United Spirits Ltd

United Spirits Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

United Spirits Ltd

₹ 1,302 0.70%
27 May - close price
diageoindia.com BSE: 532432 NSE: UNITDSPR
About

Diageo India incorporated in India as United Spirits Ltd.(USL) is the country’s leading beverage alcohol company and a subsidiary of global leader Diageo PLC. The company manufactures, sells, and distributes a wide portfolio of premium brands such as Johnnie Walker, Black Dog, Black & White, VAT 69, Antiquity, Signature, Royal Challenge, McDowell’s No.1, Smirnoff and Captain Morgan. [1]

Key Points

Brand Portfolio
USL has a comprehensive brand portfolio with more than 80 brands of Scotch whisky, IMFL whisky, brandy, rum, vodka, and gin. Out of these, 9 brands that sell more than a million cases each year, of which 1 brands sells over more than 25 million cases each annually [1]

Website BSE NSE
  • Market Cap ₹ 94,737 Cr.
  • Current Price ₹ 1,302
  • High / Low ₹ 1,645 / 1,210
  • Stock P/E 50.0
  • Book Value ₹ 120
  • Dividend Yield 0.92 %
  • ROCE 29.6 %
  • ROE 22.8 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 36.9% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 49.7%

Cons

  • Stock is trading at 10.9 times its book value
  • The company has delivered a poor sales growth of 9.55% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Fast Moving Consumer Goods Fast Moving Consumer Goods Beverages Breweries & Distilleries

Part of BSE 500 BSE Fast Moving Consumer Goods BSE 100 BSE 200 BSE Dollex 200

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
2,494 2,172 2,865 2,989 2,666 2,352 2,843 3,432 2,946 2,549 3,170 3,683 3,046
2,156 1,787 2,395 2,499 2,304 1,894 2,336 2,844 2,441 2,134 2,498 3,065 2,455
Operating Profit 338 385 470 490 362 458 507 588 505 415 672 618 591
OPM % 14% 18% 16% 16% 14% 19% 18% 17% 17% 16% 21% 17% 19%
6 4 70 46 198 32 34 125 170 50 46 134 255
Interest 36 4 27 16 29 22 25 20 22 49 21 19 69
Depreciation 68 65 65 63 71 65 69 72 68 68 65 79 71
Profit before tax 239 320 448 457 460 403 447 621 585 348 632 654 706
Tax % 15% 26% 24% 24% 17% 26% 25% 24% 23% 26% 25% 19% 19%
204 238 341 347 384 299 335 473 451 258 472 529 571
EPS in Rs 2.80 3.27 4.69 4.77 5.28 4.11 4.61 6.50 6.20 3.55 6.49 7.27 7.85
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
7,968 8,248 8,548 8,170 8,981 9,091 7,889 9,424 10,374 10,692 11,573 12,448
7,482 8,370 7,577 7,142 7,693 7,585 6,902 7,926 8,955 8,984 9,515 10,152
Operating Profit 486 -121 971 1,028 1,287 1,506 988 1,498 1,419 1,708 2,058 2,296
OPM % 6% -1% 11% 13% 14% 17% 13% 16% 14% 16% 18% 18%
-1,712 985 -215 215 68 47 -104 -109 245 318 361 485
Interest 593 447 369 268 220 191 166 88 104 76 89 158
Depreciation 110 102 132 135 144 228 249 289 271 264 274 283
Profit before tax -1,928 316 255 840 991 1,135 469 1,012 1,289 1,686 2,056 2,340
Tax % 1% 61% 33% 33% 34% 38% 34% 16% 18% 22% 24% 22%
-1,956 122 170 562 659 705 310 851 1,052 1,312 1,558 1,830
EPS in Rs -26.93 1.68 2.34 7.73 9.06 9.70 4.27 11.71 14.46 18.04 21.42 25.16
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 50% 56% 44%
Compounded Sales Growth
10 Years: 4%
5 Years: 10%
3 Years: 6%
TTM: 8%
Compounded Profit Growth
10 Years: 77%
5 Years: 37%
3 Years: 29%
TTM: 28%
Stock Price CAGR
10 Years: 10%
5 Years: 16%
3 Years: 15%
1 Year: -14%
Return on Equity
10 Years: 20%
5 Years: 20%
3 Years: 21%
Last Year: 23%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 145 145 145 145 145 145 145 146 145 145 145 145
Reserves 1,797 1,569 1,792 2,358 2,986 3,664 3,982 4,747 5,799 6,818 7,734 8,576
5,324 4,204 4,041 3,250 2,582 2,270 713 605 183 240 480 405
1,752 2,274 2,818 2,887 2,948 2,475 3,301 3,225 3,444 3,539 4,359 4,738
Total Liabilities 9,018 8,192 8,796 8,641 8,662 8,554 8,141 8,723 9,571 10,742 12,718 13,864
1,069 1,076 1,187 1,002 1,128 1,335 1,301 1,487 1,207 1,245 1,406 1,281
CWIP 65 245 85 98 117 119 86 96 83 37 72 70
Investments 551 992 324 278 298 253 202 439 462 823 1,107 1,454
7,333 5,879 7,200 7,263 7,119 6,848 6,552 6,701 7,819 8,637 10,133 11,059
Total Assets 9,018 8,192 8,796 8,641 8,662 8,554 8,141 8,723 9,571 10,742 12,718 13,864

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
97 227 673 946 858 667 1,728 911 576 913 1,606 1,483
-109 705 -89 155 -7 26 13 -246 -22 466 -950 -335
-200 -1,109 -545 -1,033 -912 -717 -1,720 -688 -500 -439 -527 -1,443
Net Cash Flow -212 -177 39 68 -61 -24 22 -22 54 940 129 -295
Free Cash Flow 66 4 522 950 792 469 1,622 815 463 834 1,445 1,555
CFO/OP 45% -322% 89% 130% 131% 82% 188% 91% 62% 72% 86% 79%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 80 102 126 121 102 92 100 89 84 94 104 105
Inventory Days 119 143 218 260 228 190 244 230 192 186 197 146
Days Payable 55 76 139 194 163 121 170 163 150 164 184 130
Cash Conversion Cycle 144 170 206 187 168 160 174 157 126 116 117 121
Working Capital Days -53 -27 -14 -2 5 5 38 49 56 54 53 92
ROCE % 7% 8% 15% 17% 21% 22% 14% 24% 20% 26% 26% 30%

Insights

In beta
Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Popular Segment Volume
Million Cases

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Prestige & Above (P&A) Segment Volume
Million Cases
Total Sales Volume
Million Cases
Number of Manufacturing Facilities
Count
Number of Outlets Reached
Count

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Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
56.68% 56.68% 56.68% 56.68% 56.68% 56.68% 56.68% 56.68% 56.68% 56.68% 56.68% 56.68%
15.92% 16.51% 16.23% 16.68% 15.09% 16.11% 15.93% 14.98% 15.05% 14.38% 14.13% 14.41%
12.64% 12.32% 12.49% 12.27% 14.00% 13.15% 13.54% 14.59% 14.40% 14.90% 15.36% 15.36%
0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
14.77% 14.49% 14.60% 14.37% 14.22% 14.04% 13.83% 13.73% 13.88% 14.04% 13.84% 13.54%
No. of Shareholders 2,49,3952,49,7412,64,5832,51,0952,52,1212,45,5582,57,7692,64,9952,88,9003,23,9383,03,7462,92,661

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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