United SpiritsNSE: UNITDSPRBSE: 532432Fast Moving Consumer Goods · Breweries & DistilleriesUnited Spirits Financial Statements
For Mar 2026, United Spirits reported revenue of ₹27,816 crore and net profit of ₹1,838 crore. Return on equity stands at 21.40%. Profit & loss, balance sheet and cash flow across 8 reported years are below.
- Latest year revenue
- ₹27,816 Cr
- EBITDA
- ₹2,286 Cr
- Operating margin
- 8.22%
- Profit after tax
- ₹1,838 Cr
- Net margin
- 6.61%
- EPS
- ₹25.27
- Latest year
- Mar 2026
- Years reported
- 8
United Spirits profit & loss
Reported annual performance for United Spirits, oldest to newest. Figures in ₹ crore unless a row states otherwise.
| Line item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 28,873 | 28,824 | 27,419 | 31,062 | 27,815 | 26,018 | 27,276 | 27,816 |
| Sales Growth YoY % | — | -0.17% | -4.88% | 13.29% | -10.45% | -6.46% | 4.84% | 1.98% |
| Other Income | 69 | 22 | 40 | 36 | 73 | 225 | 336 | 478 |
| Total Income | 28,942 | 28,846 | 27,458 | 31,097 | 27,889 | 26,243 | 27,612 | 28,294 |
| Cost of Goods Sold (COGS) | 4,603 | 5,029 | 4,456 | 5,292 | 6,064 | 6,048 | 6,397 | 6,674 |
| Cost of Materials Consumed | 4,255 | 4,640 | 3,973 | 4,797 | 5,337 | 5,254 | 5,443 | 6,007 |
| Purchases of Stock-in-Trade | 283 | 291 | 349 | 577 | 864 | 675 | 864 | 808 |
| Changes in Inventories | 66 | 98 | 133 | -83 | -137 | 119 | 90 | -141 |
| Gross Profit | 24,269 | 23,795 | 22,963 | 25,770 | 21,751 | 19,970 | 20,879 | 21,142 |
| Gross Margin % | 84.06% | 82.55% | 83.75% | 82.96% | 78.2% | 76.75% | 76.55% | 76.01% |
| Total Operating Expenses | 22,876 | 22,223 | 21,910 | 24,162 | 20,334 | 17,969 | 18,636 | 18,856 |
| Employee Benefit Expense | 690 | 530 | 556 | 653 | 610 | 547 | 609 | 635 |
| Other Expenses | 22,186 | 21,693 | 21,354 | 23,509 | 19,724 | 17,422 | 18,027 | 18,221 |
| EBITDA | 1,394 | 1,572 | 1,053 | 1,608 | 1,417 | 2,001 | 2,243 | 2,286 |
| OPM % | 4.83% | 5.45% | 3.84% | 5.18% | 5.09% | 7.69% | 8.22% | 8.22% |
| Total Non-Operating Expenses | 455 | 564 | 422 | 227 | 563 | 334 | 307 | 356 |
| Depreciation & Amortisation | 215 | 285 | 299 | 304 | 283 | 275 | 283 | 289 |
| Finance Costs | 237 | 212 | 188 | 88 | 104 | 76 | 89 | 158 |
| Exceptional Items (Before Tax) | 3 | 67 | -64 | -165 | 176 | -17 | -65 | -91 |
| Profit Before Tax (PBT) | 1,014 | 1,164 | 541 | 1,087 | 1,280 | 1,858 | 2,142 | 2,226 |
| Tax Expense | 328 | 540 | 178 | 276 | 153 | 449 | 553 | 510 |
| Current Tax | 447 | 402 | 173 | 235 | 166 | 440 | 544 | 639 |
| Deferred Tax | -119 | 137 | 5 | 41 | -13 | 9 | 9 | -129 |
| Effective Tax % | 32.37% | 46.38% | 32.87% | 25.4% | 11.94% | 24.17% | 25.82% | 22.91% |
| Profit/Loss from Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 129 |
| Total Profit for Period | 684 | 621 | 362 | 811 | 1,126 | 1,408 | 1,582 | 1,838 |
