Nuvama Securities has reaffirmed its positive stance on United Spirits , maintaining a Buy rating with a target price of ₹179.00 per share.

Brokerage Recommendation Details

The following table summarizes Nuvama's current recommendation:

Investment Outlook

The maintained Buy rating indicates Nuvama's continued confidence in United Spirits' business fundamentals and growth prospects. By keeping the target price at ₹179.00, the brokerage suggests the stock has potential for appreciation from current levels.

This recommendation comes as part of Nuvama's ongoing coverage of the alcoholic beverages sector, where United Spirits operates as a significant player in the Indian market. The brokerage's decision to maintain rather than upgrade or downgrade the rating suggests stability in their assessment of the company's near-term outlook.

United spirits has announced its board's approval for a strategic expansion of its investment in V9 Beverages Private Limited, the company behind the zero-alcohol beverage brand "Sober". The board meeting held on January 20, 2026, approved an additional investment of ₹3.20 crore, which will increase United Spirits' shareholding from 15% to 25% on a fully diluted basis.

Investment Structure and Timeline

The investment involves subscribing to 1,762 Compulsory Convertible Preference Shares (CCPS) of V9 Beverages for an aggregate consideration of ₹3.20 crore. The transaction is structured as a cash consideration and is expected to be completed on or before February 20, 2026, subject to fulfillment of conditions precedent set out in the definitive agreement.

Previous Investment History

This marks United Spirits' second investment in V9 Beverages. The company initially invested ₹2.29 crore in September 2024, pursuant to a Share Subscription & Shareholders' Agreement executed on July 23, 2024. The initial investment involved subscribing to 1,972 CCPS and 10 equity shares, establishing a 15% shareholding in the zero-alcohol beverage company.

About V9 Beverages (Sober)

V9 Beverages Private Limited operates under the brand name "Sober" and specializes in zero-proof alcohol beverages. The company was incorporated on November 4, 2020, and commenced commercial operations in October 2021. Founded by first-generation entrepreneurs Vansh Pahuja and Aditya Aggarwal, Sober has developed a portfolio of non-alcoholic alternatives including:

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

Financial Performance and Growth Trajectory

V9 Beverages has demonstrated significant growth in recent years, with its financial performance showing substantial improvement. For the financial year ended March 31, 2025, the company reported a turnover of ₹1.49 crore and net worth of ₹1.18 crore.

The company's revenue growth from ₹0.56 crore in FY 23-24 to ₹1.49 crore in FY 24-25 represents a significant increase, with all revenue currently generated from the Indian market.

Strategic Rationale and Market Position

The additional investment aligns with the growing demand in the non-alcoholic beverage market. Sober aims to provide consumers with wider choices for social and personal occasions through its zero-proof alcohol alternatives. The proposed investment will enable V9 Beverages to fund its operating cash requirements for future growth and expansion initiatives.

As a related party transaction due to United Spirits' existing investment, the deal has been structured on an arm's length basis. The transaction requires no governmental or regulatory approvals and represents United Spirits' continued commitment to diversifying its portfolio in the evolving beverage market.