United Spirits Limited (UNITDSPR)
Large CapFMCG stocks · Large cap · NSE
United Spirits Limited is a leading Indian alcoholic beverage company, focusing on spirits. The company's strategy revolves around consumer segmentation (Volume, Value, Premiumization, Luxury), brand innovation, and strengthening cultural relevance to drive market penetration and aspiration across India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100Rev -10% YoY · margin compression · PAT +11% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,708 Cr | -10.4% | -11.3% |
| EBITDA | ₹429 Cr | -32.8% | -27.7% |
| Operating margin | 16.0% | -500 bps | -300 bps |
| PAT | ₹463 Cr | +11.0% | -14.1% |
| PAT margin | 17.1% | +330 bps | -55 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Investor presentation outlines strategic focus on premiumization, consumer segmentation, and brand innovation across its portfolio, without disclosing specific financial results for a reporting period.
The presentation provides a strategic overview of the company's market approach and brand initiatives, focusing on premiumization and consumer segmentation. It lacks specific financial or operational performance data for a given period, preventing a direct assessment of current results against an investment thesis.
Premiumization & Luxury Portfolio
Building aspiration with Black Dog among Scotch loyalists and leveraging the Johnnie Walker portfolio, with India being the No. 3 market globally for JW.
Consumer Segmentation Strategy
Utilizing 'India 1, India 2, India 3' framework to address Volume, Value, and Premiumization/Luxury segments with tailored propositions.
Product Innovation & Formats
Introducing new liquids, bottles, attitudes, and formats, including pocket packs for wider penetration and new flavors for Smirnoff.
Cultural Relevance & Experientials
Strengthening local culture relevance through authentic Indian flavors and aspirational concepts, and building luxury desire through on-trade and high-impact international acts.
Premiumization Trend in India
Company's strategy is aligned with consumer 'Upgradation' and 'Experientials, Luxury' trends, indicating a favorable market shift towards higher-value products.
Strong Brand Equity
Distinctive brand equity is driving penetration, and brands like Black & White are achieving market leadership positions.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document is a general investor presentation outlining strategy, not a financial results report. Therefore, no specific period results are available for comparison. For consumer businesses, YoY comparison is typically preferred to account for seasonality.
Premiumization Strategy
Company employs 'India 3' strategy focused on 'Experientials, Luxury' and 'Upgradation' to drive value.
Market Share - Scotch
Black & White is now the No.1 Scotch in India, indicating strong performance in a key segment.
Distribution Expansion
Driving penetration with pocket pack culture play and Royal Challenge pocket packs.
Brand Innovation
Focus on 'New Liquid, New Bottle, New Attitude, New Format' across brands like Johnnie Walker Blonde, Godawan, Smirnoff Flavours.
Strategic Focus on Value Creation
Management emphasizes unlocking occasions, consumer upgradation, and offering experientials and luxury propositions.
Innovation as a Core Driver
Committed to 'New Liquid, New Bottle, New Attitude, New Format' to keep brands relevant and drive growth.
Leveraging Cultural Relevance
Management aims to strengthen local culture relevance through authentic Indian flavors and integrate with modern culture via esports.
Building Aspiration
Focus on building aspiration with brands like Black Dog and creating luxury desire through on-trade channels for the Johnnie Walker portfolio.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Premiumization Growth | Strategic focus on 'India 3' segment (Experientials, Luxury) and brand upgradation. | Volume and value growth in premium and luxury segments, and successful new product launches in these categories. |
| Scotch Market Share | Black & White is reported as the No.1 Scotch in India. | Maintenance or further growth of market share in the Scotch segment, and performance of other premium Scotch brands like Black Dog. |
| Distribution Reach | Driving penetration with pocket pack culture play. | Expansion of distribution channels, particularly in rural/semi-urban areas, and success of new formats like pocket packs. |
| Brand Innovation Success | Ongoing introduction of new liquids, bottles, attitudes, and formats. | Consumer acceptance and sales performance of new product innovations and refreshed packaging across the portfolio. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +4.4% / mo · MACD −
Technical chart
UNITDSPRdaily · 1Y · AUTO+11.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 43. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~4.2% over last month) — short-term momentum positive.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 6% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 7.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.8%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 45 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 45 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Quality contributes 13/20 to the score.
Main drags
- Fair-value margin of safety is negative at -26.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 95th percentile within FMCG. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 56.7%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · FMCG: 95th pctile, median 78 · Large: 97th pctile, median 73
47 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 56.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
- ▸11 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 57.80
- P/B
- 11.97
- EV/EBITDA
- 41.52
- Market Cap
- 107044.00Cr
Profitability
- ROE
- 21.40%
- ROCE
- 26.40%
- ROA
- 13.04%
- Dividend Y
- 1.16%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 35.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 16.51×
- Altman Z
- 8.47
- Book Value
- 123.00
Cash Flow
- FCF Yield
- 0.32%
- FCF Positive Y
- 11/5
- OCF
- 1459.00 Cr
- EPS TTM
- 25.91
Shareholding
- Promoter Hold
- 56.68%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 72%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in FMCG, ranked by similarity
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.