United Spirits shares rally 5% after margin-led Q4 upbeat; JP Morgan, Goldman Sachs analysts share post earnings views

United Spirits (USL) shares surged 5% to an intraday high of ₹1,339 apiece on Friday, May 15, following margin-led earnings beat. The company had posted a 28% jump in consolidated net profit at ₹539 crore for the fourth quarter of the financial year (Q4 FY26).

Its net profit for the same quarter in the previous fiscal year was at ₹421 crore.

The breweries and distilleries firm’s revenue from operations also grew 5% year-on-year (YoY) to ₹6,855 crore in the January-March period from ₹6,549 crore in the year-ago period.

The company reported strong operational performance as its earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 16% annually to ₹593 crore as against ₹510 crore in Q4 FY25. Its operating profit margin in the reporting quarter expanded to 8.65%, in contrast to 7.79% on a yearly basis.

For the entire FY26, USL's net profit went up 16.18% to ₹1,838 crore while its consolidated income was up 4.38% to ₹28,294 crore during the financial year ended March 2026.

USL's total expenses increased 6.36% to ₹6,407 crore, while net sales value (NSV) of USL stood at ₹3,054 crore in the reporting quarter, up 3.7% year-on-year.

Management commentary and segment updates

“During the quarter, the Board of Directors have approved the sale of our 100% stake in Royal Challengers Sports Private Limited (RCSPL) on 24th March 2026. The transaction is subject to the receipt of all requisite approvals, including from the CCI and the BCCI. This transaction further enables us to sharpen our focus on the core beverage alcohol business,” said Praveen Someshwar, CEO & Managing Director of United Spirits.

The prestige and above (P&A) segment has grown 5%. The quarter witnessed the full adverse impact of Maharashtra Made Liquor (MML) on both the popular and lower-prestige segments in the state, the company said.

Excluding Maharashtra and Andhra Pradesh, the overall portfolio, as well as the P&A segment, has delivered a growth of 8.5% during the quarter.

Total income of USL, which has brands such as McDowell's, Royal Challenge, Signature, Johnnie Walker, and Black Dog in its fold, was at ₹7,150 crore, up 6.36%.

“We have delivered a resilient fiscal 2026 amidst an adverse policy in a salient state. The core portfolio at a national level, barring the impacted state, has delivered a broad-based and healthy double-digit growth, setting us up for a strong FY27,” said Someshwar.

Dividend details and FY27 outlook

Along with the earnings, the United Spirits board of directors has recommended a final dividend of ₹11 per equity share (face value ₹2 each) for the financial year ending March 31, 2026. The record date to determine shareholders’ eligibility for the dividend has been fixed as July 8, 2026.

The final dividend, if approved at the Annual General Meeting (AGM), will be paid on or after August 13, 2026.

“Looking ahead, we are excited about the consumer opportunity in India and confident to capture it through our innovation muscle and by tapping into the key white spaces through both category participation and creation in a value-accretive manner,” Someshwar added.

Here’s what analysts said

The analysts added that management remains confident of delivering its medium-term guidance of double-digit growth, while pointing out that sales in the prestige and regular segments continue to face a drag from Maharashtra, which is expected to persist in H1FY27.

United Spirits share price

At 12:40 PM, United Spirits shares were trading at ₹1,319.20 apiece on the National Stock Exchange, gaining 3.67%. 

Over a month’s time, the stock has gained 6%, while it has tumbled 7% in the last six months. From the beginning of the year, United Spirits shares have fallen 3.5%.

The company has a market capitalisation of ₹96,701.30 crore.

Shares of the company had touched their one-year high of ₹1,645 apiece on June 10, 2025, while their 52-week low of ₹1,210.80 was hit on April 7, 2026.