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Last Updated: April 2, 2026, 3:52 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532432 | NSE: UNITDSPR

United Spirits Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹952.39Overvalued by 23.75%vs CMP ₹1,249.00

P/E (51.6) × ROE (19.7%) × BV (₹116.00) × DY (0.96%)

₹458.90Overvalued by 63.26%vs CMP ₹1,249.00
MoS: -172.2% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,102.0423%Over (-11.8%)
Graham NumberEarnings₹248.4517%Over (-80.1%)
Earnings PowerEarnings₹153.5511%Over (-87.7%)
DCFCash Flow₹486.6311%Over (-61%)
Net Asset ValueAssets₹115.577%Over (-90.7%)
EV/EBITDAEnterprise₹409.839%Over (-67.2%)
Earnings YieldEarnings₹236.507%Over (-81.1%)
ROCE CapitalReturns₹190.749%Over (-84.7%)
Revenue MultipleRevenue₹248.846%Over (-80.1%)
Consensus (9 models)₹458.90100%Overvalued
Key Drivers: Wide model spread (₹116–₹1,102) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 15.7%

*Investments are subject to market risks

Investment Snapshot

78
United Spirits Ltd scores 78/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health88/100 · Strong
ROCE 26.5% ExcellentROE 19.7% ExcellentD/E 0.21 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 0.77% MF buyingPromoter holding at 56.7% Stable
Earnings Quality75/100 · Strong
OPM expanding (15% → 19%) ImprovingWorking capital: 48 days (improving) Efficient
Quarterly Momentum68/100 · Strong
Revenue (4Q): +9% YoY GrowingProfit (4Q): +23% YoY Positive
Industry Rank85/100 · Strong
P/E 51.6 vs industry 75.7 Cheaper than peersROCE 26.5% vs industry 20.2% Above peersROE 19.7% vs industry 15.3% Above peers3Y sales CAGR: 8% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:52 am

Market Cap 90,868 Cr.
Current Price 1,249
Intrinsic Value₹458.90
High / Low 1,645/1,212
Stock P/E51.6
Book Value 116
Dividend Yield0.96 %
ROCE26.5 %
ROE19.7 %
Face Value 2.00
PEG Ratio3.28

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for United Spirits Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
United Spirits Ltd 90,868 Cr. 1,249 1,645/1,21251.6 1160.96 %26.5 %19.7 % 2.00
United Breweries Ltd 41,887 Cr. 1,584 2,295/1,40199.7 1640.63 %13.9 %10.8 % 1.00
Industry Average66,377.50 Cr1,416.5075.65140.000.80%20.20%15.25%1.50

All Competitor Stocks of United Spirits Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 2,7792,5032,6672,8693,0022,7832,7612,8443,4333,0313,0213,1733,694
Expenses 2,4072,2681,9552,4012,5162,4492,0492,3442,8682,5722,3832,5143,095
Operating Profit 372235712468486334712500565459638659599
OPM % 13%9%27%16%16%12%26%18%16%15%21%21%16%
Other Income -1270571528035547175585141
Interest 2436427162922252022492119
Depreciation 65697466637372697270766580
Profit before tax 155130639446459312653460480542571624541
Tax % -38%21%25%24%24%23%26%26%30%22%27%26%23%
Net Profit 214103477339350241485341335421417464418
EPS in Rs 2.951.416.564.664.813.316.674.694.615.795.736.385.75

Last Updated: February 3, 2026, 5:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 7:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 10,5089,2548,4958,8188,5919,3419,3258,1319,71210,61211,32112,06912,919
Expenses 13,8769,6198,1627,8267,3817,9477,7547,0808,1179,1959,3219,83310,564
Operating Profit -3,368-3663339911,2091,3941,5711,0511,5951,4172,0002,2362,355
OPM % -32%-4%4%11%14%15%17%13%16%13%18%19%18%
Other Income 681-360648-2651727087-25-117249208271325
Interest 1,323687457375278237212188881047689111
Depreciation 203223157189192215285299304283275283291
Profit before tax -4,213-1,6353661639121,0121,1605401,0871,2791,8572,1352,278
Tax % 7%3%61%43%28%32%47%33%25%12%24%26%
Net Profit -4,489-1,687143936526846213628111,1261,4081,5821,720
EPS in Rs -61.78-23.231.901.388.729.649.075.2811.4015.6319.3621.7523.65
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%46%55%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)62.42%108.48%-34.97%601.08%4.91%-9.21%-41.71%124.03%38.84%25.04%12.36%
Change in YoY Net Profit Growth (%)0.00%46.06%-143.44%636.04%-596.17%-14.12%-32.50%165.74%-85.19%-13.80%-12.69%

