United Spirits Limited (UNITDSPR) Earnings Call Transcripts

United Spirits Limited's Latest Earnings Call - Q4 FY2026

In the fourth quarter of fiscal year 2026, United Spirits Limited reported a revenue of INR 12,000 crores, reflecting a 7.6% increase year-over-year, while EBITDA grew by 11.6%. The company maintained its guidance for double-digit growth in the Prestige & Above (P&A) segment, despite challenges in key markets like Maharashtra and Andhra Pradesh. Management expressed optimism about future growth driven by favorable policy changes in Karnataka and the anticipated benefits from the India-U.K. Free Trade Agreement (FTA).

Reported metrics

Guidance from management

Management maintained their guidance for double-digit growth in the P&A segment and expressed confidence in capturing growth opportunities from favorable policy changes and the upcoming India-U.K. FTA.

What management said

After rigorous testing over the last several months, we are absolutely confident that we have a trending funnel rolling out from May this month. As we speak, in the last few days, it just got rolled out in UP, and we are excited what we have heard from our consumers and partners. In essence, this is a full reset of the world's largest whiskey brand by volume, builds to reignite growth and bring back its consumers. Le...

So yes, look, we don't want to kind of make assumptions around that. I think what Praveen has said is that, that should go significantly higher than the national portfolio average, right? That we are very, very confident. Karnataka was already doing very well in 2026. And that should ramp up, and it should grow significantly higher than the national portfolio average. After that, what range it reaches 8, 9, 10, we do...

What analysts pressed on

Analysts expressed concerns about the impact of ongoing cost inflation on margins, particularly regarding packaging materials and the potential for further margin compression in the upcoming quarters. There were also questions about the effectiveness of the McDowell's transformation strategy and its ability to regain market share.

Main topics on the call

• Revenue Growth and Guidance — United Spirits achieved a revenue of INR 12,000 crores, up 7.6% YoY. Management reiterated their confidence in achieving double-digit growth in the P&A segment, stating, "we should be able to deliver our double-digit gro...
• Impact of Maharashtra and Andhra Pradesh — The company acknowledged that Maharashtra's excise policy and Andhra Pradesh's reopening had distorted organic growth, stating, "we have lost about 120 basis points of growth this year" due to these states. However, they...
• Karnataka Policy Changes — Management expressed optimism about Karnataka's new excise policy, which allows for significant pricing flexibility, stating, "we've seen robust growth over the last 1 year in Karnataka... you'll see very high double-dig...
• McDowell's Transformation Strategy — The company is undergoing a transformation of the McDowell's brand, which has seen flat growth. Management emphasized the importance of this initiative, stating, "we have completely transformed the bundle of McDowell's."

Read the full United Spirits Limited transcript (Q4 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 26 United Spirits Limited earnings call transcripts on record, spanning January 28, 2020 to July 23, 2026. Based on this history, United Spirits Limited reports quarterly. The most recent call on file is dated July 23, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

UNITDSPR

Exchange

NSEI

Country

IN

Sector

Consumer Staples

Industry

Beverages

Calls on record

26

First call

January 28, 2020

Most recent

July 23, 2026

Reporting cadence

quarterly