United Spirits Ltd
UNITDSPRUnited Spirits Ltd is cheap for a reason. The P/E sits at the 17th percentile of its own range, and the quarters are still getting worse.
The sharpest disagreement: the P/E sits at the 17th percentile of its own range, but the engine is deteriorating — cheap for a reason until the quarters turn.
The price is in a downtrend (22 weeks in) while the P/E sits at the 17th percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit +11.0% year on year, and 94% of the last 3 years' profit arrived as cash. What settles it: whether the quarters turn before the discount closes.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
United Spirits Ltd trades at ₹1,376, in a downtrend and 22 weeks into that stage. That is +2.1% against its own 200-day average. It sits at 66% of a 52-week range of ₹1,221 to ₹1,456. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 5 straight weeks.
Today the stock is in a downtrend — week 22 of stage 4, confirmed. At ₹1,376 it trades +2.1% versus its 200-day average and sits at 66% of its 52-week range (₹1,221–₹1,456).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +188% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 5 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 17th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
United Spirits Ltd trades at 57.6× P/E, near the bottom of its own range — cheaper only 17% of the time. Its long-run median P/E is 70.9×, measured across 10.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 57.6× is near the bottom of its own range — cheaper only 17% of the time, against a long-run median of 70.9× measured over 10.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +16.2% against a +1.0% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +15.6%/yr price move, ~+21.0%/yr came from earnings growth and ~−5.4 pp from the multiple (compressing); over 10y, of the +10.9%/yr price move, ~+28.9%/yr came from earnings growth and ~−18.0 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
United Spirits Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 26.0% and holding. The read is built from 12 quarters across 4 curves, on partial evidence.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +3.3% | +5.5% | +8.9% | +3.9% |
| Profit | +16.2% | +17.7% | +38.4% | +29.1% |
| EPS | +16.2% | +17.4% | +36.8% | +29.5% |
| Share price | +1.0% | +13.3% | +15.6% | +10.9% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
54.4/100 — rank 6 of 14 in Alcoholic Beverages · 97% evidence confidence
United Spirits Ltd scores 54.4 out of 100 against the 14 companies it is compared with in Alcoholic Beverages, ranking 6. Price leads the evidence: RS versus the benchmark is 1.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 12.7 + 19.2 + 8.8 + 13.7 = 54.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
United Spirits Ltd reported ₹2,708 Cr of revenue in the Jun 26 quarter, −10.4% year on year. Over 10 years it has compounded at 3.9% a year. The last full year, FY26, came in at ₹12,467 Cr. The last four reported quarters add to ₹12,626 Cr.
United Spirits Ltd reported ₹2,708 Cr of revenue in the Jun 26 quarter, −10.4% year on year. Over 10 years it has compounded at 3.9% a year. The last full year, FY26, came in at ₹12,467 Cr. The last four reported quarters add to ₹12,626 Cr.
FY26 revenue came in at ₹12,467 Cr (+3.3% on the year), capping 10 years at 3.9% compound. The latest quarter (Jun 26) printed ₹2,708 Cr, −10.4% year on year.
Pace check: the last four quarters averaged +3.1% growth against the decade's 3.9% — the current year is running in line with its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +3.1% over the last 4 quarters against +5.2%/yr over the last 8 — stabilising; TTM profit +24.4% vs +15.4%/yr — accelerating.
→ Revenue slipped — did margins hold as it scaled? Next: 16.0% this quarter (−5.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
United Spirits Ltd's operating margin is 16.0% in the Jun 26 quarter, −5.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −32.0% to 19.0%. The current quarter sits inside that band.
United Spirits Ltd's operating margin is 16.0% in the Jun 26 quarter, −5.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −32.0% to 19.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 16.0%, −5.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −32.0%–19.0%.
🚨 Why the margin moved: operating margin went −5.3 pp year on year while gross margin went −6.7 pp — the loss came mostly from the gross line: input costs and pricing.
→ Margins slipped — did that reach the bottom line? Next: profit +11.0% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
United Spirits Ltd earned ₹463 Cr of net profit in the Jun 26 quarter, +11.0% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹1,838 Cr. The 10-year compound rate is 29.1%. That is 17.1% of the quarter's revenue. The same quarter a year earlier earned ₹417 Cr.
United Spirits Ltd earned ₹463 Cr of net profit in the Jun 26 quarter, +11.0% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹1,838 Cr. The 10-year compound rate is 29.1%. That is 17.1% of the quarter's revenue. The same quarter a year earlier earned ₹417 Cr.
Jun 26 profit was ₹463 Cr, +11.0% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹1,838 Cr (+16.2%), and the 10-year compound rate is 29.1%.
