Whalesbook
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]
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]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market 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 value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | United Spirits | 1431.90 | 60.08 | 104164.03 | 0.84 | 472.00 | 47.53 | 3170.00 | 11.50 | 26.26 | 12097.00 | 18.02 | 1733.62 | 494.22 | 12.94 | 12.63 | 0.05 |
| 2. | United Breweries | 1693.30 | 117.62 | 44707.33 | 0.59 | 46.34 | -64.80 | 2052.83 | -3.02 | 13.88 | 9240.39 | 8.32 | 380.09 | 46.52 | 10.31 | 6.03 | 0.18 |
| 3. | Radico Khaitan | 3216.00 | 92.76 | 43062.79 | 0.12 | 138.96 | 69.07 | 1493.93 | 33.83 | 16.24 | 5598.29 | 14.85 | 464.24 | 138.96 | 14.76 | 7.98 | 0.21 |
| 4. | Allied Blenders | 628.80 | 68.43 | 17585.32 | 0.57 | 62.92 | 35.22 | 990.06 | 14.11 | 21.08 | 3807.51 | 12.86 | 256.98 | 64.31 | 11.29 | 6.29 | 0.68 |
| 5. | Tilaknagar Inds. | 451.30 | 40.94 | 11153.61 | 0.22 | 52.68 | -9.53 | 398.22 | 6.23 | 28.19 | 1553.60 | 18.89 | 272.47 | 52.68 | 4.72 | 20.26 | 0.02 |
| 6. | India Glycols | 1090.60 | 28.21 | 7309.94 | 0.46 | 65.06 | 30.88 | 1092.20 | 13.63 | 12.35 | 3971.08 | 14.53 | 259.14 | 65.06 | 2.82 | 4.04 | 0.86 |
| 7. | Piccadily Agro | 589.75 | 52.98 | 5814.40 | 0.00 | 26.72 | 8.32 | 212.21 | 14.76 | 22.68 | 863.64 | 22.86 | 109.75 | 26.69 | 7.22 | 10.87 | 0.40 |
| – | Median: 24 Co. | 258.73 | 38.59 | 1501.47 | 0.11 | 16.75 | -4.28 | 196.37 | 4.9 | 13.25 | 771.1 | 10.52 | 52.35 | 16.75 | 3.13 | 6.16 | 0.45 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 2,781 | 2,989 | 3,432 | 2,172 | 2,352 | 2,549 | 2,494 | 2,666 | 2,946 | 2,904 | 2,865 | 2,843 | 3,170 |
Expenses | 2,413 | 2,499 | 2,844 | 1,787 | 1,894 | 2,134 | 2,156 | 2,304 | 2,441 | 2,462 | 2,395 | 2,336 | 2,498 |
Operating Profit | 368 | 490 | 588 | 385 | 458 | 415 | 338 | 362 | 505 | 442 | 470 | 507 | 672 |
Other Income | -128 | 46 | 125 | 4 | 32 | 50 | 6 | 198 | 170 | 380 | 70 | 34 | 46 |
Profit before tax | 152 | 457 | 621 | 320 | 403 | 348 | 239 | 460 | 585 | 737 | 448 | 447 | 632 |
Tax % | 27% | 24% | 24% | 26% | 26% | 26% | 15% | 17% | 23% | 26% | 24% | 25% | 25% |
Net Profit | 110 | 347 | 473 | 238 | 299 | 258 | 204 | 384 | 451 | 542 | 341 | 335 | 472 |
EPS in Rs | 1.52 | 4.77 | 6.50 | 3.27 | 4.11 | 3.55 | 2.80 | 5.28 | 6.20 | 7.46 | 4.69 | 4.61 | 6.49 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 8,409 | 7,968 | 8,248 | 8,548 | 8,170 | 8,981 | 9,091 | 7,889 | 9,424 | 10,374 | 10,692 | 11,573 | 12,097 |
Expenses | 8,566 | 7,482 | 8,370 | 7,577 | 7,142 | 7,693 | 7,585 | 6,902 | 7,926 | 8,955 | 8,984 | 9,515 | 9,917 |
Operating Profit | -157 | 486 | -121 | 971 | 1,028 | 1,287 | 1,506 | 988 | 1,498 | 1,419 | 1,708 | 2,058 | 2,180 |
Other Income | -4,173 | -1,712 | 985 | -215 | 215 | 68 | 47 | -104 | -109 | 245 | 318 | 361 | 391 |
