āagman

Not investment advice. Data and computed figures, for information only.

United Spirits Ltd

NSE: UNITDSPRF&O
₹1,381.50
−₹0.10 (−0.01%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹99,356 Cr
CMP
₹1,381.50
52-wk High / Low
₹1,563 / 1,211
P/E
53.6
P/B
11.1
Book Value
₹123.0
Div Yield
1.24%
ROCE
26.0%
ROE
21.4%
Face Value
₹2
D/E
0.05

Price+3.3% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
5
/ 9
5 of 9 F-score tests passed
Graham Number
₹264
√(22.5 × EPS × book value per share)
ROIC
16.6%
vs 13.1% sector median
Cash flow to profit
0.79
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−528
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
7.2%
ROE × earnings retention ratio
ROE stability
1.4
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −1.52DII +1.78
Latest quarter vs the previous one
Cash-accrual divergence
2.7%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 20% vs the 2023 sector median of 18%)
+Borrowings are down 90.3% since FY2016 (4242 to 413)
+Price trades above its 200-day moving average (1.0x)
+Annualised volatility of 24.4% is in the low band (≤25%)
Watch-outs

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2,6672,8693,0022,7832,7612,8443,4332,9463,0213,1733,6913,0542,708
Expenses1,9552,4012,5162,4492,0492,3442,8682,4372,3832,5143,0772,4612,279
Operating Profit712468486334712500565509638659614593429
OPM %26.7%16.3%16.2%12.0%25.8%17.6%16.5%17.3%21.1%20.8%16.6%19.4%15.8%
Other Income571528035547136585128226218
Interest4271629222520224921196930
Depreciation74666373726972707665807672
Profit before tax639446459312653460480553571624543674545
Net Profit477339350241485341335421417464418539463
EPS (₹)6.564.664.813.316.674.694.615.795.736.385.757.416.37

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales9,2548,4958,8188,5919,3419,3258,1319,71210,61211,32112,06912,46712,626
Expenses9,6198,1627,8267,3817,9477,7547,0808,1179,1959,3219,83310,18810,331
Operating Profit−3663339911,2091,3941,5711,0511,5951,4172,0002,2362,2792,295
OPM %−4.0%3.9%11.2%14.1%14.9%16.8%12.9%16.4%13.4%17.7%18.5%18.3%18.2%
Other Income−360648−2651727087−25−117249208271516523
Interest687457375278237212188881047689158139
Depreciation223157189192215285299304283275283289293
Profit before tax−1,6353661639121,0121,1605401,0871,2791,8572,1352,3482,386
Net Profit−1,687143936526846213628111,1261,4081,5821,8381,884
EPS (₹)−23.231.901.388.729.649.075.2811.4015.6319.3621.7525.2725.91

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital145145145145145145145145145145145145—
Reserves5141,4891,6402,2742,9453,5833,9744,8085,8546,9767,9598,808—
Borrowings4,9874,2424,1443,4212,8832,5701,037605183265480413—
Other Liabilities2,2422,4522,9673,0863,1352,5463,3543,3043,5343,7904,5925,085—
Total Liabilities7,8898,3298,8968,9269,1098,8448,5118,8639,71611,17613,17614,451—
Fixed Assets1,9211,8871,9171,7911,8411,9561,8931,8551,5341,5601,7121,404—
CWIP114282199102118121979683377277—
Investments2167700252202222866459231,171—
Other Assets5,6376,0846,7807,0337,1246,7456,5216,6907,8138,93410,46911,799—
Total Assets7,8898,3298,8968,9269,1098,8448,5118,8639,71611,17613,17614,451—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity−552−1962836479259487831,8189776151,1181,9471,459
Cash from Investing Activity−2523,855733−227104−66−194−99−313−55226−1,114−478
Cash from Financing Activity1,235−4,002−1,155−475−966−808−740−1,707−688−500−407−557−1,450
Net Cash Flow431−343−139−566374−15012−2360937276−469

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %−24.0−3.015.015.018.020.021.014.025.020.028.026.026.0
ROE %————————————21.4
EPS (₹)−61.78−23.231.901.388.729.649.075.2811.4015.6319.3621.7525.27
Book Value (₹)————————————123.0
Face Value (₹)————————————2
P/E————————————53.6
Div Yield %————————————1.24
NPM %−42.7−19.01.61.17.47.36.64.58.510.412.212.814.2
OPM %−32.0−4.03.911.014.015.017.013.016.013.018.019.018.0
D/E2.747.572.602.321.410.930.690.250.120.030.040.060.05
P/B————————————11.1

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+4.0%
5 years+9.0%
3 years+6.0%
TTM+3.0%
Compounded profit growth
10 years+29.0%
5 years+35.0%
3 years+23.0%
TTM+15.0%
Stock price CAGR
10 years+11.0%
5 years+9.0%
3 years+9.0%
Last year+2.0%
Return on equity
10 years20.0%
5 years20.0%
3 years21.0%
Last year21.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters58.48%58.48%58.48%56.76%56.76%56.76%56.73%56.68%56.68%56.68%56.68%56.68%
FIIs22.06%22.06%23.29%22.55%20.54%18.88%17.73%15.38%16.68%14.98%14.41%12.89%
DIIs5.47%5.47%4.29%5.21%7.46%7.98%10.41%12.70%12.27%14.59%15.36%17.14%
Government0.02%0.02%0.01%1.73%1.73%1.73%0.01%0.01%0.01%0.01%0.01%0.01%
Public13.97%13.97%13.94%13.76%13.51%14.66%15.12%15.24%14.37%13.73%13.54%13.29%
No. of shareholders96,45696,45680,2751,15,9991,24,5251,87,1392,41,1112,68,9932,51,0952,64,9952,92,6612,93,859
Change since Jun 2023 (pp)
Promoters −1.80FIIs −9.17DIIs +11.67Public −0.68

Documents

As of 11 Oct 2026
Announcements
Announcement under Regulation 30 (LODR)-Change in DirectorateCompliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Announcement under Regulation 30 (LODR)-Change in ManagementClosure of Trading WindowIntimation Regarding Completion Of Investment In Nuvola Spirits Private Limited
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Jul 2026TranscriptMay 2026TranscriptMay 2026PPTMay 2026RecordingJan 2026TranscriptJan 2026RecordingNov 2025TranscriptNov 2025RecordingAug 2025TranscriptAug 2025Recording

Corporate actions

As of 8 Jul 2026
8 Jul 2026DIVIDENDDividend - Rs 11 Per Share—
27 Jan 2026DIVIDENDInterim Dividend - Rs 6 Per Share—
1 Aug 2025DIVIDENDDividend - Rs 8 Per Share—
3 Apr 2025DIVIDENDInterim Dividend - Rs 4 Per Share—
12 Jul 2024DIVIDENDDividend - Rs 5 Per Share—
17 Nov 2023DIVIDENDInterim Dividend - Rs 4 Per Share—
15 Jun 2018SPLIT Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share10 : 2
16 Sep 2013DIVIDENDAnnual General Meeting And Dividend Rs.2.50 Per Share—
17 Sep 2012DIVIDENDAnnual General Meeting/ Dividend Rs. 2.50 Per Share—
21 Sep 2011DIVIDENDAnnual General Meeting And Dividend Rs.2.50 Per Share—
21 Sep 2010DIVIDENDAnnual General Meeting And Dividend Rs.2.50 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman