United Spirits logo

United Spirits share price

NSE: UNITDSPRBSE: 532432BeveragesMid Cap

United Spirits Limited · Formerly Mcdowell & Company · Face value ₹2 · Listed Sep 2001
Last close ₹1,333.70up ₹44.20 (3.43%)BSE ₹1,333.00

Share price at the NSE close on 30 Oct 2026. Previous close ₹1,289.50.

30 Oct: open ₹1,291.10, high ₹1,346.60, low ₹1,291.10

52-week range of traded prices to 30 Oct 2026
₹1,210.80Low, 7 Apr 2026₹1,563.40High, 21 Aug 2026
Market cap
₹97,007 Cr113th largest listed
P/E
52.51
P/B
10.70
Dividend yield
1.27%
ROE
21.2%
ROCE
21.6%
Debt to equity
0.00
Volume, NSE
16,65,90434.5% delivered

United Spirits share price chart

Daily closes since Jan 2007, adjusted for splits and bonuses

−4.4%over a year · Nifty FMCG −22.6% · Nifty 500 −8.2%

Results20-session average 10,32,584 shares a day, 57.0% delivered

About United Spirits

United Spirits Limited, also called Diageo India, makes, sells and distributes alcoholic drinks, including Indian and Scotch whisky, vodka, rum, gin, brandy and tequila.123 It sells through state corporations, distributors, wholesalers, retailers and modern trade.45 It is a subsidiary of Diageo plc and is headquartered in Bengaluru.2

Its products are grouped into 3 segments: Prestige & Above (its higher-priced brands), Popular and Other.3 Its more than 50 brands include McDowell's No. 1, Royal Challenge, Signature and Godawan, and it sells international brands such as Johnnie Walker, Smirnoff, Black & White and Don Julio in India under licensing arrangements.36 It has 9 own manufacturing facilities and also uses third-party units, and its products are sold in 28 states and 6 union territories of India and in 24 countries.7 It distributes through 10 primary depots and more than 2,000 primary distributors.8

It was incorporated in 1999.9 On 26 Jun 2025 it acquired 97.07% of NAO Spirits, maker of the Greater Than and Hapusa gins, and it is to buy the remaining shares once certain regulatory approvals are received.1011 Its majority shareholder is Relay B.V., which holds about 55.88% of its equity.12

United Spirits key points

Results

  • In the year to Mar 2026, consolidated net sales, as the company presents them, were ₹12,467 crore, up 7.7%, and consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) grew 11%.13
  • In the year to Mar 2026, consolidated profit after tax, as the company presents it, was ₹1,709 crore, a net profit margin (profit as a share of net sales) of 13.7%. Volume was about 65 million cases, up 1.5%.1415
  • As reported on its earnings call, EBITDA in the quarter to Jun 2026 grew 4.1% to ₹432 crore, a margin of 16%, after about ₹30 crore of higher costs from the West Asia crisis.16
  • Reported profit after tax for the quarter was ₹391 crore, up 51%, including a ₹150 crore dividend from Royal Challengers Sports Private Limited and an ₹81 crore one-off charge.17

Market position

  • Black & White became India's largest Scotch brand by volume in the year to Mar 2026, the company says, making India its largest market within Diageo.18

Business segments

  • Share of net sales value by segment, standalone19
    Itemyear to Mar 2026
    Prestige & Above89.6%
    Popular9.0%
    Prestige & Above net sales grew 8.6% in the year to Mar 2026, while Popular net sales fell 0.3%.
  • In the quarter to Jun 2026, Prestige & Above net sales grew 10.1% and volume fell 1.3%; excluding Maharashtra, net sales grew 14.8% and volume 6.4%.20
  • In August 2025, Maharashtra created a lower-tax category for state-made grain spirits, Maharashtra Made Liquor; the company says this mainly hit its lower-priced brands.2122

Brand milestones

  • United Spirits had 4 trademarks above ₹1,000 crore of net sales value in the 12 months to Jun 2026: McDowell's, Royal Challenge, Johnnie Walker and Signature.23
  • Smirnoff's net sales value was almost ₹250 crore in the quarter to Jun 2026, against about ₹350 crore in the year to Mar 2026, led by its Minty Jamun and Mango Mirchi flavours.24

