United Spirits Ltd(UNITDSPR)

NSE: UNITDSPRBSE: 532432

₹ 1,255.6-2.05%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 91,326 crNext results: 28 Oct 2026Website: www.diageoindia.comUpdated: 24 Oct 2026

About

United Spirits Ltd (Diageo India) makes, sells and distributes beverage alcohol, with a portfolio of 50+ brands across scotch whisky, IMFL whisky, malts, tequila, brandy, rum, vodka and gin. Diageo Relay B.V., a wholly-owned subsidiary of Diageo plc, holds 55.88% of the company. It reported revenue of Rs 27,816 Cr in FY26 and sold 64 million cases in FY25. Black & White is the No.1 Scotch brand in India, and India is the No.3 market globally for the Johnnie Walker portfolio.^[1][2]

Business segments

Beverage alcohol made up 95.8% of segment revenue (Rs 12,467 Cr), with an EBIT margin of 18.3%, in FY26.^[3]
Sports made up 4.2% of segment revenue (Rs 545 Cr), with an EBIT margin of 29.2%, in FY26.^[3]
Prestige & Above (P&A) made up 89% of net sales and Popular 10% in FY25; P&A net sales grew 9.9%.^[1]

Brands and portfolio

The company's own brands include Godawan, McDowell's No.1, Royal Challenge, Royal Challenge American Pride, Signature, Antiquity, Black Dog, Director's Special Black and McDowell's X-series (FY25).^[1]
Under licence it imports, makes and sells Diageo brands such as Johnnie Walker, Don Julio, Smirnoff, Captain Morgan, Baileys, VAT 69 and Black & White (FY25).^[1]
Black & White reached the No.1 Scotch position in India as of Q4 FY26.^[4]
India is the No.3 market globally for the Johnnie Walker portfolio (Q4 FY26).^[4]
Godawan is described as the most awarded Indian whisky globally, with over 85 international awards (FY25).^[1]
Royal Challenge American Pride sold 400K cases in FY25 and became the fastest-growing upper prestige brand.^[1]
Launches in Q4 FY26 included Godawan 173, Johnnie Walker Blonde 200ml, Royal Challenge pocket packs, refreshed Smirnoff Flavours packaging and a Black Dog renovation.^[4]
The portfolio is framed across three consumer groups: India 1 (volume and affordability), India 2 (premiumisation) and India 3 (experiences and luxury) (Q4 FY26).^[4]

Operations and supply

Manufacturing sites were cut from 93 in FY 2014-15 to 46 by FY 2021-22, and to 36 in FY 2024-25.^[1]
61 million cases were produced in FY25.^[1]
Bottling plants are co-located with ENA distillation units at all strategic supplier locations (FY25).^[1]
212K+ metric tonnes of agricultural raw materials such as rice, malt and barley were procured from aggregators in FY25.^[1]
Two DSIR-certified R&D centres in Bengaluru: Whitefield (~19,500 sq. ft) and Kumbalgodu (9,000 sq. ft); Rs 27.29 crore of capital was spent on R&D in FY25.^[1]
The supply agility programme launched in January 2023 was about two-thirds complete as of FY25, with ~Rs 70 Cr of P&L benefit realised.^[5]
Manufacturing used 92.1% renewable energy, and 99% of packaging was recyclable, as of Q4 FY26.^[4]

Key operating numbers

Sales volumes were 64 million cases in FY25, up 4.1% on FY24.^[1]
Net sales grew 8.2% to Rs 11,573 crore in FY25; excluding the Andhra Pradesh re-entry, underlying growth was 5.1%.^[1][5]
P&A volume grew about 9% in FY25; Luxury & Premium net sales grew 11% and made up 41% of total value growth.^[5]
Standalone P&A net sales were Rs 2,251 Cr in Q1 FY26, up 9.0% from Rs 2,066 Cr in Q1 FY25.^[6]
Standalone Popular net sales were Rs 250 Cr in Q1 FY26, up 13.6% from Rs 220 Cr in Q1 FY25.^[6]
70% of net sales growth in FY25 came from the Luxury, Premium and Upper Prestige segments, as in the prior year.^[5]

Customers and distribution

Products are sold in 28 states and 6 union territories and in over 90,000 outlets (FY25).^[1]
The distribution system has 47 depots, 280+ distributors and 600+ licensed wholesalers, with 1,500+ direct-dispatch customer drop points (FY25).^[1]
One customer made up 18% of group revenue in FY24, compared with 30% in FY23.^[7]
Uttar Pradesh's composite-outlet reform roughly doubled spirits retail points from ~6,500 to ~12,500 as of Q4 FY25.^[5]
Route-to-market changes took place in Punjab and Uttarakhand, which also face state quotas and controlled pricing (FY24).^[7]

Recent developments

The company took minority stakes in Inspired Hospitality (Maya Pistola), V9 Beverages (Sober) and Indie Brews & Spirits (Quaffine) in FY25.^[1]
It restarted business in Andhra Pradesh after a 5-year gap; the state added about 310 basis points to FY25 net sales growth of 8.2%.^[5]
The India-UK FTA halves Scotch import duty from 150% to 75%, falling to 40% over 10 years (FY25).^[1]

Market Cap

₹91,326 Cr

High / Low

₹1,576 / 1,210

Stock P/E

53.1

Price / Book

11.2

Book Value

₹123

EPS

₹25.3

No. of Shares

72.74 Cr

ROCE

27.9%

ROE

21.6%

OPM

8.8%

Debt / Equity

0.00

Sales

₹27,816 Cr

Net Profit

₹1,838 Cr

Promoter holding

56.7%

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United Spirits Ltd(UNITDSPR)

About

Business segments

Brands and portfolio

Operations and supply

Key operating numbers

Customers and distribution

Recent developments

Signal history

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