Bengaluru, India – May 14, 2026: United Spirits Ltd., one of the leading beverage alcohol companies in India, reported its audited consolidated & standalone results for the fourth quarter and financial year ended 31 March 2026.
Key Highlights for Q4FY26 & FY26:
Consolidated
- Q4FY26 reported net sales value (NSV) at INR3,054 Cr. (+3.7%) and FY26 at INR12,467 Cr. (+7.7%)
- Q4FY26 reported EBITDA at INR593 Cr. (+16.3%) and FY26 at INR2,286 Cr. (+11.0%)
Standalone
- Q4FY26 reported NSV at INR3,046 Cr. (+3.4%) and FY26 at INR12,448 Cr. (+7.6%)
- Q4FY26 reported Prestige & Above NSV at INR2,745 Cr. (+5.0%) and FY26 at INR11,152 Cr. (8.6%)
- Q4FY26 EBITDA at INR591Cr. (+17.0%) and FY26 at INR 2,296 Cr. (+11.6%)
- Q4FY26 EBITDA margin at 19.4% and FY26 at 18.4%
*Please note that the consolidated numbers do not include Royal Challengers Sports Pvt Ltd (RCSPL) consequent to the announcement dated March.24, 2026, it is being reflected as “Discontinued operations” subject to BCCI and other regulatory approvals. Prior year numbers have been restated accordingly.
Mr. Praveen Someshwar, CEO & Managing Director, commenting on the FY26 performance, said:
“We have delivered a resilient fiscal 2026 amidst an adverse policy in a salient state. The core portfolio at a national level, barring the impacted state, has delivered a broad-based and healthy double-digit growth setting us up for a strong FY27. We welcome the progressive policy in the state of Karnataka, which has the potential to provide a fillip to the premiumisation journey in the state. This, along with UK-FTA on the anvil, bodes well for our business and gives us confidence to deliver on our medium-term guidance of double-digit growth.
During the quarter, the Board of Directors have approved the sale of our 100% stake in Royal Challengers Sports Private Limited (RCSPL) on 24th March 2026. The transaction is subject to the receipt of all requisite approvals, including from the CCI and the BCCI. This transaction further enables us to sharpen our focus on the core beverage alcohol business.
The Board of Directors have recommended a final dividend of INR11.0 per share for the fiscal year 2025-26, subject to Shareholder’s approval.
Looking ahead, we are excited on the consumer opportunity in India and confident to capture it through our innovation muscle and by tapping into the key white spaces through both category participation and creation in a value-accretive manner.”
Q4FY26 performance highlights:
Consolidated*
- Reported net sales value (NSV) was at INR3,054 Cr., up 3.7% versus same period prior year.
- EBITDA was at INR593 Cr., a growth of 16.3% versus prior year in-line with strong leveraged growth in the standalone business
- Profit after tax was at INR568 Cr.
*Please note that the consolidated numbers do not include Royal Challengers Sports Pvt Ltd (RCSPL) consequent to the announcement dated March.24, 2026, it is being reflected as “Discontinued operations” subject to BCCI and other regulatory approvals. Prior year numbers have been restated accordingly.
Standalone
- Total reported NSV at INR3,046 Cr., up 3.4% YoY. Within this, Prestige & Above segment has grown 5.0%. The quarter witnessed the full adverse impact of Maharashtra Made Liquor (MML) on both the popular and lower prestige segments in the State. Excluding Maharashtra and Andhra Pradesh (AP), at a national level, the overall portfolio as well as P&A segment has delivered a growth of 8.5% during the quarter.
- NSV for the Popular segment declined 13.2%, mainly due to MML impact in the salient State.
- Gross profit grew 9.9% and reported gross margin was at 47.3%, an expansion of 281 bps YoY. On an underlying basis, gross profit margin expanded by 212 bps. The expansion is led by headline pricing realisation flow-through, ongoing revenue growth management and cogs productivity initiatives as well as a relatively stable commodity basket.
- A&P re-investment rate was 9.8% of net sales, reflecting consistent investment behind the trademarks.
- EBITDA for the quarter stood at INR591 Cr., an increase of 17.0% YoY. On an underlying basis EBITDA grew by 12.2%. This was on the back of strong gross profit growth. EBITDA margin was 19.4%, an expansion of 226 bps over prior year same quarter. On an underlying basis, EBITDA margin expanded 179bps over prior year same quarter.
- Interest cost was at INR69 Cr., out of which INR44 cr. is on account of a one-off provision related to an old litigation matter. Underlying interest cost is INR25 cr., up 15.1% y-o-y. The interest cost is on account of the customary non-debt related items.
- Profit after tax was INR571 Cr. with a net profit margin of 18.7% buoyed by a one-off benefit on of INR219 cr. on account of interest on tax refund accrued during the quarter that has been realised subsequent to the year-end.
FY26 performance highlights:
Consolidated*
- Net sales value (NSV) at INR12,467 Cr., up 7.7% YoY.
- EBITDA was at INR2,286 Cr., growth of 11.0% YoY.
- Underlying EBITDA was at INR2,343 Cr.
- Profit after tax was at INR 1,709 Cr.
*Please note that the consolidated numbers do not include Royal Challengers Sports Pvt Ltd (RCSPL) consequent to the announcement dated March.24, 2026, it is being reflected as “Discontinued operations” subject to BCCI and other regulatory approvals. Prior year numbers have been restated accordingly.
Standalone:
- Total NSV at INR12,448 Cr. increased 7.6% YoY, driven by re-entry in the market of Andhra Pradesh and resilient performance of our trademarks across the country offset by the adverse Maharashtra policy impact. Within the above, Prestige & Above segment grew 8.6%. Excluding the States of Maharashtra & Andhra Pradesh, Rest of India grew at a healthy 10.9%, within which P&A grew at 11.3%.
- NSV for the Popular segment was almost flat (-0.3% YoY).
- Gross profit increased by 11.7%, while gross margin at 46.4% was an expansion of 172 bps versus last year. The expansion is led by headline pricing realisation flow-through, cogs productivity and relatively stable input commodities.
- A&P re-investment rate was 10.4% of sales as we continue to build and maintain mental availability for the trademarks. Strong mix led by growth at the top end of the portfolio further warranted sustained brand investments.
- EBITDA, at INR2,296 Cr., posted an increase of 11.6% YoY. EBITDA margin at 18.4% delivered an expansion of 66 bps versus prior year. This was driven by the gross margin expansion and productivity across the value chain.
- Interest cost at INR158 Cr. is mainly on account of a one-off provision related to an old litigation matter. Like for like, interest cost for the year is down 7.5% vs prior year. Interest cost is on account of customary non-debt related items.
- Exceptional charge of INR91 Cr. is predominantly related to changes in the labour code and multi-year supply agility programme.
- Profit after tax was INR1,830 Cr. with a net profit margin of 14.7%, growth of 17.5% YoY.
