United Spirits share price today

United Spirits Ltd's share price was ₹1,418.00 at the close on 6 November 2026. It has been rising for 13 weeks. That is 2.6% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,221 and ₹1,556, and at that close it sat 59% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today United Spirits Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 4 weeks running.

Over the last 11 years the share price moved +197% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 9 October 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

One change stood out: profit fell in the September 2026 quarter.

1. Profit fell in the September 2026 quarter

   Profit was ₹428 crore, -7.8% on a year earlier (₹464 crore), after 4 quarters of growth.

   Why: Profit fell because the company spent much more on advertising and promotions ahead of the festive season.

   Next results: check whether advertising spend stays at the higher level management called the new normal.

   From the earnings call on 29 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), United Spirits reported revenue of ₹3,264 crore, up 2.9% from ₹3,173 crore a year earlier, and a profit of ₹428 crore, down 7.8% from ₹464 crore.

United Spirits results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

United Spirits' management discussed these results on a call held on 29 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

United Spirits closed at ₹1,418.00 on 6 November 2026, down 0.8% from ₹1,429.10 a year earlier (7 November 2025) and up 45.3% over five years. Its highest weekly close since March 2016 was ₹1,682.45 on 3 January 2025.

United Spirits share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 6 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

565 weekly closes from 11 March 2016 to 6 November 2026.

6 Nov 2026: United Spirits closed at ₹1,418.00, up 6.3% on the week and up 3.8% on the month. 29 Oct 2026: United Spirits held its results call for July to September 2026. Management guided: P&A double-digit FY aspiration needs about 12% H2 on MML lap adding 2-3 points to about 9-9.5% plus McDowell push.

Earlier

• Results for July to September 2026: Revenue up 2.9% and profit down 7.8% on a year earlier.
• Our read, 22 Aug 2026: Premium brands and state-policy openings support earnings, but reported profit contains material below-operating profit income and the McDowell's reset remains unproven.
• 8 Jul 2026: ex-date for a dividend of ₹11 a share.
• 27 Jan 2026: ex-date for an interim dividend of ₹6 a share.

Our read of the business

April to June 2026: Revenue declined year on year while reported profit increased and operating margin fell.

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

United Spirits paid ₹17 a share in regular dividends in the 12 months to 7 November 2026 (2 payments), a yield of 1.20% at the ₹1,418.00 close on 6 November 2026. The last was a dividend of ₹11 a share, ex-date 8 July 2026.

United Spirits dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. United Spirits Ltd paid out 67% of its profit as dividends in FY26, and it paid a dividend in 3 of its last 13 reported years.

From the NSE corporate-actions record, read 7 November 2026.

On the call for July to September 2026, held on 29 October 2026, United Spirits' management guided: P&A double-digit FY aspiration needs about 12% H2 on MML lap adding 2-3 points to about 9-9.5% plus McDowell push.

“That is what it is, and I guess, to your point, it may continue to dwindle further and probably die a natural death.”Pradeep Jain, on the call for July to September 2026

What management guided

• Smirnoff trademark NSV above ₹1,000 crore in FY27 on flavor momentum.
• Core A&P around 11% of net sales in FY27 with RTD and new platforms on top.
• RCB transaction close by extended long-stop in mid-December on pending approvals.
• Bottled-in-origin consumer prices landing within next 30 days with elasticity read in 3-4 months.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 29 October 2026.

What is changing at United Spirits, from the latest results and calls: premium portfolio mix, karnataka price architecture and ukfta scotch accessibility.

• Karnataka price architecture. Karnataka price changes can improve volumes and category accessibility. ✓ fact
• UKFTA Scotch accessibility. Concessional-duty shipments can lower BIO prices after channel inventory clears. ✓ fact
• McDowell's renovation. A product, pack and format reset could repair lower-prestige share losses. ✓ fact

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

P&A growth outside Maharashtra slows while reported mix remains elevated only because Maharashtra volumes shrink.

