 | 1,594 | 1,092 | 1,644 | 1,490 | 2,226 | 2,385 | 2,764 | — |
| OPM % | 12 | 17 | 16 | 17 | 13 | 17 | 14 | 20 | 21 | 22 | — |
| Other Income | 105 | 219 | 69 | 79 | 40 | 48 | 73 | 225 | 334 | 478 | 500 |
| Interest | 375 | 278 | 237 | 212 | 188 | 88 | 104 | 76 | 89 | 158 | 139 |
| Depreciation | 189 | 192 | 215 | 285 | 299 | 304 | 282 | 275 | 274 | 289 | 293 |
| 163 | 912 | 1,012 | 1,160 | 540 | 1,087 | 1,279 | 1,857 | 1,950 | 2,219 | 2,188 | |
| Tax % | 43 | 29 | 32 | 47 | 33 | 25 | 12 | 24 | 26 | 23 | 23 |
| Net Profit | 93 | 652 | 684 | 621 | 362 | 811 | 1,126 | 1,408 | 1,445 | 1,709 | 1,688 |
| EPS | 7 | 9 | 10 | 9 | 5 | 12 | 16 | 19 | 22 | 25 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46 | 55 | 67 | — |
| Minority Interest | 7 | -18 | 17 | 38 | 22 | 18 | 11 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| Adjusted EPS | 1 | 9 | 10 | 9 | 5 | 11 | 16 | 19 | 22 | 25 | — |
| Minority Interest | 7 | -18 | 17 | 38 | 22 | 18 | 11 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| Adjusted EPS | 1 | 9 | 10 | 9 | 5 | 11 | 16 | 19 | 22 | 25 | — |
Mar 2017
- 8,818
- 7,828
- Operating Profit
- 1,094
- OPM %
- 12
- Other Income
- 105
- Interest
- 375
- Depreciation
- 189
- 163
- Tax %
- 43
- Net Profit
- 93
- EPS
- 7
- Dividend Payout %
- 0
- Minority Interest
- 7
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- 7
- Share of Associates
- 0
- Adjusted EPS
- 1
Mar 2018
- 8,591
- 7,383
- Operating Profit
- 1,426
- OPM %
- 17
- Other Income
- 219
- Interest
- 278
- Depreciation
- 192
- 912
- Tax %
- 29
- Net Profit
- 652
- EPS
- 9
- Dividend Payout %
- 0
- Minority Interest
- -18
- Share of Associates
- 0
- Adjusted EPS
- 9
- Minority Interest
- -18
- Share of Associates
- 0
- Adjusted EPS
- 9
Mar 2019
- 9,341
- 7,947
- Operating Profit
- 1,463
- OPM %
- 16
- Other Income
- 69
- Interest
- 237
- Depreciation
- 215
- 1,012
- Tax %
- 32
- Net Profit
- 684
- EPS
- 10
- Dividend Payout %
- 0
- Minority Interest
- 17
- Share of Associates
- 0
- Adjusted EPS
- 10
- Minority Interest
- 17
- Share of Associates
- 0
- Adjusted EPS
- 10
Mar 2020
- 9,325
- 7,810
- Operating Profit
- 1,594
- OPM %
- 17
- Other Income
- 79
- Interest
- 212
- Depreciation
- 285
- 1,160
- Tax %
- 47
- Net Profit
- 621
- EPS
- 9
- Dividend Payout %
- 0
- Minority Interest
- 38
- Share of Associates
- 0
- Adjusted EPS
- 9
- Minority Interest
- 38
- Share of Associates
- 0
- Adjusted EPS
- 9
Mar 2021
- 8,131
- 7,079
- Operating Profit
- 1,092
- OPM %
- 13
- Other Income
- 40
- Interest
- 188
- Depreciation
- 299
- 540
- Tax %
- 33
- Net Profit
- 362
- EPS
- 5
- Dividend Payout %
- 0
- Minority Interest
- 22
- Share of Associates
- 0
- Adjusted EPS
- 5
- Minority Interest
- 22
- Share of Associates
- 0
- Adjusted EPS
- 5
Mar 2022
- 9,712
- 8,117
- Operating Profit
- 1,644
- OPM %
- 17
- Other Income
- 48
- Interest
- 88
- Depreciation
- 304
- 1,087
- Tax %
- 25
- Net Profit
- 811
- EPS
- 12
- Dividend Payout %
- 0
- Minority Interest
- 18
- Share of Associates
- 0
- Adjusted EPS
- 11
- Minority Interest
- 18
- Share of Associates
