Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
United Spirits Ltd.
NSE: UNITDSPRConsumer DefensiveBeverages - Wineries & Distilleries
- Last close
- ₹1,252.00
- Day change
- −₹32.50 (−2.53%)vs
- Market cap
- ₹95,836 crIndian rupees
- Research updated
- 1 report
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About United Spirits
United Spirits Ltd. is a prominent player in the alcoholic beverages sector, primarily involved in the production and distribution of spirits. Known for its extensive portfolio, the company manufactures and markets a wide variety of branded alcoholic beverages, ranging from premium Scotch whisky and brandy to affordable rum and vodka. United Spirits Ltd. focuses on both international and local consumer markets, aligning its product offerings with diverse consumer preferences and regional tastes across India and various other countries. Its ownership under Diageo, a global leader in the beverage alcohol industry, enhances its reputation and market scope. The company's significant investment in brand development, innovation, and sustainability reflects its commitment to long-term growth and market leadership. By leveraging strategic partnerships and distribution networks, United Spirits Ltd. consistently seeks to expand its footprint and influence in the global spirits market, playing a crucial role in shaping trends and consumer choices in the alcoholic beverage industry.
- Sector
- Consumer Defensive
- Industry
- Beverages - Wineries & Distilleries
- Listing
- NSE: UNITDSPR
- Next results
- Chief executive
- Mr. Praveen Someshwar
- Employees
- 2,224
- Headquarters
- Bengaluru, India
- ISIN
- INE854D01024
- Website
- diageoindia.com
Public research · Report of
Business model & financial foundation
United Spirits (NSE: UNITDSPR), Beverage alcohol / premium spirits: revenue of ₹12,448 crore in FY26 (+7.6% on FY25), an EBITDA margin of 18.4% and net profit of ₹1,830 crore.
- Revenue, FY26 (₹ crore)
- 12,448
- standalone
- Revenue growth, FY26
- +7.6%
- on FY25
- EBITDA margin, FY26
- 18.4%
- EBITDA (company definition) / revenue
- Net profit, FY26 (₹ crore)
- 1,830
- to owners
- Return on equity, FY26
- 22.0%
- on average equity
- Market capitalisation (₹ crore)
- 99,195
- at the close of 13 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | United Spirits Limited |
| Exchange and ticker | NSE: UNITDSPR; BSE: 532432 |
| ISIN | INE854D01024 |
| Sector | Consumer Defensive |
| Industry | Beverage alcohol / premium spirits |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since 2026-08-04) |
| Market capitalisation | ₹99,195 crore (13 Oct 2026) |
| Shares outstanding | 72.74 crore (FY26) |
| Price | ₹1,366 (close, 13 Oct 2026) |
| 52-week range | ₹1,211 - ₹1,563 (to 13 Oct 2026) |
| Website | https://www.diageoindia.com |
Corporate structure and shareholding
Parent: Diageo plc (via Relay BV).
| Entity | Holding | Business |
|---|---|---|
| Royal Challengers Sports Private Limited | 100% | RCB IPL and WPL franchises; classified held for sale pending transaction closing |
| NAO Spirits & Beverages Private Limited | 97.07% | Craft gin Greater Than and Hapusa |
FY26 report lists eleven subsidiaries, nine non-operative. Small minority stakes in V9, Indie Brews, Inspired Hospitality and Nuvola. Subsidiary sale completion not established at cutoff.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 56.67% | 56.67% | 56.67% | 56.67% |
| Promoter holding pledged | 1.18% | 1.18% | 1.18% | 1.18% |
| Foreign institutions | 14.38% | 14.12% | 14.41% | 12.89% |
| Domestic institutions | 14.90% | 15.37% | 15.37% | 17.15% |
| of which mutual funds | 12.50% | 12.72% | 13.08% | 15.03% |
| Retail | 5.75% | 5.57% | 5.38% | 5.19% |
| Other | 8.30% | 8.27% | 8.17% | 8.10% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
United Spirits (NSE UNITDSPR) is Diageo's listed Indian beverage-alcohol operator. It sells local premium trademarks and international brands through state-specific routes to market; excise, price approvals and distribution are not controlled by USL. Standalone is the modelling scope because the parent is the operating business. FY26 net sales12448 excludes excise15333 from gross27781. P&A supplies most NSV; segment figures are management classifications, not separately audited EBIT businesses. Segment Others and FY25 imputed-interest adjustment reconcile to reported sales.