| Less: Non-controlling Interests | -17 | -38 | -22 | -18 | -11 | 0 | 0 | -0 |
| Net Profit (Owner's PAT) | 700 | 659 | 384 | 829 | 1,136 | 1,408 | 1,582 | 1,838 |
| Net Profit Margin % | 2.43% | 2.29% | 1.4% | 2.67% | 4.09% | 5.41% | 5.8% | 6.61% |
| PAT Growth YoY % | — | -5.9% | -41.78% | 116.01% | 37.13% | 23.91% | 12.36% | 16.2% |
| Earnings Per Share (EPS) | ₹9.64 | ₹9.07 | ₹5.28 | ₹11.4 | ₹15.62 | ₹19.36 | ₹21.75 | ₹25.27 |
| Diluted Shares Outstanding (Cr.) | 73 | 73 | 73 | 73 | 73 | 73 | 73 | 73 |
| Profit/Loss from Associates | -2 | -3 | -1 | 0 | -1 | -1 | -7 | -7 |
| Other Comprehensive Income (Net of Tax) | 3 | -22 | 6 | 12 | -2 | -3 | 0 | 9 |
| Expenses | 27,928 | 27,682 | 26,917 | 30,011 | 26,609 | 24,385 | 25,470 | 26,068 |
| Material Cost % | 14.74% | 16.1% | 14.49% | 15.44% | 19.19% | 20.19% | 19.96% | 21.6% |
| Employee Cost % | 2.39% | 1.84% | 2.03% | 2.1% | 2.19% | 2.1% | 2.23% | 2.28% |
| Other Cost % | 76.84% | 75.26% | 77.88% | 75.68% | 70.91% | 66.96% | 66.09% | 65.51% |
| Interest Coverage (x) | 4.97 | 6.07 | 4.02 | 14.82 | 10.92 | 22.71 | 22.02 | 12.64 |
United Spirits revenue and profit trend
Reported annual revenue and net profit, oldest to newest. Two panels because the two measures live on different scales — one shared axis would distort both.
United Spirits balance sheet
Assets, liabilities and shareholders' equity as reported, in Schedule III order. Figures in ₹ crore unless a row states otherwise.
| Line item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Total Equity | 3,087 | 3,687 | 4,059 | 4,875 | 6,000 | 7,121 | 8,104 | 8,957 |
| Equity Share Capital | 145 | 145 | 145 | 145 | 146 | 145 | 145 | 145 |
| Reserves & Surplus | 2,945 | 3,583 | 3,975 | 4,808 | 5,854 | 6,976 | 7,959 | 8,808 |
| Equity Method Investments | 25 | 22 | — | — | 30 | 12 | 50 | — |
| Total Equity | 3,087 | 3,687 | 4,059 | 4,875 | 6,000 | 7,121 | 8,104 | 8,957 |
| Non-Current Liabilities | 834 | 171 | 140 | 198 | 138 | 225 | 422 | 367 |
| Long-term Borrowings | 780 | 15 | 2 | 1 | 0 | — | — | — |
| Deferred Tax Liabilities | — | 8 | 26 | 48 | 45 | 73 | 72 | 18 |
| Non-Current Provisions | 54 | 8 | 10 | 15 | 12 | 15 | 16 | 41 |
| Other Non-Current Liabilities | — | 20 | 10 | — | — | — | — | — |
| Non-Current Financial Liabilities | 780 | 135 | 95 | 135 | 80 | 137 | 334 | 308 |
| Current Liabilities | 5,188 | 4,994 | 4,338 | 3,838 | 3,624 | 3,903 | 4,722 | 4,818 |
| Short-term Borrowings | 2,089 | 1,606 | 875 | 341 | 1 | 25 | — | 6 |
| Trade Payables | 1,408 | 1,199 | 1,417 | 1,582 | 1,783 | 1,954 | 2,239 | 2,383 |
| Current Financial Liabilities | 3,744 | 3,824 | 2,557 | 2,235 | 2,170 | 2,358 | 2,862 | 2,761 |
| Other Current Financial Liabilities | 246 | 1,019 | 265 | 312 | 387 | 379 | 623 | 372 |
| Other Current Liabilities | 678 | 418 | 885 | 839 | 798 | 845 | 1,105 | 986 |