- 0
- Adjusted EPS
- 11
Mar 2023
- 10,612
- 9,195
- Operating Profit
- 1,490
- OPM %
- 14
- Other Income
- 73
- Interest
- 104
- Depreciation
- 282
- 1,279
- Tax %
- 12
- Net Profit
- 1,126
- EPS
- 16
- Dividend Payout %
- 0
- Minority Interest
- 11
- Share of Associates
- 0
- Adjusted EPS
- 16
- Minority Interest
- 11
- Share of Associates
- 0
- Adjusted EPS
- 16
Mar 2024
- 11,321
- 9,320
- Operating Profit
- 2,226
- OPM %
- 20
- Other Income
- 225
- Interest
- 76
- Depreciation
- 275
- 1,857
- Tax %
- 24
- Net Profit
- 1,408
- EPS
- 19
- Dividend Payout %
- 46
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 19
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 19
Mar 2025
- 11,573
- 9,522
- Operating Profit
- 2,385
- OPM %
- 21
- Other Income
- 334
- Interest
- 89
- Depreciation
- 274
- 1,950
- Tax %
- 26
- Net Profit
- 1,445
- EPS
- 22
- Dividend Payout %
- 55
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 22
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 22
Mar 2026
- 12,467
- 10,181
- Operating Profit
- 2,764
- OPM %
- 22
- Other Income
- 478
- Interest
- 158
- Depreciation
- 289
- 2,219
- Tax %
- 23
- Net Profit
- 1,709
- EPS
- 25
- Dividend Payout %
- 67
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 25
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 25
TTM
- 28,118
- 25,939
- Operating Profit
- —
- OPM %
- —
- Other Income
- 500
- Interest
- 139
- Depreciation
- 293
- 2,188
- Tax %
- 23
- Net Profit
- 1,688
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 0
- Share of Associates
- -1
- Adjusted EPS
- —
- Minority Interest
- 0
- Share of Associates
- -1
- Adjusted EPS
- —
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:
- 16%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 |
| 1,636 | 2,274 | 2,940 | 3,577 | 3,968 | 4,809 | 5,855 | 6,975 | 7,958 | 8,807 | |
| 2,914 | 2,306 | 2,099 | 1,606 | 874 | 339 | 0 | 25 | 0 | 6 | |
| Trade Payables | 1,225 | 1,425 | 1,408 | 1,199 | 1,417 | 1,582 | 1,783 | 1,954 | 2,239 | 2,383 |
| 2,798 | 2,745 | 3,182 | 2,165 | 2,988 | 1,888 | 1,821 | 2,543 | 3,406 | 3,429 | |
| Total Liabilities | 8,718 | 8,894 | 9,775 | 8,692 | 9,393 | 8,764 | 9,604 | 11,642 | 13,748 | 14,770 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 4,144 | 3,421 | 2,883 | 2,374 | 879 | 342 | 1 | 25 | 0 | 6 |
| Net Working Capital | -557 | -158 | 76 | -124 | 465 | 1,325 | 2,611 | 3,474 | 4,480 | 5,044 |
| Contingent Liabilities | 1,464 | 1,430 | 1,472 | 1,494 | 1,376 | 1,442 | 955 | 946 | 772 | 820 |
| Book Value per Share | 122.62 | 166.49 | 42.47 | 51.23 | 56.61 | 68.19 | 82.76 | 98.21 | 111.77 | 123.48 |
| Face Value | 10.00 | 10.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| Total Debt | 4,144 | 3,421 | 2,883 | 2,374 | 879 | 342 | 1 | 25 | 0 | 6 |
| Net Working Capital | -557 | -158 | 76 | -124 | 465 | 1,325 | 2,611 | 3,474 | 4,480 | 5,044 |
| Contingent Liabilities | 1,464 | 1,430 | 1,472 | 1,494 | 1,376 | 1,442 | 955 | 946 | 772 | 820 |
| Book Value per Share | 122.62 | 166.49 | 42.47 | 51.23 | 56.61 | 68.19 | 82.76 | 98.21 | 111.77 | 123.48 |
