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United Spirits Ltd

₹ 1,3780.09%
07 Jan – close price
🔗diageoindia.com•BSE: 532432•NSE: UNITDSPR
Market Cap₹ 1,00,207 Cr.
Current Price₹ 1,378
High / Low₹ 1,645
Stock P/E57.8
Book Value₹ 111
Dividend Yield0.87 %
ROCE26.3 %
ROE20.0 %
Face Value₹ 2.00
Sales₹ 12,097 Cr.
OPM18.0 %
Mar Cap₹ 1,00,207 Cr.

ABOUT

Diageo India incorporated in India as United Spirits Ltd.(USL) is the country’s leading beverage alcohol company and a subsidiary of global leader Diageo PLC. The company manufactures, sells, and distributes a wide portfolio of premium brands such as Johnnie Walker, Black Dog, Black & White, VAT 69, Antiquity, Signature, Royal Challenge, McDowell’s No.1, Smirnoff and Captain Morgan.[1]

KEY POINTS

Brand PortfolioUSL has a comprehensive brand portfolio with more than 80 brands of Scotch whisky, IMFL whisky, brandy, rum, vodka, and gin. Out of these, 9 brands that sell more than a million cases each year, of which 1 brands sells over more than 25 million cases each annually[1]

Also present in buckets:
Excellent ResultsRevenue GuidanceJv Partnerships AcquisitionsRevenue Guidance Vs ActualsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.United Spirits1377.8057.80100207.120.87472.0047.533170.0011.5026.2612097.0018.021733.62494.2212.4512.630.05
2.Radico Khaitan3207.3092.2442821.850.12138.9669.071493.9333.8316.245598.2914.85464.24138.9614.727.980.21
3.United Breweries1575.30109.5141621.640.6346.34-64.802052.83-3.0213.889240.398.32380.0946.529.596.030.18
4.Allied Blenders531.9057.9014879.130.6862.9235.22990.0614.1121.083807.5112.86256.9864.319.556.290.68
5.Tilaknagar Inds.452.3041.0211175.840.2252.68-9.53398.226.2328.191553.6018.89272.4752.684.7320.260.02
6.India Glycols1001.7025.876704.690.5065.0630.881092.2013.6312.353971.0814.53259.1465.062.594.040.86
7.Piccadily Agro604.1054.225950.250.0026.728.32212.2114.7622.68863.6422.86109.7526.697.3910.870.40
–Median: 23 Co.292.338.691770.110.1219.50.0212.213.5713.25863.648.5555.6519.53.086.290.43

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
2,7812,9893,4322,1722,3522,5492,4942,6662,9462,9042,8652,8433,170
Expenses
2,4132,4992,8441,7871,8942,1342,1562,3042,4412,4622,3952,3362,498
Operating Profit
368490588385458415338362505442470507672
Other Income
-12846125432506198170380703446
Profit before tax
152457621320403348239460585737448447632
Tax %
27%24%24%26%26%26%15%17%23%26%24%25%25%
Net Profit
110347473238299258204384451542341335472
EPS in Rs
1.524.776.503.274.113.552.805.286.207.464.694.616.49

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
8,4097,9688,2488,5488,1708,9819,0917,8899,42410,37410,69211,57312,097
Expenses
8,5667,4828,3707,5777,1427,6937,5856,9027,9268,9558,9849,5159,917
Operating Profit
-157486-1219711,0281,2871,5069881,4981,4191,7082,0582,180
Other Income
-4,173-1,712985-2152156847-104-109245318361391
Interest
613593447369268220191166881047689112
Depreciation
86110102132135144228249289271264274273
Profit before tax
-5,028-1,9283162558409911,1354691,0121,2891,6862,0562,186
Net Profit
-5,103-1,9561221705626597053108511,0521,3121,5581,654
EPS in Rs
-70.23-26.931.682.347.739.069.704.2711.7114.4618.0421.4222.74
Dividend Payout %
0%0%0%0%0%0%0%0%0%0%50%56%–

Compounded Profit Growth

10 Years:29%
5 Years:16%
3 Years:15%
TTM:25%

Compounded Sales Growth

10 Years:4%
5 Years:5%
3 Years:7%
TTM:11%

Return on Equity

10 Years:18%
5 Years:18%
3 Years:19%
Last Year:20%

Stock Price CAGR

10 Years:9%
5 Years:17%
3 Years:17%
1 Year:-15%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
145145145145145145145145146145145145145
Reserves
3,6691,7971,5691,7922,3582,9863,6643,9824,7475,7996,8187,7347,903
Borrowings
4,9015,3244,2044,0413,2502,5822,270713605183240480411
Other Liabilities
2,1151,7522,2742,8182,8872,9482,4753,3013,2253,4443,5394,3594,365
Total Liabilities
10,8309,0188,1928,7968,6418,6628,5548,1418,7239,57110,74212,71812,824
Fixed Assets
1,1881,0691,0761,1871,0021,1281,3351,3011,4871,2071,2451,4061,338
Gross Block
1,652.351,634.001,177.501,409.101,356.101,640.601,930.602,009.302,516.602,288.002,427.002,661.00–
Accumulated Depreciation
464.09564.60101.30221.90354.00512.40595.90708.501,030.001,081.001,182.001,255.00–
CWIP
50652458598117119869683377274
Investments
9305519923242782982532024394628231,1071,478
Other Assets
8,6637,3335,8797,2007,2637,1196,8486,5526,7017,8198,63710,1339,934
Total Assets
10,8309,0188,1928,7968,6418,6628,5548,1418,7239,57110,74212,71812,824

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
-384972276739468586671,7289115769131,606
Cash from Investing Activity
-782-109705-89155-72613-246-22466-950
Cash from Financing Activity
1,488-200-1,109-545-1,033-912-717-1,720-688-500-439-527
Net Cash Flow
322-212-1773968-61-2422-2254940129

