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United Spirits

UNITDSPR NSE
₹1,419.30 +38.40 (+2.78%)
P/E
54.78
View as Markdown
MCP
Close 4 Nov 2026 ₹1,419.30 +2.80 +0.20% 1Y
Start ₹1,416.50

Key Fundamentals

MidcapBeveragesFMCG

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
26.40%
Debt to Equity
0.05
EPS (TTM)
₹25.91
Book Value
₹124.60
Market Cap
—
P/E (TTM)
54.78
P/B
11.39
ROE
21.40%
Dividend Yield
1.23%
EBITDA
₹2,764 Cr
52W High
₹1,563.40
52W Low
₹1,210.80
Day Range
₹1,373.60 – ₹1,419.30
Volume
5,36,945

Peer Comparison

Fast Moving Consumer Goods › Beverages › Breweries & Distilleries

United Spirits peer comparison
United Spirits (this company)
₹1,419.3054.78₹1,00,884 Cr11.391.23%21.40%26.40%₹12,626 Cr₹1,884 Cr
Radico Khaitan
₹4,396.5083.70₹57,961 Cr16.050.21%20.30%24.20%₹6,228 Cr₹704 Cr
United Breweries
₹1,204.5080.51₹32,064 Cr6.980.84%7.69%10.70%₹9,442 Cr₹395 Cr
Allied Blenders & Distillers
₹697.5088.29₹19,494 Cr11.890.78%14.30%18.40%₹3,979 Cr₹210 Cr
Tilaknagar Industries
₹473.60—₹11,718 Cr3.890.22%12.60%11.40%₹3,016 Cr−₹35 Cr
Piccadily Agro Industries
₹594.3041.68₹5,848 Cr6.500.17%17.40%18.00%₹1,075 Cr₹141 Cr
Globus Spirits
₹669.1019.32₹2,115 Cr1.610.99%8.76%11.20%₹2,799 Cr₹99 Cr
Median 7 companies₹697.5067.65₹19,494 Cr6.980.78%14.30%18.00%₹3,979 Cr₹210 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

56 Good

Data confidence 100/100

Category scores

Quality
78
Strong
Returns, margins, earnings quality 22% weight
Valuation
30
Poor
Cheap vs sector & own history 24% weight
Growth
39
Weak
Sales & profit trajectory 9% weight
Financial Health
90
Strong
Solvency, leverage, coverage 9% weight
Momentum
70
Strong
Trend strength, vol-adjusted 12% weight
Ownership
57
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 11.0 times its book value
  • The company has delivered a poor sales growth of 8.92% over past five years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3313
OscillatorsNeutral333
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
60.21
Neutral
MACD (12,26,9)
−10.48
Bullish
SMA (50)
1,390.79
Bullish
SMA (200)
1,366.30
Bullish

As of

Analyst Rating

Based on 23 analysts
BUY87%

20 of 23 analysts rate Buy, 3 Hold, 0 Sell.

As of

BUY
20
87%
HOLD
3
13%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+3.91%
5Y+8.92%
3Y+5.52%
1Y+3.30%
TTM+3.12%

Net profit

Net profit growth by window
10Y+29.09%
5Y+38.40%
3Y+17.74%
1Y+16.18%
TTM+24.44%

Operating cash flow

Operating cash flow growth by window
10Y+17.82%
5Y−4.30%
3Y+33.37%
1Y−25.06%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+14.36 pp
5Y+5.35 pp
3Y+4.93 pp
1Y−0.25 pp
TTM+0.11 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹8,818 Cr
Mar 2018₹8,591 Cr
Mar 2019₹9,341 Cr
Mar 2020₹9,325 Cr
Mar 2021₹8,131 Cr
Mar 2022₹9,712 Cr
Mar 2023₹10,612 Cr
Mar 2024₹11,321 Cr
Mar 2025₹12,069 Cr
Mar 2026₹12,467 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹93.00 Cr
Mar 2018₹652 Cr
Mar 2019₹684 Cr
Mar 2020₹621 Cr
Mar 2021₹362 Cr
Mar 2022₹811 Cr
Mar 2023₹1,126 Cr
Mar 2024₹1,408 Cr
Mar 2025₹1,582 Cr
Mar 2026₹1,838 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹680 Cr −0.9% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

As of 2026-11-03, United Spirits Ltd trades at ₹1,380.9 with a market cap of ₹98,658 Cr, commanding a P/E of 53.3x and a P/B of 11.08x. The company is virtually debt-free with a debt-to-equity ratio of 0.05 and has compounded profits at 35% CAGR over the last five years, though sales growth has been more modest at 9% CAGR over the same period.

