MarketFriction

United Spirits Ltd

NSE UNITDSPR · BSE 532432 · Breweries & Distilleries
₹1,335.10 -1.40%
NSE close2026-10-01
52 week range1,210.80 - 1,563.40
Market cap₹99,138 Cr.
P/E53.5
Nifty 200Nifty 500Nifty Midcap 50Nifty Midcap 100Midcap 150Nifty FMCGNifty MNCNifty India Consumption No price band Delivery 59.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2,8693,0022,7832,7612,8443,4332,9463,0213,1733,6913,0542,708
Expenses2,4012,5162,4492,0492,3442,8682,4372,3832,5143,0772,4612,279
Operating Profit468486334712500565509638659614593429
OPM %16%16%12%26%18%16%17%21%21%17%19%16%
Other Income71528035547136585128226218
Interest271629222520224921196930
Depreciation666373726972707665807672
Profit before tax446459312653460480553571624543674545
Tax %24%24%23%26%26%30%24%27%26%23%20%15%
Net Profit339350241485341335421417464418539463
EPS in Rs4.664.813.316.674.694.615.795.736.385.757.416.37
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8,4958,8188,5919,3419,3258,1319,71210,61211,32112,06912,46712,626
Expenses8,1627,8267,3817,9477,7547,0808,1179,1959,3219,83310,18810,331
Operating Profit3339911,2091,3941,5711,0511,5951,4172,0002,2362,2792,295
OPM %3.9%11%14%15%17%13%16%13%18%19%18%18%
Other Income648-2651727087-25-117249208271516523
Interest457375278237212188881047689158139
Depreciation157189192215285299304283275283289293
Profit before tax3661639121,0121,1605401,0871,2791,8572,1352,3482,386
Tax %61%43%28%32%47%33%25%12%24%26%22%
Net Profit143936526846213628111,1261,4081,5821,8381,884
EPS in Rs1.901.388.729.649.075.2811.4015.6319.3621.7525.2725.91
Dividend Payout %0%0%0%0%0%0%0%0%46%55%67%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth4%9%6%3%
Compounded Profit Growth29%35%23%15%
Stock Price CAGR11%10%11%3%
Return on Equity20%20%21%21%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital145145145145145145145145145145145145
Reserves5141,4891,6402,2742,9453,5833,9744,8085,8546,9767,9598,808
Borrowings4,9874,2424,1443,4212,8832,5701,037605183265480413
Other Liabilities2,2422,4522,9673,0863,1352,5463,3543,3043,5343,7904,5925,085
Total Liabilities7,8898,3298,8968,9269,1098,8448,5118,8639,71611,17613,17614,451
Fixed Assets1,9211,8871,9171,7911,8411,9561,8931,8551,5341,5601,7121,404
CWIP114282199102118121979683377277
Investments2167700252202222866459231,171
Other Assets5,6376,0846,7807,0337,1246,7456,5216,6907,8138,93410,46911,799
Total Assets7,8898,3298,8968,9269,1098,8448,5118,8639,71611,17613,17614,451
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-1962836479259487831,8189776151,1181,9471,459
Cash from Investing Activity3,855733-227104-66-194-99-313-55226-1,114-478
Cash from Financing Activity-4,002-1,155-475-966-808-740-1,707-688-500-407-557-1,450
Net Cash Flow-343-139-566374-15012-2360937276-469
Free Cash Flow-259503898958725831,6798825051,0391,7861,531
CFO/OP15%142%85%111%128%87%183%90%62%73%94%79%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days6999122115998998898499103106
Inventory Days123150226263235199254229193186197216
Days Payable5678144195171124176168154176191193
Cash Conversion Cycle136171205183163165177150122108109129
Working Capital Days-61-30-22-12-8-8173951524856
ROCE %-3%15%15%18%20%21%14%25%20%28%26%26%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%
FIIs16.51%16.23%16.68%15.09%16.11%15.93%14.98%15.05%14.38%14.13%14.41%12.89%
DIIs12.32%12.49%12.27%14.00%13.15%13.54%14.59%14.40%14.90%15.36%15.36%17.14%
Government0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public14.49%14.60%14.37%14.22%14.04%13.83%13.73%13.88%14.04%13.84%13.54%13.29%
No. of Shareholders2,49,7412,64,5832,51,0952,52,1212,45,5582,57,7692,64,9952,88,9003,23,9383,03,7462,92,6612,93,859

