# United Spirits share price today (United Spirits Ltd, NSE: UNITDSPR)

> United Spirits share price today: ₹1,419.30 at the NSE close on 4 November 2026, down 0.7% in a year. United Spirits (NSE: UNITDSPR) is worth ₹1,03,210 crore, trades at a P/E of 56.9 and has closed between ₹1,221.20 and ₹1,556.00 over the past 52 weeks. > United Spirits Ltd's P/E is near the low end of its own history, higher than only 17% of past readings, and its quarterly results are still getting worse. UNITDSPR · Alcoholic Beverages · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/united-spirits-ltd

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹1,419.30 (−0.7% in a year)
- P/E: 56.9× (lower than 83% of the last 10 years)
- Revenue (Sep 2026): ₹3,264 Cr (+2.9% on a year ago)
- Profit (Sep 2026): ₹428 Cr (−7.8% on a year ago)
- Operating margin: 20.0% (−1.0 points on a year ago)
- ROCE: 26%, FY26
- ROIC: 25.3%, against a 12.0% cost of capital: +13.3 points

The main question: the P/E is near the low end of its own history, higher than only 17% of past readings, but results are getting worse. A low multiple can stay low until the quarters turn. ## What is the United Spirits share price today? United Spirits Ltd's share price was ₹1,419.30 at the close on 4 November 2026. It has been rising for 13 weeks. That is 2.7% 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. 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 +198% 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. ## What changed at United Spirits this quarter? 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. ## What are United Spirits' latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹3,264 crore | ₹3,173 crore | +2.9% |
| Profit | ₹428 crore | ₹464 crore | −7.8% |
| Earnings per share | ₹5.88 | ₹6.38 | −7.8% |
| Operating margin | 20.0% | 21.0% | −1.0 points |

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.)

## What is the United Spirits share price history? United Spirits closed at ₹1,419.30 on 4 November 2026, down 0.7% from ₹1,429.10 a year earlier (7 November 2025) and up 45.4% 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

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹1,333.70 | +6.4% |
| 1 month ago · 1 Oct 2026 | ₹1,335.10 | +6.3% |
| 6 months ago · 8 May 2026 | ₹1,280.80 | +10.8% |
| 1 year ago · 7 Nov 2025 | ₹1,429.10 | −0.7% |
| 3 years ago · 3 Nov 2023 | ₹1,071.20 | +32.5% |
| 5 years ago · 4 Nov 2021 | ₹976.20 | +45.4% |
| 10 years ago · 4 Nov 2016 | ₹409.46 | +246.6% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹477.00 | +197.5% |
| Highest weekly close since March 2016 · 3 Jan 2025 | ₹1,682.45 | −15.6% |
| Lowest weekly close since March 2016 · 23 Dec 2016 | ₹370.51 | +283.1% |
| 52-week high (weekly close) · 21 Aug 2026 | ₹1,556.00 | −8.8% |
| 52-week low (weekly close) · 2 Apr 2026 | ₹1,221.20 | +16.2% |

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 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (565 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on United Spirits? 4 Nov 2026: United Spirits closed at ₹1,419.30, up 6.4% on the week and up 6.3% 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.)

## What dividend does United Spirits pay? United Spirits paid ₹17 a share in regular dividends in the 12 months to 5 November 2026 (2 payments), a yield of 1.20% at the ₹1,419.30 close on 4 November 2026. The last was a dividend of ₹11 a share, ex-date 8 July 2026. ### United Spirits dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 8 Jul 2026 | ₹11 | Dividend |
| 27 Jan 2026 | ₹6 | Interim |
| 1 Aug 2025 | ₹8 | Dividend |
| 3 Apr 2025 | ₹4 | Interim |
| 12 Jul 2024 | ₹5 | Dividend |
| 17 Nov 2023 | ₹4 | Interim |

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. 3 of 5 Of the last 5 financial years, years with an NSE dividend record

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 5 November 2026.)

## What did United Spirits management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/4428-29-Oct-2026.pdf). (From the call for July to September 2026, 29 October 2026.)

## What is the future of United Spirits? What is changing in the business? 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.)

## What could change the United Spirits story? What are the risks? 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.)

