UNITDSPR · Fast Moving Consumer Goods
United Spirits Ltd. reported revenue of ₹3,691 cr for October to December 2025, +7.5% on the year and +16.3% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹12,831 cr, +8.5% on the four before.
Operating profit (EBITDA) was ₹614 cr, a margin of 16.6%, +18 bps on the year and −413 bps on the quarter. Over the last 8 quarters the margin has ranged from 12.0% to 25.8%, averaging 18.5%. Operating costs grew +7.3%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹418 cr, +24.8% on the year and −9.9% on the quarter, with earnings per share of ₹5.75. Profit before other income, one-offs and tax grew 8.9%, so 16 points of the headline growth came from outside the core business. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹1,720 cr, +22.7% on the four before.
On earnings per share of ₹23.65 over the last four quarters, the stock at ₹1,381.90 trades at 58.4 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.
Headline profit grew much faster than core profit. What made up the difference?
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.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,869 cr | ₹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 |
| YoY | — | — | — | +4% | −1% | +14% | +6% | +9% | +12% | +8% | +4% | −10% |
| EBITDA margin | 16.3% | 16.2% | 12.0% | 25.8% | 17.6% | 16.5% | 17.3% | 21.1% | 20.8% | 16.6% | 19.4% | 15.8% |
| Other income, % of PBT | 16% | 11% | 26% | 5% | 12% | 1% | 25% | 10% | 8% | 5% | 34% | 40% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 24% | 23% | 26% | 26% | 30% | 24% | 27% | 26% | 23% | 20% | 15% |
| Net profit | ₹339 cr | ₹350 cr | ₹241 cr | ₹485 cr | ₹341 cr | ₹335 cr | ₹421 cr | ₹417 cr | ₹464 cr | ₹418 cr | ₹539 cr | ₹463 cr |
| YoY | — | — | — | +2% | +1% | −4% | +75% | −14% | +36% | +25% | +28% | +11% |
| Core profit YoY | — | — | — | −3% | +8% | +16% | +80% | −17% | +41% | +9% | +7% | −36% |
| EPS | ₹4.66 | ₹4.81 | ₹3.31 | ₹6.67 | ₹4.69 | ₹4.61 | ₹5.79 | ₹5.73 | ₹6.38 | ₹5.75 | ₹7.41 | ₹6.37 |
| 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 ₹3,691 cr (+7.5% on the year) and net profit of ₹418 cr (+24.8% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +8.9% on the year, against +24.8% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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