{"id":183156,"date":"2026-05-15T08:11:25","date_gmt":"2026-05-15T12:11:25","guid":{"rendered":"https:\/\/alphastreet.com\/india\/united-spirits-limited-unitdspr-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-15T08:15:48","modified_gmt":"2026-05-15T12:15:48","slug":"united-spirits-limited-unitdspr-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/united-spirits-limited-unitdspr-q4-2026-earnings-call-transcript\/","title":{"rendered":"United Spirits Limited (UNITDSPR) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

United Spirits Limited (NSE: UNITDSPR) Q4 2026 Earnings Call dated May. 15, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Shweta Arora<\/strong> \u2014 Head, Investor Relations<\/em><\/p>\n

Praveen Someshwar<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Pradeep Jain<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Jaykumar Doshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Abneesh Roy<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Ashutosh Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to The United Spirits Limited fourth quarter financial year 2026 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms.<\/p>\n

Shweta Arora, Head of Investor Relations, United Spirits Limited. Thank you. And over to you Ma’. Am.<\/p>\n

Shweta Arora<\/strong> \u2014 Head, Investor Relations<\/em><\/p>\n

Thank you. Babin. Hello everyone. Good evening and welcome to United Spirits Limited Q4 and full year FY26 earnings call. Before proceeding with today’s presentation, I would like to remind the listeners during the call there may be some forward looking statements. These statements are based on our views and assumptions at this point of time. However, this is not a guidance for future performance and results may materially differ from those expressed in or implied by such forward looking statements.<\/p>\n

I request all of you to refer to our financial and press release posted yesterday and presentation posted today. Both are available on stock exceed and company website under the Investor section. Today on the call we have with us Mr. Praveen Fameshwar, our MD and CEO who is joined by Mr. Pradeep Cheng, Executive Director and CFO. Praveen and Pradeep will take you through the financial results and financial results and business performance for the fiscal year 2026 followed by the Q and A session.<\/p>\n

With this I hand over the call to Praveen for his opening remarks.<\/p>\n

Praveen Someshwar<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Thank you Shweta. Good evening everyone. Thank you for joining in on the call. It’s been little more than a year that I’ve been. I’ve spent with Diageo. What a year it’s been in balance excited about where we are. We’re going to talk you through the business update and a full year 26 update and our reflections going ahead with the financial highlights now. This in summary is a reflection on the year gone by my birth in a business that has seen a reasonable good could last four, five years and would want to say to all of you that the best is yet to come.<\/p>\n

Have always maintained in our interactions over the last few quarters that we need to continue what is working well and need to change what can be better and the combination of two will unlock our true potential. And in that sense I would want to call out several things that have been already working there. Whether it’s signature that has continued to perform competitively in the upper prestige segment or black and white in the primary Scotch segment, a global trademark for which India is the number one market in diage.<\/p>\n

We continued our excellent work on Johnnie Walker which posted strong growth during the year. Our format innovation, especially pocketpath, what I know PJ refers to as the triple benefit interventions are contributing meaningfully to segment beating growth in the mid prestige segment and value chain productivity. Now coming to the areas of the portfolio where we have done changes over the last year, first and foremost opening the world’s largest vodka brand Smirnoff to local flavor innovation and how it has responded and started to contribute meaningfully for our overall growth scenario.<\/p>\n

In this fiscal year we’ve crossed the volume of 1 million cases on the trademark. Last quarter it sells it has done over 400,000 cases. Second, accelerating the tequila category creation again. It’s our fastest hundred plus crore trademark and has long legs for sustained growth in future. It’s already captured 1\/3 of the Tequila market and it’s expanding the category. It’s growing share expanding category and considering the price points we operate, our value share will be significantly higher. Third, I’ve spoken about the on premise opportunity multiple times across these forums and in the importance of the same to build our brands.<\/p>\n

We are ramping up our investments in this critical channel that makes our brands come alive for consumers, allowing us to highlight their rich legacy and purpose. We are convinced that in this category we are that is Alcobev. How our brands show up in on premise is an extremely critical enabler for long term top of mind and equity recall and we have already seen green shoots on the same as we move into the new fiscal year. We are feeling good on the policy front driven by the progressive intervention in Karnataka that will provide the much needed shot in the arm for continued premiumization of the category in the state.<\/p>\n

And with India UK FTA likely to come in play in the near future, Scotch which is our core strength, will become more accessible and improve penetration. Last but not the least, what’s going well, we are extremely happy with the sustained productivity agenda that we have driven and that we are being able to extract from the business value chain year on year. We will share more details on the same as we progress in this session. Now all of this is stuff which has worked for us coming to the headwinds in the year gone by and all of you are aware of Maharashtra.<\/p>\n

We’re doing what we can through the industry association and the legal route. Keeping that aside, I believe the worst impact has now been absorbed in the quarter gone by and Sequentially it should not deteriorate from here onwards while we still have a couple of quarters to cycle on prior year comparatives. And then the softness in Our anchor trademark McDowell’s which across rest of India excluding AP and Maharashtra which are states which are impacted, has also been flat. We’ve now been working on the transformation of McDowell’s for the last year and a completely transformed bundle of McDowell’s is getting launched in its very first market as we speak, that is Uttar Pradesh today actually over the last couple of days.<\/p>\n

I’ll spend more time on the McDonald’s transformation in the next few minutes when we come to the portfolio. That was my summary if I may say of the year gone by. Let us move on as we see what the numbers say. The numbers on this side clearly indicate that if we take out the states impacted by policy change, headwinds and tailwinds, that is AP and Maharashtra, the rest of India, which is roughly 80% of our national portfolio, has grown double digit in both P and A and total portfolio and has seen a sequential pickup in momentum over the trial.<\/p>\n

And within this, if we further see Mid Prestige and that’s not on the chart but if we see Mid prestige it’s there in small font if I may say so. Mid Prestige and above segment the same has grown in high teens, Mid Prestige and above nationally including Maharashtra and AP has also grown in mid teens over prior year. Allow me to unpack this further on the next slide. Let me walk you through the segment wise performance of the business in a slightly different manner. As mentioned on the previous chart, P and A in rest of India excluding Maharashtra and AP which are the impacted states has grown at a solid 11.3% for the year versus priority and within that Mid Prestige and above has grown at high teens at 17% 17.1%.<\/p>\n

All segments from Mid Prestige onwards are posting healthy growth rates in the year and all have momentum as we enter into the new fiscal year. While we always continue to see our business as P and A including Lower prestige, what we have observed increasingly are the varying definitions of P and A floating in the industry. The MID procedure above growth rate will ensure fair and like to like comparisons on an annual basis with some of these players. My second key message that I’ve already spoken of in summary is that the opportunity on lower prestige and Meg Downs I’ll come to it very soon and you can see it’s more flattish as you’ve seen over the last year.<\/p>\n

Last but not the least coming to the two excluded states of Andhra Pradesh and Maharashtra. It is clearly visible that both of those states have impacted growth one positively and another negatively. Both combined we have lost about 120 basis points of growth this year. But clearly the rest of India business is delivering double digit growth and our exciting plans ahead give us the confidence that in the coming year, even with Maharashtra and AP included on P and A, we should be able to deliver our double digit growth guidance.<\/p>\n

Let’s take a step back and start with the bigger picture. India is fast emerging as the consumer market of the next decade. Backed by strong economic growth with GDP expected to reach 7 trillion by 2030 and more importantly, very high quality growth. A young population, median age roughly 28, combined with a rapidly expanding middle and affluent class is reshaping consumption. Over the next five years India will add around 100 million legal drinking aids consumers, nearly a quarter quarter of the global additions, making this a globally significant growth story.<\/p>\n