United Spirits Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:3%
5 Years:5%
3 Years:8%
TTM:8%
Compounded Profit Growth
10 Years:13%
5 Years:20%
3 Years:17%
TTM:11%
Stock Price CAGR
10 Years:8%
5 Years:18%
3 Years:17%
1 Year:-11%
Return on Equity
10 Years:19%
5 Years:19%
3 Years:20%
Last Year:20%

Last Updated: September 5, 2025, 1:50 pm

Balance Sheet

Last Updated: December 10, 2025, 3:36 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 145145145145145145145145145145145145145
Reserves 2,8875141,4891,6402,2742,9453,5833,9744,8085,8546,9767,9598,263
Borrowings 8,3074,9874,2424,1443,4212,8832,5701,037605183265480412
Other Liabilities 3,5182,2422,4522,9673,0863,1352,5463,3543,3043,5343,7904,5924,664
Total Liabilities 14,8587,8898,3298,8968,9269,1098,8448,5118,8639,71611,17613,17613,484
Fixed Assets 5,7001,9211,8871,9171,7911,8411,9561,8931,8551,5341,5601,7121,757
CWIP 110114282199102118121979683377281
Investments 2382167700252202222866459231,330
Other Assets 8,8105,6376,0846,7807,0337,1246,7456,5216,6907,8138,93410,46910,316
Total Assets 14,8587,8898,3298,8968,9269,1098,8448,5118,8639,71611,17613,17613,484

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -552-1962836479259487831,8189776151,1181,947
Cash from Investing Activity + -2523,855733-227104-66-194-99-313-55226-1,114
Cash from Financing Activity + 1,235-4,002-1,155-475-966-808-740-1,707-688-500-407-557
Net Cash Flow 431-343-139-566374-15012-2360937276
Free Cash Flow -781-259503898958725831,6798825051,0391,786
CFO/OP 11%15%142%85%111%128%87%183%90%62%73%94%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-11.00-370.00329.00987.00-2.00-1.00-1.000.00-604.00-182.00-263.00-478.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 796999122115998998898499103
Inventory Days 185123150226263235199254229193186197
Days Payable 1155678144195171124176168154176191
Cash Conversion Cycle 148136171205183163165177150122108109
Working Capital Days -148-61-30-22-12-8-81739515248
ROCE %-24%-3%15%15%18%20%21%14%25%20%28%26%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%56.68%
FIIs 15.38%15.92%16.51%16.23%16.68%15.09%16.11%15.93%14.98%15.05%14.38%14.13%
DIIs 12.70%12.64%12.32%12.49%12.27%14.00%13.15%13.54%14.59%14.40%14.90%15.36%
Government 0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public 15.24%14.77%14.49%14.60%14.37%14.22%14.04%13.83%13.73%13.88%14.04%13.84%
No. of Shareholders 2,68,9932,49,3952,49,7412,64,5832,51,0952,52,1212,45,5582,57,7692,64,9952,88,9003,23,9383,03,746