## What to watch in United Spirits' next results? 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. - What to check (from the call)
- Festive-quarter P&A acceleration delivering full-year aspiration on Maharashtra lap benefit and McDowell renovation push with volume plus mix. - Renovated McDowell packs reaching market by flagged timeline with sequential offtake improvement visible. - Blended gross margin having as full FTA absorption offsets rising input costs. - RCB closure by flagged long-stop after advanced diligence with BCCI and statutory approvals clearing. ## Which stock lists is United Spirits on? United Spirits is on one of our India lists: Small & mid cap stocks. [Small & mid cap stocks Size rank in India: 114](https://www.sectoralpha.in/small-cap-stocks-india)

## Is United Spirits profitable? 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. 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. ## How much revenue does United Spirits make, and is it growing? 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. 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. ## How much of every ₹100 of sales does United Spirits keep? 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. 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. ## Is United Spirits' profit turning into cash? 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. 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. ## Where does United Spirits' cash go? 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. 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. ## What is United Spirits' P/E ratio, and how does it compare with its own history? 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. 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. Why the multiple is where it is: over the past year earnings per share moved +16.2% while the price moved −0.7%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +7.8% a year; about +15.7% a year came from earnings growth and about −7.9 percentage points from the multiple (the market paying less); over 10 years the price moved +13.2% a year; about +28.6% a year came from earnings growth and about −15.4 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the United Spirits share price assume? Worked out from its price on 25 August 2026, United Spirits Ltd's share price assumed profit growth of about 29.0% a year. Over the past 10 years its profit actually grew 29.1% a year. Today its P/E is 56.9×, lower than 83% of its own last 10 years. This is a one-day reading, taken on 25 August 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the United Spirits business getting better or worse? United Spirits Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 27.3%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the United Spirits story, and has it been checked? United Spirits Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: MID EXPANSION. Still open: The thesis breaks if reported P&A momentum outside Maharashtra fails to translate into recurring operating profit while McDowell's repeat purchases do not improve after the national rollout. Our read, 22 August 2026. Premium brands and state-policy openings support earnings, but reported profit contains material below-EBITDA income and the McDowell's reset remains unproven. From the numbers. From the price. Price stage 2, week 13, below its 200-day line, relative strength falling. From the research. Premium brands and state-policy openings support earnings, but reported profit contains material below-EBITDA income and the McDowell's reset remains unproven. Where they disagree. What is proven. Premium brands and state-policy openings support earnings, but reported profit contains material below-EBITDA income and the McDowell's reset remains unproven. What is not proven yet. The thesis breaks if reported P&A momentum outside Maharashtra fails to translate into recurring operating profit while McDowell's repeat purchases do not improve after the national rollout. What would change our mind. The thesis breaks if reported P&A momentum outside Maharashtra fails to translate into recurring operating profit while McDowell's repeat purchases do not improve after the national rollout. The test written in advance. The thesis breaks if reported P&A momentum outside Maharashtra fails to translate into recurring operating profit while McDowell's repeat purchases do not improve after the national rollout. Measured by: the thesis as written as stated by the next result. The test written in