Interest | 613 | 593 | 447 | 369 | 268 | 220 | 191 | 166 | 88 | 104 | 76 | 89 | 112 |
Depreciation | 86 | 110 | 102 | 132 | 135 | 144 | 228 | 249 | 289 | 271 | 264 | 274 | 273 |
Profit before tax | -5,028 | -1,928 | 316 | 255 | 840 | 991 | 1,135 | 469 | 1,012 | 1,289 | 1,686 | 2,056 | 2,186 |
Net Profit | -5,103 | -1,956 | 122 | 170 | 562 | 659 | 705 | 310 | 851 | 1,052 | 1,312 | 1,558 | 1,654 |
EPS in Rs | -70.23 | -26.93 | 1.68 | 2.34 | 7.73 | 9.06 | 9.70 | 4.27 | 11.71 | 14.46 | 18.04 | 21.42 | 22.74 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 50% | 56% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 146 | 145 | 145 | 145 | 145 |
Reserves | 3,669 | 1,797 | 1,569 | 1,792 | 2,358 | 2,986 | 3,664 | 3,982 | 4,747 | 5,799 | 6,818 | 7,734 | 7,903 |
Borrowings | 4,901 | 5,324 | 4,204 | 4,041 | 3,250 | 2,582 | 2,270 | 713 | 605 | 183 | 240 | 480 | 411 |
Other Liabilities | 2,115 | 1,752 | 2,274 | 2,818 | 2,887 | 2,948 | 2,475 | 3,301 | 3,225 | 3,444 | 3,539 | 4,359 | 4,365 |
Total Liabilities | 10,830 | 9,018 | 8,192 | 8,796 | 8,641 | 8,662 | 8,554 | 8,141 | 8,723 | 9,571 | 10,742 | 12,718 | 12,824 |
Fixed Assets | 1,188 | 1,069 | 1,076 | 1,187 | 1,002 | 1,128 | 1,335 | 1,301 | 1,487 | 1,207 | 1,245 | 1,406 | 1,338 |
Gross Block | 1,652.35 | 1,634.00 | 1,177.50 | 1,409.10 | 1,356.10 | 1,640.60 | 1,930.60 | 2,009.30 | 2,516.60 | 2,288.00 | 2,427.00 | 2,661.00 | – |
Accumulated Depreciation | 464.09 | 564.60 | 101.30 | 221.90 | 354.00 | 512.40 | 595.90 | 708.50 | 1,030.00 | 1,081.00 | 1,182.00 | 1,255.00 | – |
CWIP | 50 | 65 | 245 | 85 | 98 | 117 | 119 | 86 | 96 | 83 | 37 | 72 | 74 |
Investments | 930 | 551 | 992 | 324 | 278 | 298 | 253 | 202 | 439 | 462 | 823 | 1,107 | 1,478 |
Other Assets | 8,663 | 7,333 | 5,879 | 7,200 | 7,263 | 7,119 | 6,848 | 6,552 | 6,701 | 7,819 | 8,637 | 10,133 | 9,934 |
Total Assets | 10,830 | 9,018 | 8,192 | 8,796 | 8,641 | 8,662 | 8,554 | 8,141 | 8,723 | 9,571 | 10,742 | 12,718 | 12,824 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -384 | 97 | 227 | 673 | 946 | 858 | 667 | 1,728 | 911 | 576 | 913 | 1,606 |
Cash from Investing Activity | -782 | -109 | 705 | -89 | 155 | -7 | 26 | 13 | -246 | -22 | 466 | -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 | -177 | 39 | 68 | -61 | -24 | 22 | -22 | 54 | 940 | 129 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 74 | 80 | 102 | 126 | 121 | 102 | 92 | 100 | 89 | 84 | 94 | 104 |
Inventory Days | 111 | 119 | 143 | 218 | 260 | 228 | 190 | 244 | 230 | 192 | 186 | 197 |
Days Payable | 85 | 55 | 76 | 139 | 194 | 163 | 121 | 170 | 163 | 150 | 164 | 184 |
Cash Conversion Cycle | 101 | 144 | 170 | 206 | 187 | 168 | 160 | 174 | 157 | 126 | 116 | 117 |
Working Capital Days | -49 | -53 | -27 | -14 | -2 | 5 | 5 | 38 | 49 | 56 | 54 | 53 |
ROCE % | -1% | 7% | 8% | 15% | 17% | 21% | 22% | 14% | 24% | 20% | 26% | 26% |
Direct from BSE filings, auto-summarised
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