Shareholding Pattern Chart

No. of Shareholders

United Spirits Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Multi Asset Allocation Fund 2,355 0.14 1791.71N/AN/AN/A
HDFC Mid Cap Fund 8,646,365 1.27 1193.898,371,1122026-03-24 00:31:213.29%
HDFC Flexi Cap Fund 5,735,000 0.79 791.89N/AN/AN/A
HDFC Large Cap Fund 4,775,527 1.65 659.4N/AN/AN/A
Mirae Asset Large & Midcap Fund 3,822,539 1.23 527.823,753,0392026-01-26 03:40:111.85%
ICICI Prudential Large Cap Fund 3,399,780 0.61 469.443,102,7692026-02-22 03:41:439.57%
SBI Contra Fund 2,937,085 0.83 405.551,907,5652025-08-22 02:33:3353.97%
HDFC Hybrid Equity Fund 2,410,676 1.4 332.87N/AN/AN/A
Franklin India Flexi Cap Fund 2,370,003 1.67 327.252,420,0032026-02-22 03:41:43-2.07%
SBI Balanced Advantage Fund 2,265,500 0.76 312.822,246,7002025-11-03 12:27:190.84%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 22.2819.8316.0111.685.41
Diluted EPS (Rs.) 22.2819.8316.0111.685.41
Cash EPS (Rs.) 25.8223.2319.3815.349.12
Book Value[Excl.RevalReserv]/Share (Rs.) 111.7898.2282.4767.1055.87
Book Value[Incl.RevalReserv]/Share (Rs.) 111.7898.2282.4767.1055.87
Revenue From Operations / Share (Rs.) 166.47156.15145.86133.69111.92
PBDIT / Share (Rs.) 35.5730.7020.4822.6215.04
PBIT / Share (Rs.) 31.6726.9116.6018.4410.92
PBT / Share (Rs.) 29.5425.6317.5914.967.45
Net Profit / Share (Rs.) 21.9219.4315.4911.165.00
NP After MI And SOA / Share (Rs.) 21.8219.4215.6211.415.28
PBDIT Margin (%) 21.3619.6614.0416.9213.43
PBIT Margin (%) 19.0217.2311.3713.799.75
PBT Margin (%) 17.7416.4112.0611.186.65
Net Profit Margin (%) 13.1612.4410.628.344.46
NP After MI And SOA Margin (%) 13.1012.4310.708.534.71
Return on Networth / Equity (%) 19.5219.7718.9316.729.31
Return on Capital Employeed (%) 26.9226.5519.6726.4118.88
Return On Assets (%) 11.9412.5111.649.294.49
Total Debt / Equity (X) 0.000.000.000.060.21
Asset Turnover Ratio (%) 0.981.081.121.110.92
Current Ratio (X) 1.951.891.721.351.11
Quick Ratio (X) 1.461.361.100.780.63
Inventory Turnover Ratio (X) 5.535.272.432.322.04
Dividend Payout Ratio (NP) (%) 40.390.000.000.000.00
Dividend Payout Ratio (CP) (%) 34.260.000.000.000.00
Earning Retention Ratio (%) 59.610.000.000.000.00
Cash Earning Retention Ratio (%) 65.740.000.000.000.00
Interest Coverage Ratio (X) 28.9829.2914.3418.685.82
Interest Coverage Ratio (Post Tax) (X) 19.5819.7610.1512.093.28
Enterprise Value (Cr.) 99593.2580992.7554142.2664690.2741154.36
EV / Net Operating Revenue (X) 8.257.155.106.665.06
EV / EBITDA (X) 38.6236.3836.3439.3637.68
MarketCap / Net Operating Revenue (X) 8.427.265.196.644.97
Retention Ratios (%) 59.600.000.000.000.00
Price / BV (X) 12.5411.559.1713.029.81
Price / Net Operating Revenue (X) 8.427.265.196.644.97
EarningsYield 0.010.010.020.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

United Spirits Ltd. is a Public Limited Listed company incorporated on 31/03/1999 and has its registered office in the State of Karnataka, India. Company's Corporate Identification Number(CIN) is L01551KA1999PLC024991 and registration number is 024991. Currently Company is involved in the business activities of Manufacture of distilled, potable, alcoholic beverages such as whisky, brandy, gin, “mixed drinks” etc.. Company's Total Operating Revenue is Rs. 11573.00 Cr. and Equity Capital is Rs. 145.00 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Beverages & DistilleriesUB Tower, Bengaluru Karnataka 560001Contact not found
Management
NamePosition Held
Mr. V K ViswanathanChairman & Ind.Director
Mr. Praveen SomeshwarManaging Director & CEO
Mr. Pradeep JainExecutive Director & CFO
Mr. Mark Dominic SandysNon Executive Director
Ms. Preeti AroraNon Executive Director
Dr. Indu BhushanIndependent Director
Mr. Mukesh Hari ButaniIndependent Director
Ms. Amrita GangotraIndependent Director

FAQ

What is the intrinsic value of United Spirits Ltd and is it undervalued?

As of 19 April 2026, United Spirits Ltd's intrinsic value is ₹458.90, which is 63.26% lower than the current market price of ₹1,249.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (19.7 %), book value (₹116), dividend yield (0.96 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of United Spirits Ltd?

United Spirits Ltd is trading at ₹1,249.00 as of 19 April 2026, with a FY2026-2027 high of ₹1,645 and low of ₹1,212. The stock is currently near its 52-week low. Market cap stands at ₹90,868 Cr..

How does United Spirits Ltd's P/E ratio compare to its industry?

United Spirits Ltd has a P/E ratio of 51.6, which is below the industry average of 75.65. This is broadly in line with or below the industry average.

Is United Spirits Ltd financially healthy?

Key indicators for United Spirits Ltd: ROCE of 26.5 % indicates efficient capital utilization; ROE of 19.7 % shows strong shareholder returns. Dividend yield is 0.96 %.

Is United Spirits Ltd profitable and how is the profit trend?

United Spirits Ltd reported a net profit of ₹1,582 Cr in Mar 2025 on revenue of ₹12,069 Cr. Compared to ₹811 Cr in Mar 2022, the net profit shows an improving trend.

Does United Spirits Ltd pay dividends?

United Spirits Ltd has a dividend yield of 0.96 % at the current price of ₹1,249.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in United Spirits Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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