About
United Spirits Limited, together with its subsidiaries, manufactures, sells, and distributes alcoholic beverages and other allied spirits in India and internationally. The company offers alcoholic beverages, such as Scotch whisky, Indian made foreign liquor whisky, malts, tequila, brandy, rum, vodka, and gin under the Godawan, McDowell's No.1, Royal Challenge, Royal Challenge American Pride, Signature, Antiquity, Black Dog, Director's Special Black, McDowell's Rum, McDowell's Brandy, and McDowell's X-series brands. It also imports, manufactures, distributes, and sells alcoholic beverages under PIPA, Don Julio, Singleton, Tanquery, Captain Morgan, Johnnie Walker, J&B, Baileys, Lagavulin, Talisker, VAT 69, Black & White, Smirnoff, and Ciroc brands. The company was formerly known as McDowell & Company Limited and changed its name to United Spirits Limited in October 2006. The company was founded in 1826 and is headquartered in Bengaluru, India. United Spirits Limited is a subsidiary of Relay B.V.
Key Metrics
as of Sep 2026Market Cap107,416 Cr
P/E58.00
Div Yield1.16 %
Book Value₹123.00
52w High₹1,576.00
52w Low₹1,210.00
Face Value₹2.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,703.00 | 3,046.00 | 3,683.00 | 3,170.00 | 2,549.00 | 2,946.00 | 3,432.00 | 2,843.00 | 2,352.00 | 2,666.00 | 2,989.00 | 2,865.00 | 2,172.00 |
| Expenses | 2,271.00 | 2,455.00 | 3,065.00 | 2,498.00 | 2,134.00 | 2,441.00 | 2,844.00 | 2,336.00 | 1,894.00 | 2,304.00 | 2,499.00 | 2,395.00 | 1,787.00 |
| Operating Profit | 432.00 | 591.00 | 618.00 | 672.00 | 415.00 | 505.00 | 588.00 | 507.00 | 458.00 | 362.00 | 490.00 | 470.00 | 385.00 |
| OPM % | 16.00 | 19.00 | 17.00 | 21.00 | 16.00 | 17.00 | 17.00 | 18.00 | 19.00 | 14.00 | 16.00 | 16.00 | 18.00 |
| Other Income | 141.00 | 255.00 | 134.00 | 46.00 | 50.00 | 170.00 | 125.00 | 34.00 | 32.00 | 198.00 | 46.00 | 70.00 | 4.00 |
| Depreciation | 70.00 | 71.00 | 79.00 | 65.00 | 68.00 | 68.00 | 72.00 | 69.00 | 65.00 | 71.00 | 63.00 | 65.00 | 65.00 |
| Interest | 30.00 | 69.00 | 19.00 | 21.00 | 49.00 | 22.00 | 20.00 | 25.00 | 22.00 | 29.00 | 16.00 | 27.00 | 4.00 |
| Profit before tax | 473.00 | 706.00 | 654.00 | 632.00 | 348.00 | 585.00 | 621.00 | 447.00 | 403.00 | 460.00 | 457.00 | 448.00 | 320.00 |
| Tax % | 17.00 | 19.00 | 19.00 | 25.00 | 26.00 | 23.00 | 24.00 | 25.00 | 26.00 | 17.00 | 24.00 | 24.00 | 26.00 |
| Net Profit | 391.00 | 571.00 | 529.00 | 472.00 | 258.00 | 451.00 | 473.00 | 335.00 | 299.00 | 384.00 | 347.00 | 341.00 | 238.00 |
| EPS in Rs | 5.38 | 7.85 | 7.27 | 6.49 | 3.55 | 6.20 | 6.50 | 4.61 | 4.11 | 5.28 | 4.77 | 4.69 | 3.27 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 12,448.00 | 11,573.00 | 10,692.00 | 10,374.00 | 9,424.00 | 7,889.00 | 9,091.00 | 8,981.00 | 8,170.00 | 8,548.00 | 8,248.00 | 7,968.00 |
| Expenses | 10,152.00 | 9,515.00 | 8,984.00 | 8,955.00 | 7,926.00 | 6,902.00 | 7,585.00 | 7,693.00 | 7,142.00 | 7,577.00 | 8,370.00 | 7,482.00 |
| Operating Profit | 2,296.00 | 2,058.00 | 1,708.00 | 1,419.00 | 1,498.00 | 988.00 | 1,506.00 | 1,287.00 | 1,028.00 | 971.00 | -121.00 | 486.00 |