advance. Reported-profit quality. Measured by: Reported-profit quality Other income remains a material share of profit before tax for two further quarters. by the next result. The test written in advance. Maharashtra policy and lower-prestige competition. Measured by: Maharashtra policy and lower-prestige competition Reported P&A volume remains negative without a corresponding improvement outside Maharashtra. by the next result. What the company does. Prestige-and-above momentum outside Maharashtra and the UKFTA rollout can support mix and accessibility. The reported earnings print needs separating from recurring operations because recent quarters include non-operating income. What the surface reading misses. What the surface reading misses. The research reads it further: Recurring earnings are lower after normalizing other income; the current operating margin is close to mid-cycle rather than a trough. Lever 2 · Value-added mix: building. Prestige-and-above momentum outside Maharashtra can lift mix and revenue per case. What proves it keeps working: Premium portfolio mix. It stops working if P&A growth outside Maharashtra slows while reported mix remains elevated only because Maharashtra volumes shrink. Sources: our stock research file (22 August 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did United Spirits management deliver what it promised? What United Spirits Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. McDowell's strategic posture reversed · 29 October 2026. In Jan 2026, management described the McDowell's No. 1 and Popular business as a declining pool and said it did not want to intervene. In Oct 2026, management called McDowell's the clear must-do task and reported interventions aimed at turning around momentum, without explaining the change in strategic posture. A&P reinvestment baseline raised · 29 October 2026. In Oct 2025, management set full-year A&P guidance at 9.5%-10.0%, and in Jan 2026 said it expected to be only marginally above the upper end. In Oct 2026, the 11.6% quarterly rate was described as the new normal for the current fiscal year, materially raising the recurring cost assumption; the innovation and renovation explanation does not reconcile it to the earlier full-year framework. RCSPL transaction timeline not reconciled · 29 October 2026. In Jan 2026, management committed to return by March 31 on the strategic review of the IPL asset. In Oct 2026, the latest call put the transaction's long-stop date at almost mid-December after an automatic extension, while approvals were still pending. Management did not explain whether the March review milestone was met or why the timetable remained unresolved, leaving a material capital-allocation timeline inconsistent with the earlier commitment. UK-India FTA Timeline Slippage · 15 May 2026. In the Jan 2026 call, management provided a specific timeline for the India-UK FTA, expecting British Parliament sign-off between March and May 2026 and stating the financial benefit - quantified at INR 110-120 crores annually - would begin flowing from the July-September 2026 quarter. In the May 2026 call, after the stated sign-off window has elapsed, management retreats to vague language and explicitly refuses to speculate on timing, offering no explanation for the missed deadline and leaving FY27 benefit assumptions unanchored. Every quote above is taken word for word from the company’s own earnings calls. ## How much does United Spirits earn on its capital? United Spirits Ltd earned a ROCE of 26% in FY26. That is up from a low of −24% in FY14. Its return on capital used (ROIC) is 13.3 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 14.7% net margin and 0.86× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 14.7% net margin × 0.86× asset turnover × 1.61× leverage (assets divided by equity) ≈ 20.4% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 25.3% − 12.0% = +13.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. ## Does United Spirits have too much debt? United Spirits Ltd has total debt of ₹430 Cr against shareholder equity of ₹9,066 Cr as of Sep 2026, so its debt is 0.05× its equity, which is very little. Year by year, that ratio went from 0.12 in FY22 to 0.05 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the United Spirits shareholding pattern? Domestic institutions raised their stake in United Spirits Ltd by 4.5 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 17.6% of the company. Foreign institutions moved −3.3 points over the same period, to 12.8%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +4.5 points over 8 quarters, to 17.6%; Foreign institutions: −3.3 points over 8 quarters, to 12.8%; Promoters: +0.0 points over 8 quarters, to 56.7%. Why the owners changed: foreign institutions moved −3.3 points and domestic institutions +4.5 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is United Spirits from balance-sheet trouble? For United Spirits Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does United Spirits rank in its industry? 