This is further enabled by a vibrant democracy and a digital first economy that is expanding access and driving aspirational consumption. Bringing that to our category. India is already the number one risky market by volume, number two by value and the second largest spirits market. Globally. It contributes roughly 39% of the growth in global total beverage alcohol and remains the fastest growing large market. Importantly, we are still early in the growth curve. With spirit’s penetration at 40% and per capita consumption at 2.6 liters, it leaves significant headroom for growth.<\/p>\n

Now looking ahead as of today, in spite of the West Asia troubles, the combination of macro tailwinds, a young and expanding consumer base, rising incomes and increasing premiumization with significant category headroom creates a compelling opportunity that we are well positioned to capture. Our strategy clearly is leveraging this India movement. Let me touch on how we are positioning ourselves. India’s alcohol market is clearly shifting. Growth today is being driven by premiumization and closer alignment with evolving consumer aspirations.<\/p>\n

In response, we reshaped our portfolio strategy around three clear priorities, winning consumer occasions which will drive penetration of accelerating premiumization and investing in future backed innovation. At the same time, we are building a future ready organization focused on unlocking critical talent gaps and embedding a strong learning culture to stay agile and competitive. And finally, all of this is anchored in our broader responsibility through our spirit of progress agenda and our commitment to contributing to the vision of Vixit Bharat.<\/p>\n

Let me talk about our portfolio strategy which is anchored in a deep consumer first lens. We think of India as three Indias, India one, which is approximately 49% of the population and happens to be 49% in terms of value salience is highly aspirational but income constrained, therefore seeking affordable access to aspirational brands. This is what is driving penetration for India. India too, which is roughly 28% of the population and 19% in terms of value salience, is the core middle class driving consumption with a focus on value for money and is seen constantly premiumizing.<\/p>\n

India 3, which is roughly 8% of the population and 7% of the value, is affluent and new wealth seeking premium experiences, identity, self expression and repertoire usage. We have consciously chosen not to play in the bottom 20% if I may say so, given the limited affordability of shrinking base and societal considerations. But we are constantly seeing that the lower base is premiumizing very, very rapidly. Importantly, our portfolio and the category are structured around these three. India and premiumization, ensuring sharp alignment to consumer needs.<\/p>\n

And finally, our strengths lie in brand building with five of the top 10 equity brands, including Signature, RC, McDowell’s, Black Dog and Johnnie Walker playing in these spaces. Now, if you see each of these three Indias are driven by very distinct realities. While incomes are rapidly or should I say rising across segments, surplus is growing in India 2 and 3 while declining in India 1 and therefore shaping very different consumer behaviors. From a category perspective, alcohol consumption is growing across all sectors.<\/p>\n

India 1, India. However, India 1 and 2 are driven by higher penetration and frequency. India 3 is led by affluent growth with some moderation in frequency due to the experiences. Due to the experiences. However, what we are seeing that there is constant premiumization Even in India 3 which is driving the growth. Our four clear trends cut across all segments. Recruitment, which is primarily in India 1, continuous in India 2 which is about expanding the consumer base through the LDA, women and beyond Scotch categories.<\/p>\n

Premiumization, a clear shift which we are seeing across India 1 and 2 and 3 to better quality repertoire. It’s more in India 2 and 3, but prominent in India 3 which is about more experimentation and experiences and the India confidence. The growing pride in its own culture and the rising aspiration driven consumption across India 1 and 2. Now, our playbook is very simple. We differentiated strategies across the three Indias because one size clearly does not fit it all anchored in a full portfolio approach with clear competitive choices.<\/p>\n

Now, with a very different set of competitors playing out in India 1 and 2 and 3 execution is sharply tailored. For India 1, it’s about enabling drinking better at scale through pack price and format. Innovation with a strong focus on accessibility and recruitment. For India 2 and 3, the focus shifts to upgrading the experience with innovation around locations, culture and flavors and a clear push towards premiumization. So in essence everything we do, our metrics, innovation and propositions is tightly aligned to the distinct needs of each.<\/p>\n

Let me start with the India one consumer and our brands playing around there. Royal Challenge continues to perform strongly on recruitment driving share gains across both mid Prestige and now and now as we call it New prestige growth is clearly being led by the 180mL segment, the pocket path which has become central to our expansion. We’re also stepping up media to build sharper brand distinction. Our latest campaign Manai Tho Kohe is designed to create excitement and keep RC top of mind with new age consumers featuring contemporary icons like Smriti Mandana, Ranbijai Singh, rapper Shruti and Kvar Namul Mathura popularly known as Quartz.<\/p>\n

So clearly all of them coming together. We are building very deep engagement through esports integration, leveraging a high passion platform for our audience with purchase linked activations to drive trials, excitement and conversion. Let me play the video of Manahito Kwan Pesh it. As we go ahead. We are transforming McDowell’s number one to re energize the consumer. We have upgraded the liquid with 30% more scotch to deliver a smoother richer taste while retaining what consumers love all at the same price, driving aspiration with affordability.<\/p>\n

This is complemented by a completely new modern Scotch inspired design and a more aspirational convenient 180ml PET format. After rigorous testing over the last several months, we are absolutely confident that we have a winning bundle rolling out from May this month. As we speak 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 a sense this is a full reset of the world’s largest whiskey brand by volume, built to reignite growth and win back its consumers.<\/p>\n

Let me play the video. So we believe we are this is going to reinvigorate and recharge this massive category now coming to India too and Black and White is a significant part of that opportunity. Our Scotch portfolio continues to deliver very very strong momentum in this space. Black and White is now the largest Scotch band in the country by volume strengthened by a refreshed design and cultural platforms like Table for Everyone. Along with the high impact partnerships such as Premier League and Lola Palooza.<\/p>\n

Black Dot is also back to gaining traction with a renovated range rollout and the Savor the Boss campaign with Emilia Club. It is driving strong engagement at the portfolio level. We lead in Scotch with Johnnie Walker where entry level Scotch acts as a key gateway to premiumization especially for our India 2 consumers. With FTA and evolving market opportunities, this creates a significant Runway for recruitment and upgradation which we are very very well positioned for capture. At the upper prestige space we have Signature which continues to lead with its distinctive positioning around conscious living.<\/p>\n

This has helped drive strong equity ahead of the category growth and share gains. We have brought this to life through our Mangrove Regeneration campaign in Odisha amplified by our one with Nature Camp communication. At the same time we are building cultural relevance through partnerships like Thili and Zero Festival, reinforcing the brand’s connection with sustainability, music and purpose. Overall, Signature is winning by combining strong equity with a clear purpose led narrative. What a year it’s been for smartphone.<\/p>\n

We are starting to see this brand build back. Nationally we crossed a million cases and entered one of the top five global markets underscoring both case and strategic importance. As I mentioned earlier we exited fourth quarter volumes north of 400,000 cases. We are now at 350 crore NSE growing at a triple digit as we exit the year and with a clear trajectory to get the thousand crores over the next 18 months. This will help to close gap in this massively growth space. Growth is strongly flavor led with the portfolio entering the 100 crore club and innovations like Minty Jamun delivering record monthly volumes.<\/p>\n

At the same time we are building strong brand love with Gen C. From large scale experiences like the Afro Jack across three cities to high impact cultural platforms like Lollapalooza and Poli activations. We are strengthening relevance across touch points putting it all together. We are not just scaling volume, we are building momentum through the right mix of flavor, innovation, culture and consumer experiences. Now Smith the trademarks have now successfully integrated and are starting to stabilize within our portfolio contract to fully extract the potential of the business around greater than Hafusa and Peep.<\/p>\n