| OPM % | 18.00 | 18.00 | 16.00 | 14.00 | 16.00 | 13.00 | 17.00 | 14.00 | 13.00 | 11.00 | -1.50 | 6.00 |
| Other Income | 485.00 | 361.00 | 318.00 | 245.00 | -109.00 | -104.00 | 47.00 | 68.00 | 215.00 | -215.00 | 985.00 | -1,712.00 |
| Interest | 158.00 | 89.00 | 76.00 | 104.00 | 88.00 | 166.00 | 191.00 | 220.00 | 268.00 | 369.00 | 447.00 | 593.00 |
| Depreciation | 283.00 | 274.00 | 264.00 | 271.00 | 289.00 | 249.00 | 228.00 | 144.00 | 135.00 | 132.00 | 102.00 | 110.00 |
| Profit before tax | 2,340.00 | 2,056.00 | 1,686.00 | 1,289.00 | 1,012.00 | 469.00 | 1,135.00 | 991.00 | 840.00 | 255.00 | 316.00 | -1,928.00 |
| Tax % | 22.00 | 24.00 | 22.00 | 18.00 | 16.00 | 34.00 | 38.00 | 34.00 | 33.00 | 33.00 | 61.00 | 1.00 |
| Net Profit | 1,830.00 | 1,558.00 | 1,312.00 | 1,052.00 | 851.00 | 310.00 | 705.00 | 659.00 | 562.00 | 170.00 | 122.00 | -1,956.00 |
| EPS in Rs | 25.16 | 21.42 | 18.04 | 14.46 | 11.71 | 4.27 | 9.70 | 9.06 | 7.73 | 2.34 | 1.68 | -26.93 |
| Dividend Payout % | 67.00 | 56.00 | 50.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 145.00 | 145.00 | 145.00 | 145.00 | 146.00 | 145.00 | 145.00 | 145.00 | 145.00 | 145.00 | 145.00 | 145.00 |
| Reserves | 8,576.00 | 7,734.00 | 6,818.00 | 5,799.00 | 4,747.00 | 3,982.00 | 3,664.00 | 2,986.00 | 2,358.00 | 1,792.00 | 1,569.00 | 1,797.00 |
| Borrowings | 405.00 | 480.00 | 240.00 | 183.00 | 605.00 | 713.00 | 2,270.00 | 2,582.00 | 3,250.00 | 4,041.00 | 4,204.00 | 5,324.00 |
| Other Liabilities | 4,738.00 | 4,359.00 | 3,539.00 | 3,444.00 | 3,225.00 | 3,301.00 | 2,475.00 | 2,948.00 | 2,887.00 | 2,818.00 | 2,274.00 | 1,752.00 |
| Total Liabilities | 13,864.00 | 12,718.00 | 10,742.00 | 9,571.00 | 8,723.00 | 8,141.00 | 8,554.00 | 8,662.00 | 8,641.00 | 8,796.00 | 8,192.00 | 9,018.00 |
| Fixed Assets | 1,281.00 | 1,406.00 | 1,245.00 | 1,207.00 | 1,487.00 | 1,301.00 | 1,335.00 | 1,128.00 | 1,002.00 | 1,187.00 | 1,076.00 | 1,069.00 |
| CWIP | 70.00 | 72.00 | 37.00 | 83.00 | 96.00 | 86.00 | 119.00 | 117.00 | 98.00 | 85.00 | 245.00 | 65.00 |
| Investments | 1,454.00 | 1,107.00 | 823.00 | 462.00 | 439.00 | 202.00 | 253.00 | 298.00 | 278.00 | 324.00 | 992.00 | 551.00 |
| Other Assets | 11,059.00 | 10,133.00 | 8,637.00 | 7,819.00 | 6,701.00 | 6,552.00 | 6,848.00 | 7,119.00 | 7,263.00 | 7,200.00 | 5,879.00 | 7,333.00 |
| Total Assets | 13,864.00 | 12,718.00 | 10,742.00 | 9,571.00 | 8,723.00 | 8,141.00 | 8,554.00 | 8,662.00 | 8,641.00 | 8,796.00 | 8,192.00 | 9,018.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 1,483.00 | 1,606.00 | 913.00 | 576.00 | 911.00 | 1,728.00 | 667.00 | 858.00 | 946.00 | 673.00 | 227.00 | 97.00 |
| Cash from Investing Activity | -335.00 | -950.00 | 466.00 | -22.00 | -246.00 | 13.00 | 26.00 | -7.00 | 155.00 | -89.00 | 705.00 | -109.00 |
| Cash from Financing Activity | -1,443.00 | -527.00 | -439.00 | -500.00 | -688.00 | -1,720.00 | -717.00 | -912.00 | -1,033.00 | -545.00 | -1,109.00 | -200.00 |
| Net Cash Flow | -295.00 | 129.00 | 940.00 | 54.00 | -22.00 | 22.00 | -24.00 | -61.00 | 68.00 | 39.00 | -177.00 | -212.00 |
