UNITDSPR
Large CapUnited Spirits Limited
Consumer
United Spirits Limited is a leading Indian spirits company, focusing on building distinctive brand equity and driving penetration across various consumer segments. The company's strategy spans from affordability to luxury, leveraging a diverse portfolio of Indian and international brands.
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 argues for patience, 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 31 Mar 2026
Good · 60/100Rev +4% YoY · PAT +28% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,054 Cr | +3.7% | -17.3% |
| EBITDA | ₹593 Cr | +16.5% | -3.4% |
| Operating margin | 19.0% | +200 bps | +200 bps |
| PAT | ₹539 Cr | +28.0% | +28.9% |
| PAT margin | 17.6% | +336 bps | +633 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Investor presentation outlines strategic focus on premiumization, brand equity, and market segmentation across India's spirits landscape, without disclosing specific financial results.
Management is focused on a multi-pronged strategy addressing different consumer segments from affordability to luxury. Strong emphasis on brand building and premiumization, with claims of market leadership in specific categories. Lack of current financial performance data limits immediate assessment.
Premiumization & Upgradation
Driving consumer upgradation through 'Value for Money, Premiumization' and 'Experientials, Luxury' segments.
Scotch Portfolio Strength
Leveraging Black & White as No.1 Scotch in India and building aspiration with Black Dog among Scotch loyalists.
International Luxury Brands
Building luxury desire through on-trade and leveraging the Johnnie Walker portfolio, with India being the No. 3 market globally.
Local Culture Relevance
Strengthening local culture relevance through authentic Indian flavors with aspirational concepts.
Consumer Upgradation Trend
Company strategy aligns with consumer trends towards premiumization and luxury experiences, as indicated by 'Upgradation' and 'Experientials, Luxury' segments.
Scotch Market Leadership
Black & White's position as No.1 Scotch in India provides a strong base for growth in the category.
Global Brand Strength
India being the No. 3 market globally for the Johnnie Walker portfolio indicates strong brand pull and potential.
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 provided investor presentation focuses on strategic initiatives and brand positioning, not specific financial results for a reporting period, thus a comparison basis is not applicable.
Premiumization Focus
Company emphasizes 'Premiumization', 'Upgradation', 'Experientials, Luxury' across its market segments (India 2, India 3).
Market Share - Scotch
Black & White is claimed to be the No.1 Scotch in India.
Channel Mix - Tequila
Strategy for Tequila includes 'Lead with on trade' to build distinction.
Volume & Value Strategy
Strategy addresses 'VOLUME VALUE' across segments: 'Volume & Affordability' (India 1), 'Value for Money, Premiumization' (India 2), and 'Experientials, Luxury' (India 3).
Distinctive Brand Equity
Management emphasizes 'Distinctive Brand Equity Driving Penetration' across its portfolio.
Product Innovation
Focus on 'NEW LIQUID NEW BOTTLE NEW ATTITUDE NEW FORMAT' for product renovation and new launches.
Cultural Integration
Committed to 'STRENGTHENING LOCAL CULTURE RELEVANCE THROUGH AUTHENTIC INDIAN FLAVOURS'.
Market Segmentation Approach
Strategy involves addressing 'India 1, India 2, India 3' segments based on 'VOLUME VALUE' propositions.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -6.2% / mo
Technical chart
UNITDSPRweekly · 5Y-13.2%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 44.
- SMA20 falling (~6.7% over last month) — short-term momentum negative.
- RSI(14) at 44 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 36.4%.
- Balance sheet contributes 11/15 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Growth is weaker at 12/25; 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: +0 points.
Factor attribution
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 98th percentile of the scored universe and 98th percentile within Consumer. 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 · Consumer: 98th pctile, median 67 · Large: 95th pctile, median 74
75 documents indexed, 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 0.4%.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 49.40
- P/B
- 10.07
- EV/EBITDA
- 35.26
- Market Cap
- 90122.00Cr
Profitability
- ROE
- 21.40%
- ROCE
- 27.50%
- ROA
- 12.70%
- Dividend Y
- 1.37%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 34.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 14.42×
- Altman Z
- 8.46
- Book Value
- 123.00
Cash Flow
- FCF Yield
- 0.38%
- FCF Positive Y
- 11/5
- OCF
- 1459.00 Cr
- EPS TTM
- 25.27
Shareholding
- Promoter Hold
- 56.68%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — 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.