United Spirits Ltd

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

United Spirits Ltd

₹ 1,270 -2.50%
29 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 ₹ 92,413 Cr.
  • Current Price ₹ 1,270
  • High / Low ₹ 1,645 / 1,210
  • Stock P/E 50.6
  • Book Value ₹ 123
  • Dividend Yield 0.94 %
  • ROCE 27.5 %
  • ROE 21.4 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 34.5% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 48.2%

Cons

  • Stock is trading at 10.3 times its book value
  • The company has delivered a poor sales growth of 8.92% over past five years.
  • Working capital days have increased from 66.7 days to 101 days

* 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

Consolidated Figures in Rs. Crores / View Standalone

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
2,503 2,667 2,869 3,002 2,783 2,761 2,844 3,433 2,946 3,021 3,173 3,691 3,054
2,268 1,955 2,401 2,516 2,449 2,049 2,344 2,868 2,437 2,383 2,514 3,077 2,461
Operating Profit 235 712 468 486 334 712 500 565 509 638 659 614 593
OPM % 9% 27% 16% 16% 12% 26% 18% 16% 17% 21% 21% 17% 19%
0 5 71 52 80 35 54 7 136 58 51 28 226
Interest 36 4 27 16 29 22 25 20 22 49 21 19 69
Depreciation 69 74 66 63 73 72 69 72 70 76 65 80 76
Profit before tax 130 639 446 459 312 653 460 480 553 571 624 543 674
Tax % 21% 25% 24% 24% 23% 26% 26% 30% 24% 27% 26% 23% 20%
103 477 339 350 241 485 341 335 421 417 464 418 539
EPS in Rs 1.41 6.56 4.66 4.81 3.31 6.67 4.69 4.61 5.79 5.73 6.38 5.75 7.41
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
9,254 8,495 8,818 8,591 9,341 9,325 8,131 9,712 10,612 11,321 12,069 12,467
9,619 8,162 7,826 7,381 7,947 7,754 7,080 8,117 9,195 9,321 9,833 10,188
Operating Profit -366 333 991 1,209 1,394 1,571 1,051 1,595 1,417 2,000 2,236 2,279
OPM % -4% 4% 11% 14% 15% 17% 13% 16% 13% 18% 19% 18%
-360 648 -265 172 70 87 -25 -117 249 208 271 516
Interest 687 457 375 278 237 212 188 88 104 76 89 158
Depreciation 223 157 189 192 215 285 299 304 283 275 283 289
Profit before tax -1,635 366 163 912 1,012 1,160 540 1,087 1,279 1,857 2,135 2,348
Tax % 3% 61% 43% 28% 32% 47% 33% 25% 12% 24% 26% 22%
-1,687 143 93 652 684 621 362 811 1,126 1,408 1,582 1,838
EPS in Rs -23.23 1.90 1.38 8.72 9.64 9.07 5.28 11.40 15.63 19.36 21.75 25.27
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 46% 55% 43%
Compounded Sales Growth
10 Years: 4%
5 Years: 9%
3 Years: 6%
TTM: 3%
Compounded Profit Growth
10 Years: 29%
5 Years: 34%
3 Years: 23%
TTM: 22%
Stock Price CAGR
10 Years: 10%
5 Years: 16%
3 Years: 14%
1 Year: -17%
Return on Equity
10 Years: 20%
5 Years: 20%
3 Years: 21%
Last Year: 21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 145 145 145 145 145 145 145 145 145 145 145 145
Reserves 514 1,489 1,640 2,274 2,945 3,583 3,974 4,808 5,854 6,976 7,959 8,808
4,987 4,242 4,144 3,421 2,883 2,570 1,037 605 183 265 480 413
2,242 2,452 2,967 3,086 3,135 2,546 3,354 3,304 3,534 3,790 4,592 5,103
Total Liabilities 7,889 8,329 8,896 8,926 9,109 8,844 8,511 8,863 9,716 11,176 13,176 14,469
1,921 1,887 1,917 1,791 1,841 1,956 1,893 1,855 1,534 1,560 1,712 1,404
CWIP 114 282 199 102 118 121 97 96 83 37 72 77
Investments 216 77 0 0 25 22 0 222 286 645 923 1,171
5,637 6,084 6,780 7,033 7,124 6,745 6,521 6,690 7,813 8,934 10,469 11,817
Total Assets 7,889 8,329 8,896 8,926 9,109 8,844 8,511 8,863 9,716 11,176 13,176 14,469

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-196 283 647 925 948 783 1,818 977 615 1,118 1,947 1,459
3,855 733 -227 104 -66 -194 -99 -313 -55 226 -1,114 -428
-4,002 -1,155 -475 -966 -808 -740 -1,707 -688 -500 -407 -557 -1,450
Net Cash Flow -343 -139 -56 63 74 -150 12 -23 60 937 276 -419
Free Cash Flow -259 50 389 895 872 583 1,679 882 505 1,039 1,786 1,531
CFO/OP 15% 142% 85% 111% 128% 87% 183% 90% 62% 73% 94% 79%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 69 99 122 115 99 89 98 89 84 99 103 106
Inventory Days 123 150 226 263 235 199 254 229 193 186 197 146
Days Payable 56 78 144 195 171 124 176 168 154 176 191 130
Cash Conversion Cycle 136 171 205 183 163 165 177 150 122 108 109 121
Working Capital Days -61 -30 -22 -12 -8 -8 17 39 51 52 48 101
ROCE % -3% 15% 15% 18% 20% 21% 14% 25% 20% 28% 26% 27%

Insights

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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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