United Spirits Ltd logo

United Spirits Ltd

UNITDSPR NSE

Diageo India incorporated in India as United Spirits Ltd.(USL) is the country’s leading beverage alcohol company and a subsidiary of global leader Diageo PLC. The company manufactures, sells, and distributes a wide portfolio of premium brands such as Johnnie Walker, Black Dog, Black & White, VAT 69, Antiquity, Signature, Royal Challenge, McDowell’s No.1, Smirnoff and Captain Morgan. [1]

AI Verdict: HOLD Confidence: 5%

United Spirits delivers strong profit growth (34% CAGR over 5 years) and is nearly debt-free, but the stock trades at a steep PE of 53.5x and PB of 10.97x with sluggish sales growth of just 3% TTM. At 75% analyst buy ratings, the market is optimistic, but current valuations leave limited margin of safety.

Key Fundamentals

MidcapBreweries & DistilleriesBeverages
Market Cap
1.0L Cr
Volatility
Moderate
P/E Ratio
54.8
EBITDA
₹2,188 Cr
Return on Equity
19.77%
Debt to Equity
0.05
Book Value
₹123.1
EPS
₹19.42
52W High
₹1,488
52W Low
₹1,210.8

Technical Indicators

Key Insights

Strengths

3
  • Company is almost debt free.
  • Company has delivered good profit growth of 34.5% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 48.2%

Weaknesses

3
  • Stock is trading at 11.0 times its book value
  • The company has delivered a poor sales growth of 8.92% over past five years.
  • Working capital days have increased from 66.7 days to 101 days

Growth Rate

Revenue Growth
0.50% ↗
Net Income Growth
8.03% ↘
Cash Flow Change
74.15% ↗
ROE
-1.26% ↘
ROCE
-0.87% ↘
EBITDA Margin (Avg.)
-19.48% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk medium

United Spirits delivers strong profit growth (34% CAGR over 5 years) and is nearly debt-free, but the stock trades at a steep PE of 53.5x and PB of 10.97x with sluggish sales growth of just 3% TTM. At 75% analyst buy ratings, the market is optimistic, but current valuations leave limited margin of safety.

Bull Case 8
  • Exceptional profit growth with 34% compounded profit CAGR over 5 years, demonstrating strong margin expansion and operational leverage
  • Company is almost debt-free, providing financial flexibility and lower risk during economic downturns
  • Consistent ROE of 21% over the last year and 20-21% over 3, 5, and 10-year periods signals high-quality capital allocation
  • Healthy dividend payout ratio of 48.2% with a current yield of 1.26%, rewarding shareholders while retaining enough for growth
  • Strong analyst consensus with 75% buy ratings (18 out of 24 analysts recommending buy)
  • Long-term stock CAGR of 14% over 3 and 5 years shows sustained wealth creation despite recent weakness
  • 10-year compounded profit CAGR of 29% indicates a durable structural improvement in profitability
  • Market cap of Rs 97,269 crore reflects large-cap stability with institutional backing in the premium liquor segment
Bear Case 8
  • PE ratio of 53.5x is extremely elevated, pricing in significant future growth that may not materialize given 3% TTM sales growth
  • Price-to-book of 10.97x means investors pay nearly 11 times book value, leaving no margin of safety
  • Poor sales growth of just 3% TTM and only 6% CAGR over 3 years indicates volume and pricing headwinds
  • Stock has declined 9% over the past 1 year, underperforming broader markets significantly
  • Working capital days deteriorated from 66.7 days to 101 days, signaling inefficiency in cash conversion cycle
  • 5-year sales CAGR of only 8.92% is weak for a consumer company trading at premium multiples
  • 8.33% of analysts (2 out of 24) recommend selling, and 16.67% recommend hold, reflecting some skepticism
  • 10-year sales CAGR of just 4% shows the top-line growth engine has structurally underperformed relative to profit growth, raising sustainability concerns

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 1
  • Massive 18.6x volume surge Jun 12

    United Spirits traded 6.28 lakh shares on BSE by 10:46 IST, an 18.62x surge over its two-week average of 33,729 shares, with stock gaining 0.70% to ₹1,267.00.

Neutral 2
  • Vinod Rao appointed Independent Director Jun 12

    United Spirits appointed Vinod Rao as Additional Director (Non-Executive, Independent) effective June 13, 2026, for a three-year term subject to shareholder approval.

