United Spirits Q2 FY27 Share Price & Earnings Call Analysis
Part of: Nifty Midcap 150 · Nifty FMCG · NIFTY100 Quality 30 · Nifty India Consumption · Nifty MNC · Nifty Midcap 50 · +6 more
- Market cap
- ₹1.03L Cr
- P/E
- 56.95
- ROE
- 21.43%
- PEG
- 2.43
- Price to sales
- 8.12
- Debt to equity
- 0.05
- 52W high / low
- ₹1,556 / ₹1,219
- Sales growth (5Y)
- 8.92%
- EBITDA margin
- 17.91%
- Net profit margin
- 14.66%
- Promoter holding
- 56.68%
- Sales (last year)
- ₹12,717 Cr
Guidance scorecard · Q2 FY27 call
What United Spirits's management guided
and where it ranks in Beverages
Beverages
RevenueQ2 FY27 call
10–20%- Whites category (vodka, tequila) is experiencing explosive growth, benefiting brands like Smirnoff.
- Consistent healthy growth ex-Maharashtra at around 10.3%-10.5%; Maharashtra expected to return to growth soon.
- Full benefit of innovation and renovation (Smirnoff flavors, Smirnoff Ice, J&B) expected to play out in H2, driving double-digit growth.
- Volume growth is critical to achieving full year double-digit P&A growth (~12% in H2), with ongoing focus on premiumization and mix improvements.
- Recovery from previous regulatory challenges and supply disruptions is underway, aiding volume growth.
2 more points from United Spirits's call on revenue
Create a free account to keep reading this call
MarginsQ2 FY27 call
FlatSee what United Spirits said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- United Spirits Limited is actively investing in innovation and renovation across its portfolio, including new product launches such as Smirnoff Ice and new flavors, and the J&B Scotch relaunch.
- There is conscious front-ending of higher ad and promotional spend ahead of the peak festive season, indicating strategic marketing investments.
- The company is focused on brand-building activities to support volume and value growth.
- The company is navigating regulatory and market challenges while aiming to invest for medium-term growth, with a focus on maintaining disciplined cost management and investments that drive market penetration and premiumization.
FundraisingQ2 FY27 call
See what United Spirits said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Ask what United Spirits said on the order book →
Full Q2 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Beverages
on management's own guidance
- Varun BeveragesGood growth2
- Strong growth1
- FratelliVineyardGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
United Spirits latest results (Sep 2026)
Revenue
₹3,264 Cr
+3% YoY
Net profit
₹428 Cr
-8% YoY
Operating margin
20%
EPS
₹5.88
United Spirits shareholding (Sep 2026)
Promoters
56.68%
unchanged QoQ
FIIs
12.85%
−0.04 pp QoQ
DIIs
17.65%
+0.51 pp QoQ
Public
12.83%
−0.46 pp QoQ
Peers
Beverages companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹5,824 Cr | 41.4 | |
| 2 | Varun Beverages | 20–40% | Flat | ₹1.48L Cr | 42.8 |
| 3 | FratelliVineyard | 20–40% | Flat | ₹540 Cr | — |
| 4 | 10–20% | Up 2%+ | ₹11,944 Cr | 57.8 | |
| 5 | United SpiritsThis stock | 10–20% | Flat | ₹1.03L Cr | 56.8 |
| 6 | 10–20% | Flat | ₹31,790 Cr | 73.2 |
Sign up free to see every company in the sector ranking and track United Spirits.
