United Spirits Ltd logo

United Spirits Ltd

UNITDSPR NSE

Key Fundamentals

MidcapBreweries & DistilleriesBeverages
Market Cap
1.1L Cr
Volatility
Moderate
P/E Ratio
59.04
EBITDA
₹2,764 Cr
Return on Equity
19.08%
Debt to Equity
0.05
Book Value
₹123.1
EPS
₹19.42
52W High
₹1,548.7
52W Low
₹1,210.8

Insights

Beta

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

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37 extracted metrics + investor summaries across FY14–FY26.

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Tapetide Score

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

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 56.1%

Weaknesses

2
  • Stock is trading at 12.6 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% ↗
Net Income Growth
8.03% ↗
Cash Flow Change
-25.06% ↘
ROE
-2.25% ↗
ROCE
-5.56% ↗
EBITDA Margin (Avg.)
2.69% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

United Spirits Ltd commands a market cap of ₹1,10,768 Cr at a PE of 58.8x and PB of 12.38x. The company has delivered strong profit CAGR of 35% over 5 years while maintaining near-zero debt, but top-line growth has remained subdued at 9% CAGR over the same period with TTM sales growth slowing to just 3%.

Bull Case 8
  • Company is almost debt free, providing significant financial flexibility and resilience against interest rate cycles
  • Compounded profit growth of 35% CAGR over 5 years demonstrates sustained margin expansion and operating leverage
  • Consistent ROE of 21% (last year) and 20% over 5-year and 10-year periods reflects efficient capital allocation
  • Healthy dividend payout ratio of 56.1% with a current yield of 1.11%, indicating shareholder-friendly capital return policy
  • TTM profit growth of 15% continues to outpace sales growth of 3%, indicating ongoing margin improvement
  • Stock CAGR of 18% over 1 year and 5 years shows sustained investor confidence and re-rating
  • 10-year compounded profit growth of 29% CAGR demonstrates a long runway of earnings compounding
  • 3-year profit CAGR of 23% significantly exceeds 3-year sales CAGR of 6%, suggesting strong cost discipline and premiumization benefits
Bear Case 8
  • PE ratio of 58.8x is elevated, leaving limited margin of safety if earnings growth decelerates
  • Stock trades at 12.38x book value, well above sector averages, pricing in significant future growth
  • TTM sales growth has decelerated sharply to just 3%, down from 5-year CAGR of 9%
  • 5-year compounded sales growth of only 8.92% indicates structural volume growth challenges in the core spirits business
  • 10-year sales CAGR of just 4% suggests the company has struggled to grow its top-line meaningfully over extended periods
  • Profit growth of 15% TTM is decelerating from the 23% three-year CAGR and 35% five-year CAGR, suggesting margin expansion may be plateauing
  • At current PE of 58.8x, even a modest earnings miss could trigger significant multiple compression given the premium valuation
  • 3-year sales CAGR of 6% barely keeping pace with inflation, implying limited real volume growth

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

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Headwinds 2
  • FSSAI label non-conformity order Aug 5

    FSSAI issued an order on July 29, 2026 citing label non-conformity for whisky products. Company has challenged the order via Writ Petition in Bombay High Court; no material financial impact reported yet.

  • Karnataka price cuts in P&A Jul 24

    United Spirits faces price cuts in its Prestige & Above segment, requiring 10-15% volume growth in Karnataka to offset reduced per-unit realizations.

Positives 4
  • Q1FY27 net profit up 51.6% Jul 22

    Consolidated net profit rose to ₹463 crore in Q1FY27 from ₹417 crore YoY. Revenue from operations increased to ₹6,122 crore.

  • ₹11 dividend approved at AGM Aug 4

    Shareholders approved ₹11 per share dividend and reappointed auditors Walker Chandiok & Co. LLP at the 27th AGM on August 4, 2026.

  • Double-digit Prestige growth target Jul 24

    FY27 guidance targets double-digit P&A growth, 5-6% volume growth, 6-7% price-mix improvement, and H2 recovery aided by UK Trade Deal bringing 7-9% price drop on Bio portfolio.

  • ₹2.69 crore Nuvola Spirits stake Jul 22

    Acquired 10.08% stake in Nuvola Spirits Private Limited for ₹2.69 crore, targeting premium craft beverage segment expansion.

Neutral 2
  • Investor conferences in August 2026 Aug 5

    Company will participate in Motilal Oswal and DAM Capital conferences in August 2026. No unpublished price-sensitive information to be shared.

  • Q1FY27 earnings call transcript published Jul 30

    Transcript of earnings call held July 23, 2026 published on Diageo India investor relations portal covering quarter ended June 30, 2026.

TL;DR: United Spirits delivered strong Q1FY27 results with 51.6% profit growth and is targeting double-digit Prestige & Above growth for FY27. The FSSAI label issue is being legally contested with no material impact so far, and Karnataka price cuts pose a near-term headwind offset by volume expansion. The trend is improving with H2 expected to be stronger on policy tailwinds, new product launches before festive season, and UK Trade Deal benefits anticipated from October 2026.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 56.67%
DIIs 17.15%
FIIs 12.89%
Public 7.66%
Others 5.62%
Government 0.01%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
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%
12.89%
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%
17.15%
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%
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%
7.66%
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%
5.62%
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
2,93,859

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 ₹111779.28 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 59.04. 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 ₹1,548.7. 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 1.10%. 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 19.08%. 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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