  • Investor conference participation May 29

    United Spirits will participate in the ICICI Securities India Investor Conference on June 8-9, 2026, with no unpublished price sensitive information to be shared.

TL;DR: United Spirits saw a significant spike in trading volumes (18.6x average) on June 12, signaling heightened investor interest, though the stock price move was modest at +0.70%. No fundamental headwinds emerged in the recent news cycle. Board strengthening and investor engagement activities suggest steady corporate governance. The trend is stable with elevated market attention that could precede further price discovery.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
2,503
2,667
2,869
3,002
2,783
2,761
2,844
3,433
2,946
3,021
3,173
3,691
3,054
Expenses
2,268
1,955
2,401
2,516
2,449
2,049
2,344
2,868
2,437
2,383
2,514
3,077
2,461
Operating Profit
235
712
468
486
334
712
500
565
509
638
659
614
593
OPM %
9%
27%
16%
16%
12%
26%
18%
16%
17%
21%
21%
17%
19%
Other Income
0
5
71
52
80
35
54
7
136
58
51
28
226
Interest
36
4
27
16
29
22
25
20
22
49
21
19
69
Depreciation
69
74
66
63
73
72
69
72
70
76
65
80
76
PBT
130
639
446
459
312
653
460
480
553
571
624
543
674
Tax %
21%
25%
24%
24%
23%
26%
26%
30%
24%
27%
26%
23%
20%
Net Profit
103
477
339
350
241
485
341
335
421
417
464
418
539
EPS in Rs
1.41
6.56
4.66
4.81
3.31
6.67
4.69
4.61
5.79
5.73
6.38
5.75
7.41
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
9,254
8,495
8,818
8,591
9,341
9,325
8,131
9,712
10,612
11,321
12,069
12,467
Expenses
9,619
8,162
7,826
7,381
7,947
7,754
7,080
8,117
9,195
9,321
9,833
10,188
Operating Profit
-366
333
991
1,209
1,394
1,571
1,051
1,595
1,417
2,000
2,236
2,279
OPM %
-4%
4%
11%
14%
15%
17%
13%
16%
13%
18%
19%
18%
Other Income
-360
648
-265
172
70
87
-25
-117
249
208
271
516
Interest
687
457
375
278
237
212
188
88
104
76
89
158
Depreciation
223
157
189
192
215
285
299
304
283
275
283
289
PBT
-1,635
366
163
912
1,012
1,160
540
1,087
1,279
1,857
2,135
2,348
Tax %
3%
61%
43%
28%
32%
47%
33%
25%
12%
24%
26%
22%
Net Profit
-1,687
143
93
652
684
621
362
811
1,126
1,408
1,582
1,838
EPS in Rs
-23.23
1.9
1.38
8.72
9.64
9.07
5.28
11.4
15.63
19.36
21.75
25.27
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
46%
55%
43%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
145
145
145
145
145
145
145
145
145
145
145
145
Reserves
514
1,489
1,640
2,274
2,945
3,583
3,974
4,808
5,854
6,976
7,959
8,808
Borrowings
4,987
4,242
4,144
3,421
2,883
2,570
1,037
605
183
265
480
413
Other Liabilities
2,242
2,452
2,967
3,086
3,135
2,546
3,354
3,304
3,534
3,790
4,592
5,103
Total Liabilities
7,889
8,329
8,896
8,926
9,109
8,844
8,511
8,863
9,716
11,176
13,176
14,469
Fixed Assets
1,921
1,887
1,917
1,791
1,841
1,956
1,893
1,855
1,534
1,560
1,712
1,404
CWIP
114
282
199
102
118
121
97
96
83
37
72
77
Investments
216
77
0
0
25
22
0
222
286
645
923
1,171
Other Assets
5,637
6,084
6,780
7,033
7,124
6,745
6,521
6,690
7,813
8,934
10,469
11,817
Total Assets
7,889
8,329
8,896
8,926
9,109
8,844
8,511
8,863
9,716
11,176
13,176
14,469
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-196
283
647
925
948
783
1,818
977
615
1,118
1,947
1,459
Investing
3,855
733
-227
104
-66
-194
-99
-313
-55
226
-1,114
-428
Financing
-4,002
-1,155
-475
-966
-808
-740
-1,707
-688
-500
-407
-557
-1,450
Net Cash Flow
-343
-139
-56
63
74
-150
12
-23
60
937
276
-419
Free Cash Flow
-259
50
389
895
872
583
1,679
882
505
1,039
1,786
1,531
CFO/OP
15
142
85
111
128
87
183
90
62
73
94
79
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
69
99
122
115
99
89
98
89
84
99
103
106
Inventory Days
123
150
226
263
235
199
254
229
193
186
197
146
Days Payable
56
78
144
195
171
124
176
168
154
176
191
130
Cash Conversion Cycle
136
171
205
183
163
165
177
150
122
108
109
121
Working Capital Days
-61
-30
-22
-12
-8
-8
17
39
51
52
48
101
ROCE %
-3%
15%
15%
18%
20%
21%
14%
25%
20%
28%
26%
27%

