United Spirits Q2 results, quarter to Sep 2026
NSE: UNITDSPRBSE: 532432BeveragesMid Cap
United Spirits Limited · Formerly Mcdowell & Company · Face value ₹2 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · 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 capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹97,007 Cr113th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 52.51
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 10.70
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 1.27%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 21.2%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 21.6%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.00
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 16,65,90434.5% delivered
United Spirits filed its Q2 results for the quarter to Sep 2026 on 28 Oct 2026 at 7:31 pm, consolidated: the company and its subsidiaries together.
Q2 results, quarter to Sep 2026
- RevenueRevenue from operations. Money earned from selling the company's goods and services in the period. Revenue from operations in the glossary
- ₹7,014 Cr+14.6% on the quarter beforeChange on a year ago and on the quarter before. The change against the same quarter a year before: (this quarter's figure less that quarter's) divided by that quarter's, times 100. The change on the quarter before is the same sum against the quarter just before, taken as this quarter's results restate it where the company restated it: this quarter's year to date less this quarter. Left out where either figure is a loss, where the restatement covers two or more earlier quarters without saying which, or across a change of basis named under the table, on the lines it affects.
- Operating profitOperating profit before depreciation (EBITDA). Revenue less operating expenses: what the business earns from its operations before depreciation, interest and tax. Operating profit before depreciation (EBITDA) in the glossary
- ₹643 Cr+49.9% on the quarter before
- Net profitNet profit. What is left of revenue and other income after every cost, interest and tax. Net profit in the glossary
- ₹428 Cr−7.6% on the quarter before
- Earnings per shareEarnings per share. Profit belonging to shareholders divided by the number of shares, restated for later splits and bonuses so they do not break the line. Earnings per share in the glossary
- ₹6.03
- Operating marginOperating margin. Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs. Operating margin in the glossary
- 9.2%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 6.1%
From revenue to net profit, ₹ crore
- Revenue7,014
- Materials and goods−1,696
- Employee costs−153
- Other expenses−4,522
- Operating profit643
- Depreciation−76
- Other income+65
- One-off items+11
- Finance costs−24
- Profit before tax619
- Tax−158
- Joint ventures−1.0
- Discontinued businesses−32
- Net profit428
United Spirits results by quarter
Consolidated: the company and its subsidiaries together. Latest quarter to Sep 2026. Results for the quarter to Dec 2026 are due by 14 Feb 2027, 45 days after it ends. Every company's dates are on the results calendar.Results filings and date
Revenue and net profit by quarter, ₹ crore
- Revenue
- Net profit
Operating and net margin by quarter, per cent
- Operating margin
- Net margin
| ₹ crore | Dec 2021Q3 | Mar 2022 | Jun 2022Q1 | Sep 2022 | Dec 2022Q3 | Mar 2023 | Jun 2023Q1Filed 20 Jul | Sep 2023 | Dec 2023Q3 | Mar 2024 | Jun 2024Q1 | Sep 2024 | Dec 2024Q3Filed 23 Jan | Mar 2025Q4Filed 20 May | Jun 2025Q1 | Sep 2025Q2 | Dec 2025Q3Filed 20 Jan | Mar 2026Q4 | Jun 2026Q1 | Sep 2026Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 8,917what Revenue from operations, Dec 2021, includes. This period's revenue includes excise duty of ₹5,970 crore, a tax on the goods the company makes that it collects and pays to the government. | 7,767what Revenue from operations, Mar 2022, includes. This period's revenue includes excise duty of ₹5,232 crore, a tax on the goods the company makes that it collects and pays to the government. | 7,131what Revenue from operations, Jun 2022, includes. This period's revenue includes excise duty of ₹4,712 crore, a tax on the goods the company makes that it collects and pays to the government. | 8,283what Revenue from operations, Sep 2022, includes. This period's revenue includes excise duty of ₹5,372 crore, a tax on the goods the company makes that it collects and pays to the government. | 6,610what Revenue from operations, Dec 2022, includes. This period's revenue includes excise duty of ₹3,831 crore, a tax on the goods the company