| Free Cash Flow | 1,555.00 | 1,445.00 | 834.00 | 463.00 | 815.00 | 1,622.00 | 469.00 | 792.00 | 950.00 | 522.00 | 4.00 | 66.00 |
| CFO/OP % | 79.00 | 86.00 | 72.00 | 62.00 | 91.00 | 188.00 | 82.00 | 131.00 | 130.00 | 89.00 | -322.00 | 45.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 105.00 | 104.00 | 94.00 | 84.00 | 89.00 | 100.00 | 92.00 | 102.00 | 121.00 | 126.00 | 102.00 | 80.00 |
| Inventory Days | 215.00 | 197.00 | 186.00 | 192.00 | 230.00 | 244.00 | 190.00 | 228.00 | 260.00 | 218.00 | 143.00 | 119.00 |
| Days Payable | 192.00 | 184.00 | 164.00 | 150.00 | 163.00 | 170.00 | 121.00 | 163.00 | 194.00 | 139.00 | 76.00 | 55.00 |
| Cash Conversion Cycle | 128.00 | 117.00 | 116.00 | 126.00 | 157.00 | 174.00 | 160.00 | 168.00 | 187.00 | 206.00 | 170.00 | 144.00 |
| Working Capital Days | 56.00 | 53.00 | 54.00 | 56.00 | 49.00 | 38.00 | 5.00 | 5.00 | -2.00 | -14.00 | -27.00 | -53.00 |
| ROCE % | 28.00 | 26.00 | 26.00 | 20.00 | 24.00 | 14.00 | 22.00 | 21.00 | 17.00 | 15.00 | 8.00 | 7.00 |
Corporate Actions
25 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 08 Jul 2026 | 08 Jul 2026 | — | 11.00 | |
| Dividend | 27 Jan 2026 | 27 Jan 2026 | — | 6.00 | |
| Dividend | 01 Aug 2025 | 01 Aug 2025 | — | 8.00 | |
| Dividend | 03 Apr 2025 | 03 Apr 2025 | — | 4.00 | |
| Dividend | 12 Jul 2024 | 12 Jul 2024 | — | 5.00 | |
| Dividend | 17 Nov 2023 | 17 Nov 2023 | — | 4.00 | |
| Other | 13 Aug 2019 | — | — | — | Annual General Meeting |
| Other | 30 Aug 2018 | — | — | — | Annual General Meeting |
| Split | 15 Jun 2018 | 18 Jun 2018 | 10:2 | — | |
| Other | 22 Aug 2017 | — | — | — | Annual General Meeting |
| Other | 18 Sep 2014 | — | — | — | Annual General Meeting |
| Dividend | 16 Sep 2013 | — | — | 2.50 | |
| Dividend | 17 Sep 2012 | — | — | 2.50 | |
| Dividend | 21 Sep 2011 | — | — | 2.50 | |
| Dividend | 21 Sep 2010 | — | — | 2.50 | |
| Dividend | 22 Sep 2009 | — | — | 2.00 | |
| Dividend | 19 Dec 2008 | — | — | 1.50 | NSE/BSE dividend mismatch: NSE=0.3; BSE=1.5 |
| Dividend | 19 Dec 2008 | — | — | 0.30 | NSE/BSE dividend mismatch: NSE=0.3; BSE=1.5 |
| Dividend | 20 Nov 2007 | — | — | 1.00 | NSE/BSE dividend mismatch: NSE=0.2; BSE=1.0 |
| Dividend | 20 Nov 2007 | — | — | 0.20 | NSE/BSE dividend mismatch: NSE=0.2; BSE=1.0 |
| Dividend | 22 Mar 2007 | 24 Mar 2007 | — | 0.30 | |
| Dividend | 08 Dec 2006 | — | — | 0.40 | |
| Other | 17 Oct 2006 | 26 Oct 2006 | — | — | Scheme of Arrangement |
| Other | 17 Oct 2006 | 26 Oct 2006 | — | — | Sch Of Arngment-Demerger |
| Dividend | 13 Sep 2005 | — | — | 0.40 |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update6 Aug from crisil
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Rating update1 Jul 2025 from crisil
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Rating update15 Apr 2024 from crisil
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Rating update15 Feb 2023 from crisil
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Rating update31 Jan 2023 from icra
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Rating update7 Jun 2022 from icra
Conference Calls
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