# United Spirits (UNITDSPR) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/unitdspr

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,418
- Change: +1.69%
- As of: 2026-11-06
- 1D return: +1.69%
- 5D return: +6.32%
- 1M return: +7.57%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

UNITDSPR closed at ₹1418.0 on 2026-11-06, marking a +1.7% daily gain and positioning the stock near its 20-day range high (+93.3%). The daily technical structure is bullish, with price trading above all key moving averages (20/50/200 SMA, 20/50 EMA) and the Supertrend indicator. ADX stands at 25.07, indicating an established trend, while Plus DI (30.94) significantly exceeds Minus DI (20.99), suggesting active buying pressure. However, this daily strength contrasts with a weekly setup where price remains below the 20-period SMA and Supertrend, and monthly momentum appears weak (ADX 14.17). Recent anomalies include a moderate upward volume-price move on 2026-11-06 and a sharp +5.1% price jump on 2026-10-29. Immediate resistance lies at ₹1419.83 (0.13% above), followed by ₹1438.38 (1.44% above). Support is anchored at ₹1407.17 (pivot, -0.76%) and ₹1404.30 (-0.97%). With annualized volatility at +25.3% and current drawdown at -16.0%, traders should monitor whether the stock can sustainably break above the immediate ₹1419.83 resistance to confirm continuation of the daily uptrend against the broader weekly headwinds.

- Trend Structure: Daily trend is established and bullish (ADX 25.07, price above all MAs and Supertrend), contrasting with weekly weakness (price below 20 SMA and Supertrend) and monthly stagnation (weak ADX 14.17).
- Price Positioning: Stock is near its 20-day range peak (+93.3%) at ₹1418.0; immediate resistance is tight at ₹1419.83 (+0.13%), with next levels at ₹1438.38 (+1.44%) and ₹1445.17 (+1.92%).
- Momentum & Participation: Recent activity shows strong short-term gains (+13.3% in 10 days, +1.7% today) supported by a moderate volume-price anomaly on 2026-11-06; Plus DI (30.94) leads Minus DI (20.99) on the daily chart.
- Risk Levels: Key support rests at ₹1407.17 (-0.76%) and ₹1404.30 (-0.97%); downside risk is elevated with annualized volatility of +25.3% and a current drawdown of -16.0%.

- Doji
- Bearish Engulfing Reversal
- Bullish Engulfing Reversal
- Morning Star

### News Context

In the seven-day window leading to November 6, 2026, United Spirits (UNITDSPR) faced mixed signals regarding its market positioning and analyst outlook. On November 4, industry reporting highlighted a divergence in India’s liquor sector, where premium spirits drive growth while budget segments face pressure. United Spirits was cited as an example of this trend, with September quarter earnings showing a sharp decline in lower-priced spirit sales despite buoyant performance in the prestige segment.

On November 2, Nomura retained a 'Buy' rating on United Spirits and raised its target price to ₹1,700. The broker attributed this upgrade to an expected recovery in Promotion & Advertising (P&A) growth in the second half of the year. This analyst view contrasts with the reported operational reality of declining volume in the budget tier, suggesting that the firm's valuation model anticipates margin or efficiency improvements through reduced P&A spend rather than volume expansion in the lower end.

- Nomura raised its target price for United Spirits to ₹1,700 on November 2, citing expected recovery in P&A growth in H2.
- September quarter results showed a sharp decline in lower-priced spirit sales, aligning with broader industry trends favoring premium over budget segments.
- Buoyant prestige segment performance offset the decline in budget sales during the reported period.

- [India raises a toast to premium pours, snubs budget liquor | Company Business News](https://www.livemint.com/companies/news/premium-liquor-radico-khaitan-united-breweries-allied-tilaknagar-earnings-11793691334064.html)
- [United Spirits: Nomura retains 'Buy', raises target price to Rs 1,700 as P&A growth set to recover in 2H](https://www.moneycontrol.com/news/business/stocks/united-spirits-nomura-retains-buy-raises-target-price-to-rs-1-700-as-p-a-growth-set-to-recover-in-2h-14066262.html)

### What Changed

As of 6 November 2026, United Spirits (UNITDSPR) is trading at ₹1,418.0 on the NSE, reflecting an increase from the previous recorded price of ₹1,394.5. This price movement represents a material change in the stock's valuation snapshot compared to prior context. No new corporate filings or news developments were reported during this period. The absence of additional trend indicators or fundamental updates suggests that the current market pricing is driven by existing conditions rather than fresh external catalysts.

- UNITDSPR closed at ₹1,418.0 on 6 November 2026, up from ₹1,394.5 in the prior snapshot.
- No new regulatory filings or news events were reported for the company as of the observation date.
- The price appreciation occurred without accompanying changes in reported daily or weekly technical trends.

### Official Filings

United Spirits Limited (UNITDSPR) disclosed two regulatory actions in late October and early November 2026, both of which the company states have no material impact on its operations or finances. On 30 October 2026, the Directorate of Revenue Intelligence (DRI) issued seizure memos under Section 110 of the Customs Act, 1962, covering goods valued at approximately ₹6.45 crore. The company attributes this to an industry-wide customs tariff classification issue regarding preferential treatment under the India–United Kingdom Free Trade Agreement and is seeking provisional release. Separately, a search was conducted by the Commissioner of State Tax, Maharashtra, under GST and VAT laws between 19 October and 29 October 2026; the company reported full cooperation and no resulting penalties or operational disruption. Additionally, the company released the transcript of its Q2 FY27 earnings call held on 29 October 2026 and announced participation in four investor conferences in November 2026, confirming that no unpublished price-sensitive information will be shared.

- Customs Seizure: DRI seized goods worth ~₹6.45 crore on 30 Oct 2026 and 4 Nov 2026 due to tariff classification disputes under the UK-India FTA; company reports no material business impact.
- Tax Search: Maharashtra State Tax authorities conducted a search from 19 Oct to 29 Oct 2026 under GST/VAT acts; company furnished all documents and asserts no financial or operational impact.
- Investor Engagement: Company filed the Q2 FY27 earnings call transcript (held 29 Oct 2026) and scheduled meetings with Ashika Institutional Equities, CITIC CLSA, JM Financial, and Avendus in Nov 2026.

- [United Spirits Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MCDOWELL_05112026112516_SE_Transcript_Q2FY27_Sd.pdf)
- [United Spirits Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1989_WebXMLFile_20261105_113502331.xml)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed |SUBJECT: Action(s) initiated or orders passed](https://nsearchives.nseindia.com/corporate/MCDOWELL_05112026165440_SEDisclosure_05112026_Sd.pdf)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed (sub-para 19) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1989_WebXMLFile_20261105_170215771.xml)
- [United Spirits Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MCDOWELL_02112026162453_SE_Investorconference_Nov2026_sd.pdf)
- [United Spirits Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1989_WebXMLFile_20261102_162839910.xml)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed |SUBJECT: Action(s) initiated or orders passed](https://nsearchives.nseindia.com/corporate/MCDOWELL_30102026185952_SEDisclosure_30102026_SD.pdf)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed (sub-para 19) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1989_WebXMLFile_20261030_191806669.xml)
- [United Spirits Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MCDOWELL_29102026164618_Newspaper_adv_sept_26_Sd.pdf)
- [United Spirits Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MCDOWELL_29102026203928_SEInvestorcallrecordingSept2026_Sd.pdf)

### Fundamentals

United Spirits (UNITDSPR) delivered a strong sequential earnings improvement in Q2 FY2026-27, with Profit Before Tax rising to ₹619 crore from ₹319 crore in Q1. This growth was driven by higher Revenue From Operations of ₹7,014 crore and disciplined cost management, as Finance Costs decreased to ₹24 crore. Basic EPS increased significantly to ₹6.48 per share, reflecting robust operating leverage. On an annual basis, the company maintained healthy profitability metrics, with Return on Equity at 21% and ROCE stable at 26%. However, balance-sheet efficiency has deteriorated; the Cash Conversion Cycle widened to 129 days in Mar 2026, primarily due to rising Inventory Days (216 days) and Debtor Days (106 days). While total assets grew to ₹14,625 crore and cash reserves strengthened to ₹1,178 crore, the working capital cycle remains under pressure. Shareholding patterns show increasing institutional interest, with DIIs raising their stake to 17.65%, while FIIs reduced theirs to 12.85%.

- Q2 FY2026-27 Profit Before Tax surged to ₹619 crore (up from ₹319 crore in Q1), with Basic EPS reaching ₹6.48 per share.
- Revenue From Operations grew sequentially to ₹7,014 crore in Q2, supported by lower finance costs of ₹24 crore.
- Cash Conversion Cycle worsened to 129 days in Mar 2026, driven by Inventory Days rising to 216 days and Debtor Days to 106 days.
- DIIs increased their holding to 17.65% in Sep 2026, while FIIs reduced theirs to 12.85%; Promoters remained steady at 56.68%.

### Bull Case

United Spirits presents a conditional upside case anchored by analyst expectations of operational recovery and specific technical support structures. Nomura retains a 'Buy' rating with a raised target price of ₹1,700, citing an expected recovery in Profit & Advertising (P&A) growth in the second half of the year. This forward-looking view is supported by recent earnings data showing buoyant performance in the prestige segment, which contrasts with pressure in budget categories. From a technical perspective, the daily trend remains bullish as of November 6, 2026, with the Supertrend direction signaling upward momentum and the Plus DI (30.94) exceeding the Minus DI (20.99). The stock closed at ₹1,418.00, holding above immediate support levels at ₹1,407.17 and ₹1,404.30. While the weekly trend shows bearish signals and the stock has experienced a maximum drawdown of -27.8%, the alignment of daily technical strength with anticipated P&A normalization provides a basis for constructive monitoring.

