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Swing Capital

United Spirits Ltd

NSE: UNITDSPR BSE: 532432FMCG

Diageo India incorporated in India as United Spirits Ltd.(USL) is the country’s leading beverage alcohol company and a subsidiary of global leader Diageo PLC. The company manufactures, sells, and distributes a wide portfolio of premium brands such as Johnnie Walker, Black Dog, Black & White, VAT 69, Antiquity, Signature, Royal Challenge, McDowell’s No.1, Smirnoff and Captain Morgan. [1]

₹1,311
52W: ₹1210 — ₹1645
PE 50.3 · Book ₹120 · +993% vs book
Market Cap₹95,378 Cr
Stock P/E50.3Price to Earnings
ROCE29.6%Return on Capital
ROE22.8%Return on Equity
Div. Yield0.93%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 36.9% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 49.7%

Weaknesses

  • −Stock is trading at 10.8 times its book value
  • −The company has delivered a poor sales growth of 9.55% over past five years.

Shareholding Pattern

Promoters56.68%
FIIs14.41%
DIIs15.36%
Public13.54%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%
FIIs15.09%16.11%▲1.015.93%▼0.214.98%▼0.915.05%▲0.114.38%▼0.714.13%▼0.314.41%▲0.3
DIIs14%13.15%▼0.813.54%▲0.414.59%▲1.114.4%▼0.214.9%▲0.515.36%▲0.515.36%
Public14.22%14.04%▼0.213.83%▼0.213.73%▼0.113.88%▲0.214.04%▲0.213.84%▼0.213.54%▼0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,9892,6662,3522,8433,4322,9462,5493,1703,6833,046
Expenses2,4992,3041,8942,3362,8442,4412,1342,4983,0652,455
Operating Profit490362458507588505415672618591
OPM %16%14%19%18%17%17%16%21%17%19%
Net Profit347384299335473451258472529571
EPS ₹4.775.284.114.616.56.23.556.497.277.85

AI Insights

Revenue Trend

Mar 2026 revenue at ₹12,448Cr, up 7.6% YoY. OPM at 18%.

Debt Position

Borrowings at ₹405Cr. Debt-to-equity ratio: 0.05x. Healthy balance sheet.

Capex Cycle

CWIP at ₹70Cr (5% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 15.36% (+2.72pp change). FIIs: 14.41% (-1.51pp change). Promoters hold 56.68%.

Margin & Efficiency

ROCE improving from 7% (Mar 2015) to 30% (Mar 2026). Working capital days: 92.

Valuation

PE 50.3x with 29.6% ROCE. Price is 993% above book value of ₹120. Dividend yield: 0.93%.

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