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Informist, Monday, Jul. 20, 2026

 

By Avishek Rakshit

 

KOLKATA – Higher realisation from sales despite an anticipated decline in sales volume, especially in key regions like Maharashtra and Andhra Pradesh, is expected to help alcoholic beverages maker United Spirits Ltd. report a double-digit profit growth for the June quarter. While revenues are likely to increase owing to higher sales of premium products, sales of budget category products is seen staying subdued.

 

United Spirits' net profit is expected to rise 13% on year to INR 3.03 billion for the June quarter, according to the average of estimates from eight brokerages. The company's revenues are expected to increase 5% on year to nearly INR 27 billion, according to estimates. 

 

However, from the trailing quarter, the net profit is likely to fall over 50% and the revenue is expected to fall over 12%. 

 

The highest estimate for the company's net profit is INR 3.45 billion from Bank of America Global Research and the lowest is INR 2.72 billion from Elara Securities (India) Pvt. Ltd. The highest estimate for revenues is INR 26.98 billion from Anand Rathi Share and Stock Brokers Ltd. and the lowest is INR 26.47 billion from JM Financial Institutional Securities Pvt Ltd. 

 

Kotak Securities Ltd., which expects a 4.5% on-year growth in United Spirits' June quarter revenues, said sales volume of premium and luxury products is expected to decline 1.3% on year to 12.4 million cases, owing to the liquor policy in Maharashtra. However, the company's net realisation from sales is expected to improve 8.5% on year due to an improved product mix and accelerated premiumisation in some states, the brokerage said. 

 

In Maharashtra, under the new liquor policy, United Spirits, like its peers, faced pricing pressures leading to a decline in sales volume. Motilal Oswal said in Maharashtra, which was giving monetary benefits to state-made liquors, the impact on declining sales of Indian Made Foreign Liquor is more pronounced in the June quarter. 

 

Nuvama Wealth Management Ltd. expects overall sales volumes for United Spirits in the June quarter to fall 4% on year and sales in the budget category, which accounts for around 30% of sales, to decline 23% in revenue terms and 20% in volume terms. 

 

Nuvama and Motilal Oswal said United Spirits faces a high base effect in Andhra Pradesh, which ranks second in the country after Telengana in terms of annual per capita spends on liquor consumption at INR 1,306 during the financial year 2022-23 (Apr-Mar). After the Andhra Pradesh government granted new licences under the new liquor policy in FY26, sales had surged and led to a high base. 

 

United Spirits is expected to report earnings before interest, tax, depreciation, and amortisation of INR 4.30 billion for the June quarter, according to the average of seven estimates. The highest EBITDA estimate of INR 4.61 billion is from Bank of America Global Research and the lowest is INR 4.03 billion from Elara Securities.

 

Kotak Securities estimate United Spirits' gross margins to remain flat on year but decline 180 basis points to 45.5% sequentially in the June quarter as some cost benefits like stable raw material prices are expected to be offset by higher costs on packaging material. The EBITDA margin is estimated to decline 100 bps on year to 16.9%, largely due to higher advertising and promotional spends, Kotak said.

 

United Spirits, which sells signature Scotch whisky brands such as Johnnie Walker, Black Dog, Black & White, VAT 69, and Antiquity, will announce its results for the June quarter Wednesday. 

 

Monday, shares of United Spirits ended at INR 1,395.30 on the National Stock Exchange, up 1.4% from the previous close. The shares have risen over 8% since the company announced its March quarter earnings in May.

 

Of the 11 research reports on the company available with Informist, 10 have a "buy" recommendation on the stock with an average target price of INR 1,531 per share. One brokerage has a ‘hold' recommendation. 

 

The following are the Apr-Jun earnings estimates for United Spirits India from eight brokerages, in descending order of the estimate of net profit, in INR billion:

 

Broker Name	Net Sales	Net Profit	EBITDA
Bank of America Global Research	26.63	3.45	4.61
Nuvama Wealth Management Ltd.	26.74	3.29	4.14
Kotak Securities Ltd.	26.64	3.22	4.51
Anand Rathi Share and Stock Brokers Ltd.	26.98	3.08
Motilal Oswal Financial Services Ltd.	26.64	3.03	4.34
JM Financial Institutional Securities Pvt Ltd.	26.47	2.74	4.10
YES Securities (India) Ltd.	26.72	2.72	4.36
Elara Securities (India) Pvt Ltd.	26.51	2.72	4.03
Average	26.67	3.03	4.30

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Shubhayan Bhattacharya

 

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