United Spirits Limited confirmed that Nimish Shah, Executive Vice President and Financial Controller, has resigned from his position. His last working day with the company is set for October 12, 2026.

Shah served as a Senior Management Personnel (SMP) of the company. The resignation was disclosed to stock exchanges under Regulation 30 of the SEBI Listing Regulations. The filing states that Shah is leaving to pursue an opportunity outside of the company.

Resignation timeline and details

The company informed BSE and NSE about the cessation of Shah's services effective from the close of business hours on October 12, 2026. Consequently, he will cease to be an SMP from this date onward.

Internal communication context

Correspondence enclosed with the regulatory filing reveals the internal timeline of the departure. In an email dated July 9, 2026, Shah informed Pradeep (presumably a senior executive) of his decision to pursue a new career opportunity. He initially requested October 8, 2026, as his last working day, acknowledging a six-month notice period per his employment contract.

A subsequent email dated September 29, 2026, finalized the last working day as October 12, 2026, following discussions with Pradeep. The Company Secretary and Compliance Officer, Pragya Kaul, signed off on the formal disclosure to the exchanges.

United Spirits has completed its investment in Nuvola Spirits Private Limited (NSPL) by subscribing to compulsory convertible preference shares and equity for an aggregate consideration of ₹2.69 crore. The transaction, approved by the board in July 2026, was finalized in September 2026.

The investment secures a 10.08% stake in NSPL on a fully diluted basis. United Spirits subscribed to 17,350 Compulsory Convertible Preference Shares (CCPS) and 10 equity shares. The deal is structured as a cash consideration and does not involve any related party transactions.

Investment Structure and Control

The definitive agreements grant United Spirits customary investor protection rights. Key terms include:

• Right to appoint one director and one observer to the NSPL board
• Tag-along and drag-along rights regarding third-party share transfers
• Promoters hold a right of first offer if United Spirits proposes to transfer its shares
• Option to acquire remaining shares from other shareholders at a pre-determined valuation if NSPL achieves specific milestones within a defined period

NSPL was incorporated on August 2, 2023, by founders Raghav Sachdeva and Aakriti Sachdeva. The company operates in the alcohol and non-alcohol beverage sector, focusing on globally inspired craft liqueurs under the brands "Mikiamo" and "Seoulmate." Its product portfolio includes Soju (Korean RTD spirit), Limoncello, Meloncello, and Amara Rosso (Italian liqueurs).

Financial Performance of Target

NSPL’s revenue has grown significantly since incorporation. The target entity reported no sales in FY24. For FY25, turnover stood at ₹0.38 crore, with a net worth of negative ₹0.15 crore as per audited financials for the year ended March 31, 2025. Un-audited figures for FY26 show revenue reaching ₹3.50 crore.

Currently, all of NSPL’s revenue is derived from the Indian market. The investment aligns with United Spirits’ strategy of backing innovative founders and capitalizing on emerging consumer trends within the premium craft beverage segment.

What the Numbers Show

The revenue trajectory of NSPL indicates rapid early-stage growth, with un-audited FY26 sales of ₹3.50 crore representing a substantial increase over the audited FY25 turnover of ₹0.38 crore. Despite this growth, the target entity reported a negative net worth of ₹0.15 crore as of March 31, 2025, suggesting that initial capital expenditures or operational costs have yet to be fully offset by retained earnings. The acquisition of a minority 10.08% stake via CCPS allows United Spirits to gain board oversight and future upside potential through milestone-based conversion rights, while limiting immediate financial exposure relative to the target's early-stage profitability profile.