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About
United Spirits Ltd (UNITDSPR)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532432 NSE: UNITDSPR Breweries & Distilleries | Mid Cap | United Spirits Share Price
₹1,386.25 12.80 (0.93%)
As on 14-Jul'26 16:59
United Spirits Ltd (UNITDSPR)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532432 NSE: UNITDSPR Breweries & Distilleries | Mid Cap | United Spirits Share Price
₹1,386.25 12.80 (0.93%)
As on 14-Jul'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹1,00,829 Cr.
Current Price
₹1,386.3
52-Week Low / High
₹1,210 / 1,489
TTM EPS
₹25.3
TTM Sales
₹12,467 Cr.
Book Value per Share
₹123.1
P/E Ratio
54.86
Lower than its 5-year historical median
Industry PE
59.1
Price to Book (P/B)
11.26
In line with its 5-year historical median
Price to Sales (P/S)
8.09
Higher than its 5-year historical median
EV/EBITDA
35.77
Lower than its 5-year historical median
Dividend Yield
1.23%
Profitability Efficiency
Return on Equity (ROE)
20.04%
Outperforms industry median
Return on Capital Employed (ROCE)
27.86%
Outperforms industry median
Return on Assets (ROA)
11.99%
Operating Profit Margin
18.3%
Net Profit Margin
13.71%
Gross Profit Margin
9.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
7.72%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
11.46%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
18.27%
Asset Quality
Promoter Holding
56.67%
Pledged shares (%) of Promoter's holding (%)
1.18%
Reserves
₹8,807 Cr.
Equity
₹145.5 Cr.
Face Value
₹2
All Time Low / High
₹5.65 / 1700.00
Check Before You Invest
Quality
Very GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
Is United Spirits Ltd a good quality company?
United Spirits Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does United Spirits Ltd performance compare with that of its Peers?
Revenue growth of United Spirits Ltd vs industry peers?
United Spirits Ltd revenue CAGR is 5.29%, compared to the industry median CAGR of 6.49%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of United Spirits Ltd?
Promoters hold 56.67% of the United Spirits Ltd, with 1.18% of their stake pledged, indicating low pledge risk.
Stock return of United Spirits Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 10% based on the current price.
DeciZen - make an informed investing decision on United Spirits
Decision Maker
Consolidated basis
1. Right Stock
10 Year X-ray Pro
Long Term Prospect
2. Right Price
3. Right Time ⓘ
#Likely Future 5 Year CAGR.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
United Spirits Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 9.1% | 20.2% | 21.1% | 22.7% | 13.1% | 22.8% | 24.5% | 29.4% | 26.7% | 27.9% | - |
