{"id":173225,"date":"2026-01-21T07:14:48","date_gmt":"2026-01-21T12:14:48","guid":{"rendered":"https:\/\/alphastreet.com\/india\/?p=173225"},"modified":"2026-01-21T07:14:48","modified_gmt":"2026-01-21T12:14:48","slug":"united-spirits-q3-fy26-earnings-results","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/united-spirits-q3-fy26-earnings-results\/","title":{"rendered":"United Spirits Q3 FY26 Earnings Results"},"content":{"rendered":"\n<p>Diageo India incorporated in India as United Spirits Ltd.(USL) is the country\u2019s 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 &amp; White, VAT 69, Antiquity, Signature, Royal Challenge, McDowell\u2019s No.1, Smirnoff and Captain Morgan.<\/p>\n\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Q3 FY26 Earnings Results<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue from Operations (ex net excise duty): \u20b93,683 crore, up 7.3% YoY from \u20b93,432 crore in Q3 FY25; up 10.3% QoQ from \u20b93,340 crore in Q2 FY26.<\/li>\n\n\n\n<li>Net Sales Value (NSV): \u20b93,694 crore, up 7.6% YoY and 16.4% QoQ, highest quarterly net sales in company history.\u200b<\/li>\n\n\n\n<li>EBITDA: \u20b9618 crore, up 5.1% YoY from \u20b9588 crore; EBITDA margin 16.8%, down 35 bps YoY from 17.1%.<\/li>\n\n\n\n<li>Profit Before Tax (PBT): \u20b9654 crore, up 5.3% YoY from \u20b9621 crore.\u200b<\/li>\n\n\n\n<li>Profit After Tax (PAT): \u20b9529 crore, up 11.8% YoY from \u20b9473 crore.<\/li>\n\n\n\n<li>Prestige &amp; Above (P&amp;A) segment: NSV growth of 8.2% YoY, continuing to drive mix improvement.\u200b<\/li>\n\n\n\n<li>Dividend: Interim dividend of \u20b96 per share declared (record date Jan 27, 2026).\u200b<\/li>\n<\/ul>\n\n\n\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Management Commentary &amp; Strategic Decisions \u2013 Q3 FY26<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CEO Praveen Someshwar highlighted strong festive season execution with <a href=\"https:\/\/www.bseindia.com\/xml-data\/corpfiling\/AttachLive\/bfa24911-3fa1-4f46-bc2c-1db5564cd5a2.pdf\" target=\"_blank\" rel=\"noopener\">highest quarterly NSV ever<\/a>, driven by premium portfolio growth (P&amp;A +8.2% NSV), successful Andhra Pradesh re\u2011entry, and resilient standalone performance despite Maharashtra policy headwinds.<\/li>\n\n\n\n<li>Margin softening (EBITDA margin down 35 bps YoY) was attributed to elevated advertising and promotional spends (14% of net sales) to support brand investments and premiumisation.<\/li>\n\n\n\n<li>Strategic priorities:\n<ul class=\"wp-block-list\">\n<li>Continued premiumisation and brand building, with increased A&amp;P spend behind key trademarks to drive faster growth in higher\u2011end portfolio.\u200b<\/li>\n\n\n\n<li>Leveraging the Royal Challengers Bengaluru (RCB) sports segment synergies and Andhra Pradesh market re\u2011entry for topline acceleration.<\/li>\n\n\n\n<li>Optimising productivity initiatives and gross margin flow\u2011through to support sustainable profitability amid policy volatility.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"839\" height=\"1024\" src=\"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/United-Spirits-Q3-FY26-Earnings-Results-839x1024.png\" alt=\"\" class=\"wp-image-173226\" srcset=\"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/United-Spirits-Q3-FY26-Earnings-Results-839x1024.png 839w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/United-Spirits-Q3-FY26-Earnings-Results-246x300.png 246w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/United-Spirits-Q3-FY26-Earnings-Results-768x937.png 768w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/United-Spirits-Q3-FY26-Earnings-Results-1259x1536.png 1259w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/United-Spirits-Q3-FY26-Earnings-Results.png 1489w\" sizes=\"auto, (max-width: 839px) 100vw, 839px\" \/><\/figure>\n\n\n\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Q2 FY26 Earnings Results<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue from Operations (ex net excise duty): \u20b93,173 crore, up 11.6% YoY from \u20b92,843 crore in Q2 FY25; down 5.3% QoQ from \u20b93,350 crore in Q1 FY26.<\/li>\n\n\n\n<li>Net Sales Value (NSV): \u20b93,173 crore, up 11.6% YoY.\u200b<\/li>\n\n\n\n<li>EBITDA: \u20b9660 crore, up 31.5% YoY from \u20b9502 crore; EBITDA margin 20.8%, up 440 bps YoY from 16.4%.<\/li>\n\n\n\n<li>Profit After Tax (PAT): \u20b9464 crore, up 36.1% YoY from \u20b9341 crore; down ~13.9% QoQ.\u200b<\/li>\n\n\n\n<li>PAT margin: 14.9%, up 400 bps YoY.\u200b<\/li>\n\n\n\n<li>Total sales volume: 16.6 million cases, up from 15.4 million cases in Q2 FY25.\u200b<\/li>\n\n\n\n<li>H1 FY26: NSV \u20b96,194 crore, up 10.5% YoY; EBITDA \u20b91,304 crore, up 7.3% YoY.\u200b<\/li>\n<\/ul>\n\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Management Commentary &amp; Strategic Directions \u2013 Q2 FY26<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CEO Praveen Someshwar noted strong H1 performance with double\u2011digit topline and EBITDA growth, driven by standalone business strength and favourable comparisons despite Maharashtra policy changes.\u200b<\/li>\n\n\n\n<li>Gross margin expansion of 219 bps to 46.9% was supported by premium mix, productivity initiatives, and price increases from prior year.<\/li>\n\n\n\n<li>Strategic focus:\n<ul class=\"wp-block-list\">\n<li>Driving premium and prestige portfolio growth through targeted brand investments and market activation.<\/li>\n\n\n\n<li>Navigating policy headwinds (Maharashtra) while capitalising on Andhra Pradesh re\u2011entry and RCB sports synergies.\u200b<\/li>\n\n\n\n<li>Optimising costs and supply chain to sustain margin gains amid festive\/wedding season demand.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>To view the company\u2019s previous earnings and latest concall transcripts,&nbsp;<a href=\"https:\/\/alphastreet.com\/india\/\">click here<\/a>&nbsp; to visit the Alphastreet India news channel.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Diageo India incorporated in India as United Spirits Ltd.(USL) is the country\u2019s 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 &amp; White, VAT 69, Antiquity, Signature, Royal Challenge, McDowell\u2019s No.1, Smirnoff and [&hellip;]<\/p>\n","protected":false},"author":1863,"featured_media":173226,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[105,6351],"tags":[12489],"class_list":["post-173225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-consumer-stocks","tag-alcoholic-beverages"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/United-Spirits-Q3-FY26-Earnings-Results.png","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":172011,"url":"https:\/\/alphastreet.com\/india\/united-spirits-q2-fy26-earnings-results\/","url_meta":{"origin":173225,"position":0},"title":"United Spirits Q2 FY26 Earnings Results","author":"Chirag Gupta","date":"October 31, 2025","format":false,"excerpt":"Diageo India incorporated in India as United Spirits Ltd.(USL) is the country\u2019s leading beverage alcohol company and a subsidiary of global leader Diageo PLC. 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Having its presence in IT industry for almost 4 decades, Mastek Ltd has evolved from an IT solutions provider to Digital transformation partner. 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