State and trade policy

  • In April 2026, Karnataka began taxing drinks on their alcohol content and cut its excise slabs from 16 to 8; the company said on its earnings call that this favours Prestige & Above.2526
  • The India-UK Free Trade Agreement cuts India's import duty on Scotch whisky and gin from 150% to 75%, falling in phases to 40% over the next decade.27
  • On its earnings call of 23 Jul 2026, the company said the agreement was in force, its first shipment had cleared at the lower duty and it expected the benefit around early October; no outcome is given.28

What the company expects

  • On its earnings call of 23 Jul 2026, the company said its stated aim of double-digit growth for Prestige & Above, with 5% to 6% volume growth, still stands.29
  • On its earnings call of 23 Jul 2026, the company said A&P (advertising and promotion) spending, 11.3% of net sales in the quarter to Jun 2026, would stay at 10.5% to 11% for the year to Mar 2027.3031
  • On its earnings call of 23 Jul 2026, the company said second-half volume in the year to Mar 2027 would exceed the first half's as the Maharashtra impact falls away and Karnataka tailwinds continue.32
  • On its earnings call of 23 Jul 2026, the company said it aimed to roll out its renovated McDowell's to about 85% of its main markets before the festive season.33

Recent events

  • On 18 Sep 2026, the company said it had completed a ₹2.69 crore investment for 10.08% of Nuvola Spirits Private Limited, maker of the Mikiamo and Seoulmate craft liqueurs, on a fully diluted basis (as if all convertible shares were converted).343536
  • On 24 Mar 2026, the board approved selling its whole stake in Royal Challengers Sports Private Limited, owner of Royal Challengers Bengaluru, for ₹16,663 crore. In July 2026, awaiting BCCI approval, it expected completion by September or October; no outcome is given.373839
  • On 20 Jan 2026, the board approved a further ₹3.2 crore investment in V9 Beverages (Sober), a maker of non-alcoholic spirit alternatives, raising its stake from 15% to 25% on a fully diluted basis.4041

Litigation and regulatory matters

  • On 1 Aug 2026, the company filed a writ petition (a court challenge to an official order) in the Bombay High Court against a 29 Jun 2026 order of the food regulator, FSSAI, on a Baramati product's labels.42
  • FSSAI revoked that order on 17 Aug 2026; as of the company's exchange filing of 19 Aug 2026, the petition was still pending before the Bombay High Court.43
  • On 20 Aug 2026, FSSAI revoked its order of 29 Jul 2026 on whisky products made at a third-party unit in Madhya Pradesh; the company said neither revocation had a material operational or financial impact.4445

Last updated

All 45 sources, each with its page
  1. 1. Annual report, 10 Jul 2026, page 7
  2. 2. Annual report, 10 Jul 2026, page 5
  3. 3. Annual report, 10 Jul 2026, page 125
  4. 4. Annual report, 10 Jul 2026, page 142
  5. 5. Annual report, 10 Jul 2026, page 37
  6. 6. Annual report, 10 Jul 2026, page 125
  7. 7. Annual report, 10 Jul 2026, page 37
  8. 8. Annual report, 10 Jul 2026, page 39
  9. 9. Annual report, 10 Jul 2026, page 141
  10. 10. Annual report, 10 Jul 2026, page 125
  11. 11. Annual report, 10 Jul 2026, page 108
  12. 12. Annual report, 10 Jul 2026, page 125
  13. 13. Annual report, 10 Jul 2026, page 9
  14. 14. Annual report, 10 Jul 2026, page 9
  15. 15. Annual report, 10 Jul 2026, page 125
  16. 16. Earnings call, 23 Jul 2026, page 6
  17. 17. Earnings call, 23 Jul 2026, page 6
  18. 18. Annual report, 10 Jul 2026, page 9
  19. 19. Annual report, 10 Jul 2026, page 125
  20. 20. Earnings call, 23 Jul 2026, page 3
  21. 21. Annual report, 10 Jul 2026, page 124
  22. 22. Annual report, 10 Jul 2026, page 34
  23. 23. Earnings call, 23 Jul 2026, page 3
  24. 24. Earnings call, 23 Jul 2026, page 3
  25. 25. Annual report, 10 Jul 2026, page 124
  26. 26. Earnings call, 23 Jul 2026, page 6
  27. 27. Annual report, 10 Jul 2026, page 124
  28. 28. Earnings call, 23 Jul 2026, page 8
  29. 29. Earnings call, 23 Jul 2026, page 3
  30. 30. Earnings call, 23 Jul 2026, page 6
  31. 31. Earnings call, 23 Jul 2026, page 12
  32. 32. Earnings call, 23 Jul 2026, page 19
  33. 33. Earnings call, 23 Jul 2026, page 4
  34. 34. Exchange filing, 18 Sep 2026, page 1
  35. 35. Exchange filing, 18 Sep 2026, page 2
  36. 36. Exchange filing, 22 Jul 2026, page 2
  37. 37. Annual report, 10 Jul 2026, page 9
  38. 38. Annual report, 10 Jul 2026, page 108
  39. 39. Earnings call, 23 Jul 2026, page 13
  40. 40. Annual report, 10 Jul 2026, page 108
  41. 41. Annual report, 10 Jul 2026, page 125
  42. 42. Exchange filing, 3 Aug 2026, page 2
  43. 43. Exchange filing, 19 Aug 2026, page 2
  44. 44. Exchange filing, 21 Aug 2026, page 2
  45. 45. Exchange filing, 19 Aug 2026, page 2