| Current Provisions | 346 | 454 | 574 | 488 | 373 | 368 | 375 | 500 |
| Liabilities Held for Sale | — | — | — | — | — | — | — | 327 |
| Current Tax Liabilities | 421 | 298 | 323 | 277 | 283 | 332 | 380 | 571 |
| Total Liabilities | 6,022 | 5,165 | 4,478 | 4,037 | 3,762 | 4,128 | 5,144 | 5,512 |
| Total Non-Current Assets | 2,866 | 3,981 | 3,734 | 3,748 | 3,527 | 3,872 | 4,046 | 3,906 |
| Property, Plant & Equipment (PPE) | 1,418 | 1,354 | 1,325 | 1,215 | 1,151 | 1,071 | 1,307 | 1,215 |
| Capital Work-in-Progress | 102 | 104 | 88 | 88 | 67 | 37 | 72 | 77 |
| Intangible Assets | 374 | 384 | 376 | 358 | 357 | 349 | 329 | 76 |
| Investment Property | — | 198 | 8 | — | 25 | 139 | 75 | 58 |
| Non-Current Investments | — | — | — | — | — | 34 | — | 14 |
| Loans – Non-Current | 23 | 18 | 16 | — | — | — | — | — |
| Other Non-Current Assets | 405 | 1,529 | 1,392 | 1,501 | 1,576 | 1,576 | 1,333 | 1,465 |
| Non-Current Financial Assets | 186 | 194 | 181 | 149 | 146 | 510 | 724 | 676 |
| Net Fixed Assets | 1,894 | 1,842 | 1,789 | 1,661 | 1,574 | 1,457 | 1,708 | 1,368 |
| Total Current Assets | 6,243 | 4,863 | 4,803 | 5,163 | 6,235 | 7,377 | 9,202 | 9,862 |
| Inventories | 1,934 | 1,928 | 2,052 | 2,157 | 2,230 | 2,063 | 2,305 | 2,668 |
| Trade Receivables | 2,543 | 2,284 | 2,187 | 2,374 | 2,434 | 3,056 | 3,410 | 3,609 |
| Cash & Cash Equivalents | 216 | 66 | 78 | 55 | 115 | 1,052 | 1,328 | 859 |
| Current Investments | — | — | — | 222 | 256 | 599 | 873 | 1,157 |
| Loans – Current | 17 | 16 | 16 | 11 | 16 | 10 | 22 | 1 |
| Current Financial Assets | 3,087 | 2,679 | 2,505 | 2,745 | 3,725 | 4,971 | 6,591 | 6,801 |
| Other Current Assets | 243 | 257 | 246 | 262 | 279 | 343 | 306 | 393 |
| Other Current Financial Assets | 244 | 306 | 219 | 77 | 136 | 37 | 256 | 57 |
| Assets Held for Sale | — | 7 | — | — | — | — | — | 701 |
| Current Tax Assets | 979 | — | — | — | — | — | — | — |
| Net Working Capital | 1,055 | -131 | 465 | 1,325 | 2,610 | 3,474 | 4,480 | 5,044 |
| Additional Asset Fields | 287 | 118 | 275 | 330 | 157 | 177 | 155 | 288 |
| Def Tax Assets | 290 | 159 | 171 | 148 | 157 | 177 | 155 | 284 |
| Non Bearer Bio Assets | — | — | 164 | 261 | — | — | — | — |
| Non Controlling Int | -3 | -41 | -61 | -79 | — | — | — | 4 |
| Total Assets | 9,109 | 8,851 | 8,537 | 8,911 | 9,762 | 11,249 | 13,248 | 14,469 |
| Total Borrowings | 2,870 | 1,621 | 877 | 342 | 1 | 25 | — | 6 |
| Net Debt | 2,653 | 1,555 | 799 | 287 | -114 | -1,027 | — | -853 |
| Debt to Equity (x) | 0.93 | 0.44 | 0.22 | 0.07 | 0 | 0 | — | 0 |
| Current Ratio (x) | 1.2 | 0.97 | 1.11 | 1.35 | 1.72 | 1.89 | 1.95 | 2.05 |
United Spirits cash flow statement
Cash generated and used across operating, investing and financing activities. Figures in ₹ crore unless a row states otherwise.