Shareholding Pattern

As of Mar 2026
Promoters 56.67%
DIIs 15.37%
FIIs 14.41%
Public 7.84%
Others 5.69%
Government 0.01%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
56.76%
56.76%
56.73%
56.73%
56.73%
56.73%
56.73%
56.73%
56.68%
56.68%
56.67%
56.67%
56.67%
56.67%
56.67%
56.67%
56.67%
56.67%
56.67%
56.67%
56.67%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
16.51%
0.00%
16.68%
15.10%
16.11%
15.93%
14.98%
15.04%
14.38%
14.12%
14.41%
DIIs
7.72%
7.79%
9.15%
9.84%
9.45%
9.84%
10.47%
12.10%
12.71%
12.64%
12.33%
11.13%
12.28%
14.01%
13.16%
13.55%
14.60%
14.40%
14.90%
15.37%
15.37%
Government
1.73%
1.73%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
Public
9.75%
9.46%
9.49%
9.70%
9.89%
10.31%
9.61%
9.37%
9.37%
9.01%
8.74%
8.68%
8.54%
8.41%
8.21%
8.33%
8.16%
8.26%
8.29%
8.07%
7.84%
Others
24.05%
24.26%
24.63%
23.72%
23.92%
23.11%
23.19%
21.79%
21.23%
21.66%
5.74%
23.52%
5.81%
5.80%
5.84%
5.51%
5.58%
5.62%
5.74%
5.76%
5.69%
No. of Shareholders
0
1,87,139
1,83,411
1,91,699
2,34,926
2,41,111
2,52,264
2,74,307
2,68,993
2,49,395
2,49,741
2,64,583
2,51,095
2,52,121
2,45,558
2,57,769
2,64,995
2,88,900
3,23,938
3,03,746
2,92,661

Documents

Frequently Asked Questions about United Spirits Ltd

What does United Spirits Ltd do?
Diageo India incorporated in India as United Spirits Ltd.(USL) is the country’s leading beverage alcohol company and a subsidiary of global leader Diageo PLC. The company manufactures, sells, and distributes a wide portfolio of premium brands such as Johnnie Walker, Black Dog, Black & White, VAT ...
Where is United Spirits Ltd (UNITDSPR) listed?
United Spirits Ltd is listed on the Indian stock exchanges. It is listed on NSE: UNITDSPR and BSE: 532432. You can view its live share price, financials, and ratios on Tapetide.
Which sector does United Spirits Ltd belong to?
United Spirits Ltd operates in the Fast Moving Consumer Goods sector within the Beverages industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of United Spirits Ltd?
United Spirits Ltd has a market capitalisation of approximately ₹100592.62 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of United Spirits Ltd?
The Price-to-Earnings (PE) ratio of United Spirits Ltd is 54.80. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of United Spirits Ltd?
Over the past 52 weeks, United Spirits Ltd has traded between a low of ₹1,210.8 and a high of ₹1,488. This range helps investors understand the stock's price volatility and recent trading levels.
Does United Spirits Ltd pay dividends?
Yes, United Spirits Ltd has a dividend yield of 1.25%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of United Spirits Ltd?
United Spirits Ltd has a Return on Equity (ROE) of 19.77%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research United Spirits Ltd on Tapetide?
On Tapetide, you can view United Spirits Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Diageo India incorporated in India as United Spirits Ltd.(USL) is the country’s leading beverage alcohol company and a subsidiary of global leader Diageo PLC. The company manufactures, sells, and distributes a wide portfolio of premium brands such as Johnnie Walker, Black Dog, Black & White, VAT 69, Antiquity, Signature, Royal Challenge, McDowell’s No.1, Smirnoff and Captain Morgan. [1]

Website diageoindia.com
CEO Mr. Praveen Someshwar
Employees 2,420
Listed 2001-09-27
Face Value ₹ 2
Issued Size 72,73,50,853

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