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United Spirits (UNITDSPR) investor relations material
United Spirits Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary31 Oct, 2025
Executive summary
Achieved strong top and bottom-line growth in Q2 FY26, with double-digit growth in the Prestige & Above segment and revenue from operations for H1 FY26 reaching ₹13,494 crores, up from ₹12,910 crores year-over-year.
Premiumization and innovation in brands like Godawan, Smirnoff, and Royal Challenge drove performance, with new launches and strong consumer acceptance.
Management remains cautiously optimistic for the second half, focusing on agile execution in challenging markets and leveraging festive season demand.
Consolidated net profit for the half year was ₹881 crores, compared to ₹826 crores in the prior year period.
The company completed the acquisition of Nao Spirits, holding 97% equity as of September 30, 2025.
Financial highlights
Overall portfolio Net Sales Value (NSV) growth for H1 FY26 was 10.1%, with P&A growth at 10.9%.
Gross profit for the quarter was INR 1,493 crore, gross margin at 47.1% (up 190 bps YoY); H1 gross profit at INR 2,614 crore, gross margin at 45.7%.
Standalone revenue from operations for the quarter was ₹7,192 crores, up from ₹6,671 crores last year.
Reported EBITDA for the quarter was INR 672 crore, up 32.5% YoY; H1 reported EBITDA at INR 1,087 crore, up 16.8%, margin at 19%. Consolidated EBITDA for the half year was ₹1,304 crores, up from ₹1,215 crores year-over-year.
PAT for the quarter grew 40.9% YoY to INR 472 crore, PAT margin at 14.9%.
Outlook and guidance
Management expects the second half to be more challenging due to Maharashtra and Andhra Pradesh dynamics but remains confident in delivering on full-year aspirations.
Focus remains on driving premiumization, innovation, and agile resource allocation to the most elastic growth points.
Margin guidance remains in the mid to high teens, with a commitment to grow bottom line ahead of top line over the medium term.
Management continues to focus on operational efficiency and growth initiatives, including integration of recent acquisitions.
Ongoing legal and regulatory matters are being actively managed, with no material financial impact anticipated at this stage.
MML volume sourcing impact and timeline?
Gross margin drivers and sustainability outlook?
On-premise ramp-up strategy and expected impact?
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Next United Spirits earnings date
Q3 202621 Jan, 2026
Next United Spirits earnings date
Q3 202621 Jan, 2026
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Frequently asked questions
United Spirits Limited is a leading spirits and wine company of India, offering a wide range of alcoholic beverages across all price segments, serving 25 Indian States and exporting to more than 15 countries. The Company manufactures, purchases, sells and distributes whiskey brands like Bagpiper, Antiquity, Signature XO, Antiquity 2 and Royal Challenge in addition to the Company's own brands namely McDowell's No. 1 Celebration and Signature Select. United Spirits Limited is based in Bengaluru, India.
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