Bull Case 6
  • Near-zero leverage with a debt-to-equity ratio of just 0.05, giving the company significant financial flexibility and resilience through economic cycles.
  • Strong profit compounding at 35% CAGR over five years and 29% CAGR over ten years, demonstrating sustained margin expansion and operational efficiency improvements.
  • Healthy return ratios with ROE at 19.08% and ROCE at 24.63% as of 2026-11-03, indicating efficient capital allocation and strong underlying profitability.
  • Consistent ROE track record averaging 20-21% across 3-year, 5-year, and 10-year periods, reflecting durable competitive advantages in the Indian spirits market.
  • Shareholder-friendly capital return policy with a dividend payout ratio of 56.1% and a current dividend yield of 1.26%, notable for a consumer company reinvesting for growth.
  • TTM profit growth of 15% continues the long-term earnings expansion trend, even as it moderates from the higher 5-year CAGR of 35%.
Bear Case 6
  • Trading at 11.08x book value, a steep premium that prices in significant future growth and leaves the stock vulnerable to de-rating.
  • Tepid top-line growth with sales compounding at only 4% over ten years and 6% over three years, raising questions about volume growth sustainability in the core business.
  • Decelerating profit growth from 35% five-year CAGR to 15% TTM suggests the margin expansion cycle may be maturing, with limited room for further improvement.
  • Stock price CAGR of just 8% over both 3-year and 5-year horizons, and only 1% over the past year, indicating the market has already priced in much of the earnings improvement.
  • TTM sales growth of only 3% signals near-term demand softness, and if this persists, sustaining the current 53.3x P/E multiple will be difficult.
  • The gap between profit growth (35% five-year CAGR) and sales growth (9% five-year CAGR) is unusually wide, implying future earnings gains must come from volume or pricing power rather than further cost optimisation.

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

AI News Digest

9h ago

TL;DR: Recent news flow for United Spirits is largely procedural, with investor conference participation and a scheduled Q2FY27 earnings call. The key risk to monitor is the DRI search operations initiated on October 16, which the company says has no financial or operational impact so far but could evolve. No fresh positive catalysts have emerged in this period. Investors should watch the Q2FY27 results and any updates on the DRI matter for directional cues.

Headwinds 1
  • DRI search operations launched Oct 17

    The Directorate of Revenue Intelligence initiated search operations at multiple United Spirits locations on October 16, 2026. The company stated no financial or operational impact as of now, but the regulatory action introduces uncertainty.

Neutral 1
  • Four investor conferences in November Nov 2

    United Spirits will participate in four analyst and institutional investor conferences in November 2026, hosted by Ashika, CLSA, JM Financial, and Avendus Spark.

Quarterly Results

₹ Cr
UNITDSPR quarterly results, ₹ crore
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
26.2
16
29
22
25
20
22
49
21
19
69
30
Depreciation
74
65.3
63
73
72
69
72
70
76
65
80
76
72
PBT
639
446
459
312
654
462
480
553
571
625
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 (₹)
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

Profit & Loss

₹ Cr
UNITDSPR profit and loss, annual, ₹ crore
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 (₹)
−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%
—

Balance Sheet

₹ Cr
UNITDSPR balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
UNITDSPR cash flow, annual, ₹ crore
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

Ratios

UNITDSPR financial ratios, annual
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

Log in to view United Spirits insights

64 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 56.67%
  • DIIs 17.65%
  • FIIs 12.85%
  • Public 7.30%
  • Others 5.52%
  • Government 0.01%

1.18% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of United Spirits Ltd?
United Spirits Ltd trades at a PE ratio of 54.78 as of 4 Nov 2026, on earnings per share of ₹25.91, against a book value of ₹124.6 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 as of 4 Nov 2026.
Does United Spirits Ltd pay dividends?
United Spirits Ltd has a dividend yield of 1.23%.
What is the Return on Equity (ROE) of United Spirits Ltd?
United Spirits Ltd reported a return on equity of 21.40%. 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.

Website diageoindia.com
CEO Mr. Praveen Someshwar
Employees 2,420
Listed 27 Sep 2001
Face Value ₹2

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