Fundamentals

Market Cap₹ 99,138 Cr.
Current Price₹ 1,363
Stock P/E53.5
Book Value₹ 123
ROCE26.4 %
ROE21.4 %
Dividend Yield1.25 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)3%
Compounded Profit Growth (TTM)15%
Consolidated figures.
Valuation
Market capRs 97,109 Cr
Enterprise valueRs 95,545 Cr
P/E (TTM)51.54x
Price to book10.85x
Price to sales7.69x
EV / EBITDA33.91x
EV / EBIT37.84x
EV / sales7.57x
Price to cash flow66.56x
Earnings yield1.94%
Dividend yield1.27%
P/E, 3-year average57.08x
P/B, 3-year average11.35x
P/E, 5-year average59.51x
P/B, 5-year average11.25x
Profitability
Operating margin (excl. other income)18.28%
Operating margin (incl. other income)22.42%
EBITDA margin22.32%
Pre-tax margin18.90%
Net profit margin14.92%
Net margin, latest quarter17.10%
ROE21.55%
ROCE27.92%
ROA13.31%
ROE, 3-year average21.27%
ROCE, 3-year average28.09%
ROA, 3-year average13.26%
ROE, 5-year average20.56%
ROCE, 5-year average25.95%
ROA, 5-year average12.31%
ROIC (approx.)26.75%
Tax rate21.72%
Other income / net worth5.76%
Growth
Sales growth (latest year)3.30%
Profit growth (latest year)16.18%
Sales CAGR, 3 years5.52%
Sales CAGR, 5 years8.92%
Profit CAGR, 3 years17.36%
Profit CAGR, 5 years36.80%
Sales growth QoQ-11.33%
Profit growth QoQ-14.10%
Sales growth YoY (latest quarter)-10.36%
Profit growth YoY (latest quarter)11.03%
Per share
EPS (TTM)Rs 25.90
EPS (latest year)Rs 25.27
EPS (latest quarter)Rs 6.37
EPS, 3-year averageRs 22.13
EPS, 5-year averageRs 18.68
Book value per shareRs 123.09
Sales per shareRs 173.59
Cash flow per shareRs 20.06
Free cash flow per shareRs 21.05
Dividend per share (latest year)Rs 16.95
Dividend per share, 3-year averageRs 12.63
Dividend per share, 5-year averageRs 12.63
Dividends
Dividend payout67.06%
Dividend payout, 3-year average56.13%
Dividend payout, 5-year average56.13%
Efficiency
Asset turnover0.86x
Fixed asset turnover8.88x
Inventory turnover2.57x
Inventory days142 days
Debtor days106 days
Debtors turnover3.45x
Creditor days193 days
Cash conversion cycle129 days
Working capital days56 days
Leverage
Total debtRs 413 Cr
Cash and bankRs 1,977 Cr
Net debtRs -1,564 Cr
Debt to equity0.05x
Net debt / EBITDA-0.56x
Interest coverage18.17x
Current ratio (filing 2026-03-31)2.05x
Quick ratio (filing 2026-03-31)1.49x
Trade payables (filing 2026-03-31)Rs 2,383 Cr
Owners' fund to total sources61.95%
Debt to assets2.86%
Cash flow
Cash from Operating Activity (latest year)Rs 1,459 Cr
Cash from Investing Activity (latest year)Rs -478 Cr
Cash from Financing Activity (latest year)Rs -1,450 Cr
Net Cash Flow (latest year)Rs -469 Cr
Free cash flow (latest year)Rs 1,531 Cr
FCFE (approx.: FCF + change in debt)Rs 1,464 Cr
Cash from ops / profit, 5 years0.90x
Sales to cash flow8.54x
Statement figures
Net sales (TTM)Rs 12,626 Cr
Net sales (latest year)Rs 12,467 Cr
Sales (latest quarter)Rs 2,708 Cr
Operating profit excl. other income (latest year)Rs 2,279 Cr
Operating profit (latest quarter)Rs 429 Cr
Other income (TTM)Rs 523 Cr
EBITDA (TTM)Rs 2,818 Cr
PBDT (TTM)Rs 2,679 Cr
Profit before tax (TTM)Rs 2,386 Cr
Tax (latest year)Rs 510 Cr
Net profit (TTM)Rs 1,884 Cr
Net profit (latest year)Rs 1,838 Cr
Net profit (latest quarter)Rs 463 Cr
Depreciation (TTM)Rs 293 Cr
Depreciation (latest quarter)Rs 72 Cr
Interest (TTM)Rs 139 Cr
Cost of goods sold (latest year)Rs 6,855 Cr
Total expenditure (latest year)Rs 10,188 Cr
Total income (latest year)Rs 12,983 Cr
Share capitalRs 145 Cr
ReservesRs 8,808 Cr
Shareholders' fundsRs 8,953 Cr
Total assetsRs 14,451 Cr
Net blockRs 1,404 Cr
Capital work in progressRs 77 Cr
InvestmentsRs 1,171 Cr
ReceivablesRs 3,609 Cr
InventoryRs 2,668 Cr
Other liabilitiesRs 5,085 Cr
Shares outstanding (crore)72.74
Ownership
Promoter holding56.68% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 51.5 is at the 2th percentile of its own 8.8-year range (median 66.6, low 50.3, high 369.6).
P/B 10.85 is at the 5th percentile (median 13.75).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodUNITDSPRNifty 50Difference
1 week-6.2%-2.8% -3.4 pts
1 month-9.2%-6.8% -2.4 pts
3 months-4.2%-7.6% +3.4 pts
6 months+9.5%+0.4% +9.1 pts
1 year+1.3%-9.9% +11.2 pts
2 years-18.0%-13.6% -4.4 pts
3 years+32.5%+14.2% +18.4 pts
5 years+54.3%+27.9% +26.4 pts
264 mutual fund schemes hold about ₹16,291 Cr. Over three months 193 bought more and 53 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Mid Cap Fund1.93%2,093 +26%
HDFC Flexi Cap Fund0.75%855 +8%
HDFC Large Cap Fund1.78%712 +13%
ICICI Pru Large Cap Fund0.88%703 -15%
Aditya Birla SL Large Cap Fund1.98%587 +15%
Aditya Birla SL Flexi Cap Fund1.79%521 +10%
SBI Contra Fund0.92%438 +15%
Kotak Multi Cap Fund1.36%398 +6%
Nippon India Small Cap Fund0.47%390 +9%
SBI Balanced Advantage Fund0.80%338 +13%
Mirae Asset Large & Midcap Fund0.71%327 -11%
Kotak Large & Mid Cap Fund1.00%324 +11%
Axis Large Cap Fund1.03%323 +13%
Nippon India Large Cap Fund0.59%321 +25%
HDFC Balanced Advantage Fund0.29%315 +14%
Kotak Mid Cap Fund0.38%268 +9%
Nippon India ELSS Tax Saver Fund1.62%238 +16%
Axis Focused Fund2.08%238 +12%
Aditya Birla SL Focused Fund2.95%235 +13%
Canara Rob Large Cap Fund1.26%215 +12%
HDFC Aggressive Hybrid Fund0.90%201 +1%
Franklin India Flexi Cap Fund0.98%190 +14%
HDFC Children's Fund(Lock in)1.68%179 +13%
ICICI Pru Nifty Next 50 Index Fund1.73%175 +11%
HDFC ELSS-Tax Saver Fund1.06%169 +13%