makes that it collects and pays to the government. | 5,792what Revenue from operations, Mar 2023, includes. This period's revenue includes excise duty of ₹3,289 crore, a tax on the goods the company makes that it collects and pays to the government. | 5,808what Revenue from operations, Jun 2023, includes. This period's revenue includes excise duty of ₹3,141 crore, a tax on the goods the company makes that it collects and pays to the government. | 6,737what Revenue from operations, Sep 2023, includes. This period's revenue includes excise duty of ₹3,869 crore, a tax on the goods the company makes that it collects and pays to the government. | 6,962what Revenue from operations, Dec 2023, includes. This period's revenue includes excise duty of ₹3,960 crore, a tax on the goods the company makes that it collects and pays to the government. | 6,511what Revenue from operations, Mar 2024, includes. This period's revenue includes excise duty of ₹3,728 crore, a tax on the goods the company makes that it collects and pays to the government. | 6,238what Revenue from operations, Jun 2024, includes. This period's revenue includes excise duty of ₹3,477 crore, a tax on the goods the company makes that it collects and pays to the government. | 6,672what Revenue from operations, Sep 2024, includes. This period's revenue includes excise duty of ₹3,828 crore, a tax on the goods the company makes that it collects and pays to the government. | 7,732what Revenue from operations, Dec 2024, includes. This period's revenue includes excise duty of ₹4,299 crore, a tax on the goods the company makes that it collects and pays to the government. | 6,634what Revenue from operations, Mar 2025, includes. This period's revenue includes excise duty of ₹3,603 crore, a tax on the goods the company makes that it collects and pays to the government. | 6,295what Revenue from operations, Jun 2025, includes. This period's revenue includes excise duty of ₹3,274 crore, a tax on the goods the company makes that it collects and pays to the government. | 7,199what Revenue from operations, Sep 2025, includes. This period's revenue includes excise duty of ₹4,026 crore, a tax on the goods the company makes that it collects and pays to the government. | 7,942what Revenue from operations, Dec 2025, includes. This period's revenue includes excise duty of ₹4,248 crore, a tax on the goods the company makes that it collects and pays to the government. | 6,855what Revenue from operations, Mar 2026, includes. This period's revenue includes excise duty of ₹3,801 crore, a tax on the goods the company makes that it collects and pays to the government. | 6,122what Revenue from operations, Jun 2026, includes. This period's revenue includes excise duty of ₹3,414 crore, a tax on the goods the company makes that it collects and pays to the government. | 7,014what Revenue from operations, Sep 2026, includes. This period's revenue includes excise duty of ₹3,750 crore, a tax on the goods the company makes that it collects and pays to the government. |
| Operating expenses. What the business spent to run itself in the period, materials, staff and other costs, before depreciation, interest and tax. Operating expenses in the glossary | 8,399 | 7,336 | 6,759 | 7,845 | 6,238 | 5,556 | 5,095 | 6,270 | 6,476 | 6,177 | 5,525 | 6,170 | 7,164 | 6,174 | 5,651 | 6,539 | 7,343 | 6,262 | 5,693 | 6,371 |
| Materials and goods boughtCost of materials and goods. Raw materials used and goods bought for resale in the period, adjusted for the change in stock held. Cost of materials and goods in the glossary | 1,616 | 1,413 | 1,295 | 1,763 | 1,644 | 1,362 | 1,225 | 1,621 | 1,691 | 1,511 | 1,306 | 1,558 | 1,897 | 1,636 | 1,428 | 1,678 | 1,960 | 1,607 | 1,462 | 1,696 |
| Employee costsEmployee costs. Salaries, wages, bonuses and other benefits paid to staff in the period. Employee costs in the glossary | 148 | 142 | 172 | 153 | 161 | 124 | 126 | 144 | 142 | 135 | 135 | 163 | 174 | 137 | 137 | 179 | 177 | 142 | 133 | 153 |
| Other expensesOther expenses. Every operating cost besides materials and staff: power, rent, freight, repairs, marketing and the like. Other expenses in the glossary | 6,634 | 5,780 | 5,291 | 5,930 | 4,433 | 4,070 | 3,745 | 4,505 | 4,642 | 4,531 | 4,084 | 4,449 | 5,093 | 4,401 | 4,086 | 4,682 | 5,206 | 4,513 | 4,098 | 4,522 |
| Operating profit before depreciation | 519 | 432 | 372 | 437 | 372 | 236 | 714 | 467 | 487 | 334 | 713 | 502 | 568 | 460 | 644 | 660 | 599 | 593 | 429 | 643 |
| Operating margin | 5.8% | 5.6% | 5.2% | 5.3% | 5.6% | 4.1% | 12.3% | 6.9% | 7.0% | 5.1% | 11.4% | 7.5% | 7.3% | 6.9% | 10.2% | 9.2% | 7.5% | 8.7% | 7.0% | 9.2% |