Pro shows every company guiding 40%+ revenue growth →Full Beverages rankingUnited Spirits announcements
All announcements →- Dividend / buyback / bonusNotableUnited Spirits Ltd reports Q4FY26 and FY26 financial results ending March 31, 2026
- OtherNotableUnited Spirits Limited announces FY2026 audited financial results and final dividend
- OtherNotableUnited Spirits Limited announces audited FY 2025-26 financial results and final dividend
- Financial resultsNotableUnited Spirits Limited announces audited financial results for year ended March 31, 2026
Financials of United Spirits
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
United Spirits
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 56.68% | 56.68% | 56.68% | 56.68% | 56.68% | 56.68% | 56.68% | 56.68% | 56.68% | 56.68% | 56.68% | 56.68% |
| FIIs + | 16.23% | 16.68% | 15.09% | 16.11% | 15.93% | 14.98% | 15.05% | 14.38% | 14.13% | 14.41% | 12.89% | 12.85% |
| DIIs + | 12.49% | 12.27% | 14.00% | 13.15% | 13.54% | 14.59% | 14.40% | 14.90% | 15.36% | 15.36% | 17.14% | 17.65% |
| Government + | 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 + | 14.60% | 14.37% | 14.22% | 14.04% | 13.83% | 13.73% | 13.88% | 14.04% | 13.84% | 13.54% | 13.29% | 12.83% |
| No. of Shareholders | 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 | 2,58,028 |
Financials of United Spirits
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,869 | 3,002 | 2,783 | 2,761 | 2,844 | 3,433 | 2,946 | 3,021 | 3,173 | 3,691 | 3,054 | 2,708 | 3,264 |
| YoY Sales growth | -1% | +8% | +11% | +4% | -1% | +14% | +6% | +9% | +12% | +8% | +4% | -10% | +3% |
| Expenses + | 2,401 | 2,516 | 2,449 | 2,049 | 2,344 | 2,868 | 2,437 | 2,383 | 2,507 | 3,077 | 2,461 | 2,279 | 2,622 |
| Operating Profit | 468 | 486 | 334 | 712 | 500 | 565 | 509 | 638 | 666 | 614 | 593 | 429 | 642 |
| OPM % | 16% | 16% | 12% | 26% | 18% | 16% | 17% | 21% | 21% | 17% | 19% | 16% | 20% |
| Other Income + | 71 | 52 | 80 | 35 | 54 | 7 | 136 | 58 | 44 | 28 | 226 | 218 | 44 |
| Interest | 27 | 16 | 29 | 22 | 25 | 20 | 22 | 49 | 21 | 19 | 69 | 30 | 24 |
| Depreciation | 66 | 63 | 73 | 72 | 69 | 72 | 70 | 76 | 65 | 80 | 76 | 72 | 76 |
| Profit before tax | 446 | 459 | 312 | 653 | 460 | 480 | 553 | 571 | 624 | 543 | 674 | 545 | 586 |
| Tax % | 24% | 24% | 23% | 26% | 26% | 30% | 24% | 27% | 26% | 23% | 20% | 15% | 27% |
| Net Profit + | 339 | 350 | 241 | 485 | 341 | 335 | 421 | 417 | 464 | 418 | 539 | 463 | 428 |
| EPS in Rs | 4.66 | 4.81 | 3.31 | 6.67 | 4.69 | 4.61 | 5.79 | 5.73 | 6.38 | 5.75 | 7.41 | 6.37 | 5.88 |
Financials of United Spirits
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 12,717 |
| Sales growth | -12% | -8% | +4% | -3% | +9% | -0% | -13% | +19% | +9% | +7% | +7% | +3% | +1% |
| 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 | 10,439 |
| Operating Profit | -366 | 333 | 991 | 1,209 | 1,394 | 1,571 | 1,051 | 1,595 | 1,417 | 2,000 | 2,236 | 2,279 | 2,278 |
| OPM % | -4.0% | 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 | 516 |
| Interest | 687 | 457 | 375 | 278 | 237 | 212 | 188 | 88 | 104 | 76 | 89 | 158 | 142 |
| Depreciation | 223 | 157 | 189 | 192 | 215 | 285 | 299 | 304 | 283 | 275 | 283 | 289 | 304 |
| Profit before tax | -1,635 | 366 | 163 | 912 | 1,012 | 1,160 | 540 | 1,087 | 1,279 | 1,857 | 2,135 | 2,348 | 2,348 |
| 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 | 1,848 |
| EPS in Rs | -23.23 | 1.90 | 1.38 | 8.72 | 9.64 | 9.07 | 5.28 | 11.40 | 15.63 | 19.36 | 21.75 | 25.27 | 25.41 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 46% | 55% | 67% |
Financials of United Spirits
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 145 | 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 | 8,917 |
| Borrowings + | 4,987 | 4,242 | 4,144 | 3,421 | 2,883 | 2,570 | 1,037 | 605 | 183 | 265 | 480 | 413 | 430 |