All three really trailblazers in their own categories. Now we’ll come to India three, the top of the pyramid. Johnnie Walker continues to build strong cultural relevance and premium credentials. Our latest Keep Walking campaign with Virat Kohli is reconnecting the brand with young affluence. We are driving desirability through on trade experiments like Whiskey experiments and scaling on trade experiences like Whiskey experiments and scaling cultural impact via platforms like AP Dylan and Sunk. Importantly we are leveraging the full portfolio across three Indias from accessible formats driving recruitment to premium offerings strengthening our luxury credentials.<\/p>\n

India is now a very important market. It’s number three globally by volume and number four by value. For Johnnie Walker. Godavan is truly a crown jewel in our portfolio. It’s a purpose led brand deeply anchored in cultivation supporting the revival of the great Indian busker known as Godavan, making it much more than Chester Whiskey. At the same time it delivers world class distinctive liquids with growing presence in India and global markets. This is reflected in the strong recognition with hundred plus global awards including recent wins that reinforce its potential to become a leading global whiskey.<\/p>\n

It was humbling and encouraging to see this work recognized at a national level and that the honorable Prada are highlighting it in Manki Baad that sustained scientific and on ground efforts are making a real difference in protecting the great Indian Buster known as Godavan. This re energizes the team and only deepens our resort to keep moving forward. Overall, Grodhavan brings together purpose, craftsmanship and innovation creating uniquely Indian brand. We are incredibly proud of and growing triple digit through the year.<\/p>\n

Don Julio has been a standout success. It’s the fastest growing brand in our portfolio to reach a 100 crore top line. Underscoring strong premium momentum positioned it as a tequila of choice for luxury occasions, bringing Mexicana culture to life through campaigns like Day of the Dead and Cinco de Amay alongside experiential activations such as Paloma Time in key on trade platform. With Tequila as a category growing strongly, Don Julio continues to outpace the market, delivering high double digit growth and continuously gaining share.<\/p>\n

If you look at this slide and the scale of innovation and renovation delivered over the last year, it clearly demonstrates that we have left no stone unturned in strengthening this agenda. In fact, I would say this is a distinct competitive advantage for us right from deep consumer inciting to delivering the right product proposition in the market. What is equally important is the breadth of innovation across the portfolio. The initiatives span liquid innovation, renovation, evolving flavor profiles, packet format changes as well as premium limited editions.<\/p>\n

Whether purpose led offerings such as Godavan 173 or culturally resonant activations like Johnnie Walker Blue Label Diwali Edition, innovation continues to be a key enabler of our growth ambition, helping us drive premiumization, recruitment and strong demand salience across locations. I’m sure all of you are very familiar with this slide. This effectively demonstrates the success of our sustained efforts to build and strengthen our trademarks. The results speak for themselves, a complementary portfolio that is delivering both on volume and value with a balance where we play to the India 1, 2 and 3 opportunity and therefore creating scale and premiumization.<\/p>\n

Now we have four trademarks which are greater than inr thousand crores NSV as signature chess enters the thousand crore crop. So we move from three to four trademarks this year in our thousand crore Club there are two which are 500 crore plus and I’m confident that it’s just a matter of time before Smirnoff comes comes into that club. Now there are five which are 100 crore plus as Don Julio joins the club. In the 100 crore plus club we have eight 1 million case trademarks in our portfolio. Again as I mentioned Smirnoff is now a million case plan.<\/p>\n

McDowell’s is the largest selling whiskey in the world with roughly 30 million cases plus cases. Now as we get to the Adjuvant society it’s particularly something which is very very important for us. While we are accustomed to evaluating business performance from an internal, albeit holistic lens, this study takes a step back. We worked with Pele India foundation, the name that translates to India. First, it highlights the broader economic and social impact of the Agile India extending well beyond the immediate boundaries of our business operations.<\/p>\n

Our total economic contribution to the country as indicated in the report, direct and indirect combined stands at approximately 49,000 crores. We support 650,000 jobs through direct and indirect contribution and a contribution to exchequer stands at roughly 20,400 crores. Our CSR spends are roughly 22 crores and have two 26,000 beneficiaries. Now this independent assessment performed by a leading Indian think tank reassures all of us at Diageo USL to see a meaningful contribution to the Vixit Bharat.<\/p>\n

It is encouraging to see our ESG journey progressing in the right direction also as reflected in improving scores and industry leading recognitions. Sustain analytics has assessed us at a medium risk rating with a score of 21. Focused interventions are underway to further strengthen our ESG profile and progress towards a low risk rating on Dow Jones Sustainability Index. We continue to see steady year on year improvement reaching 61 positioning us amongst the leading alcove companies in India and globally.<\/p>\n

On the NSE ESC rating we are rated for the first time and achieved a strong score of 73 on 100 placing us amongst the top CPG companies in India. We have also received multiple accolades for our manufacturing and ESC practices from prestigious industry. Now at Diageo we continue to make focused investments to further strengthen the core of our organization. Our people priorities are focused on building future ready capabilities that strengthen business performance both today and for the future. Innovation commercialization is where we have invested heavily over the last few years.<\/p>\n

Overall the organization structure in the last fiscal year with focused teams and sharp KPIs to support the growing innovation pipeline aligned with evolving consumer trends. As we have always maintained, we would want the share of innovation contribution to our growth increase year on year. Now if we don’t include Pocket Pack, we’re roughly around 25% of our growth comes from innovation and if we would include Pocket Back, it’s north of 70%. Clearly it just tells us the path of our investment. Our second pillar is on trade.<\/p>\n

I’ve spoken about this earlier as well and it continues to be a clearly identified area regarding requiring focused intervention, sustained effort and ongoing investment. We’ve refreshed our on trade organization and strengthened capabilities to align with our sharpened strategy, recognizing the critical role of on premise channels in discovery recruitment and accelerating premiumization. Our focus remains on building strong luxury capabilities through the right talent, the right structure and a culture of continuous learning.<\/p>\n

The third pillar, or should I say a very key enabler which is to drive digital penetration across our organization. We we made quite a few interventions on scaling capability across our sales, commercial functions, expanding AI and data analytics skills across the Azure and driving operational excellence within supply. We want our associates to have a bond digital mindset. Over a period of time, our internal employee Feedback survey achieved an exceptional 94% response rate reflecting strong employee engagement and trust.<\/p>\n

Employee Engagement Index remains strong at 90%, significantly higher versus external benchmarks alongside an IND score of 88% while our employer NPS of 56 and product NPS of 84 reinforce the trust we build continue to build with both our people and consumers. Our commitment to building a thriving organization and inclusive culture has been recognized across multiple platforms reflecting our continued efforts to make Diageo a great place to work. We were recognized by the India Workplace Equality Index as a Gold Employer for the third successive year and we were also awarded winner in Women Representation in Senior Management like you see.<\/p>\n

In addition, the Azure India received the Great Place to Work certification reflecting our continued focus on building a diverse, inclusive and high performing organization. With this I hand it over to PJ<\/p>\n

Pradeep Jain<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

To<\/p>\n

Praveen Someshwar<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Take<\/p>\n

Pradeep Jain<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Us through how we are doing on<\/p>\n

Praveen Someshwar<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Financial.<\/p>\n

Pradeep Jain<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thanks Praveen. A very good afternoon to all who have joined. As always great to interact with this cohort, especially on the annual call where we dig a little deeper into our fully year performance. Praveen has already done a tear down of the revenue growth in his section so I will not repeat that here. We’ll get to that in the next few minutes. As you will observe, we have delivered a leveraged performance on the P and L in the full fiscal year. Our EBITDA growth stands at 11.6% against an NSP growth of 7.6% which translates roughly in a 1.5x growth multiplier.<\/p>\n

