StrengthTalking point
Profit compounding faster than revenue
Over 4 years profit compounded at 24.2% a year while revenue shrank 2.5% a year.
Importance 71 / 95 · growth
United Spirits Limited · Research view
United Spirits Limited
NSE: UNITDSPRBSE: 532432ISIN INE854D01024Face value ₹2consolidated
₹1,338
−1.96% · 2026-10-01 · 52-wk ₹1,219–₹1,556
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Profit and cash flow diverged
Reported profit rose 17.5% but operating cash flow fell 7.7% — worth investigating whether the profit is being collected.
Importance 71 / 95 · cash quality
StrengthTalking point
Profit outpacing revenue
Profit grew 17.5% while revenue grew 3.7%, so the company kept more of each rupee of revenue as profit.
Importance 63 / 95 · growth
StrengthTalking point
Book value compounding
Net worth compounded at 15.5% a year over 4 years (₹4,902 → ₹8,721).
Importance 55 / 95 · financial health
Section 03 · The company
Who is this company?
Classified by the exchange under Fast Moving Consumer Goods › Fast Moving Consumer Goods › Beverages › Breweries & Distilleries.
- Market cap
- ₹97,020 cr
- FY2026 revenue
- ₹27,816 cr
- FY2026 net profit
- ₹1,838 cr
- Net worth
- ₹8,957 cr
- Total debt
- ₹6 cr
- EPS (basic)
- ₹25.89
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 breweries & distilleries.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Over 4 years profit compounded at 24.2% a year while revenue shrank 2.5% a year.
Rule PROFIT_CAGR_VS_REVENUE_CAGR
- Revenue growth per year
- −3.6%over 3 years
- Revenue growth
- +2.0%vs last year
- Net profit growth
- +16.2%vs last year
- Change in net profit since FY22
- +127%
Profit grew 17.5% while revenue grew 3.7%, so the company kept more of each rupee of revenue as profit.
Net profit grew 17.5% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Concern
Q1 FY27 EBIT was ₹430 cr, down 32.8% from ₹640 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
Concern
Q1 FY27 EBITDA margin was 8.2%, down 3.17 percentage points from 11.4% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
Strength
Q1 FY27 net profit was ₹463 cr, up 10.9% from ₹417 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 6,672 | — | 341 | — | 5.1% |
| Q3 FY25 | 7,732 | +11.1% | 335 | −4.3% | 4.3% |
| Q4 FY25 | 6,634 | +1.9% | 421 | +74.7% | 6.3% |
| Q1 FY26 | 6,295 | +0.9% | 417 | −14.0% | 6.6% |
| Q2 FY26 | 7,199 | +7.9% | 464 | +36.1% | 6.4% |
| Q3 FY26 | 7,942 | +2.7% | 418 | +24.7% | 5.3% |
| Q4 FY26 | 6,855 | +3.3% | 539 | +28.0% | 7.9% |
| Q1 FY27 | 6,122 | −2.7% | 463 | +10.9% | 7.6% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹28,118 crTTM
- EBITDA
- ₹2,781 crTTM
- EBIT
- ₹2,488 crTTM
- PBT
- ₹2,188 crTTM
- Net profit
- ₹1,883 crTTM
C. Corporate actions
8 Jul 2026DividendFinal Dividend - Rs. - 11.0000 — ₹11.00/share
27 Jan 2026DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share
1 Aug 2025DividendFinal Dividend - Rs. - 8.0000 — ₹8.00/share
3 Apr 2025DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
12 Jul 2024DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
17 Nov 2023DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
15 Jun 2018Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
16 Sept 2013DividendDividend - Rs. - 2.5000 — ₹2.50/share
17 Sept 2012DividendDividend - Rs. - 2.5000 — ₹2.50/share
21 Sept 2011DividendDividend - Rs. - 2.5000 — ₹2.50/share
21 Sept 2010DividendDividend - Rs. - 2.5000 — ₹2.50/share
22 Sept 2009DividendDividend - Rs. - 2.0000 — ₹2.00/share
19 Dec 2008DividendDividend - Rs. - 1.5000 — ₹1.50/share
20 Nov 2007DividendDividend - Rs. - 1.0000 — ₹1.00/share
17 Oct 2006Scheme of arrangementScheme of Arrangement
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 22.0% is the highest in 4 years (prior range 15.7% to 21.0%).
