United Spirits quarterly results and financials

United Spirits (UNITDSPR)₹1,432+1.44%(9 Nov 2026 close)Breweries & Distilleries

Key facts

In the Sep 2026 quarter (consolidated), United Spirits reported sales of ₹3,265 Cr, up 2.9% from Sep 2025, and net profit of ₹428 Cr, down 7.7% year on year. For the year to Mar 2026, sales were ₹12,468 Cr and net profit ₹1,837 Cr.

Sales (Sep 2026): ₹3,265 Cr
Net profit (Sep 2026): ₹428 Cr
Sales (FY Mar 2026): ₹12,468 Cr
Net profit (FY Mar 2026): ₹1,837 Cr
EPS (Sep 2026): ₹5.89
Borrowings (Mar 2026): ₹413 Cr

Company filings, consolidated accounts; latest reported quarter Sep 2026

United Spirits quarterly results

₹ crore unless stated; each column is a quarter.

United Spirits Quarterly results
	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales	3,002	2,782	2,759	2,842	3,433	2,945	3,019	3,174	3,690	3,054	2,706	3,265
Expenses	2,511	2,447	2,047	2,341	2,864	2,434	2,379	2,505	3,074	2,459	2,277	2,621
Operating Profit	485	334	711	499	565	508	637	665	614	592	429	641
OPM %	16.0%	12.0%	26.0%	18.0%	16.0%	17.0%	21.0%	21.0%	17.0%	19.0%	16.0%	20.0%
Other Income	51.93	79.93	34.98	53.95	6.99	136	57.94	43.99	27.97	226	218	43.99
Interest	15.97	28.98	21.96	24.96	19.96	21.98	48.92	20.98	18.97	68.91	29.94	23.98
Depreciation	63.14	73.22	72.18	69.15	72.16	70.22	76.18	65.20	80.15	76.22	72.12	76.24
Profit before tax	458	311	652	459	480	552	570	623	542	673	544	585
Tax %	24.0%	23.0%	26.0%	26.1%	30.0%	24.1%	27.0%	26.1%	23.1%	20.0%	15.0%	27.1%
Exceptional items	0.00	−20.01	0.00	0.00	−44.98	−36.99	−9.99	−25.01	−13.99	−56.98	124	−18.01
Net Profit	350	241	485	341	335	421	417	463	418	539	463	428
EPS (Rs)	4.82	3.32	6.68	4.70	4.62	5.80	5.74	6.39	5.76	7.42	6.38	5.89

United Spirits profit and loss

₹ crore unless stated; years end in March. TTM is the last four quarters.

United Spirits Profit and loss
	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	8,492	8,820	8,591	9,333	9,317	8,128	9,709	10,615	11,317	12,066	12,468	12,716
Expenses	8,152	7,811	7,370	7,942	7,738	7,068	8,111	9,181	9,314	9,821	10,179	10,430
Operating Profit	333	990	1,209	1,394	1,570	1,051	1,593	1,416	1,999	2,233	2,277	2,275
OPM %	3.9%	11.0%	14.0%	15.0%	17.0%	13.0%	16.0%	13.0%	18.0%	19.0%	18.0%	17.9%
Other Income	648	−265	172	69.95	86.91	−24.99	−117	249	208	271	516	516
Interest	456	374	278	237	212	188	87.95	104	75.95	88.94	158	142
Depreciation	157	189	192	216	286	300	305	284	276	284	290	305
Profit before tax	366	163	910	1,010	1,159	539	1,085	1,277	1,853	2,133	2,343	2,344
Tax %	61.1%	43.1%	28.0%	32.0%	47.1%	33.0%	25.0%	12.0%	24.0%	26.1%	22.0%	—
Exceptional items	−8.01	−198	81.01	20.99	42.99	−32.03	−110	166	32.01	78.99	9.99	35.00
Net Profit	143	92.87	652	684	620	362	811	1,125	1,408	1,581	1,837	1,847
EPS (Rs)	1.91	1.39	8.73	9.65	9.08	5.29	11.41	15.65	19.38	21.79	25.31	25.45
Dividend payout %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	46.1%	55.1%	67.1%	—

United Spirits balance sheet

₹ crore, at each year end.