Gross margin is at 46.4% up 172 basis points. On a reported basis, 11.7% gross profit growth and our EBITDA margin reached 18.4%, about 66 basis points better than last year. This is very much in line with our guidance of mid to high teens EBITDA margin Reemphasizing the free cash flow generation capability of this business. It has turned in Indian rupees 1375 crores on that front during the year. I’m also pleased to share that the Board have approved a final Dividend of Indian Rupee 11 per share Subject to shareholders approval, including the interim dividend of Indian Rupee 6 per share declared in January 26.<\/p>\n

The total dividend distribution for the fiscal year will amount to Indian Rupees 17 per share. That translates to a PAT payout ratio of 67% having increased from the 50% payout ratio two years ago when we resumed dividend distribution. After a decade, return on capital employed stands at a healthy 28% versus 26% last year. This is a familiar chart for all of you, but we would want to keep reminding all of you of this year on year. It is something that epitomizes our growth philosophy that is the virtuous cycle of growth critical to building and sustaining a healthy business.<\/p>\n

Our continuous focus will be on driving the flywheel to keep strengthening our portfolio while accelerating top line growth, productivity and revenue Growth management will need to collectively offset inflation while enabling a careful balance between marketing efficiency, investment sufficiency and long term brand building. Together these actions should support sustained profitable growth. Okay, this is a particularly important chart and I will spend a minute on the same. First, I want to reiterate that fiscal 202526 includes six months base benefit from the reopening of Andhra Pradesh following recommencement of business in September 24th after the gap of five years.<\/p>\n

Additionally, the fiscal also reflects the impact of Maharashtra Excise Policy revision Again six to seven months Impact Adverse Impact Broad While both Andhra and Maharashtra are extremely critical markets for our business, the impact of developments in Deep two markets are distorting the underlying organic growth trajectory of the business. Reflected in the reported numbers that you see on the left hand side of the chart, it seems to suggest that our portfolio has performed in the same vein as the prior year.<\/p>\n

Now if I draw your focus on the chart on the right Hand side our rest of India business excluding the impacts of Andhra and Maharashtra which will roughly be 75 to 80% of our national P and a portfolio if delivering a healthy growth of 11.3% in 15 and above and 10.9% on a total portfolio basis and these growth levels have significantly accelerated versus the prior fiscal year approximately 500 basis points acceleration. This is what gives us confidence as we enter fiscal year 202627 we move to the next slide, right?<\/p>\n

Okay, now this is a slightly different cut of what Praveen has already flashed in this section he referred to percentage growth while here we are giving you a sense of the absolute rupees growth, what added to the growth and what was soft. So as you will see we’ve roughly added about 900 crores to our top line to be precise 875. And if you look at the leftmost and the rightmost bars of the chart, the premiumization ladder remains firmly intact. The salience of the mid prestige and above segments increased from 56% in the prior fiscal to 60% in fiscal 2526, a tad higher than what would have happened had our LP segment also contributed to growth.<\/p>\n

And if you look at the middle bars which represent the sources of growth, it further reinforces this trend. We can see that in rest of India excluding Andhra and Maharashtra, mid prestige and above Segments grew by 17% over last year adding close to Indian Rupee 960 crores to our top line. Popular added another 70 crores lower, Prestige was flat and Praveen has already taken all of you in detail on what we are doing to revise growth in that sector. Overall, rest of India business delivered a net addition of approximately 1020 crores growing at 10.9% over last year.<\/p>\n

And then on the extreme right hand side, the two impacted geographies of APN Maharashtra 1A positive, the other a negative. I’ll move to the next slide. So this is a status update. As we’ve already you know, as we have always done over the last three years on our multi year supply agility program. We are now approximately three to three and a half years into the program with considerable progress achieved against all key objectives in our co location initiatives are now 100% complete while footprint optimization is approximately 83% complete.<\/p>\n

Importantly, the program continues to be executed with strong cost discipline with both cash and non cash costs tracking in line with budget. From a benefits perspective, actions for cost optimization that are already completed and will reflect in the P and L by the end of fiscal 27 will be close to 90% on an annualized basis. And again part of our virtual cycle. Let me take these one by one. Productivity if we see the left hand chart right the left hand side of the chart While the chart shows a decline in productivity, I would like to remind and reiterate a point highlighted earlier.<\/p>\n

The Indian rupees 514 crores productivity delivered in fiscal 24 included a one time benefit of Indian rupee 160 to 170 crores from the mono carton removal with underlying productivity of 340 to 350. Again this base productivity increased to 388 crores in fiscal 25 and further to 415 crores in fiscal 20. That represents a healthy year on year improvement and reflects the strong productivity capability embedded within the organization which continues to help us mitigate more than 80% inflation year on year and deliver 15 benefits pricing and Revenue Growth Management Top right hand side if you look at pricing and revenue growth management Indian rupee 182 crores impact of fiscal 26 comprises the carry forward pricing of the prior year and the flow through received in the current year.<\/p>\n

Together we’ve delivered a healthy 182 crores equivalent to roughly 1.6% of last year’s net sales. If you remember we had called out last year that after three years of consistent and healthy headline price increases we do expect the same to moderate in fiscal 26 especially in view of the stable commodity environment. Net working capital on the bottom right hand side year end operating working capital intensity have remained broadly in line with last. This includes the higher levels of Telangana Receivables which have broadly stayed at the same level since last year end Building on the previous chart, healthy headline pricing along with a strong productivity trajectory over the last couple of years has enabled us to step up A and P investment behind our plan.<\/p>\n

As mentioned earlier, sustained A and P investment in our trademark is a critical component of our virtuous growth cycle and which in turn supports portfolio premiumization and drives higher NSV realization. Per case, this year was no different and we are glad we could step up the brand investments to support the growth and innovation agenda of the portfolio. To conclude, my section would want to finish with a chart that does not require any explanation and the numbers can do all the talking. Our EPs and ROCs have consistently improved year on year demonstrating the strength and resilience of our operating model and the continued support of all our stakeholders.<\/p>\n

With this I would want to turn it back to Praveen for his concluding remarks before we Open it up for Q and A. Over to you Praveen.<\/p>\n

Praveen Someshwar<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Thank you Vijay. Just want to conclude with my thoughts as we look forward over the next year and a couple of years but still focus on the great India consumer opportunity. We have favorable demographics, growing affluence and the India confidence and pride on our side. Overlaying that with key industry drivers including the largest pool of new LDA consumers entering the category penetration headroom enabling treaties such as India UK fta, I see a huge premiumizing opportunity at the confluence of all these factors.<\/p>\n

Now I do understand in the short term West Asia conflict could take a quarter or two away, but I do not think that will change anything of the medium term. How we capture this opportunity is critical. We have a clear line of sight on both opportunities and risk backed by consumer foresight, strong innovation capability, differentiated liquid access, a national footprint and most importantly organizational agility. Our teams are well positioned to capture value, execute effectively and convert these opportunities into sustained growth.<\/p>\n

Our actions are visible through sharper innovations starting from McDowell’s now bringing it back to life. New category creation. You know we could talk about Tequila localized portfolios of powerful global brands like Smirnoff and stronger productivity muscle. The India UK FDA will further amplify this. Our growth playbook positions us well to unlock new white spaces and accelerate consumer led growth. Our on premise investments made in 2526 have started moving the needle and stop sharing results as we enter F27.<\/p>\n

We do so with rigor and confidence in delivering our ambition of strong double digit growth for the P and A portfolio. Thank you. Happy to take questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchtone telephone. If you wish to remove yourself from the queue, you may press star and 2. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question is from the line of Jay Doshi from Kotak. Please go ahead.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Thanks for the very detailed and insightful presentation. I’ve got two questions. First one is could you please elaborate on your optimism regarding Karnataka following the recent policy changes? It would be helpful if you can share some data points around current salience of PNA and MID PNA and and above segments in that market and where do you believe this could trend in the next one or two years? Second question is for Pradeep. What would be the impact of inflation on business in the first half of this year or maybe full year.<\/p>\n

