United Spirits Limited
₹1,333.00+₹43.10 (+3.3%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹95,949 Cr
- P/E
- 55.4x
- EV / EBITDA
- 46.6x
- Revenue
- ₹11,573 Cr
- Net margin
- 12.3%
- ROCE
- 23.7%
Price chart
Technical chartScreen technicals →-4.3% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -1.3%
- 3M
- -12.6%
- 6M
- +0.6%
- 1Y
- -4.3%
- 5Y
- +36.5%
52-week range
Day change +₹43.10 (+3.3%) from ₹1,290 to ₹1,333 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in UNITDSPR, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Healthy return on equity of 18.8%
Concerns1
- Slow revenue growth of 3.3% CAGR over 5 years
Rule-based from financial data. Not advice.
About the company
United Spirits Limited, together with its subsidiaries, manufactures, sells, and distributes alcoholic beverages and other allied spirits in India and internationally. It operates through Beverage Alcohol and Sports segments.
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United Spirits Limited, together with its subsidiaries, manufactures, sells, and distributes alcoholic beverages and other allied spirits in India and internationally. It operates through Beverage Alcohol and Sports segments. 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 Diageo's iconic brands, which include Don Julio, Singleton, Tanquery, Captain Morgan, Johnnie Walker, J&B, Baileys, Lagavulin, Talisker, VAT 69, Black & White, Smirnoff, and Ciroc. In addition, the company holds the perpetual right to the Royal Challengers Bengaluru cricket franchise of Indian Premier League and Women's Premier League. It also exports its products to approximately 24 countries. 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.
- Sector
- Consumer Discretionary
- Shares outstanding
- 72.7 Cr shares
- ISIN
- INE854D01024
- BSE code
- 532432
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹95,949 Cr
- P/E
- 55.4x
- P/B
- 11.9x
- EV / EBITDA
- 46.6x
- EV / Sales
- 8.8x
- P/S
- 9.0x
- Earnings yield
- 1.8%
- 52-week high
- ₹1,555.00
- 52-week low
- ₹1,219.05
Profitability
- Operating margin
- 16.0%
- Net margin
- 12.3%
- EBITDA margin
- 18.9%
- ROE
- 18.8%
- ROCE
- 23.7%
- ROA
- 12.2%
- Dividend payout
- 50.0%
- Tax rate
- 22.0%
- Other income, % of PBT
- 18.9%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹11,573 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 8.2%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 3.3%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹2,026 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 21.8%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 18.8%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 13.2%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹913 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 58.5%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹129 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 12.2%
Solvency and efficiency
- Current ratio
- 2.67
- Debt / Equity
- 0.03
- Debt / Assets
- 0.02
- Debt / EBITDA
- 0.12
- Interest coverage
- 22.47
- Financial leverage
- 1.54
- CFO / Net profit
- 0.70
- Cash / Market cap
- 9.0%
- Cash per share
- ₹118.73
- Asset turnover
- 1.00
- Fixed asset turnover
- 8.59
- Capital intensity
- 0.12
- Debtor days
- 94 days
- Inventory turnover
- 1.96
- Cash conversion cycle
- 116 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹13 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹9,515 Cr |
| Sales | Operating profit | ₹2,058 Cr |
| Operating profit | Interest | ₹89 Cr |
| Operating profit | Depreciation | ₹274 Cr |
| Operating profit | Profit before tax | ₹1,695 Cr |
| Other income | Profit before tax | ₹361 Cr |
| Profit before tax | Tax and other | ₹498 Cr |
| Profit before tax | Net profit | ₹1,558 Cr |
Revenue and net profit
Revenue grew 8.2% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹7,889 Cr | ₹310 Cr |
| FY2022 | ₹9,424 Cr | ₹851 Cr |
| FY2023 | ₹10,374 Cr | ₹1,052 Cr |
| FY2024 | ₹10,692 Cr | ₹1,312 Cr |
| FY2025 | ₹11,573 Cr | ₹1,558 Cr |
Cash flows
FY2025: ₹1,606 Cr from operations, ₹656 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹1,728 Cr | ₹1,741 Cr |
| FY2022 | ₹911 Cr | ₹665 Cr |
| FY2023 | ₹576 Cr | ₹554 Cr |
| FY2024 | ₹913 Cr | ₹1,379 Cr |
| FY2025 | ₹1,606 Cr | ₹656 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹11,573 Cr+8.2%1Y
- Net profit
- ₹1,558 Cr+18.8%1Y
- Cash from operations
- ₹1,606 Cr
- Free cash flow
- ₹656 Cr-52.4%1Y
- Revenue CAGR, 5Y
- 3.3%
- EBITDA CAGR, 5Y
- 5.5%
- Net profit CAGR, 5Y
- 13.2%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹11,573 Cr | ₹2,058 Cr | — | ₹1,558 Cr | ₹1,606 Cr | ₹656 Cr | 19.8% | +8.2% | +18.8% |
Monthly returns
Month-by-month returns of UNITDSPR across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹12,718 Cr |
| Equity capital | ₹145 Cr |
| Reserves | ₹7,734 Cr |
| Borrowings | ₹480 Cr |
| Other liabilities | ₹4,359 Cr |
| Assets | ₹12,718 Cr |
| Fixed assets | ₹1,406 Cr |
| Capital work in progress | ₹72 Cr |
| Investments | ₹1,107 Cr |
| Other assets | ₹10,133 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
UNITDSPR trades at 55.4x earnings against a peer median of 55.4x.