- Nomura maintains a 'Buy' rating with a target price of ₹1,700, driven by expected P&A growth recovery in H2.
- Daily technicals are bullish (Supertrend: bullish; Plus DI 30.94  Minus DI 20.99) with the stock closing at ₹1,418.00.
- Immediate technical support exists at ₹1,407.17 (pivot) and ₹1,404.30 (low), providing a floor for near-term volatility.
- Prestige segment sales remain buoyant despite declines in lower-priced spirits, supporting premiumization narratives.

- [India raises a toast to premium pours, snubs budget liquor | Company Business News](https://www.livemint.com/companies/news/premium-liquor-radico-khaitan-united-breweries-allied-tilaknagar-earnings-11793691334064.html)
- [United Spirits: Nomura retains 'Buy', raises target price to Rs 1,700 as P&A growth set to recover in 2H](https://www.moneycontrol.com/news/business/stocks/united-spirits-nomura-retains-buy-raises-target-price-to-rs-1-700-as-p-a-growth-set-to-recover-in-2h-14066262.html)
- [United Spirits Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MCDOWELL_05112026112516_SE_Transcript_Q2FY27_Sd.pdf)
- [United Spirits Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1989_WebXMLFile_20261105_113502331.xml)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed |SUBJECT: Action(s) initiated or orders passed](https://nsearchives.nseindia.com/corporate/MCDOWELL_05112026165440_SEDisclosure_05112026_Sd.pdf)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed (sub-para 19) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1989_WebXMLFile_20261105_170215771.xml)
- [United Spirits Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MCDOWELL_02112026162453_SE_Investorconference_Nov2026_sd.pdf)
- [United Spirits Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1989_WebXMLFile_20261102_162839910.xml)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed |SUBJECT: Action(s) initiated or orders passed](https://nsearchives.nseindia.com/corporate/MCDOWELL_30102026185952_SEDisclosure_30102026_SD.pdf)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed (sub-para 19) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1989_WebXMLFile_20261030_191806669.xml)

### Bear Case

United Spirits faces a bifurcated market environment where growth in the premium segment is offset by weakness in budget spirits. During the September quarter, the company reported a sharp decline in lower-priced spirit sales, contrasting with buoyant performance in the prestige segment. This divergence highlights operational constraints in maintaining volume across all consumer tiers. Technically, the stock exhibits elevated volatility and significant recent drawdowns. As of November 6, 2026, the share price closed at ₹1,418.0, reflecting a current drawdown of -16.0% from its peak, with a maximum historical drawdown of -27.8%. The weekly trend indicator has turned bearish, while annualized volatility stands at +25.3%, suggesting heightened risk for investors. Although the daily trend remains bullish, the proximity to immediate resistance levels, such as ₹1,419.83 (0.13% above), indicates limited upside momentum in the short term.

- Segment Divergence: Sharp decline in lower-priced spirit sales during the September quarter contrasts with strong prestige segment performance, indicating mixed demand signals.
- Technical Drawdown: Current price of ₹1,418.0 reflects a -16.0% drawdown, with a maximum drawdown of -27.8% and high annualized volatility of +25.3%.
- Weekly Trend Shift: Weekly technical indicators have turned bearish, signaling potential near-term pressure despite daily bullish signals.
- Resistance Proximity: Immediate resistance at ₹1,419.83 (0.13% above current price) limits immediate upside potential.

- [India raises a toast to premium pours, snubs budget liquor | Company Business News](https://www.livemint.com/companies/news/premium-liquor-radico-khaitan-united-breweries-allied-tilaknagar-earnings-11793691334064.html)
- [United Spirits: Nomura retains 'Buy', raises target price to Rs 1,700 as P&A growth set to recover in 2H](https://www.moneycontrol.com/news/business/stocks/united-spirits-nomura-retains-buy-raises-target-price-to-rs-1-700-as-p-a-growth-set-to-recover-in-2h-14066262.html)
- [United Spirits Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MCDOWELL_05112026112516_SE_Transcript_Q2FY27_Sd.pdf)
- [United Spirits Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1989_WebXMLFile_20261105_113502331.xml)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed |SUBJECT: Action(s) initiated or orders passed](https://nsearchives.nseindia.com/corporate/MCDOWELL_05112026165440_SEDisclosure_05112026_Sd.pdf)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed (sub-para 19) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1989_WebXMLFile_20261105_170215771.xml)
- [United Spirits Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MCDOWELL_02112026162453_SE_Investorconference_Nov2026_sd.pdf)
- [United Spirits Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1989_WebXMLFile_20261102_162839910.xml)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed |SUBJECT: Action(s) initiated or orders passed](https://nsearchives.nseindia.com/corporate/MCDOWELL_30102026185952_SEDisclosure_30102026_SD.pdf)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed (sub-para 19) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1989_WebXMLFile_20261030_191806669.xml)

### FAQs

**What is the current market valuation and recent price performance of United Spirits?**

As of 6 November 2026, United Spirits has a market capitalization of approximately ₹1,01,429 crore. The stock closed at ₹1,418.00, up +1.7% from the previous close. Year-to-date returns stand at +1.0%, while the one-year return is +0.1%. The stock is currently trading near its nearest resistance level of ₹1,419.83.