And would you be able to fully offset it through operational efficiencies and cost optimization measures?<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

Thanks Jay. Thanks for your question. Yeah, I agree with you. Optimism of Karnataka, okay. It’s truly a progressive and welcoming one. It’s got tiers across, it’s brought years down from 16 to 8 on excise slabs and has allowed flexibility for pricing and therefore building very high quality laddering across different segments. It’s not only mid prestige and above, it’s also lower prestige and popular to lower prestige to mid prestige and above. So that is what is exciting. As we’ve seen as we have rolled it out to the market over the last week across portfolio we’ve seen reduction of pricing depending on which part of the portfolio it is anywhere between 15 to 35% which is significant.<\/p>\n

Now what we believe and we also have to say that popular, which is the lowest end, it’s going to see significant pricing increase roughly around 17, 18% and it’s going to break out from a magic price point of 100. All of these factors give us the confidence. We’ve seen very robust growth over the last one year in Karnataka because part of the changes were also rolled out last year. But you know, all of this gives us absolute confidence that you’ll see very high double digit growth unlock in Karnataka.<\/p>\n

Pradeep Jain<\/strong><\/p>\n

And roughly to your other question, Jake, Karnataka is roughly about 7% of our national P in a state 6 1\/2 to 7. Okay, I’ll take the second question.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Where do you think it should be now that you know the pricing structure has improved? What’s the ideal sort of representation Karnataka should have in your pna?<\/p>\n

Pradeep Jain<\/strong><\/p>\n

So Jay, that 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. That we are very, very confident. Karnataka was already growing very well in fiscal 26. Right. And that should ramp up and it should go significantly higher than the national portfolio average. After that, what range it reaches, you know, salience of 8, 9, 10. We don’t know.<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

Only I think I’ll add to what PJ said, Jeff, is that we are over index versus India share. That’s not the thing. So we will be the largest beneficiary of also. Yeah, okay. Yeah, thank you. Perfect.<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Okay, Jet, second question. Look, here is a broad headline, right? I don’t want to grimace, I mean take a guess on the full year number. But here is the way we are, you know what I’m seeing already and on the first half again, you know, provide some headline look up large impact is on the packaging material cost. Right. Packaging material costs are broadly one third third of my overall cost. And what we are seeing is in fact in the April June quarter itself, packaging material costs will inflate by about 4 to 5% higher than the normal run rate.<\/p>\n

Right. So we do expect an overall gross margin of impact, anything between 1.25 to 1.5% on our total portfolio. That’s roughly about anything between 35 to 40 crores impact. So that’s on the April, May, June quarter. Right. Now if the crisis continues for an extended period of time. Right. This amount could well probably become two to two and a half times for the next quarter. Right. So that’s what I want to, you know, we just want to remain focused on the, on the first half and then as things evolve we will, we will see how we have to respond.<\/p>\n

Right. You mentioned the other bit around operational efficiencies. Absolutely right. We can only do things that are in our control and we will definitely be exploring every opportunity on how we can ramp up the additional productivity in our package.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

At this point of time, you don’t see a reason to call out any big material margin impact. Right. So there are headwinds, but you may have some<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Cost. There will be an impact in the quarter. There will be an impact in the quarter. And you know it from past experience, Jay, that you know we will not. Pricing comes in the lag. Right. But again, as the year progresses we will keep you updated.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Thank you very much.<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Abnesh Roy from Nuvama. Please go ahead.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Yeah, thanks. My question is to Praveen. You spoke on the local flavors in Smarna Vodka. So I wanted to understand if you started gaining market share because, because a local player has almost 60% market share. Are you trying more of the premium end or overall market share in vodka also you have a big focus there. And second related question is you are over indexed in terms of Maharashtra. So if anyone just compares Q4 numbers or yours and unlisted large MNC, I think we will get wrong picture. So my specific question is X or Maharashtra.<\/p>\n

If you can talk about market share on an overall portfolio and specific question was on Smirnoff Vodka also.<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

Okay, so look on the Smirnoff part and the flavor unlock as we say it was a massive unlock. What it’s done is local flavor. It’s once in a decade kind of innovation unlock. And we’re going to continue to build on it. As we go through this, it’s brought the mojo back to the Smanoff brand and we’ve seen it grow as I said sequentially quarter on quarter. You’ve seen significant growth and in the third quarter, as I said it’s 400,000 cases plus versus a 1 million case business. That tells you it’s grown triple digit and it’s obviously beating every other player whichever category space it is.<\/p>\n

We don’t intend playing around with that one off place. We will continue to play there. We believe we are in great momentum and as we go on we will unlock the right flavors to continue to build on this massive opportunity. And we are certainly growing handsome share. When you’re growing as strongly as this, you are growing handsome share include with or without. Maharashtra is really not relevant when we talk about smart knock because across the country in each state we are growing handsome share.<\/p>\n

Does that answer your question Avnish?<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Yes it does. Thank you for that one. Follow up on your Maharaj. Yes.<\/p>\n

Pradeep Jain<\/strong><\/p>\n

No, no Amish. I was just saying that. Just remind us of your second question. We missed that while we were answering first.<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

It was the same. It was all at once.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Yeah, that’s fine. My second question was essentially on pricing. Last year you rightfully said the inflation is low so pricing for you also will be low this year. Obviously things are different. So apart from Telangana, any other state, any advanced discussions are happening. How much will be the price expectation given with lag generally you do get. So if you could speak on some of these states where I think there’s higher probability of pricing.<\/p>\n

Pradeep Jain<\/strong><\/p>\n

So Avnish, we’ve been look like we have always said we always make efforts to get some headline pricing and we continue to make this effort a little more intensely. Now in view of what’s happening in West Asia it’s very difficult to call out how much headline pricing we’ll get. We’ve shown you the last four year run rates. Whatever we will get we’ll get maybe with a little bit of lag or maybe immediately. So as it happens we will but typically on a slightly longer time frame. We’ve always said that we would want to neutralize 50% of inflation through headline pricing and balance 50% through productivity.<\/p>\n

I don’t know Praveen, you want to add something? Just<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

Want to add also as Vijay rightly said that there’s going to be a lag. But as we see it right now as policy changes are happening, Karnataka is going to give us some pricing back into US play Rajasthan given us some Flexibility and we are going to do. Telangana as you rightly said is looking at and exploring it. We know mp there is some cleanup and correction. So all of these are going to give us some small spillovers before we get really the biggest increases over a period of time. So overall pricing has got to be consistent in a medium term basis.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Small follow up. And that is my last question. So Praveen, you mentioned that two more quarters of tough business in Maharashtra but will it not be two and a half because Q3 did not see much of an impact of MML. So Q3 you will see that impact. So if you could clarify on that. And second small question is UK FTA, another company said Q2, the industry may start seeing the benefit. What will be your take? I. I know everyone will have a take but what’s your take on UK FTA benefit taking in.<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

Look, India fta, I think you know it’s all in play. I think it’s at the corridors of power. So I’m not going to speculate when and exactly. But I think it hopefully will be sooner than later and we are hoping that it will come into play. That’s how I would really put it. Sorry. Your first question was Maharashtra impact. Maharashtra impact. As I look, you know, I say two quarters, it’s quarter four, quarter one and quarter two. Effectively I don’t think it’s going to sequentially deteriorate because we have taken the worst behind us.<\/p>\n

