Diageo India's spirits arm: manufactures & distributes 50+ alcobev brands incl. Johnnie Walker, McDowell's.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,708 | −10.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 16.0 | −5.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 463 | +11.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 21.73 | +1.7 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 12.28 | −2.5 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 3.12 | −3.3 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
0 of 1 judged target kept · 5 open · verdicts reflect calls analysed to Q4 FY25.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Overall portfolio growth | We are guiding for double-digit growth overall | Q4 FY24 | Delivered 8.2% total value growth (5.1% ex-Andhra), falling short of the double-digit target | Missed |
| Gross Margin | our intent will be to expand gross margin... through the combination of the three levers | Q4 FY24 | Sustaining high-teen EBITDA margins and delivered INR 388 cr in productivity benefits | On Track |
1 of United Spirits Limited's 6 targets was missed. See which ones, and which are quietly gone. The 2 above are the free sample; 4 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹1,357.4 on 24 Oct 2025 → ₹1,239. High ₹1,556 (21 Aug 2026), low ₹1,218.8 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
United Spirits Limited (Diageo India) manufactures, sells and distributes beverage alcohol (whisky, vodka, rum, gin, brandy and tequila) under a portfolio of Global and Indian brands. It sources agricultural raw materials such as rice, malt and barley, produces spirits in-house and through third-party tie-up/leased manufacturing facilities, and routes products to consumers through a licensed distribution network of sales partners across Indian states. The company earns by selling across price tiers, with a strategic focus on premiumising its portfolio into the Prestige & Above (P&A) category, and also exports select brands overseas.
Segments
Guidance
0 of 1 judged target kept · 5 open · verdicts reflect calls analysed to Q4 FY25.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Overall portfolio growth | We are guiding for double-digit growth overall | Q4 FY24 | Delivered 8.2% total value growth (5.1% ex-Andhra), falling short of the double-digit target | Missed |
| Gross Margin | our intent will be to expand gross margin... through the combination of the three levers | Q4 FY24 | Sustaining high-teen EBITDA margins and delivered INR 388 cr in productivity benefits | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 6 tracked commitments, with each call’s wording and source.
Call summaries
United Spirits Q4 FY25
United Spirits reported a strong FY25, marked by a 26.4% ROCE and 8.2% total value growth, with pre-exceptional EPS surpassing INR20. Strategic policy changes in UP significantly expanded retail reach, and the company continues to drive premiumization and innovation. However, subdued demand and regulatory hurdles in certain states remain challenges, with management expecting a recovery in premium segment growth within 3-4 quarters.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +11% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,844 | 3,433 | 2,946 | 3,021 | 3,173 | 3,691 | 3,054 | 2,708 |
| Expenses | 2,344 | 2,868 | 2,437 | 2,383 | 2,514 | 3,077 | 2,461 | 2,279 |
| Operating profit | 500 | 565 | 509 | 638 | 659 | 614 | 593 | 429 |
| Operating margin | 18.0% | 16.0% | 17.0% | 21.0% | 21.0% | 17.0% | 19.0% | 16.0% |
| Other income | 54 | 7 | 136 | 58 | 51 | 28 | 226 | 218 |
| Interest | 25 | 20 | 22 | 49 | 21 | 19 | 69 | 30 |
| Depreciation | 69 | 72 | 70 | 76 | 65 | 80 | 76 | 72 |
| Profit before tax | 460 | 480 | 553 | 571 | 624 | 543 | 674 | 545 |
| Tax rate | 26.0% | 30.0% | 24.0% | 27.0% | 26.0% | 23.0% | 20.0% | 15.0% |
| Net profit | 341 | 335 | 421 | 417 | 464 | 418 | 539 | 463 |
| EPS (₹ per share) | 4.69 | 4.61 | 5.79 | 5.73 | 6.38 | 5.75 | 7.41 | 6.37 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 10,603 | 11,321 | 11,984 | 12,939 |