| Segment | revenue, FY26 (₹ crore) | Share | volume, FY26 (million cases) | Share |
|---|---|---|---|---|
| Prestige & Above | 11,152 | 90.9% | 54.24 | 83.6% |
| Popular | 1,118 | 9.1% | 10.66 | 16.4% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Radico Khaitan (RADICO) | Premium spirits brands and comparable premiumisation drivers |
| Allied Blenders and Distillers (ABDL) | IMFL distribution and whisky brand competition |
| Tilaknagar Industries (TI) | Brandy and whisky portfolio; acquisition changes comparability |
| United Breweries (UBL) | Adjacent premium alcohol, state excise and parent relationships |
| Globus Spirits (GLOBUSSPR) | Distillation input economics and IMFL, less premium brand exposure |
| Sula Vineyards (SULA) | Adjacent premium alcohol and distribution, wine economics differ |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Gross revenue from operations (incl. excise) | 25,389 | 26,780 | 27,781 |
| Excise duty | 14,697 | 15,207 | 15,333 |
| Net sales (revenue from operations less excise) | 10,692 | 11,573 | 12,448 |
| COGS (materials + stock-in-trade + inventory change) | 6,048 | 6,397 | 6,666 |
| Employee benefits expense | 543.0 | 605.0 | 623.0 |
| Advertisement and sales promotion | 1,041 | 1,128 | 1,295 |
| Other expenses | 1,352 | 1,385 | 1,568 |
| EBITDA (company definition) | 1,708 | 2,058 | 2,296 |
| Other income | 335.0 | 426.0 | 576.0 |
| Depreciation and amortisation | 264.0 | 274.0 | 283.0 |
| Finance costs | 76.0 | 89.0 | 158.0 |
| Exceptional items, net (charge negative) | -17.0 | -65.0 | -91.0 |
| Profit before tax | 1,686 | 2,056 | 2,340 |
| Total tax expense | 374.0 | 498.0 | 510.0 |
| Profit for the year | 1,312 | 1,558 | 1,830 |
| Diluted EPS (₹) | 18.04 | 21.42 | 25.16 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total equity | 6,963 | 7,879 | 8,721 |
| Borrowings (excl. lease liabilities) | 0.00 | 0.00 | 0.00 |
| Lease liabilities (non-current + current) | 240.0 | 480.0 | 405.0 |
| Cash and equivalents + other bank balances | 1,209 | 1,773 | 1,882 |
| Current investments | 599.0 | 873.0 | 1,153 |
| Net debt (negative = net cash) | -1,808 | -2,646 | n.r. |
| Trade receivables (current + non-current) | 3,128 | 3,628 | 3,943 |
| Inventories | 2,063 | 2,305 | 2,659 |
| Trade payables (total) | 1,827 | 2,152 | 2,377 |
| Cash and cash equivalents | 1,150 | 855.0 | |
| Bank balances other than cash equivalents | 623.0 | 1,027 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net cash generated from operating activities | 912.0 | 1,606 | 1,483 |
| Purchase of PPE and intangibles (gross) | -98.0 | -162.0 | -181.0 |
| Dividends paid | -291.0 | -350.0 | -1,263 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity shares outstanding (crore, FV INR2) | 72.74 | 72.74 | 72.74 |
| Gross cash, bank balances and current investments | 2,646 | 3,035 | |
| Reported Note3.2 net debt (cash-only, includes leases) | -670.0 | -450.0 | |
| Liquidity excluding earmarked/restricted balances | n.r. |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Net sales (revenue from operations less excise) | 2,843 | 3,432 | 2,946 | 2,549 | 3,170 | 3,683 | 3,046 | 2,703 |
| Finance cost | 25.0 | 20.0 | 22.0 | 49.0 | 21.0 | 19.0 | 69.0 | 30.0 |
| Profit before tax | 447.0 | 621.0 | 585.0 | 348.0 | 632.0 | 654.0 | 706.0 | 473.0 |
| Tax expense | 112.0 | 148.0 | 134.0 | 90.0 | 160.0 | 125.0 | 135.0 | 82.0 |
| Profit after tax | 335.0 | 473.0 | 451.0 | 258.0 | 472.0 | 529.0 | 571.0 | 391.0 |
| EPS diluted (INR; quarterly releases show basic) | 4.61 | 6.50 | 6.20 | 3.55 | 6.49 | 7.27 | 7.85 | 5.38 |
| Gross revenue from operations (incl. excise) | 6,671 | 7,731 | 6,549 | 5,823 | 7,192 | 7,928 | 6,838 | 6,113 |
| Excise duty | 3,828 | 4,299 | 3,603 | 3,274 | 4,022 | 4,245 | 3,792 | 3,410 |
| COGS (materials + stock-in-trade + inventory change) | 1,558 | 1,897 | 1,636 | 1,428 | 1,677 | 1,955 | 1,606 | 1,457 |
| Staff cost / employee benefits | 162.0 | 173.0 | 137.0 | 136.0 | 175.0 | 172.0 | 140.0 | 133.0 |
| Advertisement & sales promotion (marketing spends) | 257.0 | 379.0 | 317.0 | 238.0 | 241.0 | 516.0 | 300.0 | 312.0 |
| Other overheads / other expenses | 359.0 | 395.0 | 351.0 | 332.0 | 405.0 | 422.0 | 409.0 | 369.0 |
| EBITDA (company definition) | 507.0 | 588.0 | 505.0 | 415.0 | 672.0 | 618.0 | 591.0 | 432.0 |
| Other income | 34.0 | 190.0 | 170.0 | 61.0 | 76.0 | 144.0 | 295.0 | 222.0 |
| Depreciation & amortisation | 69.0 | 72.0 | 68.0 | 68.0 | 65.0 | 79.0 | 71.0 | 70.0 |
| Exceptional items (charge negative) | 0.00 | -65.0 | 0.00 | -11.0 | -30.0 | -10.0 | -40.0 | -81.0 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 8.2% | 7.6% | |
| EBITDA margin | 16.0% | 17.8% | 18.4% |
| Net margin | 12.3% | 13.5% | 14.7% |
| Return on equity | 18.8% | 21.0% | 22.0% |
| Borrowings less cash (₹ crore) | -1,209 | -1,773 | -1,882 |
| Borrowings less cash / EBITDA | -0.71x | -0.86x | -0.82x |
| Receivable days | 107 | 114 | 116 |
| Inventory days (on revenue) | 70 | 73 | 78 |
| Payable days (on revenue) | 62 | 68 | 70 |
| Cash conversion | 0.70x | 1.03x | 0.81x |
| Capex intensity | 0.9% | 1.4% | 1.5% |
| Free cash flow (₹ crore) | 814.0 | 1,444 | 1,302 |
| Dividend payout | 22.2% | 22.5% | 69.0% |
| EPS, diluted (₹) | 18.04 | 21.42 | 25.16 |
| Book value per share (₹) | 95,73,10,786 | 1,08,32,47,405 | 1,19,90,10,105 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (company definition).
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Reports on United Spirits
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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