| Depreciation and amortisationDepreciation and amortisation. The part of the cost of plant, buildings and other long-lived assets charged against each year they are used. Depreciation and amortisation in the glossary | 76 | 77 | 83 | 66 | 65 | 69 | 74 | 65 | 63 | 73 | 72 | 69 | 72 | 70 | 76 | 65 | 80 | 76 | 72 | 76 |
| Other incomeOther income. Income from outside the main business, such as interest on deposits, dividends received and gains on investments. Other income in the glossary | 0 | 24 | 26 | 8 | 21 | 18 | 22 | 40 | 52 | 111 | 35 | 54 | 72 | 175 | 72 | 81 | 51 | 295 | 73 | 65 |
| Finance costsFinance costs. Interest and the other costs of borrowing in the period. Finance costs in the glossary | 39 | 17 | 23 | 21 | 24 | 36 | 4 | 26 | 16 | 29 | 22 | 25 | 20 | 22 | 49 | 21 | 19 | 69 | 30 | 24 |
| Profit before one-off items and taxProfit before one-off items and tax. Profit before tax as it would be without the one-off items below it, as the company states it. Profit before one-off items and tax in the glossary | 404 | 362 | 293 | 358 | 304 | 149 | 657 | 415 | 459 | 343 | 654 | 462 | 548 | 543 | 591 | 655 | 551 | 743 | 400 | 608 |
| One-off itemsExceptional items. Gains or losses the company reports separately because they are not expected to recur, such as selling a business or writing down an asset. Exceptional items in the glossary | 0 | −120 | −38 | 382 | −149 | −18 | −17 | 31 | 0 | −31 | 0 | 0 | −65 | 0 | −14 | −30 | −10 | −40 | −81 | 11 |
| Profit before tax | 404 | 241 | 255 | 740 | 155 | 131 | 640 | 446 | 459 | 312 | 654 | 462 | 483 | 543 | 577 | 625 | 541 | 703 | 319 | 619 |
| 109 | 63 | −7 | 191 | −59 | 28 | 162 | 106 | 109 | 71 | 168 | 119 | 145 | 121 | 154 | 160 | 123 | 135 | 82 | 158 | |
| Tax rateEffective tax rate. Tax charged as a percentage of profit before tax. Effective tax rate in the glossary | 26.9% | 26.0% | −2.7% | 25.9% | −38.1% | 21.0% | 25.4% | 23.8% | 23.7% | 22.8% | 25.7% | 25.8% | 30.0% | 22.3% | 26.7% | 25.6% | 22.7% | 19.2% | 25.7% | 25.5% |
| Share of profit of joint ventures and associatesShare of profit of joint ventures and associates. The group's share of the profit of companies it part-owns and does not consolidate, as stated. It is part of net profit but not of revenue or operating profit: their sales and costs are not in the group's lines. Share of profit of joint ventures and associates in the glossary | – | – | 0 | −1 | 0 | 0 | −1 | 0 | 0 | – | −1 | −2 | −3 | −1 | −6 | −1 | 0 | – | −1 | −1 |
| Profit from discontinued businessesProfit from discontinued businesses. The profit after tax of businesses the company has sold, demerged or closed, or is about to. It is part of net profit; revenue and the lines above leave those businesses out. Profit from discontinued businesses in the glossary | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | −29 | 226 | −32 |
| 295 | 179 | 261 | 548 | 214 | 103 | 477 | 339 | 350 | 241 | 485 | 341 | 335 | 421 | 417 | 464 | 418 | 539 | 463 | 428 | |
| Other comprehensive incomeOther comprehensive income. Gains and losses booked straight to net worth rather than through profit, such as changes in the value of some investments, pension plans and currency translation. Other comprehensive income in the glossary | 8 | 5 | 0 | −1 | 6 | −7 | 0 | −5 | 3 | −1 | −1 | 4 | −5 | 2 | 5 | 1 | 1 | 2 | 0 | 1 |
| Total comprehensive incomeTotal comprehensive income. Net profit plus other comprehensive income. Total comprehensive income in the glossary | 303 | 184 | 261 | 547 | 220 | 96 | 476 | 335 | 353 | 240 | 484 | 345 | 330 | 423 | 422 | 465 | 419 | 541 | 463 | 429 |
| Net margin | 3.3% | 2.3% | 3.7% | 6.6% | 3.2% | 1.8% | 8.2% | 5.0% | 5.0% | 3.7% | 7.8% | 5.1% | 4.3% | 6.3% | 6.6% | 6.4% | 5.3% | 7.9% | – | 6.1% |
| Net margin without joint ventures and associatesNet margin without joint ventures and associates. Net profit less the share of profit of joint ventures and associates, as a percentage of revenue: the margin on the businesses whose revenue the statement carries. Shown where the company states such a share. Net margin without joint ventures and associates in the glossary | – | – | 3.7% | 6.6% | 3.2% | 1.8% | 8.2% | 5.0% | 5.0% | – | 7.8% | 5.1% | 4.4% | 6.4% | 6.7% | 6.5% | 5.3% | – | – | 6.1% |
| Earnings per share | ₹4.22 | ₹2.56 | ₹3.75 | ₹7.80 | ₹3.02 | ₹1.45 | ₹6.71 | ₹4.78 | ₹4.93 | ₹3.40 | ₹6.83 | ₹4.80 | ₹4.72 | ₹5.93 | ₹5.87 | ₹6.53 | ₹5.88 | ₹7.59 | ₹6.52 | ₹6.03 |
Earnings per share in rupees, restated for later splits and bonuses. 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.