United Spirits Balance sheet
	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	2,944	3,583	3,972	4,807	5,856	6,980	7,957	8,808
Borrowings	4,993	4,249	4,146	3,422	2,884	2,571	1,037	605	183	265	481	413
Other Liabilities	2,231	2,443	2,957	3,076	3,129	2,543	3,352	3,292	3,526	3,773	4,580	5,061
Total Liabilities	7,884	8,327	8,888	8,916	9,102	8,841	8,507	8,850	9,710	11,163	13,162	14,427
Fixed Assets	1,923	1,888	1,919	1,793	1,841	1,956	1,895	1,855	1,534	1,561	1,714	1,405
CWIP	114	282	199	102	118	121	97.12	95.98	83.05	37.01	72.05	77.09
Investments	215	76.89	0.00	0.00	24.94	21.97	0.00	222	286	644	921	1,168
Other Assets	5,630	6,081	6,770	7,022	7,117	6,742	6,516	6,677	7,807	8,921	10,455	11,776
Inventories	1,757	1,952	1,926	1,920	1,932	1,928	2,049	2,155	2,228	2,062	2,305	2,666
Trade receivables	1,755	2,307	2,954	2,712	2,545	2,287	2,190	2,375	2,437	3,058	3,415	3,616
Cash & equivalents	362	136	86.75	255	282	73.75	83.65	59.80	881	1,264	2,021	1,971
Total Assets	7,884	8,327	8,888	8,916	9,102	8,841	8,507	8,850	9,710	11,163	13,162	14,427

United Spirits cash flow

₹ crore, for each year.

United Spirits Cash flow
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	−195	282	645	922	945	781	1,812	975	613	1,116	1,942	1,455
Cash from investing activity	3,839	730	−226	104	−65.71	−193	−98.56	−312	−54.83	225	−1,110	−476
Cash from financing activity	−3,997	−1,154	−474	−965	−807	−739	−1,705	−687	−499	−406	−556	−1,449
Net cash flow	−344	−139	−56.14	63.12	74.20	−150	12.04	−23.06	60.12	939	277	−470
Capex	164	260	311	184	173	212	174	134	137	97.89	162	181
Free cash flow	−259	50.01	389	896	871	583	1,679	882	505	1,038	1,787	1,531
CFO / OP %	15.1%	142.1%	85.1%	111.1%	128.1%	87.1%	183.1%	90.1%	62.0%	73.1%	94.1%	79.0%

United Spirits ratios

Working-capital days and returns, by year.

United Spirits Ratios
	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	124	151	227	264	236	200	255	230	194	187	198	217
Days payable	57	79	145	196	172	125	177	169	155	177	192	194
Cash conversion cycle	136	171	205	183	163	165	177	150	122	108	109	129
Working capital days	−62	−31	−23	−13	−9	−9	16	38	50	51	47	55
ROCE %	−3.0%	15.0%	15.0%	18.0%	20.0%	21.0%	14.0%	25.0%	20.0%	28.0%	26.0%	26.0%

United Spirits: frequently asked questions

What are the latest quarterly results of United Spirits?

For the Sep 2026 quarter, United Spirits reported sales of ₹3,265 Cr, up 2.9% year on year and net profit of ₹428 Cr, down 7.7% year on year. The operating margin was 20.0%.

What is the annual revenue of United Spirits?

United Spirits' sales for the year to Mar 2026 were ₹12,468 Cr; over the last twelve months they were ₹12,716 Cr.

What is the net profit of United Spirits?

Net profit for the year to Mar 2026 was ₹1,837 Cr, and ₹1,847 Cr over the last twelve months. Earnings per share over the same trailing period were ₹25.45.

How much debt does United Spirits have?

United Spirits reported borrowings of ₹413 Cr at Mar 2026, against cash and equivalents of ₹1,971 Cr.

What is the free cash flow of United Spirits?

Cash from operations was ₹1,455 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹1,531 Cr.

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