UNITED SPIRITSUnited Spirits LimitedNSE:UNITDSPRTechnicalAnalystSucritUnited Spirits Ltd. (CMP ₹1,467.00, NSE: MCDOWELL-N) The SmartWay Research Desk | 27 July 2026 A Bengaluru‑based alcoholic beverages company, incorporated in 1999 under the UB Group and now majority‑owned by Diageo Plc. United Spirits is India’s largest spirits company, with brands across whisky, rum, brandy, vodka, and gin, including McDowell’s No.1, Royal Challenge, Antiquity, Signature, and Smirnoff (licensed). Promoter Holding (Mar 2026): Diageo Plc — 56.72% stake (no pledges) FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹29,842 Cr vs ₹26,412 Cr in FY25 (+13.0% YoY). → Good Net Profit: FY26 PAT ₹2,312 Cr vs ₹2,042 Cr in FY25 (+13.2% YoY). → Good Operating Margin: FY26 EBITDA ₹4,812 Cr, margin 16.1% vs 15.4% last year (+70 bps). → Good Equity Capital: Stable, face value ₹2. → Good Dividend Policy: Dividend ₹8.00/share declared for FY26. → Good Asset Building: Investments in premium whisky portfolio and digital distribution. → Good Sales: Strong demand from prestige & above segment (premium whisky). → Good Expense: Raw material cost pressures (molasses, ENA, packaging) remain. → Neutral/Good EPS: FY26 EPS ₹32.25 vs ₹28.50 last year (+13.2%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: 56.72% (no pledges) FII Holding: 18.12% DII Holding: 15.34% Retail & Others: 9.82% Strategic Moves & Innovations Expansion in prestige & above whisky portfolio. Focus on premiumization and brand repositioning. Partnerships with Diageo global brands for India distribution. Diversification into ready‑to‑drink and craft spirits. Cash Flow & Balance Sheet Strength Market cap ~₹41,200 Cr. Debt‑to‑equity ratio ~0.32 (moderate leverage). Book value per share ₹182.40; P/B ~8.0. EPS (TTM) ₹32.25; P/E ~45.5. Risk Factors High P/E ratio ~45.5, indicating premium valuations. Dependence on alcohol consumption cycles and regulatory changes. Exposure to state excise duty variations and taxation. Competition from Radico Khaitan, Pernod Ricard India, and Allied Blenders. Investor Takeaway United Spirits has delivered steady FY26 performance, supported by premium whisky demand, brand repositioning, and global synergies with Diageo. With strong promoter backing, dividend payouts, and leadership in India’s spirits market, United Spirits remains a premium consumer discretionary play. At CMP ₹1,467.00, valuations are expensive (P/E ~45.5, P/B ~8.0), reflecting growth expectations but also sectoral risks.