United Spirits Limited (IN:UNITDSPR)
:UNITDSPR
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United Spirits Limited
(UNITDSPR)
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Rating:66Neutral
Price Target:
₹1,426.00
▲(4.80% Upside)
Action:Downgraded
Date:05/16/26
The score is primarily supported by strong financial performance—especially a very low-leverage balance sheet and consistently high returns—tempered by FY2026 revenue softness and some cash-flow variability. Technicals are mixed with negative MACD and price below longer-term averages, and the elevated P/E with modest dividend yield weighs on valuation.
Positive Factors
Free Cash Flow Strength
A 75% jump in free cash flow and OCF/Net Income >1 show durable operating cash conversion. Strong cash generation supports reinvestment, deleveraging, and funding brand expansion or marketing without relying on external financing, improving resilience across economic cycles.
Negative Factors
High Reliance on Equity
A capital structure skewed toward equity can limit returns on incremental investments and may require dilutive funding for large capex or roll-ups. Over time this can constrain accelerated expansion or reduce per-share economics if significant external capital is needed.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Strength
A 75% jump in free cash flow and OCF/Net Income >1 show durable operating cash conversion. Strong cash generation supports reinvestment, deleveraging, and funding brand expansion or marketing without relying on external financing, improving resilience across economic cycles.
Read all positive factors
United Spirits Limited (UNITDSPR) vs. iShares MSCI India ETF (INDA)
Market Cap
₹915.12B
Dividend Yield0.83%
Average Volume (3M)33.02K
Price to Earnings (P/E)49.2
Beta (1Y)0.60
Revenue Growth7.23%
EPS Growth16.18%
CountryIN
Employees2,598
SectorConsumer Goods
Sector StrengthN/A
IndustryBeverages - Wineries & Distilleries
Share Statistics
EPS (TTM)23.05
Shares Outstanding727,350,800
10 Day Avg. Volume56,888
30 Day Avg. Volume33,024
Financial Highlights & Ratios
PEG Ratio2.91
Price to Book (P/B)9.66
Price to Sales (P/S)6.94
P/FCF Ratio64.33
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,439.00Price Target Upside5.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)26.37
Revenue Forecast (FY)₹137.92B
United Spirits Limited Business Overview & Revenue Model
Company Description
United Spirits Limited, an Indian enterprise, specializes in the manufacturing, procurement, and distribution of a wide array of alcoholic beverages and spirits across India and globally. Its product range features various categories such as Scotc...
How the Company Makes Money
United Spirits primarily makes money by selling branded spirits. Revenue is generated mainly through (1) domestic sales of its spirit brands across different price segments (including prestige and above, premium, and value), where income is recogn...
United Spirits Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
71
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 126.02B | 124.67B | 120.13B | 112.59B | 105.54B | 96.55B |
| Gross Profit | 56.28B | 48.69B | 55.25B | 51.17B | 43.70B | 42.34B |
| EBITDA | 26.13B | 26.66B | 25.07B | 22.08B | 16.66B | 14.78B |
| Net Income | 16.37B | 18.38B | 15.82B | 14.08B | 11.37B | 8.29B |
Balance Sheet | ||||||
| Total Assets | 134.84B | 144.69B | 132.48B | 112.49B | 97.61B | 89.11B |
| Cash, Cash Equivalents and Short-Term Investments | 27.00B | 31.34B | 29.03B | 18.61B | 11.34B | 2.77B |
| Total Debt | 7.03B | 4.13B | 4.80B | 2.65B | 1.83B | 6.05B |
| Total Liabilities | 50.72B | 55.12B | 51.44B | 41.28B | 37.62B | 40.37B |
| Stockholders Equity | 84.08B | 89.53B | 81.04B | 71.21B | 59.99B | 49.54B |
Cash Flow | ||||||
| Free Cash Flow | 8.50B | 13.45B | 17.85B | 10.20B | 4.78B | 8.43B |
| Operating Cash Flow | 9.39B | 15.26B | 19.47B | 11.18B | 6.15B | 9.77B |
| Investing Cash Flow | -4.52B | -4.95B | -11.14B | 2.26B | -550.00M | -3.13B |
| Financing Cash Flow | -9.56B | -14.50B | -5.57B | -4.07B | -5.00B | -6.88B |
United Spirits Limited Technical Analysis
Negative
1360.70
Price Trends
1285.60
Negative
1320.90
Negative
1345.79
Negative
Market Momentum
-12.88
Positive
44.85
Neutral
37.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:UNITDSPR, the sentiment is Negative. The current price of 1360.7 is above the 20-day moving average (MA) of 1275.08, above the 50-day MA of 1285.60, and above the 200-day MA of 1345.79, indicating a bearish trend. The MACD of -12.88 indicates Positive momentum. The RSI at 44.85 is Neutral, neither overbought nor oversold. The STOCH value of 37.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:UNITDSPR.
United Spirits Limited Peers Comparison
UnderperformOutperform
Sector (57)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹462.14B | 78.41 | ― | 0.12% | 24.72% | 74.79% | |
66 Neutral | ₹915.12B | 49.16 | ― | 0.83% | 7.23% | 16.18% | |
63 Neutral | ₹170.16B | 79.21 | ― | 0.58% | -44.43% | 17.10% | |
57 Neutral | $3.13B | 9.23 | -34.32% | 3.14% | -25.56% | -353.61% | |
56 Neutral | ₹16.41B | 17.67 | ― | 0.21% | -5.25% | 5.44% | |
52 Neutral | ₹24.30B | 26.89 | ― | 0.28% | 6.82% | 292.05% | |
46 Neutral | ₹105.69B | 517.71 | ― | 0.21% | 65.03% | -83.09% |
* Consumer Goods Sector Average
IN:UNITDSPR
United Spirits Limited
1,272.35
-164.64
-11.46%
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IN:GLOBUSSPR
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IN:TI
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17.37%
United Spirits Limited Corporate Events
United Spirits tweaks buyer mix in Rs 166.6 bn Royal Challengers stake sale
May 11, 2026
United Spirits Limited has executed an amended and restated share purchase agreement to facilitate the sale of its stake in Royal Challengers Sports Private Limited, correcting an earlier disclosure date and reorganising the purchaser consortium. ...
United Spirits Opens Special Window for Demat of Physical Shares
Apr 14, 2026
United Spirits Limited has notified stock exchanges that it has published newspaper advertisements announcing a special window for the transfer and dematerialisation of physical share certificates. The communication, carried in Business Standard a...
United Spirits to Exit Royal Challengers Sports in INR 166.6 Billion Deal
Mar 24, 2026
United Spirits Limited has approved the sale of its entire 14,690-share stake in Royal Challengers Sports Private Limited, a wholly owned but non-material subsidiary, for an aggregate consideration of INR 166.6 billion. The transaction, governed b...
United Spirits Wins Full Relief in Long-Running Excise Duty Dispute
Mar 3, 2026
United Spirits Limited has received a favourable order from the Customs, Excise Service Tax Appellate Tribunal in Bangalore concerning an old excise duty dispute for financial years 1997 to 2005. The tribunal upheld the company’s valuation ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.