57.3 out of 100, rank 4 of 16 in Alcoholic Beverages, with 100% of the evidence available. United Spirits Ltd scores 57.3 out of 100 against the 16 companies it is compared with in Alcoholic Beverages, ranking 4. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 16.7 + 22.6 + 8.4 + 9.6 = 57.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is United Spirits compared with? United Spirits ranks 4 of 16 Alcoholic Beverages companies on the 4-Factor Sector Score, with 57.3 out of 100. 1. [Radico Khaitan Ltd](https://www.sectoralpha.in/stocks/radico-khaitan-ltd) RADICO · losing its lead · Most evidence points up · 100% evidence 71.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.5/35 · Revenue 15.8% · Profit 73.8% · Operating margin change 4 points · 100% evidence Capital efficiency 22.1/25 · ROCE 24.2% · Operating margin 20% · 100% evidence Valuation 7.0/20 · P/E 68.2× · PEG 1.91 · 100% evidence Relative strength 11.9/20 · Lead over its industry 21.6% · Lead over NIFTY 500 20.6% · 1 year 30.5% · 100% evidence · 11 of 12 weeks ahead Exact sum: 30.5 + 22.1 + 7 + 11.9 = 71.5 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [India Glycols Ltd](https://www.sectoralpha.in/stocks/india-glycols-ltd) INDIAGLYCO · breaking out · Most evidence points up · 96% evidence 70.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Revenue 12% · Profit 29.9% · Operating margin change 1 points · 88% evidence Capital efficiency 15.2/25 · ROCE 12.4% · Operating margin 15% · 100% evidence Valuation 13.3/20 · P/E 7× · PEG 0.17 · 100% evidence Relative strength 20.0/20 · Lead over its industry 53.7% · Lead over NIFTY 500 51.8% · 1 year 61.8% · 100% evidence · 11 of 12 weeks ahead Exact sum: 21.6 + 15.2 + 13.3 + 20 = 70.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [IFB Agro Industries Ltd](https://www.sectoralpha.in/stocks/ifb-agro-industries-ltd) IFBAGRO · quiet · Evidence leans up · 74% evidence 64.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.2/35 · Revenue 38.9% · Profit 90.3% · Operating margin change 1 points · 88% evidence Capital efficiency 13.2/25 · ROCE 12.7% · Operating margin 8% · 100% evidence Valuation 15.5/20 · P/E 12.8× · PEG 0.33 · 65% evidence Relative strength 8.4/20 · Lead over its industry n/a · Lead over NIFTY 500 -17.3% · 1 year -39% · 25% evidence · 0 of 12 weeks ahead Exact sum: 27.2 + 13.2 + 15.5 + 8.4 = 64.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. United Spirits Ltd this page UNITDSPR · quiet · Evidence leans up · 100% evidence 57.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.7/35 · Revenue 1.1% · Profit 12.9% · Operating margin change -1 points · 100% evidence Capital efficiency 22.6/25 · ROCE 26.4% · Operating margin 20% · 100% evidence Valuation 8.4/20 · P/E 53.5× · PEG 3.56 · 100% evidence Relative strength 9.6/20 · Lead over its industry 2.4% · Lead over NIFTY 500 1.8% · 1 year -6.8% · 100% evidence · 7 of 12 weeks ahead Exact sum: 16.7 + 22.6 + 8.4 + 9.6 = 57.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Piccadily Agro Industries Ltd](https://www.sectoralpha.in/stocks/piccadily-agro-industries-ltd) PICCADIL · quiet · Evidence leans up · 74% evidence 56.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.4/35 · Revenue 28.5% · Profit 30.6% · Operating margin change -1 points · 88% evidence Capital efficiency 15.8/25 · ROCE 18% · Operating margin 17% · 100% evidence Valuation 11.6/20 · P/E 39.2× · PEG 1.38 · 65% evidence Relative strength 9.8/20 · Lead over its industry n/a · Lead over NIFTY 500 -2.8% · 1 year -17.9% · 25% evidence · 5 of 12 weeks ahead Exact sum: 19.4 + 15.8 + 11.6 + 9.8 = 56.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [G M Breweries Ltd](https://www.sectoralpha.in/stocks/g-m-breweries-ltd) GMBREW · quiet · Evidence leans up · 82% evidence 53.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.1/35 · Revenue 20.5% · Profit 21% · Operating margin change -2 points · 95% evidence Capital efficiency 18.4/25 · ROCE 18% · Operating margin 23% · 76% evidence Valuation 12.6/20 · P/E 10.4× · PEG n/a · 50% evidence Relative strength 3.3/20 · Lead over its industry -14.5% · Lead over NIFTY 500 -15.2% · 1 year -35.