United Spirits LimitedQuarter ended Results & Financial Update
United Spirits Limited: Quarter ended consolidated results and company financials – revenue ₹7,014.00 Cr, PAT ₹428.00 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore United Spirits Quarter ended quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
United Spirits Limited reported consolidated revenue from operations of INR 7,014 crores for the quarter ended September 30, 2026, representing a decrease of approximately 2.57% compared to INR 7,199 crores in the corresponding period of the previous year. Sequentially, revenue from operations advanced significantly from INR 3,256 crores in the quarter ended June 30, 2026. Total income stood at INR 7,079 crores, down from INR 7,276 crores year-on-year.
Profit after tax for the period (PAT) reached INR 428 crores, compared to INR 464 crores in the second quarter of the previous fiscal year and INR 462.5 crores in the preceding quarter. Basic and diluted earnings per share from continuing operations were recorded at INR 6.48, compared to INR 6.58 in the corresponding quarter last year.
Profit before tax from continuing operations stood at INR 618 crores for the quarter, compared to INR 627 crores a year ago. The company's total tax expense for the period was INR 158 crores, marginally lower than the INR 160 crores reported in the same quarter of the previous fiscal year.
Discontinued operations, primarily reflecting the sports segment, contributed a net loss after tax of INR 32 crores for the quarter, which included profit before tax from discontinued operations of negative INR 9 crores and associated tax expenses of INR 23 crores.
Segment results for the core Beverage Alcohol business showed net segment revenue of INR 3,264 crores, compared to INR 3,173 crores in the year-ago quarter. Segment EBITDA for the Beverage Alcohol division stood at INR 643 crores, compared to INR 667 crores in the corresponding quarter of the previous year.
Finance costs for the quarter were maintained at INR 24 crores, compared to INR 21 crores in the same period last year. Depreciation and amortisation expenses rose slightly to INR 76 crores from INR 65 crores in the corresponding quarter of the previous year.
01 · Business model
What does United Spirits do?
United Spirits Limited is engaged in the manufacture, purchase, franchise and sale of beverage alcohol and other allied spirits, operating through third-party manufacturing facilities alongside owned operations. Its portfolio includes prominent spirits brands distributed across various states in India, supplemented by brand franchising arrangements.
The company operates two primary business reporting segments under its Chief Operating Decision Maker framework: Beverage Alcohol, which represents its core manufacturing and sales operations, and Sports, which encompasses rights tied to operating sports franchises through its subsidiary Royal Challengers Sports Private Limited.
To streamline non-core operations, the company holds its sports franchise segment under discontinued operations and assets held for sale following a board-approved divestment plan initiated earlier.
The corporate group comprises several domestic and international subsidiaries, including Nao Spirits & Beverages Private Limited and various overseas entities across the United Kingdom and Scotland, alongside joint ventures and an associate entity added during the period.
02 · Historical context
What shaped the business before this quarter
As disclosed across annual financial statements since the year ended March 31, 2014, historical inquiries identified potential diversion of funds to entities associated with former non-executive Chairman Dr. Vijay Mallya, for which provisions and expenses were recognized in respective prior periods.
The company entered into a loan agreement in July 2013 consolidating pre-existing dues from United Breweries (Holdings) Limited aggregating to INR 1,337 crores, which was subsequently written off in financial year 2025-26 following defaults and ongoing legal proceedings.
The company announced a Supply Agility Programme during the year ended March 31, 2023, under which periodic severance costs and related income for closed units continue to be recognized as exceptional items.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹7,014.00 Cr | ₹7,199.00 Cr | ₹3,256.00 Cr |
| Total income | ₹7,079.00 Cr | ₹7,276.00 Cr | ₹6,195.00 Cr |
| Profit before tax | ₹618.00 Cr | ₹627.00 Cr | ₹587.00 Cr |
| Profit after tax | ₹428.00 Cr | ₹464.00 Cr | ₹462.50 Cr |
| EPS | ₹6.48 | ₹6.58 | ₹6.52 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 6.1% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 8.8% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹65.00 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Core beverage alcohol net segment revenue grew to INR 3,264 crores from INR 3,173 crores in the corresponding quarter of the previous year, supported by demand across key brand portfolios and allied spirits.
What drove margins
Cost of materials consumed was INR 1,732 crores for the quarter, accompanied by changes in inventories of finished goods and work-in-progress amounting to a positive adjustment of INR 223 crores.
Excise duty outlays formed a substantial part of gross turnover, standing at INR 3,750 crores for the quarter compared to INR 4,026 crores in the corresponding period of the previous year.
