UNITDSPR

United Spirits share price & financials

Price
₹1,320.5
Market cap
₹1.0L Cr
Sector
Fast Moving Consumer Goods
Calls analysed
2
Latest concall · Q4 FY25 · call held 23 May 2025

United Spirits Q4 FY25

Return on Capital Employed 26.4% Total Value Growth 8.2% NSV Growth ex-Andhra 5.1% Pre-exceptional EPS ₹20

What went well

  • Return on Capital Employed (ROCE) for FY25 stood at 26.4%, exceeding the 25% target.
  • Total value growth for FY25 was 8.2%, demonstrating healthy performance.
  • Pre-exceptional earnings per share (EPS) crossed INR20 for the first time in the company's history.

What to watch

  • Demand remains subdued, and restrictive route-to-market policies in Delhi and other states hinder brand presence in high-potential premium markets.
  • Bureaucratic delays in a key Scotch salient state are limiting the company's full potential.
Read the full call →

What United Spirits Limited does

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

  • Beverage Alcohol (Alcobev)
Brand portfolio
50+ brands
Manufacturing facilities
36 (including third-party leased/tie-up units)
Export markets
24 countries
One-million-case+ brands
7 brands
Cases produced
61 million cases (FY25)
Suppliers and business partners
2,300+
Headquarters Bengaluru, Karnataka, India Company website

Guidance record · Q4 FY25

what the last two calls moved 6 tracked 0 delivered 1 missed 5 open
  • Overall portfolio growth missed said Q4 FY24 Promised: We are guiding for double-digit growth overall Q4 FY25: Delivered 8.2% total value growth (5.1% ex-Andhra), falling short of the double-digit target
  • Gross Margin on track said Q4 FY24 Promised: our intent will be to expand gross margin... through the combination of the three levers Q4 FY25: Sustaining high-teen EBITDA margins and delivered INR 388 cr in productivity benefits

All 6 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 6.0%, net profit up 51.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,843 3,432 2,946 2,549 3,170 +12%3,683 +7%3,046 +3%2,703 +6%
EBITDA507 588 505 415 672 +33%618 +5%591 +17%432 +4%
Net profit335 473 451 258 472 +41%529 +12%571 +27%391 +52%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +7.0% 1Y

₹1.2k₹1.3k₹1.4k₹1.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹1,303.5 on 10 Sept 2025 → ₹1,395. High ₹1,556 (21 Aug 2026), low ₹1,218.8 (30 Mar 2026).

Financials, as filed

Revenue grew 5.5% a year over 3 years, FY23 to FY26. Operating margin widened to 18.4%.

Year endingFY23FY24FY25FY26
Revenue₹10.6k Cr₹10.7k Cr₹11.6k Cr₹12.4k Cr
Operating profit₹1.5k Cr₹1.7k Cr₹2.1k Cr₹2.3k Cr
Operating margin14.3%16.0%17.8%18.4%
Interest₹103 Cr₹76 Cr₹89 Cr₹158 Cr
Depreciation₹282 Cr₹264 Cr₹274 Cr₹283 Cr
Net profit₹1.2k Cr₹1.3k Cr₹1.6k Cr₹1.8k Cr
Net margin11.6%12.3%13.5%14.7%
Cash from operations₹576 Cr₹913 Cr₹1.6k Cr₹1.5k Cr
Free cash flow₹463 Cr₹834 Cr₹1.4k Cr₹1.6k Cr
ROCE20.0%26.0%26.0%28.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹145 Cr₹146 Cr₹145 Cr₹145 Cr₹145 Cr₹145 Cr
Reserves₹4.0k Cr₹4.7k Cr₹5.8k Cr₹6.8k Cr₹8.3k Cr₹8.6k Cr
Borrowings₹713 Cr₹605 Cr₹183 Cr₹240 Cr₹412 Cr₹405 Cr
Other liabilities₹3.3k Cr₹3.2k Cr₹3.4k Cr₹3.5k Cr₹4.7k Cr₹4.7k Cr
Total liabilities₹8.1k Cr₹8.7k Cr₹9.6k Cr₹10.7k Cr₹13.5k Cr₹13.9k Cr
Fixed assets₹1.3k Cr₹1.5k Cr₹1.2k Cr₹1.2k Cr₹1.8k Cr₹1.3k Cr
Capital work in progress₹86 Cr₹96 Cr₹83 Cr₹37 Cr₹81 Cr₹70 Cr
Investments₹202 Cr₹439 Cr₹462 Cr₹823 Cr₹1.3k Cr₹1.5k Cr
Other assets₹6.6k Cr₹6.7k Cr₹7.8k Cr₹8.6k Cr₹10.3k Cr₹11.1k Cr
Total assets₹8.1k Cr₹8.7k Cr₹9.6k Cr₹10.7k Cr₹13.5k Cr₹13.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +2.74 pp while FIIs trimmed −2.16 pp. The shareholder count grew 2% to 2,93,859.