Results

Consolidated; ₹ crore.United Spirits quarterly results

Revenue growth, 12 months
+0.3%
Net profit growth, 12 months
+12.8%

Quarter to Sep 2026, against the quarter before

Revenue
₹7,014 Crup 14.57%
Net profit
₹428 Crdown 7.56%
Net margin
6.1%

Revenue by quarter

₹7,732 CrDec 24₹6,634 CrMar 25₹6,295 CrJun 25₹7,199 CrSep 25₹7,942 CrDec 25₹6,855 CrMar 26₹6,122 CrJun 26₹7,014 CrSep 26

Net profit by quarter, a loss in red

₹335 CrDec 24₹421 CrMar 25₹417 CrJun 25₹464 CrSep 25₹418 CrDec 25₹539 CrMar 26₹463 CrJun 26₹428 CrSep 26

The quarters either side of a change of basis do not compare. From the quarter to Mar 2026, the company's revenue for the year to Mar 2026, ₹27,816 Cr, differs from its quarters added, ₹28,291 Cr. From the quarter to Jun 2026, the company reports a discontinued business.

₹ croreDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue7,7326,6346,2957,1997,9426,8556,1227,014
Net profit335421417464418539463428
Net margin4.3%6.3%6.6%6.4%5.3%7.9%–6.1%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share. Net margin is left blank for Jun 2026: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • Beverage Alcohol₹12,467 Cr95.8%
  • Sports₹545 Cr4.2%

Valuation

Today, against the company's own history. Its history crosses a change of basis in the accounts in the year to Mar 2026: days before it are of the company before the change.United Spirits PE ratio and valuation

Price to earnings

At or below today's level on 10% of 2,479 trading days over the last 10 years.

LowestHighest
Its median67.97Industry median29.88
Price to book

At or below today's level on 11% of 1,980 trading days since Nov 2018.

LowestHighest
Its median12.23Industry median1.72
Dividend yield

At or below today's level on 98% of 2,479 trading days over the last 10 years.

LowestHighest
Its median0.00%Industry median0.75%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year−11.6%+16.2%−25.1%1.4%
3 years+18.3%+17.5%−0.2%1.0%
5 years+17.6%+36.9%−14.5%0.6%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 1, 3 and 5 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count. Earnings growth over 3 and 5 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the years to Mar 2021 and Mar 2023.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.United Spirits shareholding pattern

Shareholding by group

  • Promoters56.67%
  • Foreign institutions12.85%
  • Indian institutions17.65%
  • Governments0.01%
  • Individuals and others12.82%
Holder
Diageo Relay B.V.Promoter55.88%
USL Benefit TrustOther non-institutions2.38%
United Breweries (Holdings) LimitedPromoter0.76%
Vittal Investments Private LimitedPromoter0.02%
Vijay MallyaPromoter0.01%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Promoters have pledged 1.18% of their shares. Since Jun 2026: promoters unchanged, foreign institutions −0.04 pts, Indian institutions +0.50 pts, mutual funds −0.20 pts.

