United Spirits Limited reported a robust financial performance for the year ended March 31, 2026, with the Board of Directors approving the audited standalone and consolidated financial results at its meeting held on May 14, 2026. The board recommended a final dividend of ₹11 per equity share (550% on face value of ₹2 per equity share) for FY 2025-26, subject to shareholders' approval at the 27th Annual General Meeting scheduled for August 4, 2026. The record date for determining shareholder entitlement has been fixed as July 8, 2026, with the dividend to be paid on or after August 13, 2026. The audited financial results were subsequently published in Business Standard and Prajavani on May 15, 2026, in accordance with Regulation 47 read with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Analyst Views

Following the quarterly results, leading global brokerages have maintained a bullish stance on United Spirits. Goldman Sachs maintained a Buy rating with a target price of ₹1,480, citing a Q4 EBITDA beat driven by strong margin expansion despite a revenue miss, while noting that focus remains on future margin pressures and the revenue growth outlook. JPMorgan maintained an Overweight rating with a target price of ₹1,445, citing a margin-led Q4 earnings beat and a constructive FY27 outlook, despite some revenue impact from export disruptions and state elections.

Standalone Financial Performance

United Spirits posted a strong improvement in standalone profitability for the year ended March 31, 2026. Revenue from operations grew to ₹27,781 crores from ₹26,780 crores in the previous year. Net profit for the year rose to ₹1,830 crores from ₹1,558 crores, while basic and diluted earnings per share stood at ₹25.16 compared to ₹21.42 in the prior year.

Q4 Standalone Performance

For the quarter ended March 31, 2026, United Spirits delivered a strong year-on-year improvement across key standalone metrics. Revenue from operations rose to ₹6,838 crores from ₹6,549 crores in the corresponding quarter of the prior year, while net profit climbed to ₹571 crores versus ₹451 crores. EBITDA for the quarter expanded to ₹6b Rupees from ₹5.05b Rupees in the same period last year, with the EBITDA margin improving to 8.64% from 7.71%.

Consolidated Financial Performance

On a consolidated basis, United Spirits reported revenue from operations of ₹27,816 crores for FY26, up from ₹26,780 crores in FY25. Net profit for the year (including discontinued operations) was ₹1,838 crores compared to ₹1,582 crores in the prior year. Profit from continuing operations stood at ₹1,709 crores for FY26 versus ₹1,445 crores in FY25, while profit from discontinued operations was ₹129 crores compared to ₹137 crores.

Segment Performance

The consolidated segment results for FY26 reflect performance across two business segments — beverage alcohol and sports. The sports segment has been classified as discontinued operations in conformity with Ind AS 105.

Sale of Royal Challengers Sports Private Limited

The Board of Directors approved the sale of 14,690 equity shares (representing 100% of the share capital) of Royal Challengers Sports Private Limited (RCSPL), a wholly owned subsidiary, for an aggregate consideration of ₹16,663 crores, subject to adjustments and other conditions set out in the Share Purchase Agreement (SPA) dated March 24, 2026. An Amended and Restated Share Purchase Agreement dated May 11, 2026 was subsequently entered into between United Spirits, RCSPL, and the purchasers — including Bolt IPL Holdings LLC, Big Banyan Holdings Pte. Ltd, Asia Investment Topco II Pte. Ltd, Times Internet Limited, Times Cricket LLP, and ICQ Opportunities R C Holdco, Ltd. The transaction is subject to receipt of all requisite approvals, including from the Competition Commission of India and the Board of Control for Cricket in India.

Acquisition of Nao Spirits & Beverages Private Limited

On June 26, 2025, United Spirits completed a step acquisition of Nao Spirits & Beverages Private Limited (NAO), purchasing 34,291 equity shares from existing shareholders for a consideration of ₹49 crores. The company further infused ₹56 crores through a combination of equity and compulsorily convertible preference shares (CCPS) to support NAO's future growth. Subsequent to the acquisition and capital infusion, United Spirits holds 97.07% of the paid-up share capital in NAO. The acquisition resulted in recognition of intangible assets in the nature of brands and goodwill amounting to ₹70 crores and ₹54 crores, respectively, in the consolidated financial results.

Exceptional Items

Exceptional items for the year ended March 31, 2026 amounted to a net charge of ₹91 crores on a standalone and consolidated basis. The key components included a gain of ₹28 crores from disposal of a closed unit, a severance cost of ₹36 crores, an impairment charge of ₹19 crores on plant and machinery, an incremental past service cost of ₹49 crores due to new Labour Codes, and a voluntary separation scheme charge of ₹15 crores.

Balance Sheet and Cash Flows

As at March 31, 2026, standalone total assets stood at ₹13,864 crores compared to ₹12,718 crores as at March 31, 2025. Total standalone equity was ₹8,721 crores versus ₹7,879 crores in the prior year. Standalone net cash generated from operating activities for the year ended March 31, 2026 was ₹1,483 crores compared to ₹1,606 crores in the prior year. Standalone cash and cash equivalents at the end of the year stood at ₹855 crores versus ₹1,150 crores at the beginning of the year. On a consolidated basis, total assets stood at ₹14,469 crores as at March 31, 2026, compared to ₹13,248 crores in the prior year, with total equity at ₹8,957 crores.

UBHL Loan Write-Off

Pursuant to the approval of the Board of Directors at its meeting held on March 5, 2026, United Spirits wrote off an outstanding loan amounting to ₹1,238 crores due from United Breweries (Holdings) Limited (UBHL). Notwithstanding the write-off, the company continues to pursue legal remedies towards recovery of the aforesaid loan.

United Spirits Limited has announced the elevation of Mr. Amitabh Pande to its Executive Committee as Chief Strategy Officer, designated as Senior Management Personnel (SMP), effective 1st June 2026. The development was disclosed on 15th May 2026 pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. In his new role, Mr. Pande will report directly to Mr. Praveen Someshwar, Managing Director & Chief Executive Officer of the Company.

Appointment Details

The board of directors approved Mr. Pande's elevation based on the recommendation of the Nomination and Remuneration Committee. The appointment is on a full-time employment basis. The key details of the appointment, as disclosed under Regulation 30, are summarised below:

Profile of Mr. Amitabh Pande

Mr. Amitabh Pande is a seasoned professional with 27 years of experience spanning consumer strategy, insights, marketing, and business planning across multinational organisations. He has been with Diageo India since 2021, where he has led consumer planning, strategy, and digital transformation initiatives.

Prior to joining Diageo India, Mr. Pande held senior leadership roles at prominent organisations including IKEA and PepsiCo. His academic credentials include:

• MBA in Marketing from Symbiosis Centre for Management & Human Resource Development
• Bachelor's degree in Economics (Honours) from Hindu College, University of Delhi

Regulatory Disclosure

The disclosure was made by United Spirits Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates listed companies to inform stock exchanges of changes in senior management personnel. The Company Secretary, Ms. Pragya Kaul, signed and submitted the disclosure on 15th May 2026.