| Face Value | 10.00 | 10.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
Mar 2017
- Equity Capital
- 145
- 1,636
- 2,914
- Trade Payables
- 1,225
- 2,798
- Total Liabilities
- 8,718
- 1,917
- Capital Work in Progress
- 199
- 0
- 1,928
- 0
- Cash & Bank
- 87
- 4,587
- Total Assets
- 8,718
- Total Debt
- 4,144
- Net Working Capital
- -557
- Contingent Liabilities
- 1,464
- Book Value per Share
- 122.62
- Face Value
- 10.00
- Total Debt
- 4,144
- Net Working Capital
- -557
- Contingent Liabilities
- 1,464
- Book Value per Share
- 122.62
- Face Value
- 10.00
Mar 2018
- Equity Capital
- 145
- 2,274
- 2,306
- Trade Payables
- 1,425
- 2,745
- Total Liabilities
- 8,894
- 1,791
- Capital Work in Progress
- 102
- 0
- 1,920
- 0
- Cash & Bank
- 256
- 4,825
- Total Assets
- 8,894
- Total Debt
- 3,421
- Net Working Capital
- -158
- Contingent Liabilities
- 1,430
- Book Value per Share
- 166.49
- Face Value
- 10.00
- Total Debt
- 3,421
- Net Working Capital
- -158
- Contingent Liabilities
- 1,430
- Book Value per Share
- 166.49
- Face Value
- 10.00
Mar 2019
- Equity Capital
- 145
- 2,940
- 2,099
- Trade Payables
- 1,408
- 3,182
- Total Liabilities
- 9,775
- 1,841
- Capital Work in Progress
- 102
- 25
- 1,934
- 0
- Cash & Bank
- 283
- 5,589
- Total Assets
- 9,775
- Total Debt
- 2,883
- Net Working Capital
- 76
- Contingent Liabilities
- 1,472
- Book Value per Share
- 42.47
- Face Value
- 2.00
- Total Debt
- 2,883
- Net Working Capital
- 76
- Contingent Liabilities
- 1,472
- Book Value per Share
- 42.47
- Face Value
- 2.00
Mar 2020
- Equity Capital
- 145
- 3,577
- 1,606
- Trade Payables
- 1,199
- 2,165
- Total Liabilities
- 8,692
- 1,956
- Capital Work in Progress
- 104
- 22
- 1,928
- 0
- Cash & Bank
- 74
- 4,609
- Total Assets
- 8,692
- Total Debt
- 2,374
- Net Working Capital
- -124
- Contingent Liabilities
- 1,494
- Book Value per Share
- 51.23
- Face Value
- 2.00
- Total Debt
- 2,374
- Net Working Capital
- -124
- Contingent Liabilities
- 1,494
- Book Value per Share
- 51.23
- Face Value
- 2.00
Mar 2021
- Equity Capital
- 145
- 3,968
- 874
- Trade Payables
- 1,417
- 2,988
- Total Liabilities
- 9,393
- 1,886
- Capital Work in Progress
- 88
- 0
- 2,052
- 0
- Cash & Bank
- 84
- 5,283
- Total Assets
- 9,393
- Total Debt
- 879
- Net Working Capital
- 465
- Contingent Liabilities
- 1,376
- Book Value per Share
- 56.61
- Face Value
- 2.00
- Total Debt
- 879
- Net Working Capital
- 465
- Contingent Liabilities
- 1,376
- Book Value per Share
- 56.61
- Face Value
- 2.00
Mar 2022
- Equity Capital
- 145
- 4,809
- 339
- Trade Payables
- 1,582
- 1,888
- Total Liabilities
- 8,764
- 1,855
- Capital Work in Progress
- 88
- 222
- 2,157
- 0
- Cash & Bank
- 60
- 4,382
- Total Assets
- 8,764
- Total Debt
- 342
- Net Working Capital
- 1,325
- Contingent Liabilities
- 1,442
- Book Value per Share
- 68.19
- Face Value
- 2.00
- Total Debt
- 342
- Net Working Capital
- 1,325
- Contingent Liabilities
- 1,442
- Book Value per Share
- 68.19
- Face Value
- 2.00
Mar 2023
- Equity Capital
- 145
- 5,855
- 0
- Trade Payables