**How are premium spirits performing compared to budget segments in the latest quarter?**

In the September quarter ended 30 September 2026, United Spirits reported buoyant performance in the prestige segment but a sharp decline in lower-priced spirit sales. This divergence reflects a broader industry trend where premium spirits and beer drive growth, while budget segments face pressure.

**What regulatory action has impacted United Spirits recently, and what is the financial exposure?**

The Directorate of Revenue Intelligence issued seizure memos under Section 110 of the Customs Act, 1962, covering goods valued at approximately ₹6.45 crore. The seizures relate to customs tariff classification and preferential tariff treatment under the India–UK Free Trade Agreement. The company reports no material business impact or disruption as of 5 November 2026.

**What technical indicators suggest about the stock's short-term trend?**

On the daily timeframe, the Supertrend direction is bullish with an ADX of 25.07, indicating moderate trend strength. However, the weekly Supertrend remains bearish. The stock has experienced a maximum drawdown of -27.8% historically, with a current drawdown of -16.0% as of 6 November 2026.

- [India raises a toast to premium pours, snubs budget liquor | Company Business News](https://www.livemint.com/companies/news/premium-liquor-radico-khaitan-united-breweries-allied-tilaknagar-earnings-11793691334064.html)
- [United Spirits: Nomura retains 'Buy', raises target price to Rs 1,700 as P&A growth set to recover in 2H](https://www.moneycontrol.com/news/business/stocks/united-spirits-nomura-retains-buy-raises-target-price-to-rs-1-700-as-p-a-growth-set-to-recover-in-2h-14066262.html)
- [United Spirits Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MCDOWELL_05112026112516_SE_Transcript_Q2FY27_Sd.pdf)
- [United Spirits Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1989_WebXMLFile_20261105_113502331.xml)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed |SUBJECT: Action(s) initiated or orders passed](https://nsearchives.nseindia.com/corporate/MCDOWELL_05112026165440_SEDisclosure_05112026_Sd.pdf)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed (sub-para 19) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1989_WebXMLFile_20261105_170215771.xml)
- [United Spirits Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MCDOWELL_02112026162453_SE_Investorconference_Nov2026_sd.pdf)
- [United Spirits Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1989_WebXMLFile_20261102_162839910.xml)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed |SUBJECT: Action(s) initiated or orders passed](https://nsearchives.nseindia.com/corporate/MCDOWELL_30102026185952_SEDisclosure_30102026_SD.pdf)
- [United Spirits Limited has informed the Exchange about Action(s) initiated or orders passed (sub-para 19) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1989_WebXMLFile_20261030_191806669.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹1,407.17
- Risk regime: Price Risk Requires Attention

### Support levels
- 1404.3041015625
- 1363.6797363281248
- 1340.04375

### Resistance levels
- 1438.375390625
- 1466.85
- 1504.375

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +1.69% |
| return_10 | +13.26% |
| return_1m | +4.42% |
| return_1y | +0.11% |
| return_20 | +7.57% |
| return_3m | -7.02% |
| return_5 | +6.32% |
| return_6m | +9.90% |
| return_since_start | -14.56% |
| return_ytd | +0.98% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -27.82% |
| annualized_volatility | +25.31% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# United Spirits Limited FY2026-27 Q2: Revenue rises 14.6% sequentially

United Spirits reported consolidated revenue from operations of ₹7,014 crore for the quarter ended 30 September 2026, up 14.6% from Q1 FY2026-27 but down 2.6% year on year. Profit before exceptional items and tax rose 52% sequentially to ₹608 crore, while profit for the period fell to ₹428 crore from ₹462.5 crore in Q1, as discontinued operations swung to a loss.

## Revenue and expenses

Revenue from operations increased by ₹892 crore from Q1 FY2026-27. Total expenses rose 11.7% to ₹6,471 crore, slower than revenue, and profit before exceptional items and tax increased to ₹608 crore from ₹400 crore. Cost of materials consumed was ₹1,732 crore, purchases of stock in trade were ₹290 crore, employee benefit expense was ₹153 crore, and changes in inventories reduced expenses by ₹326 crore.

Year on year, revenue from operations declined 2.6% from ₹7,199 crore, while expenses fell 2.3% from ₹6,625 crore. Profit before exceptional items and tax decreased 7.2% from ₹655 crore.

## Profit, tax and discontinued operations

Profit before tax rose to ₹619 crore in Q2 FY2026-27 from ₹319 crore in Q1. Q2 included an exceptional gain of ₹11 crore, compared with an exceptional charge of ₹81 crore in Q1. Finance costs declined 20% sequentially to ₹24 crore.

