United Spirits logo

United Spirits

UNITDSPR NSE

Key Fundamentals

MidcapBreweries & DistilleriesBeverages
Market Cap
₹97,763 Cr
Volatility
Moderate
P/E Ratio
51.53
EBITDA
₹2,764 Cr
Return on Equity
19.08%
Debt to Equity
0.05
Book Value
₹123.1
EPS
₹19.42
52W High
₹1,563.4
52W Low
₹1,210.8

Tapetide Score

Data-driven rating, 0–100. How it works →

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 56.1%

Weaknesses

2
  • Stock is trading at 10.8 times its book value
  • The company has delivered a poor sales growth of 8.92% over past five years.

Growth Rate

Revenue Growth
4.35% lower than 3Y
Net Income Growth
8.03% lower than 3Y
Cash Flow Change
-25.06% lower than 3Y
ROE
-2.25% lower than 3Y
ROCE
-5.56% higher than 3Y
EBITDA Margin (Avg.)
2.69% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

United Spirits Ltd, which has a market capitalisation of about ₹1,03,742 crore, has grown profits much faster than sales. Profit has compounded at 35% over 5 years, while sales have compounded at 9%, and ROE has held steady at around 20-21%. The stock trades at 55x earnings and 11.58x book value, it is almost debt free, and it has a dividend payout of 56.1%. TTM sales growth has slowed to 3%.

Bull Case 7
  • Profit compounded at 35% CAGR over 5 years and 29% over 10 years, far ahead of sales growth. This points to strong margin expansion driven by premiumisation and cost efficiency.
  • ROE has stayed stable at 20-21% across the 1, 3, 5 and 10-year periods, showing consistent capital efficiency.
  • The company is almost debt free, which gives it balance-sheet flexibility and low financial risk even at a market cap of about ₹1,03,742 crore.
  • A dividend payout of 56.1% and a dividend yield of 1.19% show that the company returns a meaningful share of its earnings to shareholders.
  • Profit grew 15% TTM on only 3% sales growth, so earnings momentum continues even as the top line slows.
  • Profit compounded at 23% over 3 years, showing that the margin gains from the 5-year period have carried into the more recent period.
  • The stock has delivered a steady 12% CAGR over the 3, 5 and 10-year periods and 10% over 1 year, which shows consistent long-term compounding.
Bear Case 7
  • At 55x earnings, the valuation is high. It leaves little room for disappointment if profit growth slows from its historical 23-35% pace.
  • The stock trades at 11.58x book value, a large premium to its net assets.
  • Sales growth has slowed to 3% TTM, compared with 6% over 3 years and 9% over 5 years, which points to weakening volume and top-line momentum.
  • 10-year sales CAGR is only 4%. Much of the profit growth has come from margins rather than volume, and there is a limit to how far margins can expand.
  • Stock returns of 12% CAGR over 10 years have lagged the 29% profit CAGR over the same period. The rerating that drove the multiple to 55x may not repeat.
  • The dividend yield of 1.19% is modest for an investor paying 55x earnings, so income only partly offsets valuation risk.
  • Alcoholic beverages face state-level excise duties, pricing controls and regulatory changes. These can hit the already slow 3% TTM sales growth and compress margins.

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

AI News Digest

1d ago
Positives 2
  • ESG score rises to 75 Sep 3

    NSE Sustainability gave United Spirits an ESG score of 75 for 2026, up from 73 in 2025. The company stays in the 'Leader' category based on an independent review of its public disclosures.

  • Nuvola Spirits stake deal closed Sep 18

    United Spirits completed its ₹2.69 crore investment in craft beverage startup Nuvola Spirits Private Limited, taking a 10.08% stake through CCPS and equity. The deal backs its strategy of investing in new brands in the premium segment.

Neutral 2
  • Financial Controller Nimish Shah resigns Sep 29

    Executive Vice President and Financial Controller Nimish Shah has resigned, effective October 12, 2026. This is a senior finance exit, but it is not the CFO role and no disruption has been flagged.

  • JPMorgan, Anand Rathi investor meets Sep 10

    The company will attend the JPMorgan India Conference and Anand Rathi G-200 Summit 2026 on September 21-22, 2026. It confirmed that no unpublished price-sensitive information will be shared.