- 1,783
- 1,821
- Total Liabilities
- 9,604
- 1,509
- Capital Work in Progress
- 67
- 286
- 2,230
- 0
- Cash & Bank
- 883
- 4,629
- Total Assets
- 9,604
- Total Debt
- 1
- Net Working Capital
- 2,611
- Contingent Liabilities
- 955
- Book Value per Share
- 82.76
- Face Value
- 2.00
- Total Debt
- 1
- Net Working Capital
- 2,611
- Contingent Liabilities
- 955
- Book Value per Share
- 82.76
- Face Value
- 2.00
Mar 2024
- Equity Capital
- 145
- 6,975
- 25
- Trade Payables
- 1,954
- 2,543
- Total Liabilities
- 11,642
- 1,421
- Capital Work in Progress
- 37
- 645
- 2,063
- 3,056
- Cash & Bank
- 1,269
- 3,151
- Total Assets
- 11,642
- Total Debt
- 25
- Net Working Capital
- 3,474
- Contingent Liabilities
- 946
- Book Value per Share
- 98.21
- Face Value
- 2.00
- Total Debt
- 25
- Net Working Capital
- 3,474
- Contingent Liabilities
- 946
- Book Value per Share
- 98.21
- Face Value
- 2.00
Mar 2025
- Equity Capital
- 145
- 7,958
- 0
- Trade Payables
- 2,239
- 3,406
- Total Liabilities
- 13,748
- 1,637
- Capital Work in Progress
- 72
- 923
- 2,305
- 3,410
- Cash & Bank
- 2,030
- 3,371
- Total Assets
- 13,748
- Total Debt
- 0
- Net Working Capital
- 4,480
- Contingent Liabilities
- 772
- Book Value per Share
- 111.77
- Face Value
- 2.00
- Total Debt
- 0
- Net Working Capital
- 4,480
- Contingent Liabilities
- 772
- Book Value per Share
- 111.77
- Face Value
- 2.00
Mar 2026
- Equity Capital
- 145
- 8,807
- 6
- Trade Payables
- 2,383
- 3,429
- Total Liabilities
- 14,770
- 1,346
- Capital Work in Progress
- 77
- 1,171
- 2,668
- 3,609
- Cash & Bank
- 1,977
- 3,922
- Total Assets
- 14,770
- Total Debt
- 6
- Net Working Capital
- 5,044
- Contingent Liabilities
- 820
- Book Value per Share
- 123.48
- Face Value
- 2.00
- Total Debt
- 6
- Net Working Capital
- 5,044
- Contingent Liabilities
- 820
- Book Value per Share
- 123.48
- Face Value
- 2.00
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 647 | 925 | 948 | 783 | 1,818 | 977 | 615 | 1,118 | 1,947 | 1,459 | |
| 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 | |
| Free Cash Flow | 468 | 925 | 770 | 406 | 1,680 | 977 | 615 | 1,118 | 1,616 | 1,459 |
| OCF / Net Profit | 6.95 | 1.42 | 1.39 | 1.26 | 5.02 | 1.21 | 0.55 | 0.79 | 1.35 | 0.85 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 4,250 | 4,759 | 4,449 | 4,797 | 6,007 | 5,785 |
| OCF / Net Profit | 6.95 | 1.42 | 1.39 | 1.26 | 5.02 | 1.21 | 0.55 | 0.79 | 1.35 | 0.85 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 4,250 | 4,759 | 4,449 | 4,797 | 6,007 | 5,785 |
Mar 2017
- 647
- Cash from Investing
- -227
- Cash from Financing
- -470
- -50
- Free Cash Flow
- 468
- OCF / Net Profit
- 6.95
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 6.95
- Cumulative 5-Year FCF
- 0
Mar 2018
- 925
- Cash from Investing
- 104
- Cash from Financing
- -966
- 63
- Free Cash Flow
- 925
- OCF / Net Profit
- 1.42
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.42
- Cumulative 5-Year FCF
- 0
Mar 2019
- 948
- Cash from Investing
- -66
- Cash from Financing
- -808
- 74
- Free Cash Flow
- 770
- OCF / Net Profit