Tax expense was ₹158 crore, against ₹82 crore in Q1, leaving profit from continuing operations of ₹461 crore, up from ₹237 crore. Discontinued operations recorded a post-tax loss of ₹32 crore, compared with a profit of ₹226 crore in Q1. Total profit for the period consequently fell to ₹428 crore from ₹462.5 crore. Basic earnings per share were ₹6.03, versus ₹6.52 in Q1; earnings per share from continuing operations rose to ₹6.48 from ₹3.34, while discontinued operations contributed a loss of ₹0.45 per share.

## Balance sheet

At 30 September 2026, cash and cash equivalents stood at ₹1,178 crore and bank balances other than cash and cash equivalents at ₹1,662 crore, compared with ₹859 crore and ₹1,118 crore, respectively, at 31 March 2026. Inventories were ₹2,688 crore, slightly above ₹2,668 crore at 31 March, while current trade receivables increased to ₹3,752 crore from ₹3,609 crore. Current investments declined to ₹908 crore from ₹1,157 crore over the same period.

## Key Takeaway

Q2 brought a strong sequential recovery in pre-exceptional profit before tax alongside higher revenue, but both revenue and pre-exceptional profit remained below year-earlier levels. The reversal in discontinued operations more than offset stronger continuing-operations earnings, leaving total profit and EPS lower than in Q1.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +56.67%
- FII holding: +12.85%
- DII holding: +17.65%
- Mutual fund holding: +14.83%
- Retail holding: +4.80%
- Promoter pledged: +0.00%

### Major reported shareholders

- Diageo Relay B.V. — +55.88% (Bodies Corporate)
- HDFC Mutual Fund - Various Schemes — +4.62%
- USL Benefit Trust — +2.38% (Trusts)
- Aditya Birla Sun Life Trustee Private Limited A/c - Various Schemes — +2.10%
- Kotak Mahindra Trustee Co Ltd A/c - Various Schemes — +1.50%
- Nippon Life India Trustee Ltd - Various Schemes — +1.20%
- ICICI Prudential - Various Schemes — +1.04%
- United Breweries (Holdings) Limited — +0.76% (Bodies Corporate)
- Vittal Investments Private Limited — +0.02% (Bodies Corporate)
- Vijay Mallya — +0.01%

## Official filings

- 2026-11-05 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MCDOWELL_05112026112516_SE_Transcript_Q2FY27_Sd.pdf)
- 2026-11-05 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1989_WebXMLFile_20261105_113502331.xml)
- 2026-11-05 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MCDOWELL_05112026165440_SEDisclosure_05112026_Sd.pdf)
- 2026-11-05 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1989_WebXMLFile_20261105_170215771.xml)
- 2026-11-02 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MCDOWELL_02112026162453_SE_Investorconference_Nov2026_sd.pdf)
- 2026-11-02 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1989_WebXMLFile_20261102_162839910.xml)
- 2026-10-30 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MCDOWELL_30102026185952_SEDisclosure_30102026_SD.pdf)
- 2026-10-30 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1989_WebXMLFile_20261030_191806669.xml)
- 2026-10-29 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MCDOWELL_29102026164618_Newspaper_adv_sept_26_Sd.pdf)
- 2026-10-29 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MCDOWELL_29102026203928_SEInvestorcallrecordingSept2026_Sd.pdf)
- 2026-10-29 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1989_WebXMLFile_20261029_204308825.xml)
- 2026-10-28 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MCDOWELL_28102026174314_Results_Sept2026_Sd.pdf)
- 2026-10-28 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MCDOWELL_28102026175032_Results_Sept2026_Sd.pdf)
- 2026-10-28 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MCDOWELL_28102026175912_SEDisclosure_SMPchanges_28102026_FSD.pdf)
- 2026-10-28 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MCDOWELL_28102026180707_SE_PIT_code_Sept26_SD.pdf)
- 2026-10-28 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1989_WebXMLFile_20261028_182140216.xml)
- 2026-10-28 — Management Change: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/UNITDSPR_ROID_102195_KMP_Doc.zip)
- 2026-10-28 — Financial Results Filing: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1748218_28102026075349_WEB.xml)
- 2026-10-28 — Financial Results Filing: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1748221_28102026075420_WEB.xml)
- 2026-10-17 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MCDOWELL_17102026192537_SEDisclosure_17102026_Sd.pdf)
- 2026-10-17 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_1989_WebXMLFile_20261017_193059482.xml)
- 2026-10-16 — Shareholding Disclosure: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1740305_16102026062518_WEB.xml)
- 2026-10-14 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MCDOWELL_14102026174735_CoverLtr_Newspaper_Advt_FinalSD.pdf)
- 2026-10-12 — Board Meeting Notice: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MCDOWELL_12102026173636_SE_intimation_BM_Q2FY27_sd.pdf)
- 2026-10-12 — Generic Announcement: United Spirits Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1989_WebXMLFile_20261012_175508505.xml)

