UNITDSPR

United Spirits Limited

India's largest spirits company, trading as Diageo India — whisky, vodka and gin

Fast Moving Consumer Goods›Fast Moving Consumer Goods›Beverages›Breweries & Distilleries

diageoindia.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1380.00
Market cap
1,00,050 Cr
Stock P/E
53.1
P/B
11.18
Dividend yield
1.3%
ROE (FY26)
20.5%
ROCE (FY26)
28.5%
Operating margin (FY26)
7.2%
Debt / equity (FY26)
0.0007
OCF / EBITDA (FY26)
63.8%
OCF / EBITDA (3Y)
69.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

United Spirits (operating as Diageo India) makes and sells spirits brands such as Black & White and Black Dog to consumers across India, in segments from premium to mass-market.

Company snapshot

1stBy market cap

Ranked among 15 companies in Breweries & Distilleries.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 41.8% of revenue

SegmentRevenue shareRevenuePBTAssets
Beverage Alocohol
41.8%
8,627 Cr1,552 Cr—
Sports
2.0%
415 Cr231 Cr—

What we see

Positives
  • ✓Debt-to-equity of 0.00x — the company is largely funded by its own money, not borrowed funds.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales6,737 Cr6,962 Cr6,511 Cr6,238 Cr6,672 Cr7,732 Cr6,634 Cr6,295 Cr7,199 Cr7,942 Cr6,855 Cr6,122 Cr
Operating expenses (approx.)6,270 Cr6,476 Cr6,177 Cr5,525 Cr6,170 Cr7,164 Cr6,174 Cr5,651 Cr6,539 Cr7,343 Cr6,262 Cr5,693 Cr
EBITDA467 Cr487 Cr334 Cr713 Cr502 Cr568 Cr460 Cr644 Cr660 Cr599 Cr593 Cr429 Cr
OPM %6.9%7.0%5.1%11.4%7.5%7.3%6.9%10.2%9.2%7.5%8.7%7.0%
Other income40 Cr52 Cr111 Cr35 Cr54 Cr72 Cr175 Cr72 Cr81 Cr51 Cr295 Cr73 Cr
Interest26 Cr16 Cr29 Cr22 Cr25 Cr20 Cr22 Cr49 Cr21 Cr19 Cr69 Cr30 Cr
Depreciation65 Cr63 Cr73 Cr72 Cr69 Cr72 Cr70 Cr76 Cr65 Cr80 Cr76 Cr72 Cr
Profit before tax446 Cr459 Cr312 Cr653 Cr460 Cr480 Cr542 Cr571 Cr624 Cr541 Cr658 Cr587 Cr
Tax %23.9%23.8%22.8%25.7%25.9%30.2%22.3%27.0%25.6%22.7%18.1%21.1%
Net profit339 Cr350 Cr241 Cr485 Cr341 Cr335 Cr421 Cr417 Cr464 Cr418 Cr539 Cr463 Cr
EPS (₹)₹4.78₹4.93₹3.40₹6.83₹4.80₹4.72₹5.93₹5.87₹6.53₹5.88₹7.59₹6.52

