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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
United Spirits
United Spirits (UNITDSPR) investor relations material
United Spirits Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary29 Oct, 2026
Executive summary
Resilient Q2 amid a strong prior-year comparison and FSSAI-related disruption; premium and luxury demand supported P&A growth, while McDowell’s relaunch remains a key execution priority.
H1 consolidated revenue was ₹13,136 crore and total profit ₹891 crore; continuing-operations profit was ₹697 crore.
Financial highlights
P&A NSV grew 6.3% in Q2 FY27 versus 12.7% in Q2 FY26; H1 growth was 7.8%.
Standalone Q2 revenue from operations was ₹7,001 crore versus ₹7,192 crore YoY; net profit was ₹462 crore versus ₹472 crore.
Consolidated Q2 operating revenue was ₹7,014 crore versus ₹7,199 crore; profit for the period was ₹428 crore versus ₹464 crore, including discontinued operations.
Beverage alcohol Q2 segment EBITDA was ₹643 crore versus ₹667 crore; EBITDA margin was 19.7%, reflecting front-loaded A&P spending.
Consolidated H1 operating cash flow was ₹1,330 crore versus ₹939 crore, including ₹1,108 crore from continuing operations versus ₹812 crore.
Segment performance
Luxury and premium performed strongly, with Q2 P&A price mix at 7.4%; premiumization and Smirnoff growth lifted category mix.
Karnataka P&A volumes rose 27%-30% and value 32%-34%; management cited consistent gains and a progressive tax policy, with pricing softening somewhat.
McDowell’s relaunch reached 80%-85% of salient markets; consumer response was mixed, with improved KPIs and strong feedback on liquid and packaging.
Smirnoff Ice launched in Goa and Mumbai, with Bengaluru next; 4.8% and 8% ABV variants target beer and wine occasions, with broader rollout after testing the playbook.
Sports segment H1 revenue was ₹552 crore versus ₹478 crore and EBITDA ₹253 crore versus ₹218 crore; results are presented as discontinued operations.
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Latest events from United Spirits
- Merger-driven turnover growth masked lower volumes and profit amid regulatory disruption.UNITDSPR
Q4 00/01 - Volume rose 8%, but Kerala tax and down-trading pressured earnings.UNITDSPRQ4 01/02
- Volume growth and portfolio expansion offset earnings pressure and regulatory risks.UNITDSPRQ4 02/03
- Record volume growth and higher earnings faced a mounting input-cost squeeze.UNITDSPRQ4 03/04
- Acquisitions reshaped scale, while exceptional charges cut consolidated FY05 earnings.UNITDSPRQ4 04/05
- Merger-driven scale lifted FY06 EBITDA, while regulation and costs tempered the outlook.UNITDSPRQ4 05/06
- Profit surged as premium brands grew and Whyte & Mackay expanded Scotch capabilities.UNITDSPRQ4 06/07
- Premium-led operating growth met rising costs, acquisition debt and a challenging pricing environment.UNITDSPRQ4 07/08
- Volume growth reached 20%, while input costs and consolidated FX effects weighed on earnings.UNITDSPRQ4 08/09
Next United Spirits earnings date
Q3 26/2720 Jan, 2027
United Spirits
Next United Spirits earnings date
Q3 26/2720 Jan, 2027
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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.