Why profit moved: revenue contributed −10.4% and the margin −5.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +25.0% vs revenue +3.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 94% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 94% of United Spirits Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,459 Cr of operating cash against ₹1,838 Cr of profit. After ₹−14.0 Cr of capital spending, ₹1,473 Cr was left as free cash.
FY26: operating cash of ₹1,459 Cr against reported profit of ₹1,838 Cr, leaving free cash of ₹1,473 Cr after ₹−14.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 94% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 94%: the cash cycle tightened 48 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
→ So follow the cash to where it goes. Next: a 129-day cycle and ₹711 Cr of building.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
United Spirits Ltd's cash conversion cycle runs 129 days in FY26, down from 177 days in FY21. Capital spending ran ₹711 Cr over the last 3 years. At FY26 sales of ₹12,467 Cr each day of that cycle holds about ₹34.2 Cr, so roughly ₹4,406 Cr sits inside the business at any moment.
FY26: debtors at 106 days, inventory at 216 days — roughly 7.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 129 days, tighter than FY21's 177.
The full loop: cash goes out to suppliers and production on day 0; stock waits 216 days to sell; customers pay about 106 days after that; and suppliers themselves are paid at 193 days — netting out to the 129-day cycle.
In money terms: at FY26 sales of ₹12,467 Cr, each day of the cycle holds about ₹34.2 Cr — so the 129-day loop keeps roughly ₹4,406 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹711 Cr over the last 3 fiscal years against ₹847 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹77.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 26% and the ROIC − WACC spread is +12.7 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
United Spirits Ltd earns a ROCE of 26% in FY26. That is up from a trough of −24% in FY14. Return on invested capital clears the cost of that capital by +12.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 14.7% net margin on 0.86× asset turns.
FY26 ROCE is 26%, recovered from a FY14 trough of −24% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 14.7% net margin × 0.86× asset turns × 1.61× balance-sheet leverage ≈ 20.4% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 24.7% − 12.0% = a +12.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.05.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
United Spirits Ltd carries total debt of ₹413 Cr against shareholder equity of ₹8,957 Cr as of Mar 26, a debt-to-equity of 0.05 — effectively unlevered. On the annual view that ratio went from 0.12 in FY22 to 0.05 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹413 Cr against shareholder equity of ₹8,957 Cr — a debt-to-equity of 0.05. On the annual view, debt-to-equity went from 0.12 (FY22) to 0.05 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 3.1 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 3.1 points of United Spirits Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 17.1% of the company. Foreign institutions moved −2.2 points over the same window, to 12.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +3.1 points over 8 quarters to 17.1%; Foreign institutions: −2.2 points over 8 quarters to 12.9%; Promoters: +0.0 points over 8 quarters to 56.7%.
Why the register moved: rotation — foreign institutions −2.2 points against domestic institutions +3.1 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
United Spirits Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| United Spirits Ltd this page | 57.6× | ₹1.1L Cr | Consistent | |||
| Radico Khaitan Ltd | 89.2× | ₹54,816 Cr | Mixed | |||
| United Breweries Ltd | 108.0× | ₹36,980 Cr | Mixed | |||
| Allied Blenders & Distillers Ltd | 77.8× | ₹17,363 Cr | No read | |||
| Tilaknagar Industries Ltd | 43.2× | ₹10,933 Cr | Mixed | |||
| India Glycols Ltd | 26.4× | ₹7,760 Cr | Mixed | |||
| Piccadily Agro Industries Ltd | 52.8× | ₹7,267 Cr | Turning around | |||
| Globus Spirits Ltd | 25.5× | ₹2,560 Cr | Turning around | |||
| G M Breweries Ltd | 15.0× | ₹2,066 Cr | Turning around | |||
| Associated Alcohols & Breweries Ltd | 20.0× | ₹1,649 Cr | Mixed | |||
| Som Distilleries & Breweries Ltd | 106.0× | ₹1,515 Cr | Deteriorating | |||
| Sula Vineyards Ltd | 46.7× | ₹1,265 Cr | Turning around | |||
| IFB Agro Industries Ltd | 16.3× | ₹932 Cr | No read | |||
| Jagatjit Industries Ltd | 59.9× | ₹599 Cr | No read |
Frequently asked questions
What is United Spirits Ltd's share price today?
United Spirits Ltd trades at ₹1,376, +1.0% over the past year. The company is valued at ₹1,06,717 Cr. The stock sits at 66% of its 52-week range of ₹1,221–₹1,456, +2.1% versus its 200-day average. On the tape, the price is in a downtrend, 22 weeks in. — as of 24 July 2026.