TL;DR: Recent news flow for United Spirits is mostly positive but low-impact. Its ESG score rose from 73 to 75, keeping it in the 'Leader' category, and the small ₹2.69 crore Nuvola Spirits deal supports its premiumisation strategy. No major headwinds appeared in this period, though the exit of Financial Controller Nimish Shah is worth tracking for continuity in the finance team. The trend is stable to improving, and the next real triggers are likely to be commentary from the September investor meetings and upcoming quarterly results on premium-segment growth and margins.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,667
2,869
3,002
2,783
2,761
2,844
3,433
2,946
3,021
3,173
3,691
3,054
2,708
Expenses
1,955
2,401
2,516
2,449
2,049
2,344
2,868
2,437
2,383
2,514
3,077
2,461
2,279
Operating Profit
712
468
486
334
712
500
565
509
638
659
614
593
429
OPM %
27%
16%
16%
12%
26%
18%
16%
17%
21%
21%
17%
19%
16%
Other Income
5
71
52
80
35
54
7
136
58
51
28
226
218
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
PBT
639
446
459
312
653
460
480
553
571
624
543
674
545
Tax %
25%
24%
24%
23%
26%
26%
30%
24%
27%
26%
23%
20%
15%
Net Profit
477
339
350
241
485
341
335
421
417
464
418
539
463
EPS in Rs
6.56
4.66
4.81
3.31
6.67
4.69
4.61
5.79
5.73
6.38
5.75
7.41
6.37
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
12,626
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
10,331
Operating Profit
-366
333
991
1,209
1,394
1,571
1,051
1,595
1,417
2,000
2,236
2,279
2,295
OPM %
-4%
3.9%
11%
14%
15%
17%
13%
16%
13%
18%
19%
18%
18%
Other Income
-360
648
-265
172
70
87
-25
-117
249
208
271
516
523
Interest
687
457
375
278
237
212
188
88
104
76
89
158
139
Depreciation
223
157
189
192
215
285
299
304
283
275
283
289
293
PBT
-1,635
366
163
912
1,012
1,160
540
1,087
1,279
1,857
2,135
2,348
2,386
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
1,884
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
25.91
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
46%
55%
67%
—
Figures in ₹ Crores

Balance Sheet

Particulars 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
5,085
Total Liabilities
7,889
8,329
8,896
8,926
9,109
8,844
8,511
8,863
9,716
11,176
13,176
14,451
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
11,799
Total Assets
7,889
8,329
8,896
8,926
9,109
8,844
8,511
8,863
9,716
11,176
13,176
14,451
Figures in ₹ Crores

Cash Flow

Particulars 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
-478
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
-469
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

Particulars 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
216
Days Payable
56
78
144
195
171
124
176
168
154
176
191
193
Cash Conversion Cycle
136
171
205
183
163
165
177
150
122
108
109
129
Working Capital Days
-61
-30
-22
-12
-8
-8
17
39
51
52
48
56
ROCE %
-3%
15%
15%
18%
20%
21%
14%
25%
20%
28%
26%
26%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others5.62%Govt.0.01%Promot.56.67%Public7.66%FIIs12.89%DIIs17.15%As ofJun 2026
1.18% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about United Spirits

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 trades as UNITDSPR on the NSE and under code 532432 on the BSE.
Which sector does United Spirits Ltd belong to?
United Spirits Ltd is classified under the Beverages sector, in the Breweries & Distilleries industry.
What is the market capitalisation of United Spirits Ltd?
United Spirits Ltd has a market capitalisation of ₹97,763 Cr, which places it in the Large Cap band.
What is the PE ratio of United Spirits Ltd?
United Spirits Ltd trades at a PE ratio of 51.53, on earnings per share of ₹19.42, against a book value of ₹123.1 per share.
What is the 52-week high and low of United Spirits Ltd?
Over the last 52 weeks United Spirits Ltd has traded between ₹1,210.8 and ₹1,563.4.
Does United Spirits Ltd pay dividends?
United Spirits Ltd has a dividend yield of 1.26%.
What is the Return on Equity (ROE) of United Spirits Ltd?
United Spirits Ltd reported a return on equity of 19.08%. Its debt-to-equity ratio is 0.05.

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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