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United Spirits (MCDOWELL-N) investor relations material
United Spirits Q1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 25/26 earnings summary14 Aug, 2025
Executive summary
Net sales value grew 8.4% year-over-year, with the prestige and above segment up 9% despite muted demand and policy headwinds in Maharashtra.
The Board approved unaudited standalone and consolidated financial results for the quarter, with no material misstatements identified.
The company remains cautiously optimistic, leveraging premiumization, innovation, and format-led recruitment as growth drivers.
Policy changes in Maharashtra present headwinds, while progressive reforms in UP, MP, and Jharkhand offer tailwinds.
Recent acquisition of craft gin brands Greater Than, Hapusa, and a majority stake in Nao Spirits expands the white spirits portfolio.
Financial highlights
Consolidated revenue from operations for Q1 FY26 was ₹6,295 crore, with net profit at ₹417 crore.
Standalone net profit for Q1 FY26 was ₹258 crore, with a PAT margin of 10.1%.
Gross profit for the quarter was ₹1,121 crore, with a gross margin of 44%; underlying gross margin was 45.5%, up 107 bps year-over-year.
Reported EBITDA stood at ₹415 crore; underlying EBITDA was ₹455 crore, flat year-over-year.
Basic and diluted EPS for Q1 FY26 stood at ₹5.87 (consolidated) and ₹3.55 (standalone).
Outlook and guidance
Double-digit growth in the P&A segment remains the medium-term aspiration, with no dilution of this target.
Management focuses on growth initiatives, including Nao Spirits integration and rationalization of non-core assets.
EBIT growth is expected to remain slightly ahead of sales growth, though at a moderated pace.
Full-year A&P investment guidance remains at 9.5–10% of net sales.
Import duty reduction benefits are expected to flow through in Q1 of the next fiscal year.
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Next United Spirits earnings date
Q2 202631 Oct, 2025
Next United Spirits earnings date
Q2 202631 Oct, 2025
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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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