- 1.39
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.39
- Cumulative 5-Year FCF
- 0
Mar 2020
- 783
- Cash from Investing
- -194
- Cash from Financing
- -740
- -150
- Free Cash Flow
- 406
- OCF / Net Profit
- 1.26
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.26
- Cumulative 5-Year FCF
- 0
Mar 2021
- 1,818
- Cash from Investing
- -99
- Cash from Financing
- -1,707
- 12
- Free Cash Flow
- 1,680
- OCF / Net Profit
- 5.02
- Cumulative 5-Year FCF
- 4,250
- OCF / Net Profit
- 5.02
- Cumulative 5-Year FCF
- 4,250
Mar 2022
- 977
- Cash from Investing
- -313
- Cash from Financing
- -688
- -23
- Free Cash Flow
- 977
- OCF / Net Profit
- 1.21
- Cumulative 5-Year FCF
- 4,759
- OCF / Net Profit
- 1.21
- Cumulative 5-Year FCF
- 4,759
Mar 2023
- 615
- Cash from Investing
- -55
- Cash from Financing
- -500
- 60
- Free Cash Flow
- 615
- OCF / Net Profit
- 0.55
- Cumulative 5-Year FCF
- 4,449
- OCF / Net Profit
- 0.55
- Cumulative 5-Year FCF
- 4,449
Mar 2024
- 1,118
- Cash from Investing
- 226
- Cash from Financing
- -407
- 937
- Free Cash Flow
- 1,118
- OCF / Net Profit
- 0.79
- Cumulative 5-Year FCF
- 4,797
- OCF / Net Profit
- 0.79
- Cumulative 5-Year FCF
- 4,797
Mar 2025
- 1,947
- Cash from Investing
- -1,114
- Cash from Financing
- -557
- 276
- Free Cash Flow
- 1,616
- OCF / Net Profit
- 1.35
- Cumulative 5-Year FCF
- 6,007
- OCF / Net Profit
- 1.35
- Cumulative 5-Year FCF
- 6,007
Mar 2026
- 1,459
- Cash from Investing
- -428
- Cash from Financing
- -1,450
- -419
- Free Cash Flow
- 1,459
- OCF / Net Profit
- 0.85
- Cumulative 5-Year FCF
- 5,785
- OCF / Net Profit
- 0.85
- Cumulative 5-Year FCF
- 5,785
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 6.89 | 43.62 | 9.64 | 9.07 | 5.28 | 11.41 | 15.68 | 19.42 | 21.82 | 25.35 |
| Book Value (₹) | 122.62 | 166.49 | 42.47 | 51.23 | 56.61 | 68.19 | 82.76 | 98.21 | 111.77 | 123.48 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.00 | 12.00 | 17.00 |
| Cash EPS (₹) | 3.88 | 11.62 | 12.36 | 12.47 | 9.10 | 15.34 | 19.42 | 23.21 | 23.71 | 27.56 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 4.25% | 5.37% | 5.07% | 5.53% | 3.98% | 5.29% | 5.36% | 7.69% | 7.66% | 8.22% |
| Net Margin % | 0.36% | 2.45% | 2.37% | 2.15% | 1.32% | 2.61% | 4.05% | 5.41% | 5.40% | 6.14% |
| ROE % | 5.44% | 31.04% | 24.84% | 18.23% | 9.24% | 17.88% | 20.56% | 21.46% | 18.98% | 20.04% |
| ROCE % | 9.11% | 20.21% | 21.14% | 22.73% | 13.11% | 22.82% | 24.48% | 29.40% | 26.74% | 27.86% |
| 1.10% | 7.40% | 7.32% | 6.72% | 4.00% | 8.93% | 12.26% | 13.25% | 11.38% | 11.99% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 37 | 39 | 33 | 31 | 30 | 27 | 32 | 39 | 44 | 46 |
| Inventory Days | 27 | 26 | 24 | 24 | 26 | 25 | 29 | 30 | 30 | 33 |
| Payable Days | 132 | 181 | 172 | 135 | 162 | 159 | 145 | 168 | 179 | 187 |
| -67 | -116 | -114 | -80 | -106 | -108 | -85 | -100 | -105 | -108 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 2.33x | 1.41x | 0.93x | 0.64x | 0.21x | 0.07x | 0.00x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | 1.43x | 4.29x | 5.27x | 6.47x | 3.88x | 13.35x | 13.30x | 25.43x | 22.91x | 15.04x |