| Value Creation Index ⓘ | -0.2 | 0.8 | 0.9 | 1.0 | 0.2 | 1.0 | 1.2 | 1.6 | 1.4 | 1.5 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 8,818 | 8,591 | 9,341 | 9,325 | 8,131 | 9,712 | 10,612 | 11,321 | 11,573 | 12,467 | 12,467 |
| Sales YoY Gr. | - | -2.6% | 8.7% | -0.2% | -12.8% | 19.4% | 9.3% | 6.7% | 2.2% | 7.7% | - |
| Adj EPS ⓘ | 3.7 | 7 | 9.2 | 8.1 | 5.5 | 12.5 | 13.8 | 19.4 | 19.1 | 24.2 | 25.3 |
| YoY Gr. | - | 86.6% | 31.8% | -12% | -31.7% | 126.8% | 9.7% | 41.2% | -1.7% | 26.6% | - |
| BVPS (₹) ⓘ | 24.5 | 33.3 | 42.5 | 51.2 | 56.6 | 68.2 | 82.8 | 98.2 | 111.8 | 123.5 | 123.1 |
| Adj Net Profit ⓘ | 272 | 507 | 669 | 588 | 402 | 911 | 1,000 | 1,412 | 1,388 | 1,757 | 1,838 |
| Cash Flow from Ops. ⓘ | 647 | 925 | 948 | 783 | 1,818 | 977 | 615 | 1,118 | 1,947 | 1,459 | - |
| Debt/CF from Ops. ⓘ | 6.4 | 3.7 | 3 | 3 | 0.5 | 0.4 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 3.9% | 8.9% | 5.5% | 7.7% | ||||
| Adj EPS ⓘ | 23% | 34.3% | 20.7% | 26.6% | ||||
| BVPSⓘ | 19.7% | 16.9% | 14.3% | 10.5% | ||||
| Share Price | 11% | 16.3% | 13.6% | 1.1% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 15.9 | 24.1 | 24.3 | 17.3 | 10.2 | 20.1 | 18.3 | 21.5 | 18.2 | 20.6 | 20.5 |
| Op. Profit Mgn % ⓘ | 11.4 | 14.1 | 14.9 | 16.3 | 13 | 16.4 | 13.4 | 17.7 | 17.7 | 18.3 | 8.8 |
| Net Profit Mgn % ⓘ | 3 | 6.1 | 7 | 5.9 | 4.7 | 9.2 | 9.3 | 12.5 | 12 | 14.1 | 14.7 |
| Debt to Equity ⓘ | 2.3 | 1.4 | 0.9 | 0.6 | 0.2 | 0.1 | 0 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 86 | 89 | 89 | 89 | 92 | 81 | 88 | 105 | 117 | 121 | 64 |
| Cash Conv. Cycle ⓘ | 7 | -6 | -14 | -9 | -18 | -19 | -10 | -12 | -11 | -8 | 32 |
Profit And Loss
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 8,818 | 8,591 | 9,341 | 9,325 | 8,131 | 9,712 | 10,612 | 11,321 | 11,573 | 12,467 |
| Operating Expenses ⓘ + | 7,828 | 7,383 | 7,947 | 7,810 | 7,079 | 8,117 | 9,195 | 9,320 | 9,522 | 10,181 |
| Operating Profit ⓘ | 989 | 1,207 | 1,394 | 1,516 | 1,053 | 1,595 | 1,417 | 2,001 | 2,051 | 2,286 |
| Operating Profit Margin (%) | 11.2% | 14.1% | 14.9% | 16.3% | 12.9% | 16.4% | 13.4% | 17.7% | 17.7% | 18.3% |
| Other Income ⓘ + | 105 | 219 | 69 | 79 | 40 | 48 | 73 | 225 | 334 | 478 |
| Interest ⓘ | 375 | 278 | 237 | 212 | 188 | 88 | 104 | 76 | 89 | 158 |
| Depreciation ⓘ | 189 | 192 | 215 | 285 | 299 | 304 | 282 | 275 | 274 | 289 |
| Profit Before Tax ⓘ | 163 | 912 | 1,012 | 1,160 | 540 | 1,087 | 1,279 | 1,857 | 1,950 | 2,219 |
| Tax ⓘ | 70 | 260 | 328 | 540 | 178 | 276 | 153 | 449 | 505 | 510 |
| Profit After Tax | 93 | 652 | 684 | 621 | 362 | 811 | 1,126 | 1,408 | 1,445 | 1,709 |
| PAT Margin (%) | 1.1% | 7.6% | 7.3% | 6.7% | 4.5% | 8.4% | 10.6% | 12.4% | 12.5% | 13.7% |
| Adjusted EPS (₹) | 1.4 | 8.7 | 9.6 | 9.1 | 5.3 | 11.4 | 15.7 | 19.4 | 21.8 | 25.4 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 46.30% | 55% | 67.10% |
Valuation of United Spirits - Consolidated
Analyst's Notes
No data found!
