United Spirits logo

United Spirits

UNITDSPR NSE

Key Fundamentals

MidcapBreweries & DistilleriesBeverages
Market Cap
1.0L Cr
Volatility
Low Risk
P/E Ratio
53.84
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 11.3 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

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

United Spirits Ltd, with a market cap of approximately ₹1,01,044 crore, is India's leading spirits company operating in the FMCG sector. The company trades at a PE of 54x and 11.4x book value, reflecting premium valuations, while delivering a 21% ROE and 34.5% CAGR profit growth over five years against a modest 3% TTM sales growth.

Bull Case 7
  • Company is almost debt free, providing significant financial flexibility and lower interest cost burden
  • Strong profit growth at 34.5% CAGR over the last 5 years, indicating successful margin expansion and premiumisation strategy
  • Consistent ROE of 21% in the last year and 20% over 5- and 10-year periods, reflecting efficient capital allocation
  • Healthy dividend payout ratio of 56.1% with a current dividend yield of 1.21%, signalling shareholder-friendly capital return policy
  • Compounded profit growth of 23% over 3 years and 29% over 10 years demonstrates sustained earnings momentum across cycles
  • Stock price CAGR of 13% over 5 years and 12% over 10 years shows long-term wealth creation track record
  • TTM profit growth of 15% continues to outpace TTM sales growth of 3%, suggesting ongoing operating leverage and mix improvement
Bear Case 8
  • PE ratio of 54x is significantly above the FMCG sector median, leaving limited margin of safety if earnings growth slows
  • Price-to-book ratio of 11.4x is elevated, implying the stock prices in substantial future growth already
  • Poor sales growth of only 8.92% CAGR over five years and a further deceleration to just 3% on a TTM basis raises volume and top-line concerns
  • 10-year compounded sales CAGR of only 4% suggests structurally low top-line growth over extended periods
  • Wide divergence between profit growth (15% TTM) and sales growth (3% TTM) suggests margin expansion may be nearing its limits
  • 52-week high and low data unavailable, limiting visibility on recent price volatility and technical range
  • EPS and debt-to-equity data not reported, reducing transparency on per-share earnings trends and precise leverage position
  • 3-year compounded sales growth of only 6% versus 3-year profit growth of 23% indicates earnings quality is increasingly dependent on cost control rather than demand-driven top-line expansion

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 4
  • FSSAI flavour reformulation mandate Aug 17

    Diageo agreed to stop adding whisky/rum flavouring to spirits and reformulate products nationwide. ENA costs ~₹65/litre vs ₹200-250 for matured MMS, potentially making Royal Challenge and Antiquity loss-making at current EDPs.

  • 18,000 crates seized by authorities Aug 17

    Indian authorities seized nearly 18,000 crates of Diageo liquor bottles over alleged packaging violations, adding regulatory pressure in a 432-million-case annual market.

  • Labelling legal battle ongoing Aug 17

    United Spirits challenged FSSAI's June 29 order via Bombay High Court writ petition filed August 1. Court heard the matter on August 10 and sought Centre's response by August 19, with outcome still pending.

  • Industry-wide FSSAI crackdown risk Aug 17

    FSSAI's interpretation that added flavours in standardised beverages mislead consumers could upend manufacturing models for India's ~432 million case whisky, brandy and rum market, risking higher costs and de-premiumization.

Positives 3
  • FSSAI revokes restrictive orders Aug 21

    FSSAI revoked orders on McDowell's Rum (Baramati, Aug 17) and MP whisky products (Aug 20). United Spirits confirmed no material operational or financial impact; shares rose 1.05% to ₹1,560.20.

  • Strong stock momentum Aug 17

    Shares gained 12.31% over the past month and 11.24% YTD as of August 21, reflecting positive investor sentiment despite regulatory challenges.

  • ESG rating upgraded twice Sep 3

    NSE Sustainability raised ESG score to 75 (from 73 in 2025) retaining Leader category. Separately, CRISIL upgraded ESG rating to 67 (Strong) on August 26, reflecting improved core metrics.

Neutral 3
  • JPMorgan & Anand Rathi summits Sep 10

    United Spirits will attend JPMorgan India Conference and Anand Rathi G-200 Summit on September 21-22, 2026. No unpublished price-sensitive information to be shared.

  • UBS India Summit participation Aug 31

    Company to participate in the 22nd UBS India Summit on September 10-11, 2026, holding group and one-on-one meetings with institutional investors.

  • Elara India Dialogue attendance Aug 25

    United Spirits to attend Ashwamedh – Elara India Dialogue 2026 from August 31 to September 3, with analyst and investor meetings scheduled.

TL;DR: United Spirits secured a near-term win with FSSAI revoking restrictive orders on McDowell's Rum and MP whisky products, and the stock has responded with 12%+ monthly gains. ESG credentials are strengthening with dual upgrades from NSE and CRISIL. However, the broader FSSAI flavour reformulation mandate poses a material medium-term risk — reformulating key brands like Royal Challenge (4.5M+ cases annually) could compress margins significantly given the cost differential between ENA and matured spirit. The trend is cautiously improving on regulatory resolution, but the industry-wide labelling overhaul and its economic impact remain the key risk to watch.

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 Fast Moving Consumer Goods sector, in the Beverages industry.
What is the market capitalisation of United Spirits Ltd?
United Spirits Ltd has a market capitalisation of ₹1,01,044 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 53.84, 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 1.21%.
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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