Not shown (no positive earnings and no EV / Sales): SWIGGY LIMITED, Meesho Limited.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| United Spirits LimitedUNITDSPRthis company | ₹95,949 Cr | 55.4x | 11.9x | 18.8% | 46.6x |
| Marico LimitedMARICO | ₹98,148 Cr | 52.3x | 19.4x | 30.0% | 63.5x |
| SWIGGY LIMITEDSWIGGY | ₹96,874 Cr | — | 7.3x | 28.7% | -63.9x |
| Indian Hotels Co. LtdINDHOTEL | ₹96,523 Cr | 64.6x | 8.4x | 10.8% | 53.3x |
| LG Electronics India LimitedLGEINDIA | ₹94,943 Cr | 46.2x | — | 40.1% | 38.6x |
| Havells India LimitedHAVELLS | ₹89,811 Cr | 60.9x | 10.4x | 17.1% | 41.5x |
| Lenskart Solutions LimitedLENSKART | ₹77,370 Cr | 599.0x | — | 2.4% | 158.4x |
| Meesho LimitedMEESHO | ₹74,358 Cr | — | — | -14.2% | -290.4x |
| FSN E-Commerce Ventures LimitedNYKAA | ₹72,865 Cr | 1134.0x | 42.6x | 7.9% | 661.0x |
| Peer median | — | 55.4x | 6.3x | 11.8% | 36.3x |
Year-to-date ROI
UNITDSPR since 1 January, against earlier years.
Historical volatility
UNITDSPR's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 13.0% |
| FY2022 | 16.0% |
| FY2023 | 14.0% |
| FY2024 | 16.0% |
| FY2025 | 18.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹11,573 Cr |
| Costs | |
| Interest | ₹89 Cr |
| Expenses | ₹9,515 Cr |
| Operating profitOperating Profit | ₹2,058 Cr |
| Other income and charges | |
| Profit before tax | ₹2,056 Cr |
| Tax | |
| Net profitNet Profit | ₹1,558 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹12,718 Cr |
| Equity capitalEquity Capital | ₹145 Cr |
| Reserves | ₹7,734 Cr |
| Borrowings | ₹480 Cr |
| Other liabilitiesOther Liabilities | ₹4,359 Cr |
| AssetsTotal Assets | ₹12,718 Cr |
| Fixed assetsFixed Assets | ₹1,406 Cr |
| Capital work in progressCWIP | ₹72 Cr |
| Investments | ₹1,107 Cr |
| Other assetsOther Assets | ₹10,133 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹1,606 Cr |
| Investing cash flowCash from Investing Activity | -₹950 Cr |
| Financing cash flowCash from Financing Activity | -₹527 Cr |
| Change in cashNet Cash Flow | ₹129 Cr |
Learn while you research
Academy chapters picked for United Spirits Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 55.4, learn when high multiples are justified.6 min read
- 04 Cyclical vs Defensive StocksConsumer staples behave defensively across the business cycle.6 min read
- 05 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read
- 06 How to Read a Cash-Flow StatementProfit can be manipulated; cash flow rarely lies.7 min read