United spirits Limited has completed its additional investment of ₹3.2 crore in V9 Beverages Private Limited, commonly known as Sober, marking a significant expansion of its stake in the zero-alcohol beverage company. The transaction was finalized on 28th January 2026, following board approval granted on 20th January 2026.

Investment Details and Shareholding Structure

The investment involved subscription to 1,762 Compulsory Convertible Preference Shares (CCPS) of Sober for an aggregate consideration of ₹3.2 crore. This strategic move has increased United Spirits' shareholding in Sober from 15% to 25% on a fully diluted basis.

About Sober - V9 Beverages Private Limited

Sober is a zero-proof alcohol beverage company founded by first-generation entrepreneurs Vansh Pahuja and Aditya Aggarwal. The company was incorporated on 4th November 2020 and commenced commercial operations in October 2021. Sober operates in the non-alcoholic beverage market, developing, producing, marketing and selling zero-proof alcohol beverages under the "Sober" brand name.

Financial Performance and Product Portfolio

Sober's financial performance shows growth trajectory with turnover and net worth for the financial year ended 31st March 2025 recorded at ₹1.49 crore and ₹1.18 crore, respectively. The company's revenue progression over the last three years demonstrates its market development:

Sober's product range includes:

• Sober Gin Alternative
• Sober Pink Gin Alternative
• Sober Rum Alternative
• Sober Whiskey Alternative

All products are non-alcoholic drinks, and currently, the entire revenue of Sober is generated from the Indian market.

Strategic Rationale and Transaction Structure

This additional investment represents a related party transaction as United Spirits already held an existing investment in Sober. However, the promoter, promoter group, and group companies of United Spirits have no interest in Sober, and the transaction has been conducted on an arm's length basis.

The investment aims to provide Sober with funding to support its operating cash requirements for future growth and expansion. This aligns with the broader market trend of increasing consumer interest in zero-proof alcohol alternatives, offering consumers wider choice of drinks for social and personal occasions.

Previous Investment History

United Spirits initially invested in Sober through a Share Subscription & Shareholders' Agreement executed on 23rd July 2024. Under this agreement, the company subscribed to 1,972 CCPS and 10 equity shares of Sober for ₹2.29 crore, which was completed on 26th September 2024. The current additional investment of ₹3.2 crore brings United Spirits' total investment in Sober to ₹5.49 crore.

United Spirits shares are set to be in focus following Serum Institute of India Chief Executive Adar Poonawalla's announcement of a competitive bid for the Royal Challengers Bengaluru Indian Premier League franchise. The Diageo-controlled liquor maker currently owns the popular cricket team, which has established itself as one of the most followed franchises in the league.

Poonawalla's Strategic Move

"Over the next few months, I will be putting in a STRONG and COMPETITIVE bid for RCB, one of the best teams in the IPL," Poonawalla wrote on his official X handle. Royal Challengers Bengaluru is owned by United Spirits Ltd., the Bengaluru-based alcoholic beverage company and the world's second-largest spirits maker by volume. The team commands perhaps the biggest fan base among the 10 teams in the league, making it an attractive acquisition target.

Strong Q3 FY26 Financial Performance

The spotlight on the stock comes days after United Spirits reported impressive December-quarter earnings. The company's financial performance for the third quarter demonstrates robust growth across key metrics.

Portfolio Performance Analysis

Net sales value climbed 7.30% to ₹3,683 crore in the third quarter, driven by solid performance in the top half of the portfolio. However, this growth was partly offset by adverse policy-led impact in Maharashtra and lapping the one-time retail pipeline fill in Andhra Pradesh in the prior year comparative.

The company's portfolio mix showed distinct performance patterns across segments:

Earnings before interest, tax, depreciation and amortization rose 5.50% to ₹599 crore, driven by the standalone business of the company. The Prestige & Above segment's strong performance underscores the company's focus on premium offerings, while the popular segment faced headwinds during the quarter.

Brand Portfolio Strength

United Spirits maintains a diverse portfolio of well-established brands including McDowell's, Royal Challenge, Signature, Johnnie Walker and Black Dog. This comprehensive brand portfolio positions the company across various price segments and consumer preferences in the Indian alcoholic beverage market.

The combination of strong financial performance and the potential RCB acquisition interest creates multiple catalysts for investor attention in United Spirits shares.