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 19.1 + 18.4 + 12.6 + 3.3 = 53.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Associated Alcohols & Breweries Ltd](https://www.sectoralpha.in/stocks/associated-alcohols-breweries-ltd) ASALCBR · basing · Evidence leans down · 81% evidence 48.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 7.8/35 · Revenue -5.3% · Profit -4.6% · Operating margin change -3 points · 88% evidence Capital efficiency 15.9/25 · ROCE 18% · Operating margin 11% · 100% evidence Valuation 17.4/20 · P/E 13.1× · PEG 0.96 · 100% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -30.3% · 1 year -55.9% · 25% evidence · 0 of 12 weeks ahead Exact sum: 7.8 + 15.9 + 17.4 + 7.5 = 48.6 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 8. [Globus Spirits Ltd](https://www.sectoralpha.in/stocks/globus-spirits-ltd) GLOBUSSPR · quiet · Evidence leans down · 83% evidence 47.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.6/35 · Revenue 10.8% · Profit 100% · Operating margin change -1 points · 100% evidence Capital efficiency 11.6/25 · ROCE 11.2% · Operating margin 8% · 100% evidence Valuation 10.6/20 · P/E 23× · PEG n/a · 15% evidence Relative strength 1.1/20 · Lead over its industry -22% · Lead over NIFTY 500 -22.5% · 1 year -41.3% · 100% evidence · 0 of 12 weeks ahead Exact sum: 24.6 + 11.6 + 10.6 + 1.1 = 47.9 · What this means: Earnings are strong; relative strength in its sector is -22% and the one-year return is -41.3%. 9. [Allied Blenders & Distillers Ltd](https://www.sectoralpha.in/stocks/allied-blenders-distillers-ltd) ABDL · breaking out · Evidence leans down · 93% evidence 47.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.5/35 · Revenue 8.6% · Profit -15.3% · Operating margin change -1 points · 100% evidence Capital efficiency 14.9/25 · ROCE 18.4% · Operating margin 12% · 100% evidence Valuation 4.3/20 · P/E 84.8× · PEG 4.13 · 65% evidence Relative strength 18.1/20 · Lead over its industry 26.7% · Lead over NIFTY 500 25.6% · 1 year 5.5% · 100% evidence · 8 of 12 weeks ahead Exact sum: 10.5 + 14.9 + 4.3 + 18.1 = 47.8 · What this means: Relative strength against the index is 25.6%, and revenue and profit growth are weak. 10. [United Breweries Ltd](https://www.sectoralpha.in/stocks/united-breweries-ltd) UBL · quiet · Evidence leans down · 83% evidence 47.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.4/35 · Revenue 7.4% · Profit 31.9% · Operating margin change 4 points · 100% evidence Capital efficiency 10.9/25 · ROCE 10.7% · Operating margin 10% · 100% evidence Valuation 9.0/20 · P/E 71.8× · PEG n/a · 15% evidence Relative strength 5.3/20 · Lead over its industry -14.2% · Lead over NIFTY 500 -14.6% · 1 year -34.3% · 100% evidence · 0 of 12 weeks ahead Exact sum: 22.4 + 10.9 + 9 + 5.3 = 47.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Tilaknagar Industries Ltd](https://www.sectoralpha.in/stocks/tilaknagar-industries-ltd) TI · breaking out · Evidence leans down · 90% evidence 44.3 out of 100 Growth Capital Valuation Relative
12. [Asgard Alcobev Ltd](https://www.sectoralpha.in/stocks/asgard-alcobev-ltd) quiet · Evidence leans down · 61% evidence 41.6 out of 100 Growth Capital Valuation Relative
13. [Fratelli Vineyards Ltd](https://www.sectoralpha.in/stocks/fratelli-vineyards-ltd) Too little evidence to rank firmly · 50% evidence 39.9 out of 100 Growth Capital Valuation Relative
14. [Sula Vineyards Ltd](https://www.sectoralpha.in/stocks/sula-vineyards-ltd) SULA · quiet · Most evidence points down · 81% evidence 30.6 out of 100 Growth Capital Valuation Relative
15. [Som Distilleries & Breweries Ltd](https://www.sectoralpha.in/stocks/som-distilleries-breweries-ltd) SDBL · breaking out · Most evidence points down · 68% evidence 30.4 out of 100 Growth Capital Valuation Relative
16. [Jagatjit Industries Ltd](https://www.sectoralpha.in/stocks/jagatjit-industries-ltd) JAGAJITIND · losing its lead · Too little evidence to rank firmly · 49% evidence 45.0 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Alcoholic Beverages](https://www.sectoralpha.in/sectors/alcoholic-beverages), all 16 compared on one page. ## Which companies are close to United Spirits in size? United Spirits is the largest of 16 Alcoholic Beverages companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Radico Khaitan, United Breweries, Allied Blenders & Distillers, Tilaknagar Industries, Piccadily Agro Industries and India Glycols. ### Alcoholic Beverages companies close in size