Rule ROE_AT_MULTI_YEAR_HIGH
- EBITDA margin now
- 9.9%
- 4-year range
- 5.3–9.9%
- ROE FY2026
- 21.5%
- ROCE FY2026
- 29.0%
EBITDA margin of 10.3% is the widest in 4 years (prior range 5.1% to 9.3%).
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Reported profit rose 17.5% but operating cash flow fell 7.7% — worth investigating whether the profit is being collected.
Rule PROFIT_UP_CASH_DOWN
Operating cash flowNet profit
- Total debt
- ₹6 cr
- Operating cash flow ÷ net profit
- 0.79×FY2026
- Free cash flow
- ₹1,531 cr
- Current ratio
- 2.05×
Net worth compounded at 15.5% a year over 4 years (₹4,902 → ₹8,721).
Free cash flow has been positive in 5 of the last 5 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 breweries & distilleries (FY2026, consolidated). No peer-relative rule fired for this company.
Not enough peers in this set report the underlying metrics yet for a ranking.
- P / E
- 51.5×TTM to Jun 26
- P / B
- 10.8×latest book
- P / S
- 3.5×TTM sales
- Earnings yield
- 1.9%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 52.8× · P/S 3.4× · ROE 21.5%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −0.6%
- 3-year return
- —
- 5-year return
- —
- From 52-wk high
- −14.0%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹1,474
- vs 200-day avg
- Below₹1,376
- RSI (14)
- 29.1oversold
- MACD histogram
- -5.8
- From 52-wk high
- −14.0%
- From 52-wk low
- +9.8%
- 30-day volatility
- 20.2%ann.
- 6-month return
- +0.8%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit and cash flow divergedReported profit rose 17.5% but operating cash flow fell 7.7% — worth investigating whether the profit is being collected.PROFIT_UP_CASH_DOWN · conviction 71
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 31,062 | 26,018 | 27,276 | 27,816 |
| Total income | 31,097 | 26,243 | 27,612 | 28,294 |
| EBITDA | 1,644 | 2,226 | 2,579 | 2,764 |
| Profit before tax | 1,087 | 1,858 | 2,142 | 2,226 |
| Net profit | 811 | 1,408 | 1,582 | 1,838 |
| EPS (₹) | 11.7 | 19.8 | 22.3 | 25.9 |
| Net worth | 4,875 | 7,121 | 8,104 | 8,957 |
| Total debt | 342 | 25 | 0 | 6 |
| Operating cash flow | 977 | 1,118 | 1,947 | 1,459 |
| Free cash flow | 882 | 1,039 | 1,786 | 1,531 |
| Ratio | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Growth | ||||
| Revenue growth YoY | — | — | 4.8 | 2.0 |
| Profit growth YoY | — | — | 12.4 | 16.2 |
| Profitability | ||||
| EBITDA margin % | 5.3 | 8.6 | 9.5 | 9.9 |
| Net margin % | 2.6 | 5.4 | 5.7 | 6.5 |
| Return on equity % | 16.6 | 19.8 | 20.8 | 21.5 |
| Return on capital % | 25.7 | 27.3 | 30.1 | 29.0 |
| Leverage & cash | ||||
| Debt to equity | 0.07 | 0.00 | 0.00 | 0.00 |
| Cash flow ÷ profit | 1.21 | 0.79 | 1.23 | 0.79 |
| Current ratio | 1.35 | 1.89 | 1.95 | 2.05 |