## News and market events

- 2026-11-04 — Mint: **India raises a toast to premium pours, snubs budget liquor | Company Business News** — India's liquor market is experiencing a divergence where premium spirits and beer are driving growth for companies like Radico Khaitan and United Breweries, while budget segments face pressure. This trend was evident in the September quarter earnings, with United Spirits reporting a sharp decline in lower-priced spirit sales despite buoyant prestige segment performance. — [Source](https://www.livemint.com/companies/news/premium-liquor-radico-khaitan-united-breweries-allied-tilaknagar-earnings-11793691334064.html)
- 2026-11-02 — MONEYCONTROL: **United Spirits: Nomura retains 'Buy', raises target price to Rs 1,700 as P&A growth set to recover in 2H** — Nomura has retained a 'Buy' rating on United Spirits and raised its target price to Rs 1,700, citing expected recovery in P&A growth in the second half of the year. — [Source](https://www.moneycontrol.com/news/business/stocks/united-spirits-nomura-retains-buy-raises-target-price-to-rs-1-700-as-p-a-growth-set-to-recover-in-2h-14066262.html)
- 2026-10-30 — Economic Times: **United Spirits' mass-market liquor sales slump as inflation squeezes lower-income consumers, premiumisation takes centre stage** — United Spirits reported a 22.7% decline in net sales value for its mass-market liquor segment to ₹181 crore in the September quarter, attributed to inflation impacting lower-income consumers and regulatory pressures in Maharashtra and Karnataka. The company also faced cost inflation of about ₹50 crore from the West Asia conflict and rising extra neutral alcohol prices due to El Nino-related monsoon issues. — [Source](https://economictimes.indiatimes.com/industry/cons-products/liquor/united-spirits-mass-market-liquor-sales-slump-as-inflation-squeezes-lower-income-consumers-premiumisation-takes-centre-stage/articleshow/135376136.cms)
- 2026-10-30 — CNBC-TV18: **Diageo's India unit searched as state tax officials review Scotch imports** — Maharashtra state tax officials conducted a search on United Spirits, the Indian subsidiary of Diageo, investigating allegations that the company misclassified bulk Scotch imports to benefit from lower tariffs under the India-UK trade pact. The investigation also reportedly involves liquor giant Pernod Ricard regarding similar import classification issues. — [Source](https://www.cnbctv18.com/business/diageos-india-unit-searched-as-state-tax-officials-review-scotch-imports-20023759.htm)
- 2026-10-30 — Economic Times: **Diageo's India unit searched as state tax officials review Scotch imports** — Maharashtra state tax authorities conducted a search at United Spirits, the Indian subsidiary of Diageo, investigating the misclassification of bulk Scotch imports to determine if lower tariffs under the India-UK trade pact were improperly claimed. The company reported that the search had no impact on its financial or operational activities, while separate industry-wide probes by the Directorate of Revenue Intelligence also target Diageo and Pernod Ricard for similar tariff concerns. — [Source](https://economictimes.indiatimes.com/industry/cons-products/liquor/diageos-india-unit-searched-as-state-tax-officials-review-scotch-imports/articleshow/135369062.cms)
- 2026-10-29 — MONEYCONTROL: **United Spirits shares rise 4% as gross margins above estimates in Q2; Jefferies sees up to 27% upside** — United Spirits shares rise 4% as gross margins above estimates in Q2; Jefferies sees up to 27% upside Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio Platforms Share Price Kiren Rijiju MLC Election Results Moon Rise Time Today Silver Price Nagpur MLC Election Result Amazon Layoffs US Fed Rates Varanasi MLC Polls News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price — [Source](https://www.moneycontrol.com/news/business/markets/united-spirits-shares-rise-4-as-gross-margins-above-estimates-in-q2-jefferies-sees-up-to-27-upside-14063283.html)
- 2026-10-29 — The Hindu: **United Spirits Q2 profit down 7.7% to ₹428 cr, revenue slides 2.56% at ₹7,014 cr** — Diageo-controlled liquor maker United Spirits Ltd on Wednesday reported a decline of 7.75 per cent in its consolidated net profit to Rs 428 crore for the September quarter of FY27, on a year-on-year basis. — [Source](https://www.thehindubusinessline.com/companies/united-spirits-q2-profit-down-77-to-428-cr-revenue-slides-256-at-7014-cr/article71638814.ece)
- 2026-10-29 — CNBC-TV18: **United Spirits shares in focus: What brokerages say on target prices after Q2 results** — Following the results, global investment firm Jefferies maintained its Buy rating with a target price of ₹1,560, implying around 27% upside from Wednesday’s close of ₹1,229, while CLSA retained its Hold rating with a target of ₹1,303, indicating around 6% upside. — [Source](https://www.cnbctv18.com/market/united-spirits-shares-q2-results-profit-falls-revenue-popular-segment-volumes-margin-jefferies-buy-clsa-maintains-hold-target-prices-20021984.htm)