Balance Sheet
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 1,782 | 2,419 | 3,085 | 3,722 | 4,113 | 4,954 | 6,000 | 7,120 | 8,103 | 8,952 | |
| Debt + | 3,777 | 3,064 | 2,870 | 1,621 | 877 | 340 | 0 | 25 | 0 | 6 | |
| Minority Interest | -3 | 14 | -3 | -41 | -61 | -79 | 0 | 0 | 0 | 4 | |
| Trade Payables | 1,225 | 1,425 | 1,408 | 1,199 | 1,417 | 1,582 | 1,783 | 1,954 | 2,239 | 2,383 | |
| Others Liabilities ⓘ | 1,937 | 1,973 | 2,415 | 2,191 | 3,047 | 1,966 | 1,821 | 2,543 | 3,406 | 3,425 | |
| Total Liabilities ⓘ | 8,718 | 8,894 | 9,775 | 8,692 | 9,393 | 8,764 | 9,604 | 11,642 | 13,748 | 14,770 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 1,917 | 1,791 | 1,841 | 1,956 | 1,886 | 1,889 | 1,509 | 1,441 | 1,637 | 1,365 | |
| CWIP ⓘ | 199 | 102 | 118 | 121 | 97 | 96 | 83 | 37 | 72 | 77 | |
| Investments ⓘ | 0 | 0 | 25 | 22 | 0 | 222 | 286 | 645 | 923 | 1,171 | |
| Inventories | 1,928 | 1,920 | 1,934 | 1,928 | 2,052 | 2,157 | 2,230 | 2,063 | 2,305 | 2,668 | |
| Trade Receivables | 2,953 | 2,711 | 2,543 | 2,284 | 2,187 | 2,374 | 2,434 | 3,056 | 3,410 | 3,609 | |
| Cash Equivalents | 87 | 256 | 283 | 74 | 84 | 60 | 883 | 1,269 | 2,030 | 1,977 | |
| Others Assets ⓘ | 1,634 | 2,114 | 3,030 | 2,309 | 3,088 | 1,966 | 2,179 | 3,131 | 3,371 | 3,903 | |
| Total Assets ⓘ | 8,718 | 8,894 | 9,775 | 8,692 | 9,393 | 8,764 | 9,604 | 11,642 | 13,748 | 14,770 | |
Cash Flow
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 647 | 925 | 948 | 783 | 1,818 | 977 | 615 | 1,118 | 1,947 | 1,459 |
| Cash Flow From Investing Activity ⓘ + | -227 | 104 | -66 | -194 | -99 | -313 | -55 | 226 | -1,114 | -428 |
| Cash Flow From Financing Activity ⓘ + | -470 | -966 | -808 | -740 | -1,707 | -688 | -500 | -407 | -557 | -1,450 |
| Net Cash Flow ⓘ | -50 | 63 | 75 | -150 | 12 | -23 | 60 | 937 | 276 | -419 |
Financial Ratio
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 5.44 | 31.04 | 24.84 | 18.23 | 9.24 | 17.88 | 20.56 | 21.46 | 18.98 | 20.04 |
| ROCE (%) | 9.11 | 20.21 | 21.14 | 22.73 | 13.11 | 22.82 | 24.48 | 29.4 | 26.74 | 27.86 |
| Asset Turnover Ratio | 3.06 | 3.02 | 3.09 | 3.12 | 3.03 | 3.42 | 3.03 | 2.45 | 2.11 | 1.95 |
| PAT to CFO Conversion(x) | 6.96 | 1.42 | 1.39 | 1.26 | 5.02 | 1.2 | 0.55 | 0.79 | 1.35 | 0.85 |
| Working Capital Days | ||||||||||
| Receivable Days | 37.30 | 38.90 | 33.20 | 30.60 | 29.80 | 26.80 | 31.50 | 38.50 | 44.10 | 46.10 |
| Inventory Days | 27.50 | 26.40 | 24.40 | 24.50 | 26.50 | 24.70 | 28.80 | 30.10 | 29.80 | 32.60 |
| Payable Days | 131.70 | 181.40 | 172 | 134.70 | 162.10 | 159.30 | 145.40 | 168.20 | 179.30 | 186.70 |
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 1.18 | 1.18 | 1.18 | 1.18 | 1.18 | 1.18 | 1.18 | 1.18 | 1.18 | 1.18 |
* Pledged shares as % of Promoter's holding (%)
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
United Spirits Ltd FAQs
The current trading price of United Spirits on 14-Jul-2026 16:59 is ₹1,386.3.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 13-Jul-2026 the market cap of United Spirits stood at ₹1,00,829 Cr
The latest P/E ratio of United Spirits as of 13-Jul-2026 is 55.10.