1. United Spirits Ltd ₹97,007 crore
2. [Radico Khaitan Ltd](https://www.sectoralpha.in/stocks/radico-khaitan-ltd) ₹54,757 crore
3. [United Breweries Ltd](https://www.sectoralpha.in/stocks/united-breweries-ltd) ₹31,208 crore
4. [Allied Blenders & Distillers Ltd](https://www.sectoralpha.in/stocks/allied-blenders-distillers-ltd) ₹19,531 crore
5. [Tilaknagar Industries Ltd](https://www.sectoralpha.in/stocks/tilaknagar-industries-ltd) ₹11,920 crore
6. [Piccadily Agro Industries Ltd](https://www.sectoralpha.in/stocks/piccadily-agro-industries-ltd) ₹5,504 crore
7. [India Glycols Ltd](https://www.sectoralpha.in/stocks/india-glycols-ltd) ₹2,223 crore

[All 16 Alcoholic Beverages companies, largest first](https://www.sectoralpha.in/sectors/alcoholic-beverages#all-companies)

### Companies close in size in other industries

1. [HDFC Asset Management Company Ltd](https://www.sectoralpha.in/stocks/hdfc-asset-management-company-ltd) ₹99,099 crore · Finance - AMC
2. [Tata Motors Passenger Vehicles Ltd](https://www.sectoralpha.in/stocks/tata-motors-passenger-vehicles-ltd) ₹97,747 crore · Auto - 4 Wheelers
3. United Spirits Ltd ₹97,007 crore
4. [Aurobindo Pharma Ltd](https://www.sectoralpha.in/stocks/aurobindo-pharma-ltd) ₹96,744 crore · Pharma - Formulators
5. [Muthoot Finance Ltd](https://www.sectoralpha.in/stocks/muthoot-finance-ltd) ₹96,698 crore · Finance & Investments - Gold Loan

## What else do people ask about United Spirits? ### What is United Spirits's share price today? United Spirits Ltd's share price is ₹1,419.30, −0.7% over the past year. The whole company is worth ₹1,03,210 Cr on the market. In the last 52 weeks it traded between ₹1,221 to ₹1,556; today it is 59% of the way up from the low, 2.7% above its 200-day average (as of 4 November 2026). ### What were United Spirits's latest quarterly results? United Spirits Ltd reported revenue of ₹3,264 Cr and net profit of ₹428 Cr for the Sep 2026 quarter. Revenue rose 2.9% and profit fell 7.8% compared with a year earlier. Earnings per share were ₹5.88. The operating margin was 20.0%, 1.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is United Spirits's market cap? United Spirits Ltd's market capitalisation is ₹1,03,210 Cr at a share price of ₹1,419.30. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is United Spirits performing? United Spirits Ltd's share price has been rising for 13 weeks. In its latest quarter, revenue rose 2.9% and profit fell 7.8% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 4 weeks running (as of 4 November 2026). ### Will United Spirits's share price go up? This page does not forecast United Spirits Ltd's share price. What it shows instead: the share price is ₹1,419.30, and it has been rising for 13 weeks. Its P/E of 56.9× is higher than 17% of its own last 10 years (as of 4 November 2026). ### Does United Spirits have too much debt? No, United Spirits Ltd has little debt: its debt is 0.05× its equity, and its operating profit is 14 times its interest bill. FY26 borrowings were ₹413 Cr against equity of ₹8,953 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026). ### Where is United Spirits in its business cycle? United Spirits Ltd's FY26 operating margin was 18.0%, against a 13-year range of −32.0% to 19.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 20.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the United Spirits story? The main question: the P/E is near the low end of its own history, higher than only 17% of past readings, but results are getting worse. A low multiple can stay low until the quarters turn. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is United Spirits a stock worth studying right now? What the numbers show: United Spirits Ltd's P/E is near the low end of its own history, higher than only 17% of past readings, and its quarterly results are still getting worse. The main open question: whether results start to improve. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a United Spirits share price forecast for 2026? What management itself 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. What is changing at United Spirits, from the latest results and calls: premium portfolio mix, karnataka price architecture and ukfta scotch accessibility. What would change the story: P&A growth outside Maharashtra slows while reported mix remains elevated only because Maharashtra volumes shrink. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india

This is research, not advice. We’re not SEBI-registered.