| ₹ crore | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue | 7,014 | 7,199 | −2.6% |
| EBITDA | 643 | 660 | −2.6% |
| EBITDA margin | 9.2% | 9.2% | 0.0 pts |
| Profit before tax | 619 | 625 | −1.0% |
| Net profit | 428 | 464 | −7.8% |
| EPS | ₹6.03 | ₹6.53 | −7.7% |
Amounts on the left scale in ₹ crore; per cent on the right, dashed. L = lakh crore, K = thousand crore. Touch the chart to read any period.
| Tap a line for its trend | Currentlast 12M | FY26Mar 2026 | FY25Mar 2025 | FY24Mar 2024 | FY23Mar 2023 | FY22 and earlierAlpha Plus |
|---|
| 88,987 | — | — | — | — | FY22 and earlierEvery year the company has filed comes with Alpha Plus. | |
| 2,086 | 2,016 | 2,201 | 1,651 | 371 | ||
| 4.0 | 4.0 | 0.0 | 0.0 | 0.0 | ||
| 6.0 | 6.0 | 0.0 | 25.0 | 1.1 | ||
| 86,911 | — | — | — | — | ||
| 27,933 | 27,816 | 27,276 | 26,018 | 27,815 | ||
| — | +2.0% | +4.8% | −6.5% | — | ||
| 2,264 | 2,286 | 2,243 | 2,001 | 1,417 | ||
| 8.1% | 8.2% | 8.2% | 7.7% | 5.1% | ||
| 1,960 | 1,997 | 1,960 | 1,726 | 1,134 | ||
| 1,847 | 1,838 | 1,582 | 1,408 | 1,126 | ||
| 6.6% | 6.6% | 5.8% | 5.4% | 4.1% | ||
| ₹25.48 | ₹25.36 | ₹21.82 | ₹19.42 | ₹15.67 | ||
| — | +16.2% | +12.4% | +23.9% | — | ||
| — | 1,459 | 1,947 | 1,118 | 615 | ||
| — | −181 | −162 | −98.0 | −137 | ||
| 1,278 | 1,278 | 1,785 | 1,020 | 478 | ||
From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.
In ₹ Crore except Per Share 12 Months Ending | FY23 31/03/2023 | FY24 31/03/2024 | FY25 31/03/2025 | FY26 31/03/2026 | Current/LTM TTM · last close | |
|---|---|---|---|---|---|---|
| Market Capitalization | — | — | — | — | 88,986.5 | |
| - Cash, Equiv & ST Investments | 370.9 | 1,651.0 | 2,201.0 | 2,016.0 | 2,086.0 | |
| + Minority Interest | 0.0 | 0.0 | 0.0 | 4.0 | 4.0 | |
| + Total Debt | 1.1 | 25.0 | 0.0 | 6.0 | 6.0 | |
| Enterprise Value | — | — | — | — | 86,910.5 | |
| Revenue | 27,815.4 | 26,018.0 | 27,276.0 | 27,816.0 | 27,933.0 | |
| Growth %, YoY | — | -6.5 | +4.8 | +2.0 | — | |
| EBITDA | 1,416.9 | 2,001.0 | 2,243.0 | 2,286.0 | 2,264.0 | |
| Margin % | 5.09 | 7.69 | 8.22 | 8.22 | 8.11 | |
| EBIT | 1,134.4 | 1,726.0 | 1,960.0 | 1,997.0 | 1,960.0 | |
| Net Income | 1,125.8 | 1,408.0 | 1,582.0 | 1,838.0 | 1,847.2 | |
| Margin % | 4.05 | 5.41 | 5.80 | 6.61 | 6.61 | |
| EPS, Adj (current shares) | 15.67 | 19.42 | 21.82 | 25.36 | 25.48 | |
| Growth %, YoY | — | +23.9 | +12.4 | +16.2 | — | |
| Cash from Operations | 614.7 | 1,118.0 | 1,947.0 | 1,459.0 | — | |
| Capital Expenditures | -136.6 | -98.0 | -162.0 | -181.0 | — | |
| Free Cash Flow | 478.1 | 1,020.0 | 1,785.0 | 1,278.0 | 1,278.0 | |
Prices at the 29 October 2026 close · figures from the company's filings with NSE
United Spirits (NSE: UNITDSPR) had a market capitalisation of ₹93,489 crore at the 29 October 2026 close (₹1,289.50 a share), a PE ratio of 50.6 on the last four quarters' profit and a price-to-book ratio of 10.32. In FY26 its consolidated net profit was ₹1,838 crore on revenue of ₹27,816 crore; in Q2 FY27 (July–September 2026) it was ₹428 crore, down 7.8% year on year. Its debt-to-equity ratio was 0.00 on 30 September 2026. Promoters held 56.67% of the shares on 30 September 2026.
United Spirits' PE ratio is 50.6 at the 29 October 2026 close (₹1,289.50 a share): a market capitalisation of ₹93,489 crore divided by consolidated net profit of ₹1,847 crore over the last four quarters (Q3 FY26 to Q2 FY27). On FY26 net profit (₹1,838 crore) it is 50.9.
No. United Spirits had borrowings of ₹4 crore on 30 September 2026 (consolidated balance sheet), a debt-to-equity ratio of 0.00. Its cash and current investments were ₹3,748 crore, so it held net cash of ₹3,744 crore.