The latest P/B ratio of United Spirits as of 13-Jul-2026 is 11.56.
The 52-week high of United Spirits is ₹1,489 and the 52-week low is ₹1,210.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of United Spirits is ₹12,448 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that United Spirits Ltd is a good quality company.
The key valuation ratios of United Spirits Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of United Spirits Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About United Spirits Ltd
United Spirits Limited (Diageo India) is among India’s leading beverage alcohol (alcobev) companies with a portfolio of premium brands. A subsidiary of Diageo Plc., it is listed in India on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) as United Spirits Limited (USL). Headquartered in Bengaluru, the Company manufactures, sells and distributes an outstanding collection of iconic Global and Indian brands, blending global expertise with local innovation to deliver world-class products and experiences to consumers.
Business area of the company
The company is engaged in the business of manufacture, purchase and sale of beverage alcohol and other allied spirits, including through tie-up manufacturing units and through strategic franchising of some of its brands. A subsidiary of global leader, Diageo, its world class portfolio includes premium brands such as Johnnie Walker, Black Dog, Black & White, Vat 69, Antiquity, Signature, Singleton, Royal Challenge, McDowell’s No 1, Smirnoff, Ketel One, Tanqueray and Captain Morgan.
Products of the company
- Gin
- Liqueur
- Rum
- Scotch whisky
- Tequila
- Vodka
- Other whisk(e)y
Awards and Recognitions
2021-22
- Company’s Nashik plant was recognized for Best-in-Class Excellence in Continuous Improvement by India Future Supply Chain and also won a Gold in the National Awards for Manufacturing Competitiveness Assessment awarded by International Research Institute for Manufacturing (IRIM).
- Company’s plant in Aurangabad won the India Green Manufacturing Challenge, Silver Award-2021 by International Research Institute for Manufacturing India and received a Gold and a Silver Award in Kaizen Competition conducted by Chapter Convention of Quality Circle – 2022 (Quality Circle Forum of India).
- Company’s plant in Nacharam received the BRONZE award in 3rd Kaizen competition 2021 organized by Confederation of Indian Industry (CII).
- Company’s marketing team received multiple awards during the year with 1 Silver and 4 Bronzes at the transform Awards.
- Company was awarded a total of 13 awards at the E4M Indian Marketing Awards this year including the Marketing Team Of The Year Ahead Of Stalwarts in the CPG Sector.
2022-23
- The renovated Black Dog packaging won the WorldStar Award from the World Packaging organisation.
- Company won the silver award for the Best Media Innovation Digital Social Media for the Johnnie Walker Refreshing Mixer Drone Campaign at Emvies, introduced, by the Advertising Club Bombay.
- Company was recognised as the winner in the ‘CSR of the Year’ category at the Spiritz Achievers’ Awards 2022.
- Company received the Silver Employer award by Pride Circle India Workplace Equality Index and was recognised as one of the ‘Most Preferred Workplaces of 2022, in association with India Today.
2023-24
- The Company received the Gold Employer by Pride Circle India Workplace Equality Index.
- The Company received Distiller of the year recognition at the 2024 Icons of Whisky India awards 2024.
- The Company won 2 awards for its ESG initiatives: Excellence in Contribution to ESG at the Ambrosia INDSPIRIT Awards 2024 and CSR Company Of The Year award by Spiritz magazine.
- Nimpara unit received 2 Gold awards from Quality Circle Forum of India (QCFI) for enhancing Overall Equipment Efficiency (OEE) in Line No. 3 and improving the Manpower Productivity (Cases per Man Hour) in Q2F23.
