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United Spirits
United Spirits (UNITDSPR) investor relations material
United Spirits Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary21 Jan, 2026
Executive summary
Achieved resilient growth in both top and bottom line for Q3 FY26, with consolidated revenue at ₹7,942 crore and profit before tax at ₹541 crore, despite headwinds in Maharashtra due to MML introduction and competitive pricing pressures.
Strong performance in luxury and premium segments, with notable growth in primary scotches, Smirnoff (flavor innovation), and Signature trademark.
Rest of India (excluding Maharashtra) delivered healthy growth, with P&A volume up 6% and NSV up 14% year-over-year.
Green shoots in consumer demand attributed to GST cuts, income tax rationalization, and favorable monsoons.
Interim dividend of ₹6 per equity share (300% of face value) approved for FY26.
Financial highlights
Nine-month overall volume and NSV growth at 4% and 9%, respectively; P&A segment at 4.5% and 9.8%.
Excluding Maharashtra and Andhra Pradesh pipeline effects, nine-month P&A volume and NSV growth at 7.1% and 12.3%.
EBITDA for the beverage alcohol segment in Q3 FY26 was ₹614 crore, up from ₹583 crore in Q3 FY25; nine-month EBITDA was ₹1,693 crore, up from ₹1,552 crore year-over-year.
Earnings per share (consolidated, basic and diluted) for Q3 FY26 was ₹5.88, compared to ₹4.72 in Q3 FY25; nine-month EPS was ₹18.29, up from ₹16.35 year-over-year.
Marketing reinvestment rate at 14% of net sales for the quarter, normalizing to 10.6% for nine months.
Outlook and guidance
Double-digit P&A top-line growth guidance reaffirmed, excluding potential upside from the India-U.K. FTA.
Price mix expected to remain at the higher end of the 6-8% range while Maharashtra headwinds persist.
Cautiously optimistic for the upcoming wedding season and next quarters, with continued focus on commercial execution and agility.
Anticipated FTA benefits on bulk Scotch to materialize in July-September quarter, with annualized impact estimated at INR 110-120 crore.
Management continues to monitor regulatory changes, including the new Labour Codes, and will adjust accounting as needed.
Financial impact of the new 2025 Labour Codes
Status of the 365 crore institutional claim
Status of inquiries into the RCSPL stampede
How is MML consumer acceptance evolving?
Outlook for top-end portfolio growth drivers?
How will FTA impact bulk scotch strategy?
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Next United Spirits earnings date
Q4 202614 May, 2026
United Spirits
Next United Spirits earnings date
Q4 202614 May, 2026
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Frequently asked questions
United Spirits Limited is a leading spirits and wine company of India, offering a wide range of alcoholic beverages across all price segments, serving 25 Indian States and exporting to more than 15 countries. The Company manufactures, purchases, sells and distributes whiskey brands like Bagpiper, Antiquity, Signature XO, Antiquity 2 and Royal Challenge in addition to the Company's own brands namely McDowell's No. 1 Celebration and Signature Select. United Spirits Limited is based in Bengaluru, India.
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