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India's largest spirits maker (whisky, vodka, rum), majority-owned by Diageo, selling brands like McDowell's and Royal Challenge.
India's largest spirits maker (whisky, vodka, rum), majority-owned by Diageo, selling brands like McDowell's and Royal Challenge.
Sells through state-by-state licensing and distribution systems, with some states buying through government-run monopolies, so volumes and prices depend on each state's rules. Mass-market brands sell the most in volume, while 'Prestige and above' brands, including Scotch, carry more of the profit. Diageo has controlled it since 2014, after buying out the Vijay Mallya group.
In one line: India's Diageo/Brown-Forman.
Moat: narrow (brand, distribution, scale). A large portfolio of long-established Indian spirits brands with wide state-by-state distribution, backed by Diageo.
Headquarters: Bengaluru, India · Founded: 1826 · Employees: 4,105
Size United Spirits (UNITDSPR.NS) is an India Consumer Staples company (Beverages: Alcoholic) with a market value of $10.9B, the 114th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,418 on 6 Nov 2026.
Performance Over six months the shares gained 10.8%, against +6.0% for the median peer and 0.0% for the India market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 0.5% over the last twelve months (peer median -1.8%); the operating margin is 15.4% (peer median 15.8%).
Valuation It trades at 53.0× forward earnings against a peer median of 16.2× (2nd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 44% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +35 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.8 points above its cost of capital (15.7% WACC).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹127B | ₹125B | ₹116B | ₹113B | ₹106B |
| Revenue growth | — | +8% | +2% | +7% | — |
| Gross profit | ₹50.9B | ₹47.7B | ₹42.0B | ₹40.0B | ₹32.6B |
| EBITDA | ₹22.6B | ₹23.2B | ₹20.9B | ₹20.3B | ₹14.4B |
| Net income | ₹16.5B | ₹17.1B | ₹14.4B | ₹14.1B | ₹11.4B |
| Free cash flow | n/a | ₹13.4B | ₹18.2B | ₹10.6B | ₹4.78B |
| Capital expenditure | n/a | ₹1.81B | ₹1.62B | ₹980M | ₹1.37B |
| Total debt | ₹4.30B | ₹4.13B | ₹4.80B | ₹2.65B | ₹1.83B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| United Spirits UNITDSPR.NS | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% |
| Radico Khaitan RADICO.NS | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% |
| Allied Blenders and Distillers ABDL.NS | $2.10B | +24% | -20% | 11% | 63.5× | n/a |
| Tilaknagar Industries TI.NS | $1.27B | +3% | +150% | 10% | 50.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | UNITDSPR.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.5% | +10.6% | 6th lowest of 21 |
| 6-month return | +10.8% | +6.0% | 10th highest of 21 |
| Distance from 52-week high | -9.3% | -14.6% | 9th highest of 21 |
| Revenue growth (TTM) | +0.5% | -1.8% | 7th highest of 20 |
| Operating margin | 15.4% | 15.8% | 10th lowest of 20 |
| Forward P/E | 53.0× | 16.2× | 2nd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 44.2% | 0.5% | 2nd most demanding of 19 |
| Growth delivered (Del g) | +8.9% | +4.4% | 6th highest of 19 |
| Hurdle (Req g minus delivered) | +35.3 pp | -7.0 pp | most demanding of 19 |
| ROIC minus cost of capital | +9.8 pp | +4.8 pp | 4th highest of 20 |
| EV / EBITDA | 43.9× | 10.7× | 2nd most expensive of 15 |
| Net debt / EBITDA | -1.5× | 2.2× | 4th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| Tsingtao Brewery 0168.HK | Hong Kong | $9.12B | -21% | +1% | 16% | 10.8× | -5.0% | +2.6% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
| Molson Coors Canada TPX-B.TO | Canada | $7.38B | -12% | n/a | n/a | n/a | n/a | n/a |
| Anhui Gujing Distillery 000596.SZ | China | $7.29B | -2% | -28% | 17% | 21.5× | 4.3% | +12.7% |
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | China | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% | +15.3% |
| Radico Khaitan RADICO.NS | India | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% | +20.5% |
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |
| Carlsberg AS CARL-A.CO | Denmark | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% | +8.8% |
| Anhui Yingjia Distillery 603198.SS | China | $5.35B | +17% | 0% | 41% | 17.1× | 5.3% | +11.7% |
| Sapporo Breweries 2501.T | Japan | $5.34B | +24% | -6% | 5% | 2.8× | 14.8% | +3.1% |
| Constellation Brands STZ | United States | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% | +1.2% |