| 0.91x | 0.97x | 1.01x | 0.98x | 1.09x | 1.35x | 1.72x | 1.86x | 1.93x | 1.93x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 3.80% | -2.57% | 8.73% | -0.16% | -12.80% | 19.44% | 9.26% | 6.68% | 2.23% | 7.72% |
| Operating Profit Growth % | 8.56% | 30.30% | 2.57% | 8.99% | -31.49% | 50.47% | -9.35% | 49.40% | 7.14% | 15.89% |
| Net Profit Growth % | -35.15% | 600.97% | 4.86% | -9.22% | -41.65% | 123.86% | 38.91% | 25.04% | 2.63% | 18.27% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 23.83% | 12.36% | 16.18% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 58.41x | 64.24x | 48.09x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 11.55x | 12.54x | 9.87x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.79% | 0.86% | 1.39% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 36.38x | 41.76x | 31.26x |
Mar 2017
- EPS (₹)
- 6.89
- Book Value (₹)
- 122.62
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 3.88
- Operating Margin %
- 4.25%
- Net Margin %
- 0.36%
- ROE %
- 5.44%
- ROCE %
- 9.11%
- 1.10%
- Debtor Days
- 37
- Inventory Days
- 27
- Payable Days
- 132
- -67
- Debt to Equity (x)
- 2.33x
- Interest Coverage (x)
- 1.43x
- 0.91x
- Revenue Growth %
- 3.80%
- Operating Profit Growth %
- 8.56%
- Net Profit Growth %
- -35.15%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 43.62
- Book Value (₹)
- 166.49
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 11.62
- Operating Margin %
- 5.37%
- Net Margin %
- 2.45%
- ROE %
- 31.04%
- ROCE %
- 20.21%
- 7.40%
- Debtor Days
- 39
- Inventory Days
- 26
- Payable Days
- 181
- -116
- Debt to Equity (x)
- 1.41x
- Interest Coverage (x)
- 4.29x
- 0.97x
- Revenue Growth %
- -2.57%
- Operating Profit Growth %
- 30.30%
- Net Profit Growth %
- 600.97%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 9.64
- Book Value (₹)
- 42.47
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 12.36
- Operating Margin %
- 5.07%
- Net Margin %
- 2.37%
- ROE %
- 24.84%
- ROCE %
- 21.14%
- 7.32%
- Debtor Days
- 33
- Inventory Days
- 24
- Payable Days
- 172
- -114
- Debt to Equity (x)
- 0.93x
- Interest Coverage (x)
- 5.27x
- 1.01x
- Revenue Growth %
- 8.73%
- Operating Profit Growth %
- 2.57%
- Net Profit Growth %
- 4.86%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 9.07
- Book Value (₹)
- 51.23
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 12.47
- Operating Margin %
- 5.53%
- Net Margin %
- 2.15%
- ROE %
- 18.23%
- ROCE %
- 22.73%
- 6.72%
- Debtor Days
- 31
- Inventory Days
- 24
- Payable Days
- 135
- -80
- Debt to Equity (x)
- 0.64x
- Interest Coverage (x)
- 6.47x
- 0.98x
- Revenue Growth %
- -0.16%
- Operating Profit Growth %
- 8.99%
- Net Profit Growth %
- -9.22%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 5.28
- Book Value (₹)
- 56.61
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 9.10
- Operating Margin %
- 3.98%
- Net Margin %
- 1.32%
- ROE %
- 9.24%
- ROCE %
- 13.11%
- 4.00%
- Debtor Days
- 30
- Inventory Days
- 26
- Payable Days
- 162
- -106
- Debt to Equity (x)
- 0.21x
