United Spirits FY26: Premiumisation holds up despite policy shocks

The presentation reports total NSV growth of 7.6% in FY26, and 10.9% excluding Andhra Pradesh and Maharashtra impacts.

Prestige and Above NSV growth is shown as 8.6% reported in FY26, and 11.3% excluding Andhra Pradesh and Maharashtra.

FY26 NSV is shown as 12,448 crore, with the deck stating about 900 crore was added in net sales during FY26.

FY26 free cash flow is reported as 1,374 crore and ROCE is reported as 28.4%.

A&P investment in FY26 is reported as 1,295 crore with a reinvestment rate of 10.4%.

The NSV bridge shows an Andhra Pradesh impact of 216 crore and a Maharashtra impact of minus 359 crore.

Progress disclosed includes ENA co-location 100%, footprint optimisation 83%, cost optimisation 88%, cash spends 57%, and non-cash costs 66% against the end-state projection.