Mutual fund holdings

265 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 66 of the 112 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 3 more funds filed their first portfolio on record, holding it.All 265 funds holding United Spirits

Bought for the first time
36
Bought again
2
Added
69
Cut
43
Held unchanged
112
Sold out
54
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

United Spirits competitors and peers

Breweries & Distilleries, 29 listed companies, priced on 30 Oct 2026. The table lists the 8 companies closest to United Spirits in market cap.FMCG companies

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
Radico Khaitan logoRadico KhaitanRADICO54,75768.7614.92+14.3%+74.0%24.0%27.9%0.22%
United Breweries logoUnited BreweriesUBL31,20864.426.84+5.1%+32.2%10.9%10.6%0.85%
Allied Blenders and Distillers logoAllied Blenders and DistillersABDL19,53185.5911.90−3.4%−11.2%14.3%15.5%0.77%
Tilaknagar Industries logoTilaknagar IndustriesTI11,920–3.95+137.5%−124.4%−2.7%8.1%0.21%
Piccadily Agro Industries logoPiccadily Agro IndustriesPICCADIL5,50439.166.11+29.7%+30.5%17.8%14.7%0.18%
India Glycols logoIndia GlycolsINDIAGLYCO2,223––+11.4%+29.8%––0.46%
Globus Spirits logoGlobus SpiritsGLOBUSSPR2,13623.031.64+12.8%+102.1%7.9%10.7%0.96%
GM Breweries logoGM BreweriesGMBREW1,79510.371.58+23.3%+20.9%16.3%17.2%1.15%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

Dividends

Per share, by the year it was paid for, and the latest payments.United Spirits dividend history

Dividend per share, ₹, restated for later splits and bonuses

Mar 17Mar 18Mar 19Mar 20Mar 21Mar 22Mar 239Mar 2412Mar 2517Mar 26
Highest ₹17.00 a share, year to Mar 2026.
Ex-dateTypePer share
8 Jul 2026Final₹11.00
27 Jan 2026Interim₹6.00
1 Aug 2025Final₹8.00
3 Apr 2025Interim₹4.00
12 Jul 2024Final₹5.00
17 Nov 2023Interim₹4.00
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.United Spirits announcements

United Spirits share price by year

Each calendar year to 2025.United Spirits share price history

YearClose at year endChangeHighest closeLowest close
20251,443.70−11.2%1,688.551,281.50
20241,625.45+45.4%1,644.601,062.90
20231,117.75+27.4%1,117.75735.65
2022877.55−2.3%946.55732.25
2021898.25+55.3%1,004.50515.65
2020578.25−3.6%730.10448.10
2019599.55−5.7%670.95507.75
2018635.80−13.4%790.65462.20
2017733.77+88.8%733.77370.20
2016388.56−35.1%602.10357.66
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 29 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
29 Oct 20261,228.201,293.501,228.201,289.501,275.3623,82,66343.2%
28 Oct 20261,270.001,281.201,217.501,227.401,239.399,96,84035.6%
27 Oct 20261,237.501,283.901,228.001,270.001,255.4327,68,46369.4%
26 Oct 20261,240.001,246.701,225.001,239.001,237.488,97,02857.8%
23 Oct 20261,272.001,283.801,240.001,252.001,253.088,31,79859.6%
22 Oct 20261,295.001,297.701,276.001,284.501,283.114,39,71156.7%
21 Oct 20261,357.701,357.701,282.201,296.301,308.829,14,71258.4%
19 Oct 20261,372.001,384.301,360.001,364.001,370.603,17,55852.5%
16 Oct 20261,395.901,397.401,377.801,380.001,386.264,31,41560.3%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Stock split history

Ex-dateEventPrice factorWhat happened
15 Jun 2018Split0.2000Each share became 5.
12 Nov 2012Price move–Between two trading sessions the price moved by a fifth or more. The company's board met on results that day or since the trading day before. Not adjusted for.
22 Jan 2009Price move–Between two trading sessions the price moved by a fifth or more. The company's board met on results that day or since the trading day before. Not adjusted for.
10 Oct 2008Price move–Between two trading sessions the price moved by a fifth or more. The Nifty 500 moved 5% or more the same way over the same sessions. Not adjusted for.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout. Any other event is noted and not adjusted for.

Company details

Chairperson
Vegulaparanan Kasi Viswanathan
At the end of the quarter to Sep 2026
Managing director and CEO
Praveen Someshwar
At the end of the quarter to Sep 2026
NSE symbol
UNITDSPR
BSE code
532432
ISIN
INE854D01024
Industry
Beverages
Former symbols
MCDOWELL-N
CIN
L01551KA1999PLC024991
Corporate identity number, the registrar of companies' code for it
Incorporated
1999
Registered office
UB Tower Level 6 #24, Vittal Mallya Road UB City, Bengaluru 560001, Karnataka
Share registrar
Integrated Registry Management Services Pvt. Ltd (Integrated Enterprises (India) Ltd)
Keeps the register of shareholders and handles transfers and dividend payments