- 2026-10-29 — Times of India: **United Spirits Q2 net falls 8% to 428cr** — BENGALURU: Diageo-controlled United Spirits reported a 7.8% decline in net profit to Rs 428 crore in the Sept quarter from Rs 464 crore a year earlier, — [Source](https://timesofindia.indiatimes.com/business/india-business/united-spirits-q2-net-falls-8-to-428cr/articleshow/135286582.cms)
- 2026-10-29 — Mint: **Indian shares set for positive start after Fed holds rates steady; elevated oil weighs** — INDIA-STOCKS:Indian shares set for positive start after Fed holds rates steady; elevated oil weighs — [Source](https://www.livemint.com/market/stock-market-news/indian-shares-set-for-positive-start-after-fed-holds-rates-steady-elevated-oil-weighs-11793240729336.html)
- 2026-10-29 — Economic Times: **Stocks in news: Jio Platforms, RIL, Hero MotoCorp, Meesho, TVS Motor, Vedanta Aluminium and Suzlon Energy** — Indian equities ended lower on Wednesday, primarily driven by selling in heavyweight stocks. Information technology and oil and gas shares experienced significant declines, falling more than 2%. The Nifty 50 index settled at 22,699, down 51 points, indicating ongoing resistance at 22,800. Several companies, including Jio Platforms and Hero MotoCorp, reported their quarterly earnings that impacted market sentiment. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-jio-platforms-ril-hero-motocorp-meesho-tvs-motor-vedanta-aluminium-and-suzlon-energy/articleshow/135273790.cms)
- 2026-10-28 — FREEPRESSJOURNAL.IN: **United Spirits Q2 Profit Falls 7.75 Per Cent To ₹428 Crore As Revenue Declines 2.56 Pc To ₹7,014 Crore** — United Spirits’ Prestige & Above segment recorded 6.3 per cent growth in net sales value, accounting for 94.1 per cent of the total. The Popular segment’s net sales value fell 22.7 per cent. First-half consolidated income edged up 0.85 per cent to Rs 13,274 crore. — [Source](https://www.freepressjournal.in/business/united-spirits-q2-profit-falls-775-per-cent-to-428-crore-as-revenue-declines-256-pc-to-7014-crore)
- 2026-10-28 — Economic Times: **United Spirits’ popular segment sales fall 22.7% as state policies squeeze margins** — United Spirits reported a 22.7% decline in its popular liquor segment sales during Q2 FY2027. The decline was attributed to increased taxes on non-local brands in Maharashtra and excise duty changes in Karnataka. While the overall net sales value rose 2.8% year-on-year, the popular segment's issues highlight regulatory pressure. The premium and luxury liquor segments continued to drive growth amid these challenges. — [Source](https://economictimes.indiatimes.com/industry/cons-products/liquor/united-spirits-popular-segment-sales-fall-22-7-as-state-policies-squeeze-margins/articleshow/135273671.cms)
- 2026-10-28 — IANSLIVE.IN: **Black Dog maker United Spirits Q2 net profit falls to Rs 462 crore** — Mumbai, Oct 28 (IANS) Black Dog and Johnnie Walker maker United Spirits Limited on Wednesday reported a decline in net profit for the second quarter of FY27, as higher costs weighed on earnings despite a rise in revenue. — [Source](https://ianslive.in/black-dog-maker-united-spirits-q2-net-profit-falls-to-rs-462-crore--20261028202323)
- 2026-10-28 — CNBC-TV18: **Stocks to Watch for October 29: Jio Platforms, JSW Energy, United Spirits, PNB Housing Fin and more** — From Meesho reporting a 23% year-on-year rise in net merchandise value (NMV) to TVS Holdings posting a 43.3% increase in net profit to ₹635 crore for the September quarter, here are the stocks to track ahead of Thursday’s trading session. — [Source](https://www.cnbctv18.com/photos/market/stocks-to-watch-for-october-29-jio-platforms-jsw-energy-united-spirits-pnb-housing-fin-and-more-20021684.htm)
- 2026-10-28 — CNBC-TV18: **United Spirits Q2 Results: Net profit falls 2%, misses estimates as Popular segment slumps** — United Spirits reported a 2.1% year-on-year decline in September-quarter net profit to ₹462 crore, missing the CNBC-TV18 poll estimate of ₹471 crore. Revenue grew 2.8% to ₹3,258 crore, while EBITDA fell 4.3% to ₹643 crore as higher advertising and promotion spending weighed on margins. The Prestige & Above segment grew 6.3%, partly offset by a 22.7% decline in the Popular segment. — [Source](https://www.cnbctv18.com/market/stocks/united-spirits-share-price-q2-results-net-profit-falls-2-misses-estimates-as-popular-segment-slumps-20021658.htm)
- 2026-10-28 — The Hindu: **Q2 Results Today Live: Adani Enterprises, Adani Ports, TVS Motor, Hyundai, Pidilite, Cholamandalam, Hero MotoCorp, Meesho, United Spirits, Vedanta, JSW Energy share to announce Q2 results, Bajaj Auto, L&T, Maruti, Cipla, ACC, Mazagon, Waaree Energies shares in focus** — Q2 Results Today, 28th October 2026 Live Updates: businessline brings to you latest Q2 annoucements, earnings updates and more. — [Source](https://www.thehindubusinessline.com/markets/q2-results-today-live-updates-adani-enterprises-adani-ports-tvs-motor-hyundai-pidilite-cholamandalam-hero-motocorp-meesho-united-spirits-vedanta-jsw-energy-results-28-october-2026/article71630853.ece)
