United Spirits Delivers Premium-Led Q3 Growth as Margins Tighten, Shares Rebound

Overview

• United Spirits posted Q3 FY26 net sales value of Rs 3,683 crore, up about 7% year on year, driven by the Prestige & Above portfolio.
• A regulatory filing showed consolidated net profit of Rs 418 crore for the quarter, while a separate report cited Rs 529 crore, creating a discrepancy.
• EBITDA rose modestly but missed analyst forecasts, and the operating margin eased to roughly 16.8%.
• Management pointed to policy headwinds in Maharashtra and the lack of last year’s Andhra Pradesh retail pipeline fill as weighing on Popular-segment volumes.
• The board declared an interim dividend of Rs 6 per share, and the stock dropped more than 3% intraday before ending near flat around Rs 1,318.