Okay. From here what gives us confidence is we’ve seen over the last three, four months how the category has played out and what is where are they settled? We’ve seen it consistently now settle. Therefore it’s not going to accentuate. But it is. We are going to see previous year comparatives impacting us.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Understood. Thank you.<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

That’s<\/p>\n

Abneesh Roy<\/strong><\/p>\n

All from it.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank<\/p>\n

Abneesh Roy<\/strong><\/p>\n

You.<\/p>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen. In order that the management is able to address questions from all participants in the queue, we request you to please restrict yourselves to two questions only. You may rejoin the queue if you have any further questions. Our next question is from the line of Percy Pantaki from IIFL Securities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi team. Question on the lower prestige part, the PPT slide, the waterfall chart that you have where the lower prestige is basically almost flat kind of growth. Just wanted to understand is that a function of the industry itself growing at that rate or is it that within that segment we have lost some, some amount of market share.<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

So Prasi, thanks for the question. So look very clearly if you look at the overall ladder, lower prestige is obviously softer than middle prestige and upper prestige. Middle and upper prestige on the upper end are clearly growing faster. There’s no doubt about it. And this is for the industry, there is no doubt about it. But within lower prestige, yes, we have not performed well. We have seen sequential share gaps over the last six to seven quarters and clearly that’s an area of opportunity and that’s why this whole work around transformation to build back McDowell’s number one place.<\/p>\n

So clearly we have seen softness and the work is now with the renovation to build back growth in lower proceeds and gain share within that space.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And do we have a problem analysis of actually what went wrong for us to lose that market share? Is it that our packaging was not attractive enough? Is it that the flavor was not good enough or the pricing was not the right one? What exactly was the. I mean, what is the analysis of the cause of the problem?<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

Yeah, it’s a sum total of many of these factors. Obviously we were not winning with the consumer and that was the concern. It was. It’s one of our biggest brands and we wouldn’t want to do anything in a short term manner. So therefore we worked on an absolute clear transformation agenda over the last one year. We’ve re looked at the liquid, we looked at the packaging, we looked at the format, we looked at the overall bundle. We’ve researched it now in roughly eight markets with 10,000 consumers to make sure that we are billing significantly versus any other competitor and therefore we feel excited as we have come back into the market.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it, sir. My second question is on margins. Assuming glass prices at where they are today, I think they have inflated 15, 20% versus pre war levels. If they remain at this level for the rest of the year and there are pluses and minuses from UK FTA et cetera. But assuming that glass prices do not come down, do you think that you would be able to maintain this 18.9% margin that you have delivered for this year for the next year as well?<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Like I said, responded to Jay’s question earlier. I am not looking at 12 months hence right now. What we are very clear is that there is already an impact to which is roughly that 1.25 to 1.5% on gross margin for the April, June quarter. And if the crisis continues. Right. That impact would probably roughly double in the in the July to September quarter. Right. So that’s what we would broadly want to look at. And you’re broadly right. Right. The ranges that you mentioned are broadly right. It’s not just glass that is getting impacted.<\/p>\n

That is getting impacted because crude being up, even pet and you know, our raw materials relating to PET are also going up. Right. So it’s an overall combination that is impacting the packaging material.<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

All of this, as you know, will get moderated through our productivity and we will obviously ramp it up. But we’ve already ramped it up and that’s what’s going to play out. You know, what you have to look at is over a period of time, this doesn’t change anything. It actually, you know, we seem to be reasonably comfortable in the short term. There could be small ups and downs.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sir, that’s all from me. Thank you very much.<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Our next question is from the line of Arnab Mitra with Goldman Sachs. Please go ahead.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Hi, thanks for the presentation. Hi. My first question was actually if I look at the fourth quarter result, there seems to be a moderation in your ex APX and Maharashtra growth also. So just wanted to understand if there were any factors specific to the quarter like state elections or before the McDowell’s relaunch which played a role at all or do you think this was some kind of a slowdown which you are still seeing in the market as we speak?<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

Yeah, lots of issues around the fourth quarter chess, if you will. It’s moderated marginally, not significantly. One thing I’d say second, yeah, there’s lots of issues. Early January there was a set of very different issues to late March as West Asia triggered. Obviously a whole lot of issues around our own global portfolio came into play. We just needed to balance it to just make sure that we are able to in a sustainable way resolve it. And that’s impacted us a little bit. It’s also a little bit of what where we were last year, same time.<\/p>\n

So there are many reasons for it, but nothing significant as I would see Arnab in the moderation. I don’t believe that’s anything, you know, on a longer period over a year or nine to 12 months, I don’t see any slowing down which has happened.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Got it. And just one of add on question to this was the. The. Is there any reason to look at numbers x AP anymore given that AP is now in the base or were there some slightly higher than normal sales?<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Not at all. Right. In fact, you know, in. In terms of quarter alone performance, we don’t look at AP. Right. But because we were doing a 12 month review with you being the annual call because AP was there for the first six months, etc, you’re absolutely right, we should not. There’s Absolutely no need to look at X18. And<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

As we go forward we will certainly not look at x18.x<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Maharashtra will continue for the next couple of quarters, probably size.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Got it. My second question was really good to see you focus back on McDowell’s number one. And my one question was in the past I had a feeling that your focus was a lot more on mid and upper prestige, lower prestige. Does it still have the economics and do you still have the cost structure to operate in that segment? Because there are a lot of local smaller players who have now entered that segment. So just wanted to understand in the medium term, is this still a good economics business to grow?<\/p>\n

Of course you still have to be there. It gives you scale and things like that. But in terms of trying to grow this business,<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

It is a very big part of our business, number one. Number two, India one as we segmented it is a very big part and it’s seeing very, very healthy growth. Growth in penetration and frequency, huge opportunity. And this over a period of time will ladder to our premium portfolio. So we believe this is an absolutely important catchment. We have seen it slowing down over the last couple of years. It is not to say we have not focused on that. We’ve seen it slowing down. We were going slow to go fast. We were fixing at the back end and we’ve spent time as we have gone through this renovation and transformation and we feel therefore as it gets back to the market it will turbocharge growth at the lower prestige.<\/p>\n

Now coming to the economics and you know, PJ can add to it actually pj, why don’t you add to the economics partner<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Economics are not an issue. Right? Look, as the enterprise productivity has scaled up right over the last three, four years, let’s understand being such a salient part of our portfolio, the maximum benefit also comes onto McDowell’s. Right. So from our perspective the margin structure of the category is absolutely a ladder structure and we don’t see any concern in the margin structure of McDowell’s. No economic concerns at all. All guns blazing productivity have the maximum impact on McDowell’s and, and we don’t see any concern.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Okay, thanks. That’s it from my side. All the best.<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Our next question is from the line of Harid Kapoor with Investec. Please go ahead.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Hi, good evening, I just had a. Hi. Hi, good evening. Just had a question on McDowell’s again. So if you could just take us through, you know, how this process will work now in terms of putting, putting the product into the market change of, you know, often on the new blend and packaging and how long would it take you to kind of get feedback on, you know, you know, how the customer is kind of accepting it, you know, so just some sense on that. I mean would you be able to get sufficient feedback sense when you know, in the first six months or in H1, you know, sitting in H1, would that be the right current timeline to look at it?<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

It’s just starting to go into market. In fact earlier this week it got launched in up and obviously all markets typically have 15 to 20 day stocks at various parts of the year. So as it goes through it will take at least another month to see it in full bloom in the market. It’s gone and then you drive the whole agenda. So as I see it’ll take every market in the third month is when you will see how it’s getting executed. What is the consumer response? We can get early reads around it but overall, so you know, the early read is as we go roll out to a market to our core customers and a set of consumers, you see how they respond to it.<\/p>\n

