United Spirits (UNITDSPR) Q2 26/27 earnings summary

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.