More Stories

Informist, Thursday, May 14, 2026

 

Please click here to read all liners published on this story

--United Spirits Jan-Mar net profit INR 5.71 bln 
--Analysts saw United Spirits Jan-Mar net profit at INR 4.33 bln 
--United Spirits Jan-Mar revenue INR 68.38 bln 
--United Spirits Jan-Mar net profit INR 5.71 bln vs INR 4.51 bln year ago 
--United Spirits Jan-Mar revenue INR 68.38 bln vs INR 65.49 bln year ago 
--United Spirits FY26 net profit INR 18.30 bln vs INR 15.58 bln year ago 
--United Spirits FY26 revenue INR 277.81 bln vs INR 267.80 bln year ago 
--United Spirits to pay INR 11 per share final dividend 
--United Spirits final dividend record date Jul 8 
--United Spirits Jan-Mar EBITDA INR 5.91 bln vs INR 5.05 bln year ago 
--United Spirits Jan-Mar EBITDA margin 19.4% vs 17.1% year ago 
--United Spirits Jan-Mar gross profit margin 47.3% vs 44.5% year ago 
--United Spirits Jan-Mar sales volume 15.74 mln cases vs 16.67 mln year ago 
--United Spirits Jan-Mar sales volume down 5.6% on year 
--United Spirits Q4 prestige & above pdt sales volume 13.13 mln cases 
--United Spirits Q4 prestige & above pdt sales volume down 3.1% on year 
--United Spirits Q4 popular sales volume 2.61 mln cases, down 16.1% on year 
--United Spirits: Q4 results hit on impact of Maharashtra Made Liquor norms 
--United Spirits Jan-Mar net sales value INR 30.46 bln, up 3.4% on year 
 

 

By Avishek Rakshit 

 

KOLKATA – Despite posting a sales volume decline, primarily on account of the liquor policy in Maharashtra, United Spirits Ltd. reported a better than expected profit for the March quarter, outpacing the Street's estimate. The revenue growth was primarily driven by pricing in key states like Andhra Pradesh, while higher salience of premium and luxury brand sales helped the revenue inch up on year. 

 

The Indian division of the world's fourth-largest alcoholic beverage company by market capitalisation Diageo Plc., United Spirits reported over 4% on-year increase in its revenue at over INR 68 billion. The net profit rose nearly 27% on year to INR 5.71 billion as against the Street's estimate of INR 4.33 billion. 

 

Incidentally, the revenue growth posted by the company, primarily hit by sales volume decline, was the lowest in the past six quarters. However, the net sales value, which is a true reflection of a liquor company's performance as it discounts item returns, allowances, bulk discounts, and state or local alcohol taxes, rose over 3% on year to over INR 30 billion – a tad below the Street's estimate of around INR 31 billion.

 

Although sales volume of premium and luxury liquor, commonly termed as prestige and above product segment by the industry, fell 3% on year to 13.13 million cases, the net sales value in this category grew 5% on year 27.5 billion due to higher prices. Excluding Maharashtra, where Indian Made Foreign Liquor consumption is hit owing to the state's policy to promote Maharashtra Made Liquor, the net sales value of the prestige and above portfolio grew 8.5% on year. 

 

Budget products, referred commonly as popular products by the industry, also registered an over 16% volume decline at 2.61 million cases in the March quarter. With pricing power being low in this category of products, United Spirits' net sales value declined over 13% on year to INR 2.71 billion in the popular category. 

 

In total, United Spirits suffered an overall sales volume decline of 5.6% on year at 15.74 million cases. 

 

However, the higher salience of the margin-accretive prestige and above segment, together with strong gross profit growth, helped increase its earnings before interest, tax, depreciation, and amortisation for the March quarter 17% on year to nearly INR 6 billion. The EBITDA margin increased to 19.4% in the March quarter from 17.1% in the year-ago quarter, and gross profit margin in the quarter under review expanded to 47.3% from 44.5% in the March quarter of 2024-25 (Apr-Mar). 

 

The prestige and above segment accounted for over 90% of the net underlying sales during the March quarter and its net sales increased 5% during the quarter under review.

 

"We have delivered a resilient fiscal 2026 amidst an adverse policy in a salient state. The core portfolio at a national level, barring the impacted state, has delivered a broad-based and healthy double-digit growth setting us up for a strong FY27," Praveen Someshwar, chief executive officer and managing director of United Spirits, said in a statement. 

 

For FY26, United Spirits reported around 4% on-year increase in its revenue from operations at around INR 278 billion and over 17% on-year growth in its net profit at over INR 18 billion. The company declared final dividend of INR 11 per share, with the record date being Jul. 8.

 

"Looking ahead, we are excited on the consumer opportunity in India and confident to capture it through our innovation muscle and by tapping into the key white spaces through both category participation and creation in a value-accretive manner," Someshwar said. 

 

On Thursday, the company's shares closed 1.3% higher at INR 1,272.50 on the National Stock Exchange.  End

 

Edited by Avishek Dutta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.