UNITDSPR · Fast Moving Consumer Goods
United Spirits Ltd. reported revenue of ₹2,708 cr for April to June 2026, −10.4% on the year and −11.3% on the quarter. That is slower than this quarter has grown in recent years (+6.5% on average). Over the last four quarters revenue comes to ₹12,626 cr, +3.1% on the four before.
Operating profit (EBITDA) was ₹429 cr, a margin of 15.8%, −528 bps on the year and −358 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 15.8% to 21.1%). Operating costs grew −4.4%, faster than revenue at −10.4%, so operating profit grew less than sales.
Net profit was ₹463 cr, +11.0% on the year and −14.1% on the quarter, with earnings per share of ₹6.37. Profit before other income, one-offs and tax fell 36.3%, so 47 points of the headline growth came from outside the core business. The tax rate was 15% against an average of 25% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹1,884 cr, +24.4% on the four before.
On earnings per share of ₹25.91 over the last four quarters, the stock at ₹1,432.40 trades at 55.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,002 cr | ₹2,783 cr | ₹2,761 cr | ₹2,844 cr | ₹3,433 cr | ₹2,946 cr | ₹3,021 cr | ₹3,173 cr | ₹3,691 cr | ₹3,054 cr | ₹2,708 cr | ₹3,264 cr |
| YoY | — | — | +4% | −1% | +14% | +6% | +9% | +12% | +8% | +4% | −10% | +3% |
| EBITDA margin | 16.2% | 12.0% | 25.8% | 17.6% | 16.5% | 17.3% | 21.1% | 20.8% | 16.6% | 19.4% | 15.8% | 19.7% |
| Other income, % of PBT | 11% | 26% | 5% | 12% | 1% | 25% | 10% | 8% | 5% | 34% | 40% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 23% | 26% | 26% | 30% | 24% | 27% | 26% | 23% | 20% | 15% | 27% |
| Net profit | ₹350 cr | ₹241 cr | ₹485 cr | ₹341 cr | ₹335 cr | ₹421 cr | ₹417 cr | ₹464 cr | ₹418 cr | ₹539 cr | ₹463 cr | ₹428 cr |
| YoY | — | — | +2% | +1% | −4% | +75% | −14% | +36% | +25% | +28% | +11% | −8% |
| Core profit YoY | — | — | −3% | +8% | +16% | +80% | −17% | +41% | +9% | +7% | −36% | −5% |
| EPS | ₹4.81 | ₹3.31 | ₹6.67 | ₹4.69 | ₹4.61 | ₹5.79 | ₹5.73 | ₹6.38 | ₹5.75 | ₹7.41 | ₹6.37 | ₹5.88 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | 1 | ✓ | 1 | 1 | 3 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
United Spirits Ltd. reported revenue of ₹2,708 cr (−10.4% on the year) and net profit of ₹463 cr (+11.0% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −36.3% on the year, against +11.0% for reported profit.
3 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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