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.
Segment results by quarter
Consolidated, ₹ crore, quarters to Sep 2026.United Spirits segment results by year
Beverage Alcohol
Revenue, ₹ croreProfit, ₹ croreSports
Revenue, ₹ croreProfit, ₹ crore
| ₹ crore | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue of all businesses | 6,962 | 2,786 | 2,765 | 2,844 | 3,433 | 3,035 | 3,027 | 3,173 | 3,694 | 3,118 | 3,260 | 3,264 |
| Company revenue, as in its resultsCompany revenue. The company's revenue from operations for the period in its results, on the same accounts as its segments. It is below the businesses' sum where they sell to one another, or where the segments include a business the results report as discontinued. | 6,962 | 6,511 | 6,238 | 6,672 | 7,732 | 6,634 | 6,295 | 7,199 | 7,942 | 6,855 | 6,122 | 7,014 |
| Revenue | 6,949 | 2,666 | 2,352 | 2,843 | 3,432 | 2,946 | 2,549 | 3,173 | 3,691 | 3,054 | 2,708 | 3,264 |
| Revenue growthSegment revenue growth, year on year. The change in the segment's revenue from the same period a year before, as a percentage of that earlier revenue: a year against the year before, a quarter against the same quarter. Segment revenue growth, year on year in the glossary | – | – | – | – | – | 10.5% | 8.4% | 11.6% | 7.5% | – | – | – |
| ProfitSegment profit. What the business earned before tax and finance costs, as the company measures each of its businesses. Segment profit in the glossary | 494 | 358 | 458 | 511 | 583 | 505 | 413 | 666 | 614 | 593 | 429 | 643 |
| Profit growthSegment profit growth, year on year. The change in the segment's profit from the same period a year before, as a percentage of that earlier profit, left empty where either is a loss, since growth from or into a loss is not a percentage. Segment profit growth, year on year in the glossary | – | – | – | – | – | 41.1% | −9.8% | 30.3% | 5.3% | – | – | – |
| MarginSegment margin. Segment profit as a percentage of the segment's revenue. Segment margin in the glossary | 7.1% | 13.4% | 19.5% | 18.0% | 17.0% | 17.1% | 16.2% | 21.0% | 16.6% | 19.4% | 15.8% | 19.7% |
| AssetsSegment assets. What the company holds for this business at the period end: plant, stock, receivables and the like. Segment assets in the glossary | 10,410 | 10,598 | 10,919 | 11,282 | 12,413 | 12,615 | 12,497 | 12,738 | 13,461 | 13,793 | 14,187 | 14,013 |
| LiabilitiesSegment liabilities. What this business owes at the period end, such as payments due to suppliers. Segment liabilities in the glossary | 3,980 | 3,777 | 3,809 | 4,131 | 4,801 | 4,832 | 4,460 | 4,810 | 5,005 | 5,185 | 5,196 | 5,354 |
| Capital employedCapital employed in the segment. Segment assets less segment liabilities at the period end: the money tied up in this business. Capital employed in the segment in the glossary | 6,430 | 6,821 | 7,110 | 7,151 | 7,612 | 7,783 | 8,037 | 7,928 | 8,456 | 8,608 | 8,991 | 8,659 |
| Revenue | 13 | 120 | 413 | 1 | 1 | 89 | 478 | 0 | 3 | 64 | 552 | 0 |
Profit is before tax and finance costs, the way companies report their segments.