Advertisement and sales promotion expenses for the quarter increased to INR 381 crores from INR 241 crores in the corresponding period of the previous year, reflecting heightened brand investments.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The Beverage Alcohol segment recorded net revenue of INR 3,264 crores and segment EBITDA of INR 643 crores for the quarter, forming the primary engine of consolidated operations.
The Sports segment, comprising franchise operations under Royal Challengers Sports Private Limited, is presented under discontinued operations and assets held for sale pursuant to Ind AS 105 in line with the pending divestment transaction.
06 · Strategy & new businesses
How the company is trying to change its growth mix
The group structure was expanded during the half-year with the inclusion of Nao Spirits & Beverages Private Limited as a subsidiary from June 2025 and the addition of Nuvola Spirits Private Limited as an associate from September 2026.
The company is actively implementing a board-approved rationalisation process involving the sale, liquidation, or merger of certain overseas subsidiaries subject to regulatory approvals.
07 · Reported developments
What changed operationally
Statutory auditors issued an unmodified review report on both standalone and consolidated unaudited financial results for the quarter ended September 30, 2026.
08 · Pressure points & risks
What is not going smoothly
The company continues to contest ongoing legal disputes, including claims from the Official Liquidator of UBHL, IDBI Bank term loan prepayment litigations, and historical regulatory inquiries.
09 · Items worth noticing
The line items that can distort a quick read
The company reported net exceptional items of INR 11 crores for the quarter, reflecting adjustments under the Supply Agility Programme for closed manufacturing units.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash generated from operating activities for the six months ended September 30, 2026, stood at INR 1,108 crores for continuing operations and INR 1,330 crores on a total consolidated basis.
Net cash outflow from investing activities for continuing operations was INR 70 crores, while financing activities recorded a net outflow of INR 869 crores, primarily driven by dividend payments of INR 773 crores.
Capital allocation & funding
Current borrowings stood at INR 4 crores as at September 30, 2026, alongside non-current lease liabilities of INR 284 crores and current lease liabilities of INR 142 crores.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Board Approval of Sports Franchise Sale
The board previously approved the sale of equity shares in Royal Challengers Sports Private Limited for an aggregate consideration of INR 16,663 crores, with completion subject to remaining regulatory approvals including from the BCCI within 12 months of the announcement.
Reported update
Exceptional Item Severance Recognition
The company recognized an exceptional income of INR 11 crores offset by a charge of INR 26 crores towards severance costs relating to a closed unit under the Supply Agility Programme.
12 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations advanced from INR 6,122 crores in the quarter ended June 30, 2026, to INR 7,014 crores in the September 2026 quarter, while consolidated net profit for the period moved from INR 463 crores to INR 428 crores.
13 · Key Q&A
The quarter, answered directly
What does United Spirits do?
United Spirits Limited is engaged in the manufacture, purchase, franchise and sale of beverage alcohol and other allied spirits, operating through third-party manufacturing facilities alongside owned operations. Its portfolio includes prominent spirits brands distributed across various states in India, supplemented by brand franchising arrangements.
What is the clearest takeaway from Quarter ended?
United Spirits Limited reported consolidated revenue from operations of INR 7,014 crores for the quarter ended September 30, 2026, representing a decrease of approximately 2.57% compared to INR 7,199 crores in the corresponding period of the previous year. Sequentially, revenue from operations advanced significantly from INR 3,256 crores in the quarter ended June 30, 2026. Total income stood at INR 7,079 crores, down from INR 7,276 crores year-on-year.
What drove revenue or demand?
Core beverage alcohol net segment revenue grew to INR 3,264 crores from INR 3,173 crores in the corresponding quarter of the previous year, supported by demand across key brand portfolios and allied spirits.
What mattered most for margins or profitability?
Cost of materials consumed was INR 1,732 crores for the quarter, accompanied by changes in inventories of finished goods and work-in-progress amounting to a positive adjustment of INR 223 crores.
What changed operationally beyond the headline numbers?
The group structure was expanded during the half-year with the inclusion of Nao Spirits & Beverages Private Limited as a subsidiary from June 2025 and the addition of Nuvola Spirits Private Limited as an associate from September 2026.
What are the main pressure points disclosed for the quarter?
The company continues to contest ongoing legal disputes, including claims from the Official Liquidator of UBHL, IDBI Bank term loan prepayment litigations, and historical regulatory inquiries.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Completion of RCSPL Divestment: Monitor the receipt of final regulatory approvals, including approval from the Board of Control for Cricket in India (BCCI), for the completion of the Royal Challengers Sports Private Limited share sale.
- 02
Resolution of Legacy Litigations: Track developments in ongoing judicial proceedings concerning the IDBI Bank deposit dispute and claims filed by the Official Liquidator of UBHL.
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