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
748010212612110292100898494104
Inventory Days
111119143218260228190244230192186197
Days Payable
855576139194163121170163150164184
Cash Conversion Cycle
101144170206187168160174157126116117
Working Capital Days
-49-53-27-14-2553849565453
ROCE %
-1%7%8%15%17%21%22%14%24%20%26%26%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
56.74%56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%
FIIs
15.98%15.38%15.92%16.51%16.23%16.68%15.09%16.11%15.93%14.98%15.05%14.38%
DIIs
12.08%12.70%12.64%12.32%12.49%12.27%14.00%13.15%13.54%14.59%14.40%14.90%
Public
15.20%15.24%14.77%14.49%14.60%14.37%14.22%14.04%13.83%13.73%13.88%14.04%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

HB Stockholdings Opens Special Share Transfer Window; Godrej Industries Announces Leadership Change, UltraTech Consolidates Brands

14th April 2026, 10:13 pm

United Spirits Files SEBI Compliance Certificate for Securities Dematerialization

10th April 2026, 9:55 pm

United Spirits to Close Trading Window from April 1, 2026

1st April 2026, 12:47 am

United Spirits to Sell Royal Challengers Sports Stake for ₹16,660 Crore

25th March 2026, 3:30 am

United Spirits to Sell Royal Challengers Sports Stake for ₹16,660 Crore

25th March 2026, 3:28 am

Published by Other Websites

External media mentions & references

Cork Giant Amorim Bets Big on India's Booming Spirits Market

11th April 2026, 8:17 am

India Consumption Splits: Premium Alcobev, Beauty Boom; QSR Faces Slow Recovery

6th April 2026, 8:39 pm

Indian Beverages Face Price Hikes as Costs Bite, Rules Split Sector

6th April 2026, 5:12 pm

IPL Franchise Boom Sends RPSG Ventures to New Highs

6th April 2026, 12:49 pm

Nomura Picks Titan, Tata Consumer Amidst Rising Cost Pressures

2nd April 2026, 4:05 pm

News Articles

Editorial & research coverage

India's Spirits Industry Faces Imports Amid Tariff Cuts
India's Spirits Industry Faces Imports Amid Tariff Cuts

7th February 2026, 8:28 pm

RCB Sale: Valuation Gap Widens Amidst Investor Scrutiny
RCB Sale: Valuation Gap Widens Amidst Investor Scrutiny

5th February 2026, 12:08 pm

India AlcoBev: FTA Catalyzes Premium Shift, USL Leads Amidst Valuation Concerns
India AlcoBev: FTA Catalyzes Premium Shift, USL Leads Amidst Valuation Concerns

4th February 2026, 4:55 pm

India Budget 2026: FMCG Sector Gets Boost, Sin Goods Face Hikes
India Budget 2026: FMCG Sector Gets Boost, Sin Goods Face Hikes

1st February 2026, 2:22 pm

Allied Blenders Shares Dip Amidst Profit Booking Post Q3 Results
Allied Blenders Shares Dip Amidst Profit Booking Post Q3 Results

30th January 2026, 11:43 am

Documents

Announcements

Announcement under Regulation 30 (LODR)-Change in Management

31 Dec - Diwaker Vij resigns as Vice President – Commercial Finance, effective 31 December 2025.

Closure of Trading Window
Disclosure Under Regulation 30 Of SEBI Listing Regulations, 2015

24 Dec - Excise Commissioner Punjab ordered compounding penalty INR 0.40 Cr on 19 Dec 2025; payment due within 30 days.

Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot
Shareholder Meeting / Postal Ballot-Scrutinizer"s Report

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

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Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from nse)

Financial Year 2012

(from bse)

Credit Ratings

Rating update

1 Jul 2025 from crisil

Rating update

15 Apr 2024 from crisil

Rating update

15 Feb 2023 from crisil

Rating update

31 Jan 2023 from icra

Rating update

7 Jun 2022 from icra

Rating update

17 Feb 2022 from icra

Concalls

Nov 2025

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Stock Analysis

Description

  1. United Spirits Limited (USL) is India's leading beverage alcohol company and a subsidiary of global leader Diageo PLC. The company manufactures, sells, and distributes a wide portfolio of premium brands such as Johnnie Walker, Black Dog, Black & White, VAT 69, Antiquity, Signature, Royal Challenge, McDowell’s No.1, Smirnoff and Captain Morgan.

Key Growth Triggers

  1. Currently no data available for Key Growth Triggers.

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. Currently no data available for Key Red Flags.

Key Dates To Watch

  1. Currently no data available for Key Dates To Watch.

Corporate Announcements

14th Apr 26
Impact Rating: -
No description available.
10th Apr 26
Impact Rating: 3
United Spirits Limited has filed a confirmation certificate with stock exchanges BSE and NSE. This document confirms the company's compliance with SEBI regulations regarding the dematerialization of securities for the quarter ending March 31, 2026.
31st Mar 26
Impact Rating: 4
United Spirits Limited announced its trading window closure from April 1, 2026, until 48 hours after declaring financial results for the March 2026 quarter and year. This aligns with SEBI's insider trading regulations.
24th Mar 26
Impact Rating: 9
United Spirits will divest its stake in Royal Challengers Sports Private Limited for INR 166.6 billion (₹16,660.00 cr), sharpening its focus on the core beverage alcohol business.
24th Mar 26
Impact Rating: 8
United Spirits Limited's board approved selling its wholly-owned subsidiary, Royal Challengers Sports, for ₹16,660.00 crore (₹166.6 bn) to a consortium including Aditya Birla Group and Blackstone, subject to approvals.