United Spirits Limited Q3 FY26 Concall Decoded: Maharashtra Drank the Volume, Premium Sipped the Profits

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1. Opening Hook

Just when the market thought liquor stocks would party non-stop, Maharashtra showed up with MML and turned the music down. United Spirits walked into Q3 FY26 with premium swagger, but Popular whisky woke up with a headache. Management insists the hangover is temporary, the party’s alive elsewhere, and premium guests are ordering top-shelf without checking prices.
Between tequila crossing ₹100 crore in record time, scotch inflation waiting for a UK FTA rescue, and Maharashtra acting like that one friend who never pays, this concall had drama, confidence, and selective optimism.
Stick around—because beneath the polished luxury narrative, there are some sharp cracks worth staring at closely.

2. At a Glance

  • P&A NSV up 8.2% – Growth survived Maharashtra like a stubborn old monk.
  • Volumes down 2% – Popular segment took one for the state policy team.
  • Ex-Maharashtra volumes +6% – Rest of India quietly carried the bottle.
  • Price/Mix at 10.2% – Premiumisation doing the heavy lifting.
  • Gross margins ~47% – Even inflation blinked first.
  • A&P spend 14% (Q3) – Luxury doesn’t market itself, sadly.

3. Management’s Key Commentary

“We have closed a resilient growth quarter overall.”
(Translation: Maharashtra hurt, but didn’t kill the vibe.) 😏

“Excluding Maharashtra,

P&A volumes grew by 6%.”
(Translation: One state ruined the average.)

“Luxury and premium segments showed strong momentum.”
(Translation: Rich people still drink.)

“MML is a competitive challenge, especially at the lower end.”
(Translation: Cheap liquor is winning on price, not love.)

“Don Julio crossed ₹100 crore NSV in just nine months.”
(Translation: Tequila is the new whisky.) 🍹

“Bulk scotch inflation will ease with the UK-India FTA.”
(Translation: Parliament, please hurry up.)

“Our price/mix guidance of 6–8% remains intact.”
(Translation: Premiumisation is the religion.)

4. Numbers Decoded

MetricQ3 FY26What It Really Means
P&A Volume-2%Maharashtra dragged it down
Ex-MH Volume+6%Core India still drinking
NSV Growth+8.2%Price did the job
Price/Mix10.2%Premium saved the quarter
Gross Margin~47%Best bar in town
A&P Spend14%Brand flex season

Takeaway: Volumes are fragile, pricing is bulletproof—for

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