Promoters
56.7%
FIIs
12.9%
DIIs
17.1%
Government
0.0%
Public
13.3%

Since Jun 2025

  • DIIs +2.74 pp
  • FIIs −2.16 pp
  • Public −0.59 pp

How it drifted, 12 quarters

Over this window DIIs went from 12.3% to 17.1% — +4.8 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 56.7%, FIIs 16.5%, DIIs 12.3%, Government 0.0%, Public 14.5%.Dec '23: Promoters 56.7%, FIIs 16.2%, DIIs 12.5%, Government 0.0%, Public 14.6%.Mar '24: Promoters 56.7%, FIIs 16.7%, DIIs 12.3%, Government 0.0%, Public 14.4%.Jun '24: Promoters 56.7%, FIIs 15.1%, DIIs 14.0%, Government 0.0%, Public 14.2%.Sep '24: Promoters 56.7%, FIIs 16.1%, DIIs 13.2%, Government 0.0%, Public 14.0%.Dec '24: Promoters 56.7%, FIIs 15.9%, DIIs 13.5%, Government 0.0%, Public 13.8%.Mar '25: Promoters 56.7%, FIIs 15.0%, DIIs 14.6%, Government 0.0%, Public 13.7%.Jun '25: Promoters 56.7%, FIIs 15.1%, DIIs 14.4%, Government 0.0%, Public 13.9%.Sep '25: Promoters 56.7%, FIIs 14.4%, DIIs 14.9%, Government 0.0%, Public 14.0%.Dec '25: Promoters 56.7%, FIIs 14.1%, DIIs 15.4%, Government 0.0%, Public 13.8%.Mar '26: Promoters 56.7%, FIIs 14.4%, DIIs 15.4%, Government 0.0%, Public 13.5%.Jun '26: Promoters 56.7%, FIIs 12.9%, DIIs 17.1%, Government 0.0%, Public 13.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of United Spirits Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Diageo Relay B.V. 55.88%unchanged
HDFC Mutual Fund - Various Schemes Mutual fund4.34%+0.32 pp
USL Benefit Trust 2.38%unchanged
Aditya Birla Sun Life Trustee Private Limited A/c - Various Schemes Mutual fund1.90%+0.20 pp
Kotak Mahindra Trustee Co Ltd A/c - Various Schemes Mutual fund1.58%unchanged
ICICI PRUDENTIAL - Various Schemes Mutual fund1.30%newly disclosed
NIPPON LIFE INDIA TRUSTEE LTD (Various Schemes) Mutual fund1.24%newly disclosed
Government Pension Fund Global Sovereign1.07%unchanged
United Breweries (Holdings) Limited 0.76%unchanged
Vittal Investments Private Limited 0.02%unchanged
Vijay Mallya 0.01%unchanged
Rossi and Associates Private Limited 0.00%unchanged

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.

Mutual funds in UNITDSPR

Filings to Aug 2026

0 new, 13 added, 5 trimmed, 1 sold out — net +3.67 L shares (+1.1%).

Held by funds
₹5.1k Cr
39 schemes
Biggest holder
HDFC Flexi Cap Fund
₹869 Cr · 0.8% of that fund
SchemeHoldingLast month
HDFC Flexi Cap Fund HDFC Mutual Fund₹869 Crheld
HDFC Large Cap Fund HDFC Mutual Fund₹724 Crheld
SBI Contra Fund SBI Mutual Fund₹438 Crheld
Nippon India Small Cap Fund Nippon India Mutual Fund₹390 Crheld
SBI Balanced Advantage Fund SBI Mutual Fund₹335 Crheld
Nippon India Large Cap Fund Nippon India Mutual Fund₹321 Cr+3.98 L
HDFC Balanced Advantage Fund HDFC Mutual Fund₹321 Crheld
Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund₹238 Crheld

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 Aug 2026

13 added, 5 trimmed — net +3.67 L shares (+1.1%)

Funds are sitting on
+9%
vs est. average cost
Held by funds
₹5.1k Cr
39 schemes · ≈ 4.4% of the company
Biggest holder
HDFC Flexi Cap Fund
₹869 Cr · 0.8% of that fund
Longest holder
Nippon India ETF Nifty India Consumption
11y 5m · since Apr '15

Shares held by these funds +138%

Aug '23 3.36 cr shares Jul '26

What the price assumes

Expensive

To justify its price of ₹1395, this stock must grow earnings at 35% every year for 7 years. Our analysis caps realistic growth at ~22%. At that growth it is worth ₹729 — downside of 48%.

Growth the price implies
35.1% a year
for 7 years, fading to 4%
It has actually compounded at
22.3% a year
net profit, FY23–FY26 · EPS 22.0%
The gap
0.1 pp
-48% downside if it only repeats history
Price today ₹1,395 Value at the reference growth ₹728.92

Change the assumptions yourself →

All earnings calls (2)

Read the Q4 FY25 call →

Learn to analyse United Spirits Limited

Guides on how to read this kind of business and the numbers that matter.