Overview

Detailed Summary

United Spirits Limited (USL) is India's largest alco-beverage company, involved in the manufacture and distribution of various spirits like whisky, rum, vodka, and gin. The company is a major player in consumer goods with strategic licensing agreements for Diageo brands.
USL has successfully expanded its market presence with Don Julio tequila, which crossed INR100 crores in NSV within just nine months, showing strong entry into the premium spirits segment.
The company's strong focus on premium and luxury segments is evident from its strategic launches of innovative product formats like pocket packs and hipster editions, enhancing consumer accessibility.
USL faces headwinds in Maharashtra due to the competitive challenge presented by MML (Maharashtra Made Liquor), impacting lower-end portfolio segments.
Despite regional challenges, USL demonstrates resilience with strong performance in premium segments, supported by brand innovation in McDowell's and Royal Challenge whiskies.

Sector: Alcoholic Beverages
Industry: Distilleries
Market Cap: 1,01,905 Cr
Volatility: Low Risk
P/E Ratio: 58.0
Industry P/E: 48.8
PEG Ratio: 5.4
P/B Ratio: 12.1
52W High: 1,644.90
52W Low: 1,270.50

Sales CAGR

1Y: 6.61%
3Y: -4.53%
5Y: -1.30%
10Y: 1.49%

Profit CAGR

1Y: 12.36%
3Y: 22.34%
5Y: 17.20%
10Y: 32.72%

ROE

TTM: 19.47%
3Y: 19.44%
5Y: 17.70%
10Y: 17.69%

ROCE

TTM: 26.41%
3Y: 25.17%
5Y: 23.79%
10Y: 26.57%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
UNITDSPR	1402.00	1,01,905 Cr	57.96	12.12	0.85	19.47	26.41	12.76
RADICO	2790.00	37,390 Cr	70.54	12.56	0.14	15.37	19.08	10.69
ABDL	524.80	14,751 Cr	54.72	9.47	0.68	16.49	17.55	6.79
TI	445.70	11,119 Cr	38.99	3.24	0.17	13.68	13.61	4.86
INDIAGLYCO	941.20	6,270 Cr	23.32	2.19	0.49	10.83	11.36	4.38
PICCADIL	580.30	5,700 Cr	43.11	7.08	0.00	13.64	16.18	10.22
GMBREW	1035.30	2,357 Cr	14.49	2.40	0.73	14.56	18.23	14.83

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	2,869	3,002	2,783	2,761	2,844	3,433	3,031	3,021	3,173	3,694
Expenses	2,401	2,516	2,449	2,048	2,342	2,865	2,571	2,377	2,513	3,095
Operating Profit	468	487	334	713	502	568	460	644	660	599
OPM %	16.31	16.21	12.00	25.82	17.65	16.55	15.18	21.32	20.80	16.22
Other Income	71	52	80	34	52	4.00	174	52	50	41
Interest	27	16	29	22	25	20	22	49	21	19
Depreciation	66	63	73	72	69	72	70	76	65	80
Profit Before Tax	446	459	312	653	460	480	542	571	624	541
Tax %	23.99	23.75	22.76	25.73	25.87	30.21	22.32	26.97	25.64	22.74
Net Profit	339	350	241	485	341	335	421	417	464	418
EPS in Rs	4.78	4.93	3.40	6.83	4.80	4.72	5.93	5.87	6.53	5.88

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	25,757	26,556	28,873	28,824	27,419	31,062	27,816	26,018	27,276	12,329
Expenses	7,828	7,383	7,947	7,753	7,079	8,117	9,194	9,320	9,826	10,155
Operating Profit	17,929	19,173	20,925	21,071	20,340	22,945	18,622	16,698	17,450	2,174
OPM %	69.61	72.20	72.47	73.10	74.18	73.87	66.95	64.18	63.98	17.63
Other Income	-263	174	70	85	-26	-117	248	207	264	282
Interest	375	278	237	212	188	88	104	76	89	116
Depreciation	189	192	215	285	299	304	283	275	283	287
Profit Before Tax	163	912	1,012	1,160	540	1,087	1,279	1,857	2,135	2,053
Tax %	42.84	28.50	32.43	46.51	32.94	25.40	11.96	24.18	25.90	26.25
Net Profit	93	652	684	621	362	811	1,126	1,408	1,582	1,514
EPS in Rs	—	—	9.86	9.28	5.40	11.66	16.01	19.82	22.28	24.21
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	45.36	53.86	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	145	145	145	145	145	145	145	145	145	145
Reserves	1,489	1,640	2,274	2,945	3,583	3,975	4,808	5,854	6,976	7,959
Borrowings	3,727	3,777	3,064	2,870	1,817	1,037	605	183	265	480
Other Liabilities	2,967	3,334	3,443	3,149	3,306	3,380	3,352	3,579	3,863	4,664
Total Liabilities	8,329	8,896	8,926	9,109	8,851	8,537	8,911	9,761	11,249	13,248
Fixed Assets	1,887	1,917	1,791	1,841	1,956	1,886	1,855	1,509	1,421	1,637
CWIP	282	199	102	118	121	97	96	83	37	72
Investments	77	0.10	0.10	25	22	7.50	222	311	784	998
Other Assets	6,084	6,780	7,033	7,124	6,752	6,547	6,739	7,858	9,007	10,541
Total Assets	8,329	8,896	8,926	9,109	8,851	8,537	8,911	9,761	11,249	13,248