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Net Cash from Operating Activities | 977 | 615 | 1,118 | 1,947 | 1,459 |
| Profit Before Tax | 1,087 | 1,280 | 1,858 | 2,142 | 2,226 |
| Depreciation & Amortisation | 304 | 283 | 275 | 283 | 289 |
| Finance Costs | 88 | 104 | 76 | 89 | 158 |
| Working Capital Changes | -216 | -560 | -604 | -218 | -546 |
| Tax Paid | -457 | -268 | -337 | -163 | -334 |
| Net Cash from Investing Activities | -313 | -53 | 226 | -1,114 | -428 |
| Purchase of PPE | -134 | -137 | -98 | -162 | -181 |
| Sale of Fixed Assets | 47 | 27 | 19 | 1 | 253 |
| Interest Received | 6 | 20 | 42 | 36 | 67 |
| Net Cash from Financing Activities | -688 | -501 | -407 | -557 | -1,450 |
| Proceeds from Borrowings | 0 | 0 | 25 | 28 | 6 |
| Repayment of Borrowings | -536 | -341 | -1 | -53 | -12 |
| Interest Paid | -50 | -36 | -21 | -40 | -37 |
| Dividend Paid | 0 | 0 | -284 | -355 | -1,263 |
| Buyback / Redemption of Shares | 0 | 0 | 0 | 0 | 0 |
| Lease Liabilities Paid | -100 | -124 | -126 | -137 | -144 |
| Net Change in Cash | -23 | 61 | 937 | 276 | -419 |
| Effect of Foreign Exchange Changes | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 843 | 478 | 1,020 | 1,785 | 1,278 |
| CFO / PBT (x) | 0.9 | 0.48 | 0.6 | 0.91 | 0.66 |
United Spirits key ratios
Valuation, profitability, return, leverage and per-share measures computed from reported statements — not from adjusted or normalised earnings.
United Spirits trades at a P/E of 58.89× against a sector median of 34.07× — a 73% premium. Sector comparisons can mislead for conglomerates with mixed business lines.
| Ratio | Category | Value |
|---|---|---|
| P/E (TTM) | Valuation | 58.89 |
| Forward P/E | Valuation | 43.21 |
| P/B | Valuation | 12.39 |
| PEG (TTM) | Valuation | 3.23 |
| EV / EBITDA (TTM) | Valuation | 29.72 |
| P/S (TTM) | Valuation | 8.06 |
| Operating margin | Profitability | 18.2% |
| Net margin (TTM) | Profitability | 14.12% |
| Return on equity | Return ratios | 21.4% |
| Return on capital employed | Return ratios | 26.4% |
| Return on assets | Return ratios | 9.01% |
| Debt to equity | Leverage & liquidity | 0.05 |
| Beta | Leverage & liquidity | 0.69 |
| EPS (TTM) | Per share | ₹25.9 |
| Book value | Per share | ₹123 |
| Revenue / share (TTM) | Per share | ₹174.81 |
| Cash flow / share | Per share | ₹20.06 |
| Dividend yield | Shareholder returns | 1.11% |
| Dividend payout (TTM) | Shareholder returns | 58.12% |
How this is calculated
Statements are as filed with the exchanges. Consolidated figures are shown where reported. Figures are in rupees crore unless the table states otherwise. Ratios are computed from the same reported statements, not from adjusted or normalised earnings.
Index membership reflects the Nifty 100 as published by NSE Indices, effective 2026-03-30.
United Spirits: frequently asked questions
What is United Spirits's annual revenue?
United Spirits reported revenue of ₹27,816 crore in Mar 2026, up 2.0% on the previous financial year.
Is United Spirits profitable?
United Spirits reported a net profit of ₹1,838 crore in Mar 2026, up 16.2% on the previous financial year.
What is United Spirits's EPS?
United Spirits reported earnings per share of ₹25.27 for Mar 2026.
What is United Spirits's operating margin?
United Spirits's operating margin for Mar 2026 was 8.22%.
What is United Spirits's return on equity?
United Spirits's return on equity stands at 21.40%. ROE measures profit generated per rupee of shareholder equity.
How many years of United Spirits financials are shown?
8 reported financial years are tabulated on this page, the most recent being Mar 2026.
Are these figures consolidated or standalone?
Consolidated figures are shown wherever the company reports them, and standalone otherwise. The basis in use is labelled on the statement table.
More United Spirits data
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The data, ratios and commentary about United Spirits Ltd (UNITDSPR) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.