United Spirits' debt-to-equity ratio was 0.00 on 30 September 2026: borrowings of ₹4 crore against total equity of ₹9,066 crore. A year earlier, on 30 September 2025, it was 0.00.
United Spirits' price-to-book (PB) ratio is 10.32 at the 29 October 2026 close: a market capitalisation of ₹93,489 crore divided by shareholders' equity (book value) of ₹9,062 crore on 30 September 2026. That is a book value of ₹124.99 per share against a share price of ₹1,289.50.
United Spirits' net worth — shareholders' equity in its consolidated balance sheet — was ₹9,062 crore on 30 September 2026, up 7.8% from ₹8,408 crore a year earlier. Its market value is a different figure: a market capitalisation of ₹93,489 crore at the 29 October 2026 close.
In FY26, United Spirits' return on equity (ROE) was 21.6% and its return on capital employed (ROCE) was 22.0%. ROE is net profit divided by average shareholders' equity (the start and end of the year); ROCE is operating profit (EBIT) divided by average capital employed (total assets less current liabilities). In FY25, ROE was 20.8% and ROCE 24.7%.
United Spirits' market capitalisation was ₹93,489 crore at the 29 October 2026 close: 72.5 crore shares at ₹1,289.50 each.
United Spirits' basic earnings per share (EPS) were ₹25.89 in FY26, against ₹22.28 in FY25. Over the last four quarters (Q3 FY26 to Q2 FY27) they add up to ₹26.02.
In 2026, United Spirits has declared two dividends totalling ₹17 a share: ₹6 (interim) with record date 27 January 2026 and ₹11 with record date 8 July 2026.
United Spirits' book value per share was ₹124.99 on 30 September 2026: shareholders' equity of ₹9,062 crore divided by the 72.5 crore shares in issue, up 7.8% from ₹115.97 a year earlier. The share price at the 29 October 2026 close was ₹1,289.50.
United Spirits' latest results are for Q2 FY27 (July–September 2026), filed on 28 October 2026: consolidated net profit ₹428 crore, down 7.8% from ₹464 crore in Q2 FY26; revenue from operations ₹7,014 crore, down 2.6% year on year.
In FY26 (April 2025–March 2026), United Spirits' consolidated net profit was ₹1,838 crore, up 16.2% from ₹1,582 crore in FY25, on revenue from operations of ₹27,816 crore (up 2.0%). Over three years, from FY23, net profit was up 61.8%.
United Spirits' dividend yield is 1.32% at the 29 October 2026 close: dividends of ₹17 a share that went ex-dividend in the 12 months before that day, divided by the share price of ₹1,289.50. They were ₹11 on 8 July 2026 and ₹6 on 27 January 2026 (interim).
In FY26, United Spirits generated ₹1,459 crore of cash from operations and spent ₹181 crore on capital expenditure (property, plant, equipment and intangibles), leaving free cash flow of ₹1,278 crore. In FY25 it was ₹1,785 crore.
United Spirits has reported Q2 FY27. Its next results, for Q3 FY27 (October–December 2026), are due by 14 February 2027 under SEBI's 45-day rule; the company notifies the board-meeting date at least two working days before.
Promoters held 56.67% of United Spirits on 30 September 2026, unchanged from both the previous quarter and a year earlier, according to the shareholding pattern filed with NSE.
On 30 September 2026, United Spirits' shares were held by promoters 56.67%, foreign portfolio investors (FII/FPI) 12.85%, domestic institutions (DII) 17.65% (including mutual funds at 14.83%) and retail and other non-institutional investors 12.82%. Over the year, FII holding was down 1.53 percentage points from 14.38% and DII holding was up 2.75 percentage points from 14.90%.
In FY26, United Spirits earned net profit of ₹1,838 crore on revenue of ₹27,816 crore, against ₹604 crore on ₹20,976 crore for Radico Khaitan. United Spirits' operating margin was 7.2% (Radico Khaitan 4.1%) and its return on equity 21.6% (Radico Khaitan 19.9%). At the 29 October 2026 close, United Spirits' market capitalisation was ₹93,489 crore against ₹56,742 crore for Radico Khaitan, and its PE ratio on FY26 profit 50.9 against 93.9.
On FY26 consolidated figures, against Radico Khaitan, United Breweries and Tilaknagar Industries: United Spirits' operating margin of 7.2% is the highest of the four (Radico Khaitan 4.1%, United Breweries 3.1%, Tilaknagar Industries 6.5%; peer average 4.6%); its return on equity of 21.6% is the highest of the four (Radico Khaitan 19.9%, United Breweries 9.3%, Tilaknagar Industries 1.1%; peer average 10.1%); its revenue growth over three years of 0.0% a year is the lowest of the four (Radico Khaitan 18.1% a year, United Breweries 1.6% a year, Tilaknagar Industries 28.6% a year; peer average 16.1% a year).
From United Spirits' own consolidated results, balance sheets and shareholding patterns filed with NSE, and NSE prices (the latest used here: the 29 October 2026 close). Ratios are calculated by Alphave from those filings as each answer describes.
Consolidated figures from the company's filings with NSE; prices are NSE closing prices.