What were United Spirits Ltd's latest quarterly results?
United Spirits Ltd reported revenue of ₹2,708 Cr and net profit of ₹463 Cr for the Jun 26 quarter. Revenue fell 10.4% and profit rose 11.0% year on year. Earnings per share were ₹6.37. The operating margin was 16.0%, 5.0 pp lower than a year earlier. — as of 24 July 2026.
What is United Spirits Ltd's revenue?
United Spirits Ltd reported revenue of ₹2,708 Cr in the Jun 26 quarter, −10.4% year on year. For the full FY26 fiscal year, revenue was ₹12,467 Cr (+3.3%). Over the last 10 years revenue compounded at 3.9% a year. — as of 24 July 2026.
What is United Spirits Ltd's profit?
United Spirits Ltd earned ₹463 Cr of net profit in the Jun 26 quarter, +11.0% year on year — the 4th straight quarter of growth. Full-year FY26 profit was ₹1,838 Cr. The operating margin ran 16.0% in the latest quarter. — as of 24 July 2026.
What is United Spirits Ltd's market cap?
United Spirits Ltd's market capitalisation is ₹1,06,717 Cr at a share price of ₹1,376. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is United Spirits Ltd's P/E ratio?
United Spirits Ltd trades at a P/E of 57.6×, at the 17th percentile of its own 10-year range, against a long-run median of 70.9×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does United Spirits Ltd pay a dividend?
Yes — United Spirits Ltd's dividend payout was 67% of profit in FY26, and it recorded a payout in 3 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is United Spirits Ltd overvalued?
On its own history, United Spirits Ltd looks cheap against its own history: its P/E of 57.6× has been cheaper only 17% of the time in 10 years (long-run median 70.9×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is United Spirits Ltd growing?
Not right now — United Spirits Ltd's latest numbers are shrinking: latest-quarter revenue −10.4% year on year, profit +11.0%, and the margin −5.0 pp at 16.0%. The 10-year compound rates are 3.9% (revenue) and 29.1% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.
How is United Spirits Ltd performing?
United Spirits Ltd is in a downtrend, 22 weeks in. Its latest quarter's revenue fell 10.4% and profit rose 11.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 5 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is United Spirits Ltd in?
Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 26.0% and holding. The read comes from the last 12 quarters of growth (revenue growth +3.1% latest, profit growth +24.4% latest, eps growth +24.4% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is United Spirits Ltd in an uptrend?
No — the price is in a downtrend (week 22 of stage 4), trading +2.1% versus its 200-day average and at 66% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is United Spirits Ltd beating the market?
On recent form, yes — United Spirits Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 5 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +188% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.
Will United Spirits Ltd's share price go up?
This page publishes no price forecast for United Spirits Ltd. What it measures instead: the share price is ₹1,376, the price is in a downtrend 22 weeks in. Its P/E of 57.6× sits at the 17th percentile of its own 10-year range. — as of 24 July 2026.
Who owns United Spirits Ltd?
Promoters hold 56.7% of United Spirits Ltd, foreign institutions 12.9%, domestic institutions 17.1% and the public 13.3% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 3.1 points over 8 quarters. — as of 24 July 2026.
Does United Spirits Ltd have too much debt?
No — United Spirits Ltd's debt-to-equity is 0.05, and operating profit covers the interest bill 14×. FY26 borrowings were ₹413 Cr against equity of ₹8,953 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is United Spirits Ltd's capex?
United Spirits Ltd spent ₹711 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹−14.0 Cr, with ₹77.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is United Spirits Ltd's cash flow?
United Spirits Ltd generated ₹1,459 Cr of operating cash flow in FY26 and ₹1,473 Cr of free cash flow after ₹−14.0 Cr of capital spending. Reported profit that year was ₹1,838 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is United Spirits Ltd's profit real cash?
Yes — over the last 3 fiscal years, 94% of United Spirits Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹1,459 Cr against reported profit of ₹1,838 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is United Spirits Ltd in its business cycle?
United Spirits Ltd's FY26 operating margin was 18.0%, against a 13-year band of −32.0%–19.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 16.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the United Spirits Ltd story?
The sharpest disagreement: the P/E sits at the 17th percentile of its own range, but the engine is deteriorating — cheap for a reason until the quarters turn. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is United Spirits Ltd a stock worth studying right now?
This is not investment advice. The machine read: United Spirits Ltd is cheap for a reason. The P/E sits at the 17th percentile of its own range, and the quarters are still getting worse. The sharpest open question: whether the quarters turn before the discount closes. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.