Each change stops working if

• Premium portfolio mix: P&A growth outside Maharashtra slows while reported mix remains elevated only because Maharashtra volumes shrink.
• Karnataka price architecture: The first full-quarter response does not produce the expected P&A volume improvement.
• UKFTA Scotch accessibility: BIO price reductions fail to create demand or forex absorbs the cost benefit.
• McDowell's renovation: Repeat-purchase data remains weak after festive-season rollout.

The main risks

• Reported-profit quality: Recent reported profit includes material other income below operating profit. ⚠ estimate
• Margin pressure: Inflation and higher marketing reinvestment can restrain operating-margin delivery. ⚠ estimate
• Working-capital absorption: Latest-year cash conversion is lower than the three-year aggregate. ⚠ estimate

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When United Spirits reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Festive-quarter P&A acceleration delivering full-year aspiration on Maharashtra lap benefit and McDowell renovation push with volume plus mix.

United Spirits is on one of our India lists: Small & mid cap stocks.

United Spirits Ltd earned ₹428 Cr of net profit in the Sep 2026 quarter, −7.8% on the same quarter a year earlier. Full-year FY26 profit was ₹1,838 Cr. Over 10 years profit has grown 29.1% a year on average. That is 13.1% of the quarter's revenue. The same quarter a year earlier earned ₹464 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹1,838 Cr (+16.2% on the year before).

Why profit moved: revenue changed +2.9% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +14.0% and revenue +0.9%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY27-Q1. Revenue declined year on year while reported profit increased and operating margin fell.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

United Spirits Ltd reported ₹3,264 Cr of revenue in the Sep 2026 quarter, +2.9% on the same quarter a year earlier. Over 10 years it has grown 3.9% a year on average. The last full year, FY26, came in at ₹12,467 Cr. The last four reported quarters add to ₹12,717 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. Ex-Maharashtra P&A volume and NSV grew faster than the reported portfolio in Q1. This fits the Value Chain Climb model: consumers trade through the portfolio ladder, but the mechanism needs to remain visible in recurring operating profit.

FY26 revenue was ₹12,467 Cr, +3.3% on the year before.

Recent pace: the last four quarters grew +0.9% on average, against 3.9% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +1.1%, against +5.7% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +12.9%, against +14.2% a year (stabilising).

FY27-Q1. Revenue declined year on year while reported profit increased and operating margin fell.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

United Spirits Ltd's operating margin was 20.0% in the Sep 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Across 13 years it has been between −32.0% and 19.0%. The latest quarter is above every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed −1.3 percentage points on the year while gross margin changed +0.9 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

FY27-Q1. Revenue declined year on year while reported profit increased and operating margin fell.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Over the last 3 years, 94% of United Spirits Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹1,459 Cr of operating cash against ₹1,838 Cr of profit. After −₹14.0 Cr of spending on assets, ₹1,473 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 94% of profit came in as cash: the cash cycle got 48 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets.

United Spirits Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 129 days in FY26, down from 177 days in FY21. It spent ₹711 Cr on assets over the last 3 years. Customers take 106 days to pay, and stock sits for 216 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹12,467 Cr, each day of that cycle ties up about ₹34.2 Cr, so roughly ₹4,406 Cr is tied up in the business at any time.

FY26: customers took 106 days to pay and stock sat for 216 days, about 7.1 months of sales sitting as stock, for a full cycle of 129 days, shorter than FY21's 177.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 216 days. Customers pay about 106 days after that. Suppliers are paid at 193 days. Together that makes the 129-day cycle.

Spending on assets: ₹711 Cr over the last 3 years, against ₹847 Cr of depreciation (the yearly wear and tear on existing assets). So it is spending about what it takes to replace what wears out, or less. Work still in progress is ₹77.0 Cr (FY26): assets paid for that are not earning yet.

In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean.

United Spirits Ltd's P/E is 56.9×, near the low end of its own history: it has been lower only 17% of the time. Its usual P/E (the middle reading) is 70.2×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹25.41.