2024-25
- Malkajgiri Unit won CII FACE - Bronze Award (Food Safety & Quality Kaizen Competition Seminar 2024) for the L-4 RC-WHISKY-750ML Productivity Improvement Project, enhancing efficiency.
- Malkajgiri Unit won Gold Award in the Environment category at the 9th Annual HSE Excellence & ESG Global Awards by OHSSAI (Occupational Health, Safety, Sustainability, and Environment Association of India).
- Kumbalgodu Unit won Performance Excellence Award (Manufacturing Category) at the IMC Ramkrishna Bajaj National Quality Award (RBNQA).
- Goa Unit won FICCI Water Award with the Special Jury’s Award under Industrial Water Use Efficiency at the 12th Edition of FICCI Water Awards.
Milestones
- 2019: United Spirits Ltd. gets Board approval to merge its majority owned subsidiary Pioneer Distilleries Ltd.
- 2019: USL enters into a Share Purchase Agreement for the Sale of Equity Shares in Four Seasons Wines Limited.
- 2021: Diageo India announces its entry in craft whisky with United’s Epitome Reserve.
- 2021: Black & White Scotch collaborates with Michelin Star Chef Patron Heston Blumenthal.
- 2022: Diageo India leads industry-first water stewardship initiative in partnership with renewable water technology innovator, SOURCE Global, PBC.
- 2022: Diageo India initiates phased removal of mono cartons starting with its premium Scotch brands: VAT 69, Black & White and Black Dog.
- 2022: Diageo India releases maiden ESG Reporting Index, highlighting efforts to shape a more sustainable and inclusive business and society.
- 2022: United Spirits Limited closes the transaction involving the sale and franchise of select Popular brands to Inbrew.
- 2022: Diageo India invests Rs 45 crore in its state-of-the-art Craft and Innovation Hub in Ponda, Goa.
- 2022: Diageo India Launches a New Line of Refreshing Mixers; Expands Its Non-Alcoholic Beverage Category in India.
- 2022: Diageo India invests in Nao Spirits, maker of premium Indian craft gin brands, ’Hapusa’ and ’Greater Than’.
- 2023: McDowell’s No1 Soda launches Yaariverse, a Metaverse Marvel for Unforgettable Experiences.
- 2023: From Mexico with love: Don Julio, world’s finest tequila, debuts in India.
- 2023: Diageo India Introduces Godawan 100, a Collector’s-Edition Artisanal Single Malt.
- 2023: Diageo’s distillery in Alwar, Rajasthan becomes the first spirit distillery in Asia to receive Alliance for Water Stewardship (AWS) Certification (Core).
- 2024: Diageo India Presents ‘The Dessert Collection’ by Baileys x SMOOR – Luxurious Non-Alcoholic Flavoured Treats Crafted with Couverture Chocolate.
- 2024: DIAGEO India Launches India Rare Spirits – A First-of-Kind Personalised Cask Program in the Country.
- 2024: A Taste of Indian Excellence: Award-Winning Godawan Artisanal Indian Single Malt launches in UK.
- 2024: X Series from McDowell's & Co, a premium new range of Vodka, Rum and Gin hits the market.
- 2024: Taj collaborates with Diageo India to unveil 'Godawan Single Malt, exclusive to the Palaces of Taj'.
- 2025: McDowell’s & Co. Unveils X Series Vodka with Natural Flavours.
- 2025: Diageo India Breaks Ground on The Good Craft Co. Flavour Market in Ponda, Goa.
- 2025: Smirnoff Introduces Three Bold New Flavours Tailored for Indian Palates: Minty Jamun, Mirchi Mango and Zesty Lime.
- 2025: Godawan Artisanal Indian Single Malt Launches an Exclusive Triple Cask Expression for Global Travel Retail Markets.
- 2025: Diageo India (USL) to acquire NAO Spirits, maker of premium Indian craft gin brands like ’Greater Than’ and ’Hapusa’.
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