Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Oct
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result23 Jul, 01:08 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
30BearishSMA20 -5.8% / mo · MACD + · sector -4.5pp vs Nifty 500 (3M)
Stock trend: 39
Sector RS: 18
Sector 3M: -10.2% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
UNITDSPRD candles · FIT view-2.0%Latest close ₹1364.00 on 2026-10-19
Bar
-0.6%
RSI
44
MACD hist
5.30
52W pos
43%
2026-10-19O ₹1372.00H ₹1384.30L ₹1360.00C ₹1364.00Vol 3.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
UNITDSPRNifty FMCGNifty 500
- UNITDSPR
- -2.2%
- Nifty 500
- -5.6%
- Nifty FMCG
- -10.5%
- Vs Nifty 500
- +3.3 pp
Chart stats
19 Oct 2026- From 52W high
- -12.8%
- 52W range position
- 43%
- ATR (14)
- 2.3%
- Volume vs 20D
- 0.28x
- Avg traded value
- ₹153 Cr
- 20D price channel
- ₹1,308.1 - ₹1,442
₹1,563.4
₹1,210.8 - ₹1,563.4
₹31.2
Latest completed session
20-session average
28.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST45
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -10.4% · PAT +11.0% YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model-17.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence86
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -10% YoY · margin compression · PAT +11% YoY · operating leverage
Filed 22 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 54.20
- P/B
- 11.22
- EV/EBITDA
- 38.94
- Market Cap
- 100374.00Cr
Profitability
- ROE
- 21.40%
- ROCE
- 26.40%
- ROA
- 13.04%
- Dividend Y
- 1.23%
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
- 0.34%
- FCF Positive Y
- 11/5
- OCF
- 1459.00 Cr
- EPS TTM
- 25.91
Shareholding
- Promoter Hold
- 56.68%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 46%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 12.5k+3.3% vs prev
Net Profit
₹ CrLatest: 1,838+16.2% vs prev
Return on Equity
%Latest: 20.5+5.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 44. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.1% over last month) — short-term momentum negative.
- RSI(14) at 44 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 13% off 52W high · 13% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
65
RS percentile
Stage 1 Base / Transition
1M return
-0.5%
3M return
-2.2%
6M return
-2.1%
1Y return
+0.9%
RS 1D
-2
RS 20D
+12
Sector rank
#15
Industry rank
#6
Stage evidence
- Price is within 0.3% of the 30-week proxy.
- The 30-week proxy changed +0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 108.34-0.13%
RS vs Nifty 500108
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth12/25
Quality13/20
Balance Sheet11/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
45
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
45/100 · legacy band WATCHLIST
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 -17.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
54.2
PB
11.2
EV/EBITDA
38.9
ROE
21.4%
ROCE
26.4%
FCF Yield
0.3%
Debt/Equity
0.1
MoS
-17.0%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
45
Previous: 45
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-17.0%
Previous: -17.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
45
45
45
45
45
45
45
45
45
45
45
45
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹267.78
-409.4% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹1,165.95
-17.0% MoS
PEG
1.79
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ABDL
Large
Allied Blenders and Distillers Limited
Beverages
match 82
45
93.2
14.3%
-108%
WATCHLIST
UBL
Large
United Breweries Limited
Beverages
match 82
31
92.0
7.7%
-79%
OVERVALUED
RADICO
Mid
Radico Khaitan Limited
Beverages
match 80
48
84.3
20.3%
-88%
FAIR VALUE
ASALCBR
Small
Associated Alcohols & Breweries Ltd.
Beverages
match 60
45
14.4
14.6%
-26%
WATCHLIST
GMBREW
Small
GM Breweries Limited
Beverages
match 60
49
15.7
12.5%
+69%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-14T06:08:20.193Z
Management commentary snapshot
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.
Growth engines
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.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
86Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 93rd percentile within FMCG. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
48 docs text-extracted · 6 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
99th percentile
overall median 67 · FMCG: 93rd pctile, median 79 · Large: 96th pctile, median 73
Evidence depth
Financial-only
48 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
95
strong · quarterly consistency
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.
Continue researching United Spirits Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Sep - United Spirits will attend JPMorgan India Conference and Anand Rathi G-200 Summit on 21-22 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 31 Aug - United Spirits to attend 22nd UBS India Summit 2026 on 10-11 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Aug - United Spirits to attend Ashwamedh–Elara India Dialogue 2026 on 31 Aug-3 Sep 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 23h - United Spirits to invest INR 2.69 crore in Nuvola Spirits, acquiring 10.08% stake by 21 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Acquisition 23h - United Spirits to invest INR 2.69 crore in Nuvola Spirits for 10.08% stake by 21 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Aug - Newspaper Advertisement - SEBI Special Window
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Aug - Schedule of Analysts/ Institutional Investors meeting - Conference
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Jul - Intimation of Investors call pursuant to Regulation 30(6) read with Part A of Schedule III of the SEBI Listing Regulations.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul - Newspaper publication - Notice of 27th Annual General Meeting and e-voting
Source: Bse
Annual report
Notice Of 27Th Annual General Meeting (AGM) And Integrated Annual Report Of The Company For FY2025-26. 10 Jul
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 10 Jul
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.