Red flags

F-score 5 of 8
lookRegulator order or action Regulator order or action 2026-08-21: United Spirits Limited has informed the Exchange about Action(s) taken or orders passed
lookAuditor change Auditor change 2025-11-21: United Spirits Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2023-08-02United Breweries (Holdings) LimitePromotersother13,630Invocation of pledge
2021-07-13Rossi & Associates Private LimitedPromoter Groupsell175,560Rs 11.32 CrMarket Sale
2020-02-28Relay B.V.Promotersbuy5,075,000Rs 351.82 CrMarket Purchase
2020-02-12Kingfisher Finvest India LimitedPromotersother5,075,000Invocation of pledge
2019-08-20Relay B.V.Promotersbuy3,310,515Rs 195.97 CrMarket Purchase
2019-07-19United Breweries (Holdings) LimitePromotersother3,310,515Rs 192.59 CrOthers
2018-05-04United Breweries (Holdings) LimitePromotersother2,340,424Rs 814.08 CrOthers
2018-05-03Kingfisher Finvest India LimitedPromotersother158,180Rs 55.22 CrOthers
2018-05-03Devi Investments Private LimitedPromotersother2,700Rs 0.94 CrOthers
2018-05-03Mallya Private LimitedPromotersother1,005Rs 0.35 CrOthers
2017-09-19VEGULAPARANAN KASI VISWANATHANDirectorsell153Rs 0.04 CrMarket Sale
2017-04-21Rohini SethEmployees/Designated Employesell500Rs 0.10 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹2,708 Cr -10.4% vs Jun 2025. Net profit ₹463 Cr +11.0%.