And up we’ve just launched, there’s been huge excitement around it and that gives us the confidence how long will it take across the country? I think it starts now and goes right up to end August. It’s in a very sequential form as we have looked at it, market by market and therefore by end of August we’d be pretty much across markets in India. So yes, and you’ll start seeing how it performs somewhere mid July onwards and start getting the lift around that part of the business to our overall portfolio<\/p>\n

Pradeep Jain<\/strong><\/p>\n

And probably in the October call we’ll have a better sense. It’ll also, you know, bring sales before the festive season etc would also be a reasonably good indicator for October would be a good time to kind of give you guys a sense.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Great, great. And the second and last question was on the playbook bit. So you know, there’s innovation mentioned there, there’s category creation, participation in portfolio via white space in portfolio white spaces. So I just wanted to get your thought on when you, when you’re looking into the portfolio now, any spaces that you feel that you know where there is still scope either to use the global portfolio might or innovate domestically, you know, which can, you know, which can drive growth even, even more from here, maybe premium vodka or whatever you think there is, you know, there are opportunities, anything there you can just comment on in terms of how you’re thinking about it.<\/p>\n

That’s it for me. Thanks.<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

Great question. When I say Category creation. We are building category in tequila right now. As you see, we are unlocking the true potential of vodka to Smirnoff. We got the already play Brandy, we significantly enhancing our play around Brandy and we got to look at that very differently. There’s certainly global brands which are waiting to come to India. We are evaluating each one of them and we then you know, timing will decide will be basis the consumer opportunity and then we can bring it to market.<\/p>\n

But certainly looking at it. So over the next 12 to 18 months you will see some exciting new spaces open up. We want to talk about it because that’s future looking and it’s a little speculative but certainly absolutely an opportunity and something we will evaluate very, very closely as we go.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Great, great. Wish the team all the best. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Krishnan Sambha Murthy with Ashika Institutional Equities. Please go ahead.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Yeah, hi. My questions are regarding a couple of other commodities. From what we gather, ENA costs were fairly stable for the fourth quarter. Could you just give an indication as to what has been the trend on that particular fund recently?<\/p>\n

Pradeep Jain<\/strong><\/p>\n

ENA cost is reasonably stable. You’ve got it absolutely bang on. Right. So and that’s why you know, as I’ve responded to the cost issues, it’s largely centering around packaging material.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Okay. And Pradeep, last quarter you also indicated that while you are insulated from the rupee depreciation impact on Bulscotch, because of your agreement with Diageo, there has been, there was some inflation that you had indicated. Anything to call out on the bulk scotch inflation X rupee depreciation.<\/p>\n

Pradeep Jain<\/strong><\/p>\n

That’s ongoing. That’s ongoing. Right. And on the bulk crotch also the IMFL bulk scotch. Right. We don’t have a month on month depreciation but there is an annual price reset in which the forex also comes and impacts us. Right. So obviously you know, it cannot be right because the fourth inflation happens at source and the forex gets reset once in 12 months when the price is being reset. So that also does come and impact us. So if last year was at let’s say 85 and today the dollar is 93, yes, that will come and impact but that’s part of our ongoing business as usual inflation Sambha.<\/p>\n

So we shouldn’t worry too much about that.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Okay. And lastly, given the dividend that you declared this year, any revision A from your dividend payout policy and be intentions if and when the proceeds of the RCB stake sale comes through,<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Okay. So I’ll comment on the first one. Right. You know, which is on the dividend part. Right. We’ve already released made an amended policy about three months ago when we declared the January interim dividend. We had restated our dividend payout ratio intent earlier. I think it was 50 to 70%. We’ve already moved it from to the range of 60 to 85%. Right. And that is pretty much synchronous with the payout ratios as we have increased over the last three years. Second one is something right now we just focused on closing the transaction.<\/p>\n

Once we close the transaction, then we will worry about what will happen with the proceeds. So I would recommend. And that will be something that will be subject matter of USL board’s review and decision. So let’s kind of, you know, talk that for a while.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Understood. Thanks.<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Our next question is from the line of Latika Chopra with JP Morgan. Please go ahead.<\/p>\n

Shweta Arora<\/strong><\/p>\n

Hi everyone. Hi. My most of my questions, no clarifications. You know, one was, you know, advertising sense,<\/p>\n

Pradeep Jain<\/strong><\/p>\n

We can’t. Yeah. We can’t understand what you’re saying.<\/p>\n

Shweta Arora<\/strong><\/p>\n

Is it better? Slightly<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Better. Yeah. Just speak a little loud, please. Yeah.<\/p>\n

Shweta Arora<\/strong><\/p>\n

Okay. Yeah. So my first question was on advertising spend this year you landed at 12.4%. So are we maintaining the band of 9 to 10%? Is that a fair range for you to operate at?<\/p>\n

Pradeep Jain<\/strong><\/p>\n

I think I clarified that maybe not on the last call. Right. I mean we do see our A and P spends more in the 10.5% range. Right. And we’ll probably, you know, sustain at those levels.<\/p>\n

Shweta Arora<\/strong><\/p>\n

Understood. The second was if you could give us some flavor on how the on grade and off grid the salience for your business looks like, how are these trending and any specific initiatives you want to talk about. And separately I was also very curious to know the, you know, the feedback on this 200ml launch that you’ve done for Johnnymore, for Blondevo<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

Blanc. So look Ladika, on trade off trade more than the salience, I think the important thing to look at on trade is that’s where our brands are built. Okay. Once you understand that, then you realize the impact it has on consumers and how it builds occasions and how it builds frequency over a period of time. So I don’t look at it in terms of salience of business. I look at it in terms of how we invest there and be there and best of us need to be there so that it endures our consumers to drive penetration and frequency.<\/p>\n

That’s how I Would look at it in a big way. There’s a second question she asked Johnny Walker Braun 200 Johnny Walker 200 look, pocket pad is 180 milliliters has done magic. Okay. What it does is why do we do a 180ml or a 200ml? Very, very importantly it softens the pocket spend and allows for people to premiumize constantly and therefore sample our product. That’s what it’s done and it’s doing very, very well. Not only for blonde, we are starting to look at our port across our portfolio. The 20cl play and what it does therefore the 200ml play what it does therefore it constantly samples our product for consumers to therefore over a period of time become loyalists.<\/p>\n

Pradeep Jain<\/strong><\/p>\n

It’s the core penetration. FKU Rathika. Right. In a country like India. Right. It’s the highest salience across categories. Right. So we’re just trying to play to that that insights.<\/p>\n

Shweta Arora<\/strong><\/p>\n

Understood. Thank you so<\/p>\n

Operator<\/strong><\/p>\n

Much. Thank you. Our next question is from the line of Aditya Gupta with partners. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, good evening. First question on the drinking pattern and behavior of Gen Z. Obviously there’s a lot of talk about them drinking less, drinking better, but drinking less. Is there any way to track that in India? How are you guys monitoring that situation and where are you, I mean how are you looking at the whole thing in India?<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

Look I, that’s more as I’ve spoken about this consistently in outside of this forum also look, Gen Z first I don’t think are drinking less significantly but they are drinking better very, very differently. And therefore we are starting to see, you know, penetration used to be driven around our primary scotches even for our, you know, India 3 consumers that is looking very different today. They start consuming single malls. They start consuming wipes at the premium space. They’re looking at repertoire drinkage very, very aggressively.<\/p>\n

What we notice also is that in the past there was consistency of drinkage. What we are starting to notice today is there’s a lot more binging. So they tend to drink the same amount but they tend to drink in a fewer occasions at times. So there are different things which are playing out. It’s playing out differently between scotch and white. Cocktails are on a roll as we speak with Gen Z. So but overall I don’t see significantly lower drinkage but I see significantly premium consumption.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And very near. Is there any challenge to bottle availability also or is it only cost inflation headwind<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