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales25,757 Cr26,556 Cr28,873 Cr28,824 Cr27,419 Cr31,062 Cr27,815 Cr26,018 Cr27,276 Cr27,816 CrSign in free for the trailing twelve months
Operating expenses (approx.)24,768 Cr25,355 Cr27,479 Cr27,251 Cr26,366 Cr29,454 Cr26,399 Cr24,017 Cr25,033 Cr25,530 CrSign in free for the trailing twelve months
EBITDA989 Cr1,201 Cr1,394 Cr1,572 Cr1,053 Cr1,608 Cr1,417 Cr2,001 Cr2,243 Cr2,286 CrSign in free for the trailing twelve months
OPM %3.8%4.5%4.8%5.5%3.8%5.2%5.1%7.7%8.2%8.2%Sign in free for the trailing twelve months
Other income105 Cr219 Cr69 Cr22 Cr40 Cr36 Cr73 Cr225 Cr336 Cr478 CrSign in free for the trailing twelve months
Interest375 Cr271 Cr237 Cr212 Cr188 Cr88 Cr104 Cr76 Cr89 Cr158 CrSign in free for the trailing twelve months
Depreciation189 Cr192 Cr215 Cr285 Cr299 Cr304 Cr283 Cr275 Cr283 Cr289 CrSign in free for the trailing twelve months
Profit before tax163 Cr912 Cr1,012 Cr1,160 Cr540 Cr1,087 Cr1,279 Cr1,857 Cr2,135 Cr2,394 CrSign in free for the trailing twelve months
Tax %42.8%28.5%32.4%46.5%32.9%25.4%12.0%24.2%25.9%23.2%Sign in free for the trailing twelve months
Net profit93 Cr652 Cr684 Cr621 Cr362 Cr811 Cr1,126 Cr1,408 Cr1,582 Cr1,838 CrSign in free for the trailing twelve months
EPS (₹)——₹9.87₹9.29₹5.41₹11.68₹16.01₹19.83₹22.28₹25.89Sign in free for the trailing twelve months
Dividend payout %————0.0%0.0%0.0%20.2%22.4%68.7%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital145 Cr145 Cr145 Cr145 Cr145 Cr145 Cr146 Cr145 Cr145 Cr145 Cr
Reserves1,640 Cr2,274 Cr2,945 Cr3,583 Cr3,975 Cr4,808 Cr5,854 Cr6,976 Cr7,959 Cr8,808 Cr
Borrowings3,777 Cr3,064 Cr2,870 Cr1,621 Cr877 Cr342 Cr1 Cr25 Cr—6 Cr
Other liabilities3,336 Cr3,460 Cr3,152 Cr3,544 Cr3,601 Cr3,695 Cr3,761 Cr4,103 Cr5,144 Cr5,506 Cr
Total liabilities8,896 Cr8,956 Cr9,109 Cr8,851 Cr8,537 Cr8,911 Cr9,762 Cr11,249 Cr13,248 Cr14,469 Cr
Fixed assets (net)1,455 Cr1,371 Cr1,418 Cr1,354 Cr1,325 Cr1,215 Cr1,151 Cr1,071 Cr1,307 Cr1,215 Cr
CWIP199 Cr102 Cr102 Cr104 Cr88 Cr88 Cr67 Cr37 Cr72 Cr77 Cr
Investments0.10 Cr0.10 Cr25 Cr219 Cr8 Cr222 Cr311 Cr784 Cr998 Cr1,229 Cr
Loans & advances——17 Cr16 Cr16 Cr11 Cr16 Cr10 Cr22 Cr1 Cr
Inventories1,928 Cr1,920 Cr1,934 Cr1,928 Cr2,052 Cr2,157 Cr2,230 Cr2,063 Cr2,305 Cr2,668 Cr
Trade receivables2,953 Cr2,711 Cr2,543 Cr2,284 Cr2,187 Cr2,374 Cr2,434 Cr3,056 Cr3,410 Cr3,609 Cr
Cash & bank79 Cr142 Cr216 Cr66 Cr78 Cr55 Cr115 Cr1,052 Cr1,328 Cr859 Cr
Other assets2,282 Cr2,710 Cr2,854 Cr2,881 Cr2,784 Cr2,790 Cr3,437 Cr3,176 Cr3,806 Cr4,811 Cr
Total assets8,896 Cr8,956 Cr9,109 Cr8,851 Cr8,537 Cr8,911 Cr9,762 Cr11,249 Cr13,248 Cr14,469 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity—925 Cr948 Cr783 Cr1,818 Cr977 Cr615 Cr1,118 Cr1,947 Cr1,459 Cr
Cash from investing—104 Cr-65 Cr-194 Cr-99 Cr-313 Cr-53 Cr226 Cr-1,114 Cr-428 Cr
Cash from financing—-966 Cr-808 Cr-740 Cr-1,707 Cr-688 Cr-501 Cr-407 Cr-557 Cr-1,450 Cr
Net cash flow—63 Cr75 Cr-150 Cr12 Cr-23 Cr61 Cr937 Cr276 Cr-419 Cr
Free cash flow (OCF − Capex)—741 Cr775 Cr572 Cr1,659 Cr843 Cr478 Cr1,020 Cr1,785 Cr1,278 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %9.7%21.5%21.0%25.9%14.7%22.5%23.0%27.1%27.4%28.5%
ROE %5.2%26.8%22.7%17.9%9.5%17.0%18.9%19.8%19.5%20.5%
Debtor days42373229292832434647
Inventory days150169165152188164152143154162
Days payable9512812094130120122136150144
Cash conversion cycle96787786877162505064
OCF / EBITDA %—77.0%68.0%49.8%172.7%60.8%43.4%55.9%86.8%63.8%
OCF / EBITDA % (3 years)———63.8%88.3%84.5%83.6%53.9%65.0%69.3%
Debt / equity2.121.270.930.440.220.070.00020.0035—0.0007
Current ratio0.910.981.200.971.111.351.721.891.952.05
Net debt / EBITDA3.742.431.900.990.760.18-0.08-0.51-0.59-0.37