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	283	647	925	948	783	1,818	977	615	1,118	1,947
Cash from Investing Activity	733	-227	104	-66	-194	-99	-313	-55	226	-1,114
Cash from Financing Activity	-1,155	-475	-966	-808	-740	-1,707	-688	-500	-407	-557
Net Cash Flow	-139	-56	63	75	-150	12	-23	60	937	276

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	56.68%	56.68%	56.67%	56.67%	56.67%	56.67%	56.67%	56.67%	56.67%	56.67%	56.67%	56.67%
FIIs	15.38%	15.92%	16.51%	16.23%	16.68%	15.10%	16.11%	15.93%	14.98%	15.04%	14.38%	14.12%
DIIs	12.72%	12.65%	12.33%	12.51%	12.29%	14.01%	13.16%	13.55%	14.60%	14.41%	14.91%	15.37%
Public	15.22%	14.76%	14.49%	14.58%	14.36%	14.21%	14.05%	13.84%	13.74%	13.88%	14.04%	13.83%
Total Shareholders	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

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Change in Senior Management

3 days ago

United Spirits appoints Chinmay Sharma as Chief HR Officer

United Spirits appointed Mr. Chinmay Sharma as Chief HR Officer (Senior Management Personnel) effective 5 Mar 2026; Ms. Shilpa Vaid will cease as SMP effective end of day 31 Mar 2026 and assume another Diageo group role from 1 Apr 2026.

Regulatory Filing

5 days ago

Newspaper Publication for Dematerialization of Shares

United Spirits Limited has published a notification regarding a special window for the transfer and dematerialization of physical shares.

Corporate Action

6 days ago

Postal Ballot Notice Published

United Spirits Limited published a Postal Ballot Notice in 'Business Standard' and 'Prajavani' to seek members' approval for appointing Ms. Julie Bramham as a Non-Executive Non-Independent Director.

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Frequently Asked Questions about United Spirits Ltd

United Spirits Ltd (UNITDSPR) is currently trading at 1,407.20 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

United Spirits Limited (USL) is India's largest alco-beverage company, involved in the manufacture and distribution of various spirits like whisky, rum, vodka, and gin. The company is a major player in consumer goods with strategic licensing agreements for Diageo brands. USL has successfully expanded its market presence with Don Julio tequila, which crossed INR100 crores in NSV within just nine months, showing strong entry into the premium spirits segment. The company's strong focus on premium and luxury segments is evident from its strategic launches of innovative product formats like pocket packs and hipster editions, enhancing consumer accessibility. USL faces headwinds in Maharashtra due to the competitive challenge presented by MML (Maharashtra Made Liquor), impacting lower-end portfolio segments. Despite regional challenges, USL demonstrates resilience with strong performance in premium segments, supported by brand innovation in McDowell's and Royal Challenge whiskies.

Over the past 52 weeks, United Spirits Ltd has traded between a low of ₹1,270.50 and a high of ₹1,644.90. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

United Spirits Ltd has a market capitalization of approximately 1,01,905.49. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

United Spirits Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 57.96 and operates in the Alcoholic Beverages sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 1,01,905.49 Cr, United Spirits Ltd is classified as a Mid Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

United Spirits Ltd operates in the Alcoholic Beverages sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of United Spirits Ltd is 57.96. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

The most significant development for United Spirits was the absence of any new or increased 'sin taxes' like excise duty on alcoholic beverages, which provides crucial stability for pricing and demand.

United Spirits Ltd

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