As of now given our. Given that we also are looking at PET and PET is A significant part of our overall portfolio. Now in terms of volumes, we are not seeing any concern. Significant concerns on bottle availability. Yeah. In the short term, if you don’t, if we are not planful enough. We’ve had stock outages but nothing serious. Nothing really of concern.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for answering the questions. Have a good weekend. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Our next question is from the line of Mehul Desai with GM Financial. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hi sir. Most of my questions were answered just on the staff cost. I mean last three to four years your staff cost has not seen a material increase. I mean FY25 was 11% but 26, it was a 3% increase. How should one look at your staff cost going into FY27 28. That’s the first question. And second bookkeeping question, was there any dividend income from RCB in, in F26?<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Okay, so let me take the second one which I remember offhand, right? Yes. I think in Q3 there was roughly 100% income from our CB to USL. So that was there. Look on the first one, you know, I mean we, you know, I’ve said this earlier also, we do keep driving, you know, an ongoing continuous org effectiveness productivity intervention. Right. On an ongoing basis. That’s part of our overall value chain in productivity. Right. So that’s the only reason that you know, some of the, you know that the typical increase is not translating into, you know, into, into the, into the inflation numbers the way you are seeing it.<\/p>\n

Right. But. But yeah, that’s the only reason. And if you look at our staff cost, it’s pretty much been range bound over the last 3 4, 34 years in that 150 to 160 crores per quarter kind of range. Right. My only request is as I’ve always maintained, don’t look at a quarter number. Right. Always look at our staff cost on a rolling four quarter basis. That will give you a reasonably good sense of the numbers.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. That’s helpful. And lastly, just two clarification. One, is the Karnataka policy actually want into implementation or is it still being awaited for replies or consideration from all these stakeholders? And second is when you say this 1.25 and 15% kind of gross margin impact, are you implementing from the 4Q gross margins or from the full year FY26.<\/p>\n

Pradeep Jain<\/strong><\/p>\n

So the second one is clearly sequential basis right from the fourth quarter. Now obviously there are many other business changes that keep happening. Right. But by and large I have given you a sequential impact from Jan. March to April quarter. Right. And your first question, Karnataka Policy is pretty much kind of implemented and rolled out. Right. And about two weeks ago. So it’s operational in the market.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. That’s all from my side. Thank you.<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Our next question is from the line of Abhijit Kundu with antique stock broking. Please go ahead.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Hi sir. Thanks for the opportunity. The feedback that we got from market about Magdale’s, you know, muted growth was essentially there were too many variants within Magdale in that segment, in the entry segment. So what was this? Right. I mean across question was that, was there a problem with the no. 1<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Too<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Many variants being there? I<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Don’t think we want to, I don’t think we’ve understood the question. No, McDowell’s is too<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

Many variants. I don’t think it has too many variants. It has, it’s largely similar. There are a couple of states where we have one different variant. But it is, it is one, one core McDowell’s in every state.<\/p>\n

Pradeep Jain<\/strong><\/p>\n

So I don’t think there are too many variable. But nothing, nothing at various with industry. By and large, you know, by and large it’s the same number of variants. Right. So. But any concern, right? I’m not getting the concern there. Right. That is not an issue, right? That is not an issue at all.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Because what we were told was that, you know, from the consumer side, say there is just a McDonald number one, okay. A single product, whereas there is a Mandal number one diet. So likewise that was. We haven’t picked up anything<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Like this, right? Because we haven’t, we haven’t picked up anything the nothing like this from the consumer. Right? So no, there’s something else.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

And on anti pt, you know, we didn’t speak much about antiquity and it was getting very close to the 1 million cases mark. So we spoke about Signature and Signature has been doing really well. So where do you see Antiquity in our overall, you know, scheme of things?<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

Look, it’s a portfolio of brands we play both in upper prestige and in bii. Very, very clearly Antiquity is core part of the portfolio and we will continue to drive and drive growth. However, the lead brand is what we spoke about. And therefore when I spoke about Signature or black and White in the bii, it was just to say these are the lead brands that we are doing. But yes, absolutely, it’s important and we will continue<\/p>\n

Pradeep Jain<\/strong><\/p>\n

To invest and drive growth across our portfolio. I mean, just to add to what Praveena said, Signature is the national brand. So therefore we’ve spoken of that. Antiquity is a geography specific brand, right? And it continues to do very well in those jobs.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

And the MML impact, has it receded in the recent times, I mean and is setting down the number of volumes. How do you see it?<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

I haven’t seen heated. I’m starting to see it average out and start settle down. And that’s why I said sequentially there’s no going to be no further impact. We’ve seen the worst of it<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

And it’s 1.26% impact on gross margins sequentially. Are you in a position right now to absorb that through higher productivity?<\/p>\n

Pradeep Jain<\/strong><\/p>\n

I mean we’ll have to see that, right? Productivity is an ongoing treadmill. Right. We will have to see how our initiatives will keep coming and keep getting executed. Right now I don’t want to comment on that but obviously our effort would be to try and neutralize. Right. But it’s very difficult to kind of jack that up in the shorter term.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Science. That’s it for next.<\/p>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen. We will now take one last question in the interest of time which will be for from the line of Ashutosh Jain of Barclays, please go ahead.<\/p>\n

Ashutosh Jain<\/strong><\/p>\n

Hello, Praveen, Pradeep and Shweta, thanks for taking my question. So one question was already answered. So I’ll just, you know, keep one from me. Could you just give some additional color on what will happen to Scotch pricing after the UK India FTA deal is implemented? Your global CFO Nick suggested like you know, high single digit pricing, consumer decrepit, consumer price decrease. So is there any update to that or any modification you would answer and how will it differ across your salience of BII and bio port portfolios?<\/p>\n

Thank you<\/p>\n

Pradeep Jain<\/strong><\/p>\n

Very much. The same range. Very much the same. Exactly right. Bio. Roughly we are looking at a high single digit reduction. Our divide will be to pass that on completely to the consumer. B will be in the range of 4 to 5. So exactly the same ranges, no change at all.<\/p>\n

Ashutosh Jain<\/strong><\/p>\n

Okay,<\/p>\n

Operator<\/strong><\/p>\n

Thank you so much. Thank you. I would now like to hand the conference over.<\/p>\n

Praveen Someshwar<\/strong><\/p>\n

Thanks for joining the call and appreciate your time.<\/p>\n

Shweta Arora<\/strong><\/p>\n

Thanks everyone for joining the call. If there are any questions, please reach out to me directly. Thank you. Have a good evening.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of United Spirits Ltd. That concludes this conference. Thank you all for joining us. You may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. United Spirits Limited (NSE: UNITDSPR) Q4 2026 Earnings Call dated May. 15, 2026 Corporate Participants: Shweta Arora \u2014 Head, Investor Relations Praveen Someshwar \u2014 Managing Director & Chief Executive Officer Pradeep Jain \u2014 Chief Financial […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"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":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":130756,"url":"https:\/\/alphastreet.com\/india\/united-spirits-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":183156,"position":0},"title":"United Spirits Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 23, 2022","format":false,"excerpt":"https:\/\/youtu.be\/Vvcm7ol3-Ew Key highlights from United Spirits Limited (MCDOWELL-N) Q4 FY22 Earnings Concall \u00a0 Management Update: MCDOWELL-N expects volatility, temporary import supply constraint and inflationary headwinds to remain in short term, putting pressure on its growth and margins. \u00a0 Q&A Highlights: Avi Mehta - 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