United Spirits Limited, the Bengaluru-headquartered spirits company operating under the Diageo India umbrella, has published a newspaper advertisement in Business Standard and Prajavani on May 6, 2026, notifying shareholders about the Investor Education and Protection Fund Authority's (IEPFA) second 100-day campaign under 'Saksham Niveshak'. The notice was filed with stock exchanges and signed by Pragya Kaul, Company Secretary and Compliance Officer, on May 6, 2026.

IEPF's Second 100-Day 'Saksham Niveshak' Campaign

The Investor Education and Protection Fund Authority (IEPFA), under the Ministry of Corporate Affairs (MCA), has initiated the second 100-day campaign of 'Saksham Niveshak' from April 1, 2026 to July 9, 2026. The campaign is aimed at reaching out to shareholders whose dividends remain unclaimed, with a focus on KYC updation and related compliance measures. Its primary objective is to facilitate direct payment of unclaimed or unpaid dividends to the rightful shareholders, thereby preventing the transfer of such amounts to the IEPF.

The following table summarises the key details of the campaign:

Shareholder Action Required

United Spirits has urged its shareholders to utilise this opportunity to update their KYC details, including PAN, address, mobile number, email ID, bank account details, specimen signatures, and nomination (optional). Updating these details will enable shareholders to claim any unpaid or unclaimed dividends and facilitate seamless direct credit of future dividends, if any, into their registered bank accounts.

Shareholders are required to act as follows depending on how their shares are held:

• Shares held in dematerialised form: Shareholders must ensure their KYC details and any subsequent changes are updated with their respective Depository Participant (DP).
• Shares held in physical form: Shareholders must submit duly filled and signed prescribed ISR forms in physical form to the Company's Registrar and Share Transfer Agent (RTA). Scanned copies of submitted documents should also be emailed to the RTA.

Registrar and Share Transfer Agent Contact Details

Shareholders holding shares in physical form may submit their KYC documents and direct queries to the Company's RTA at the following address:

The company has also noted that relevant ISR forms can be downloaded by scanning the QR code provided in the published advertisement. Shareholders requiring assistance with dematerialisation may also contact the RTA at the email address above.

Implications for Shareholders

United Spirits has emphasised that shareholders who do not update their KYC details or claim unpaid dividends risk having their dividends and, in applicable cases, their shares transferred to the IEPF Account established by the Central Government. Once transferred, shareholders may claim their shares and dividends from the IEPF, with details available at www.iepf.gov.in . The company has urged all shareholders to act before the campaign deadline of July 9, 2026 to avoid such transfers.

United Spirits Limited has released an unaudited quarterly revenue preview for Q4FY26 and the full fiscal year ended March 31, 2026, ahead of the Board of Directors meeting scheduled for May 14, 2026. The update was disclosed in advance of Diageo PLC's—the ultimate holding company—preliminary results announcement on May 6, 2026, which was expected to contain certain references to the company's performance. Audited consolidated and standalone financial results will be released following Board approval on May 14, 2026. Following the revenue preview, Goldman Sachs has maintained a Buy rating on United Spirits with a target price of ₹1,480, noting that the modest Q4 sales growth of 3.7% YoY missed estimates, with further clarity awaited from management commentary.

Consolidated Net Sales Value Performance

On a consolidated basis, United Spirits reported net sales value (NSV) of INR 3,054 Cr. for Q4FY26, compared to INR 2,946 Cr. in Q4FY25, reflecting a year-on-year growth of 3.7%. For the full fiscal year FY26, consolidated NSV grew 7.7% to INR 12,467 Cr. from INR 11,573 Cr. in FY25. It is important to note that consolidated numbers exclude Royal Challenge Sports Pvt Ltd (RCSPL), which is being reflected as "Discontinued operations" pursuant to the announcement dated March 24, 2026, subject to BCCI and other regulatory approvals. Prior year numbers have been restated accordingly.

Goldman Sachs View

Goldman Sachs has maintained a Buy rating on United Spirits with a target price of ₹1,480. The brokerage noted that the modest Q4 sales growth of 3.7% YoY missed estimates, attributing the shortfall to base effects in Maharashtra (MH) and Andhra Pradesh (AP) as well as weakness in the Popular segment. These headwinds were partly offset by resilience in the Prestige & Above (P&A) segment. Goldman Sachs indicated that further clarity is awaited from management commentary.

Standalone Segment-Wise Performance: Q4FY26

On a standalone basis, the Prestige & Above (P&A) segment led performance in Q4FY26, while the Popular segment faced headwinds primarily driven by state-specific policy changes in Maharashtra and Andhra Pradesh. The Ex-MH & AP metric reflects core national business performance, excluding the two states where policy changes had materially divergent impacts. In Q4FY25, there was a one-off of INR 37 Cr. on account of imputed interest on receivables.

Total NSV includes non-branded sales as well.

Standalone Segment-Wise Performance: Full Year FY26

For the full fiscal year FY26, the P&A segment continued to be the primary growth driver on a standalone basis, while the Popular segment remained broadly flat overall but showed meaningful recovery when excluding the impact of MH and AP. In FY25, there was a one-off of INR 37 Cr. on account of imputed interest on receivables.

Total NSV includes non-branded sales as well.

About Diageo India

Diageo India is among India's leading beverage alcohol (alcobev) companies and operates as a subsidiary of Diageo Plc. Headquartered in Bengaluru, the company has one of the largest manufacturing footprints in the alcobev sector with 34 facilities across India. Its portfolio includes brands such as Johnnie Walker, Black Dog, Black & White, VAT 69, Antiquity, Signature, The Singleton, Royal Challenge, McDowell's No1, Smirnoff, Ketel One, Tanqueray, Captain Morgan, and Godawan. The company is listed in India on both the National Stock Exchange and Bombay Stock Exchange as United Spirits Limited.