- 2026-10-09 — Economic Times: **Diageo India enters ready-to-drink alcohol market, takes on Bacardi in nascent segment with Smirnoff Ice** — Diageo India is entering the ready-to-drink alcohol market with its Smirnoff brand and various flavors. The company aims to attract younger legal-age consumers who prefer convenient drinking options. While Bacardi has been a major player in this segment, Diageo anticipates the growth of the category as new brands emerge. Challenges such as state-level taxation and distribution issues may impact growth rates. — [Source](https://economictimes.indiatimes.com/industry/cons-products/liquor/diageo-india-enters-ready-to-drink-alcohol-market-takes-on-bacardi-in-nascent-segment-with-smirnoff-ice/articleshow/134824389.cms)
- 2026-10-08 — Mint: **Smirnoff Ice enters India as United Spirits bets on ready-to-drink market | Company Business News** — The company has introduced two variants - Smirnoff Ice and Smirnoff Ice Max - with alcohol by volume (ABV) of 4% and 8%, respectively, in flavours including Jamun, Cranberry and Citrus. To begin with, the company has started sales in Goa, Bengaluru and Mumbai. — [Source](https://www.livemint.com/companies/news/smirnoff-ice-enters-india-as-united-spirits-bets-on-ready-to-drink-market-11791460819024.html)
- 2026-09-30 — MONEYCONTROL: **Nestle, Marico, Lenskart among Nomura picks as consumer margins face pressure** — Nestle, Marico, Lenskart, consumer stocks, Nomura, FMCG — [Source](https://www.moneycontrol.com/news/business/stocks/nestle-marico-lenskart-among-nomura-picks-as-consumer-margins-face-pressure-14041661.html)
- 2026-09-29 — Mint: **Delhi High Court sets aside FSSAI order asking Red Bull to drop ‘energy drink’ label | Company Business News** — The court ruled that the food regulator failed to give the company a chance to present its stance, directing FSSAI to issue a fresh show-cause notice before taking any action. — [Source](https://www.livemint.com/companies/news/red-bull-energy-drink-fssai-order-delhi-high-court-11790667454077.html)
- 2026-09-23 — BUSINESS: **United Spirits Ltd soars 2.58%, up for third straight session** — United Spirits Ltd is quoting at Rs 1434, up 2.58% on the day as on 12:49 IST on the NSE. The stock is up 6.15% in last one year as compared to a 6.43% fall in NIFTY and a 16.57% fall in the Nifty FMCG index. — [Source](https://www.business-standard.com/markets/capital-market-news/united-spirits-ltd-soars-2-58-up-for-third-straight-session-126092300620_1.html)
- 2026-09-23 — BUSINESS: **Nifty above 23,400 level; FMCG shares advance** — At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 328.91 points or 0.44% to 74,857.99. The Nifty 50 index rose 104.55 points or 0.40% to 23,432.05. — [Source](https://www.business-standard.com/markets/capital-market-news/nifty-above-23-400-level-fmcg-shares-advance-126092300381_1.html)
- 2026-09-22 — BUSINESS: **Nifty trades below 23,400 level; FMCG share decline** — At 14:30 IST, the barometer index, the S&P BSE Sensex tanked 106.20 points or 0.14% to 74,745.21. The Nifty 50 index lost 21.35 points or 0.09% to 23,392.95. — [Source](https://www.business-standard.com/markets/capital-market-news/nifty-trades-below-23-400-level-fmcg-share-decline-126092200659_1.html)
- 2026-09-21 — MONEYCONTROL: **Marico, Tata Consumer, ITC among Nomura top picks as monsoon deficit puts rural demand at risk** — Marico, Tata Consumer, ITC, Lenkart Solutions, Titan, United Spirits, Monsoon, stocks, consumer stocks, rabi crop, kharif crop, Nomura — [Source](https://www.moneycontrol.com/news/business/stocks/marico-tata-consumer-itc-among-nomura-top-picks-as-monsoon-deficit-puts-rural-demand-at-risk-14034311.html)

## Business profile

**Strategic vision:** Manufactures, markets, and distributes alcoholic beverages in India.

### Business segments
- **Alcoholic Beverages:** The company manufactures, markets, and distributes a diverse portfolio of alcoholic beverages, including whiskies, vodkas, brandies, and rums, catering to popular, premium, and luxury consumer segments.

### Competitive strengths
- Extensive portfolio of well-known brands
- Broad distribution network across India
- Alignment with Diageo's global strategy and brand portfolio

## Related stocks

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- [Godrej Consumer Products Limited (FMCG)](https://faxioms.com/stocks/godrejcp) — -1.36%
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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/unitdspr
Markdown representation: https://faxioms.com/stocks/unitdspr?render=md