- Interest Coverage (x)
- 3.88x
- 1.09x
- Revenue Growth %
- -12.80%
- Operating Profit Growth %
- -31.49%
- Net Profit Growth %
- -41.65%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 11.41
- Book Value (₹)
- 68.19
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 15.34
- Operating Margin %
- 5.29%
- Net Margin %
- 2.61%
- ROE %
- 17.88%
- ROCE %
- 22.82%
- 8.93%
- Debtor Days
- 27
- Inventory Days
- 25
- Payable Days
- 159
- -108
- Debt to Equity (x)
- 0.07x
- Interest Coverage (x)
- 13.35x
- 1.35x
- Revenue Growth %
- 19.44%
- Operating Profit Growth %
- 50.47%
- Net Profit Growth %
- 123.86%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 15.68
- Book Value (₹)
- 82.76
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 19.42
- Operating Margin %
- 5.36%
- Net Margin %
- 4.05%
- ROE %
- 20.56%
- ROCE %
- 24.48%
- 12.26%
- Debtor Days
- 32
- Inventory Days
- 29
- Payable Days
- 145
- -85
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 13.30x
- 1.72x
- Revenue Growth %
- 9.26%
- Operating Profit Growth %
- -9.35%
- Net Profit Growth %
- 38.91%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 19.42
- Book Value (₹)
- 98.21
- Dividend per Share (₹)
- 9.00
- Cash EPS (₹)
- 23.21
- Operating Margin %
- 7.69%
- Net Margin %
- 5.41%
- ROE %
- 21.46%
- ROCE %
- 29.40%
- 13.25%
- Debtor Days
- 39
- Inventory Days
- 30
- Payable Days
- 168
- -100
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 25.43x
- 1.86x
- Revenue Growth %
- 6.68%
- Operating Profit Growth %
- 49.40%
- Net Profit Growth %
- 25.04%
- 23.83%
- P/E (x)
- 58.41x
- P/B (x)
- 11.55x
- Dividend Yield %
- 0.79%
- 36.38x
Mar 2025
- EPS (₹)
- 21.82
- Book Value (₹)
- 111.77
- Dividend per Share (₹)
- 12.00
- Cash EPS (₹)
- 23.71
- Operating Margin %
- 7.66%
- Net Margin %
- 5.40%
- ROE %
- 18.98%
- ROCE %
- 26.74%
- 11.38%
- Debtor Days
- 44
- Inventory Days
- 30
- Payable Days
- 179
- -105
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 22.91x
- 1.93x
- Revenue Growth %
- 2.23%
- Operating Profit Growth %
- 7.14%
- Net Profit Growth %
- 2.63%
- 12.36%
- P/E (x)
- 64.24x
- P/B (x)
- 12.54x
- Dividend Yield %
- 0.86%
- 41.76x
Mar 2026
- EPS (₹)
- 25.35
- Book Value (₹)
- 123.48
- Dividend per Share (₹)
- 17.00
- Cash EPS (₹)
- 27.56
- Operating Margin %
- 8.22%
- Net Margin %
- 6.14%
- ROE %
- 20.04%
- ROCE %
- 27.86%
- 11.99%
- Debtor Days
- 46
- Inventory Days
- 33
- Payable Days
- 187
- -108
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 15.04x
- 1.93x
- Revenue Growth %
- 7.72%
- Operating Profit Growth %
- 15.89%
- Net Profit Growth %
- 18.27%
- 16.18%
- P/E (x)
- 48.09x
- P/B (x)
- 9.87x
- Dividend Yield %
- 1.39%
- 31.26x
Documents
Announcements
- 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
- Copy of Newspaper Publication
2026-08-18 - United Spirits Limited has informed the Exchange about Copy of Newspaper Publication
Annual Reports
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Credit Ratings
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Concalls
May 2026
Jan 2026
Nov 2025