United Spirits (UNITDSPR) Q1 26/27 earnings summary

Executive summary

• Achieved strong double-digit growth in Prestige & Above (P&A) portfolio, offsetting Maharashtra policy headwinds.

• Royal Challenge crossed 10 million cases (TTM); Signature joined the INR 1,000 crore club, bringing total INR 1,000+ crore trademarks to four.

• Smirnoff delivered INR 250 crore NSV in Q1, nearly matching its full-year FY26 performance, driven by local flavor innovations.

• UK-India FTA implemented, expected to improve Scotch accessibility and drive premiumization.

• Consolidated revenue from operations for Q1 FY27 was ₹6,122 crores, up from ₹5,823 crores in Q1 FY26 year-over-year.

Financial highlights

• Reported P&A volume shrank 1.3%, but excluding Maharashtra, P&A volume grew 6.4%.

• Reported P&A NSV growth at 10.1%; excluding Maharashtra, NSV grew 14.8%.

• EBITDA grew 4.1% YoY to INR 432 crore; EBITDA margin at 16%.

• Profit after tax rose 51% YoY to INR 391 crore; consolidated profit for the period was ₹463 crores, up from ₹417 crores in Q1 FY26.

• Standalone revenue from operations for Q1 FY27 was ₹6,113 crores, up from ₹5,823 crores in Q1 FY26.

Outlook and guidance

• Maintains double-digit growth aspiration for P&A, with 5%-6% volume growth and 6%-7% price mix.

• A&P investment to remain in the 10.5%-11% range for FY27.

• Second half of FY27 expected to outperform first half, with tailwinds from Karnataka and UK FTA.

• The company expects the sale of RCSPL to be completed within 12 months from the original announcement, subject to regulatory approvals.