United Spirits (UNITDSPR) Q3 25/26 earnings summary

Executive summary

• Achieved resilient growth in both top and bottom line for Q3 FY26, despite headwinds in Maharashtra due to the launch of Maharashtra-made liquor (MML) impacting lower-prestige segments.

• Consolidated revenue from operations for Q3 FY26 was ₹7,942 crore, up from ₹7,732 crore in Q3 FY25; nine-month revenue reached ₹21,436 crore, up from ₹20,642 crore year-over-year.

• Profit before tax for Q3 FY26 was ₹541 crore, compared to ₹480 crore in Q3 FY25; nine-month profit before tax was ₹1,736 crore, up from ₹1,593 crore year-over-year.

• Strong performance in luxury and premium segments, with notable growth in primary scotches, Smirnoff (flavor innovation), and Signature trademark.

• Interim dividend of ₹6 per equity share (300% of face value) approved for FY26.

Financial highlights

• For nine months, overall volume and NSV growth were 4% and 9%, respectively; P&A segment volume and NSV growth were 4.5% and 9.8%.

• EBITDA for the beverage alcohol segment in Q3 FY26 was ₹614 crore, up from ₹583 crore in Q3 FY25; nine-month EBITDA was ₹1,693 crore, up from ₹1,552 crore year-over-year.

• Earnings per share (consolidated, basic and diluted) for Q3 FY26 was ₹5.88, compared to ₹4.72 in Q3 FY25; nine-month EPS was ₹18.29, up from ₹16.35 year-over-year.

• Gross margins improved by over 200 basis points year-over-year in Q3, driven by favorable product mix and benign input costs except for bulk Scotch.

• Total comprehensive income for Q3 FY26 was ₹419 crore, up from ₹330 crore in Q3 FY25.

Outlook and guidance

• Cautiously optimistic for the upcoming wedding season and next quarters, with continued focus on portfolio strategy and commercial execution.

• Double-digit P&A top-line growth guidance maintained, excluding potential upside from the India-U.K. FTA.

• Price mix guidance of 6%-8% remains, with potential to sustain at higher end while Maharashtra headwinds persist.

• India-U.K. FTA benefits on bulk Scotch expected to materialize in July-September quarter, with annualized benefit estimated at INR 110-120 crore.

• Management continues to monitor regulatory changes, including the new Labour Codes, and will adjust accounting as needed.