| 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 | 5,133 |
| 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 | 14,625 |
| 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 | 1,405 |
| CWIP | 114 | 282 | 199 | 102 | 118 | 121 | 97 | 96 | 83 | 37 | 72 | 77 | 121 |
| Investments | 216 | 77 | 0 | 0 | 25 | 22 | 0 | 222 | 286 | 645 | 923 | 1,171 | 925 |
| 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 | 12,174 |
| 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 | 14,625 |
Financials of United Spirits
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -196 | 283 | 647 | 925 | 948 | 783 | 1,818 | 977 | 615 | 1,118 | 1,947 | 1,459 |
| Cash from Investing Activity + | 3,855 | 733 | -227 | 104 | -66 | -194 | -99 | -313 | -55 | 226 | -1,114 | -478 |
| Cash from Financing Activity + | -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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 15% | 142% | 85% | 111% | 128% | 87% | 183% | 90% | 62% | 73% | 94% | 79% |
Financials of United Spirits
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Guidance history
How United Spirits's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q1 FY27 call → | 10–20% | Flat | — | — | — |
| Q4 FY26 call → | 10–20% | Down 0–2% | — | — | — |
| Q3 FY26 call → | 10–20% | Flat | — | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
52 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,937 stocks |
|---|---|---|
| Last 12 months | −0.3% | 53% |
| Last 6 months | +7.3% | 57% |
| Last 3 months | −7.8% | 38% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,937 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For United Spirits: 0.4 × 53 + 0.4 × 57 + 0.2 × 38 = 52.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 13 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
United Spirits: frequently asked questions
What is United Spirits share price today?
United Spirits last traded at ₹1,416.8, with a market capitalisation of ₹1.0L Cr and a P/E ratio of 57.0.
What were United Spirits's latest quarterly results?
For the quarter ended Sep 2026, United Spirits reported revenue of ₹3,264 Cr (+3% year on year) and net profit of ₹428 Cr, with an operating margin of 20%.
Is United Spirits's profit growing?
Net profit was ₹428 Cr in Sep 2026 against ₹464 Cr in Sep 2025, a change of -8%.
What is United Spirits's EPS?
United Spirits's earnings per share for the quarter ended Sep 2026 was ₹5.88.
What is the promoter holding in United Spirits?
Promoters held 56.68% of United Spirits in Sep 2026 (unchanged versus Jun 2026).
How much do FIIs and DIIs hold in United Spirits?
In Sep 2026, foreign institutional investors held 12.85% and domestic institutions (including mutual funds) held 17.65% of United Spirits.
What is United Spirits's ROE and ROCE?
United Spirits's return on equity is 21.4% and its return on capital employed is 26.4%.
Does United Spirits pay a dividend?
Yes. United Spirits's dividend yield is 1.2% at the current price. The full payout history is on the United Spirits dividends page.
Which sector does United Spirits belong to?
United Spirits is in the Beverages sector. Its peer comparison and sector ranking are on this page.
What did United Spirits's management say on the latest earnings call?
Arthneeti's analysis of the Q2 FY27 earnings call covers revenue, margins, capex and fundraising guidance from United Spirits's management.
How does Arthneeti AI analyse United Spirits?
Arthneeti reads United Spirits's earnings call transcripts and filings and scores revenue growth, margins, capex and fundraising, then ranks the company against its sector.
Continue your research
What United Spirits's management said in earlier quarters
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