| Expenses | 9,084 | 9,321 | 9,698 | 10,435 |
| Operating profit | 1,519 | 2,000 | 2,286 | 2,504 |
| Other income | 256 | 208 | 232 | 363 |
| Interest | 103 | 76 | 89 | 158 |
| Depreciation | 282 | 276 | 283 | 297 |
| Profit before tax | 1,387 | 1,856 | 2,146 | 2,412 |
| Net profit | 1,227 | 1,407 | 1,582 | 1,838 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 145 | 145 | 145 | 145 | 145 | 145 |
| Reserves | 4,808 | 5,854 | 6,976 | 7,959 | 8,263 | 8,808 |
| Borrowings | 605 | 183 | 265 | 480 | 412 | 413 |
| Other liabilities | 3,304 | 3,534 | 3,790 | 4,592 | 4,664 | 5,085 |
| Total liabilities | 8,863 | 9,716 | 11,176 | 13,176 | 13,484 | 14,451 |
| Fixed assets | 1,855 | 1,534 | 1,560 | 1,712 | 1,757 | 1,404 |
| Capital work in progress | 96 | 83 | 37 | 72 | 81 | 77 |
| Investments | 222 | 286 | 645 | 923 | 1,330 | 1,171 |
| Other assets | 6,690 | 7,813 | 8,934 | 10,469 | 10,316 | 11,799 |
| Total assets | 8,863 | 9,716 | 11,176 | 13,176 | 13,484 | 14,451 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,818 | 977 | 615 | 1,118 | 1,947 | 1,459 |
| Cash from investing | -99 | -313 | -55 | 226 | -1,114 | -478 |
| Cash from financing | -1,707 | -688 | -500 | -407 | -557 | -1,450 |
| Net cash flow | 12 | -23 | 60 | 937 | 276 | -469 |
| Free cash flow | 1,679 | 882 | 505 | 1,039 | 1,786 | 1,531 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 98 | 89 | 84 | 99 | 103 | 106 |
| Inventory days | 254 | 229 | 193 | 186 | 197 | 216 |
| Days payable | 176 | 168 | 154 | 176 | 191 | 193 |
| Cash conversion cycle | 177 | 150 | 122 | 108 | 109 | 129 |
| Working capital days | 17 | 39 | 51 | 52 | 48 | 56 |
| Return on capital employed | 14.0% | 25.0% | 20.0% | 28.0% | 26.0% | 26.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 46.0% | 55.0% | 67.0% |
The businesses behind the company’s reported revenue.
Beverage alcohol contributes 83.1% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹2,708.00 crore
₹552.00 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Beverage alcohol | 2,708.00 | 83.1% |
| Sports | 552.00 | 16.9% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Sports grew from 0% to 17% of revenue over the last two years.
| Segment | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Beverage alcohol | — | — | 97% | 84% | 100% | 100% | 98% | 83% | +6.2% |
| Sports | <1% | <1% | 3% | 16% | 0% | <1% | 2% | 17% | +15.5% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
To justify its price of ₹1239, this stock must grow earnings at 34% every year for 7 years. Our analysis caps realistic growth at ~23%. At that growth it is worth ₹704 — downside of 43%.
Ownership
Promoters hold 56.68% as of Sept 2026; institutions added 0.47 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of United Spirits Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 55.88% | unchanged | |
| Mutual fund | 4.62% | +0.28 pp |
| 2.38% | unchanged | |
| Mutual fund | 2.10% | +0.20 pp |
| Mutual fund | 1.50% | −0.08 pp |
| Mutual fund | 1.20% | unchanged |
| Mutual fund | 1.04% | −0.26 pp |
| 0.76% | unchanged | |
| 0.02% | unchanged | |
| 0.01% | unchanged | |
| Sovereign | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
4 new, 9 added, 6 trimmed, 5 sold out — net −6.28 L shares (−1.3%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Mid Cap Fund HDFC Mutual Fund | ₹1.9k Cr | +2.76 L | Sep '24 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹777 Cr | held | Dec '23 |
| HDFC Large Cap Fund HDFC Mutual Fund | ₹647 Cr | held | Dec '24 |
| SBI Contra Fund SBI Mutual Fund | ₹398 Cr | held | Jul '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹354 Cr | held | Apr '26 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹332 Cr | +3.00 L | Apr '26 |
| SBI Balanced Advantage Fund SBI Mutual Fund | ₹304 Cr | held | Sep '21 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹286 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
9 added, 6 trimmed — net −6.28 L shares (−1.3%)
Shares held by these funds +244%
Oct '23 4.76 cr shares Sep '26
Your own record
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