Activity

Compare
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Piccadily Agro Industries Ltd5,94242.318.0 %
Globus Spirits Ltd2,53225.211.2 %
G M Breweries Ltd2,19713.018.0 %
India Glycols Ltd2,0436.4412.4 %
Som Distilleries & Breweries Ltd1,6455.67 %
Associated Alcohols & Breweries Ltd1,27115.418.0 %
Sula Vineyards Ltd1,11242.97.55 %
Asgard Alcobev Ltd1,0734227.38 %
BCL Industries Ltd9588.2213.9 %
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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-08Dividend - Rs 11 Per Share
2026-01-27Interim Dividend - Rs 6 Per Share
2025-08-01Dividend - Rs 8 Per Share
2025-04-03Interim Dividend - Rs 4 Per Share
2024-07-12Dividend - Rs 5 Per Share
2023-11-17Interim Dividend - Rs 4 Per Share
2019-08-13 Annual General Meeting
2018-08-30 Annual General Meeting
2018-06-15 Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2017-08-22 Annual General Meeting
2014-09-18Annual General Meeting
2013-09-16Annual General Meeting And Dividend Rs.2.50 Per Share
2012-09-17Annual General Meeting/ Dividend Rs. 2.50 Per Share
2011-09-21Annual General Meeting And Dividend Rs.2.50 Per Share
2010-09-21Annual General Meeting And Dividend Rs.2.50 Per Share
2009-09-22Agm/Div-Rs.2/- Per Share
2008-12-19Agm/Dividend - 15%
2007-11-20Agm/Final Dividend-10%
2007-03-22Interim Dividend-15% Purpose Revised
2006-12-08Agm/Dividend-20%
2006-10-17Sch Of Arngment-Demerger
DateTypeWhat it says
2026-09-29ResignationResignation of Director/KMP/SMP
2026-09-29ResignationResignation of Senior Management Personnel (SMP).
2026-09-18General UpdatesAn intimation regarding completion of investment in Nuvola Spirits Private Limited
2026-09-10Concall / analyst meetSchedule of meet
2026-09-03UpdatesDisclosure under Regulation 30 of SEBI Listing Regulations - ESG Ratings..
2026-08-31Concall / analyst meetSchedule of meet
2026-08-26UpdatesDisclosure under Regulation 30 of SEBI Listing Regulations - ESG Ratings.
2026-08-25Concall / analyst meetSchedule of meet
2026-08-21Regulatory actionAction(s) taken or orders passed
2026-08-19Regulatory actionDisclosure under Regulation 30 of SEBI Listing Regulations
2026-08-13AppointmentAppointment of Ms Archana Sasan as Interim General Counsel of the company w.e.f. February 23, 2026.
2026-08-06Shareholder meetingVoting results.
2026-08-05Regulatory actionAction(s) taken or orders passed
2026-08-05Concall / analyst meetSchedule of meet
2026-08-04Shareholder meetingProceedings of Annual General Meeting held on August 04, 2026
2026-08-03LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-07-30Concall / analyst meetTranscript
2026-07-23Concall / analyst meetLink of Recording
2026-07-22Memorandum of Understanding/Share Subscription and Shareholder Agreement in relation to acquisition in Nuvola Spirits Private Limited
2026-07-22General UpdatesAcquisition in Nuvola Spirits Private Limited.
2026-07-22Press ReleaseA press release dated July 22, 2026, titled "Press Release for quarter ended June 30, 2026".
2026-07-22Board meeting outcomeOutcome of Board Meeting held on July 22, 2026.
2026-07-22Board meeting outcomeUnited Spirits Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-15Concall / analyst meetSchedule of meet
2026-07-10UpdatesSubmission of Business Responsibility and Sustainability Report for FY2025-26 .
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest1.00
Max pain (expiry 2026-10-27)1,400
Largest call open interest at1,400
Largest put open interest at1,680
Implied volatility, at the money25.0%
Underlying at snapshot1,335.10
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-30608
2026-09-29608
2026-09-28134
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2020-03-04NCLATUnited spirits Ltd & Anr. VS Neel Rajesh Shah & Anr.
2020-02-12NCLATUnited spirits Ltd & Anr. VS Neel Rajesh Shah & Anr.
2020-01-17NCLATUnited spirits Ltd & Anr. VS Neel Rajesh Shah & Anr.
2019-12-13NCLATUnited spirits Ltd & Anr. VS Neel Rajesh Shah & Anr.
2019-11-22NCLATUnited spirits Ltd & Anr. VS Neel Rajesh Shah & Anr.
2019-09-24NCLATUnited spirits Ltd & Anr. VS Neel Rajesh Shah & Anr.
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of United Spirits Ltd?

United Spirits Ltd (UNITDSPR) has a market capitalisation of Rs 99,138 Cr. at the 2026-10-01 close.

What is the P/E ratio of United Spirits Ltd?

United Spirits Ltd trades at a P/E of 53.5 on trailing twelve-month profit, at the 2026-10-01 close.

What were United Spirits Ltd's latest quarterly results?

In the Jun 2026 quarter, United Spirits Ltd sales was Rs 2,708 Cr (-10.4% vs Jun 2025) and net profit was Rs 463 Cr.

What is the 52-week high and low of United Spirits Ltd?

The 52-week high is Rs 1,563.40 and the 52-week low is Rs 1,210.80.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03