1. Opening Hook
Fresh from a festive season sugar crash, United Spirits showed up with numbers sweeter than your Diwali soan papdi (yes, the one nobody eats). While Maharashtra decided to play “Taxman Returns,” USL still managed to flex double-digit P&A growth and a 47% gross margin—highest in years.
As theBhagavad Gitasays, “Action is thy duty, reward is not thy concern”—clearly management took only half that advice, because the rewards are very visible this quarter.
Stick around—things get spicy later, like Minty Jamun Smirnoff.
2. At a Glance
- NSV up 10.1% (H1)– Management swears it wasn’t festive blessings, just “elastic growth drivers.”
- P&A up 10.9%– The premium kids carried the class again.
- Gross margin 47.1%– Either divine intervention or glass/ENA prices behaving for once.
- EBITDA up 32.5%– Margin jumped 337 bps; productivity “muscle” is now a six-pack.
- PAT up 40.9%– Even the CFO sounded surprised.
- Maharashtra volumes down ~10–15%– Tax tsunami + MML debut = expected hangover.
3. Management’s Key Commentary (Quotes + Sarcastic Translations)
“We are back to double-digit P&A growth.”(Translation: Thank God for BIO, Godawan and Smirnoff flavors. Otherwise, Maharashtra would’ve sunk the boat.)
“Consumer spend grew 20–25% even after 35% price hikes.”(Read: Indians love drinking. Inflation who? 🍻)
“Maharashtra remains challenging.”(Meaning: Yes, it’s a mess. No, we won’t give numbers. Please stop asking.)
“MML is too early to call; consumers will decide.”(Or: Let’s all pray country liquor upgrades instead of downgrading us.)
“Andhra will continue to grow sustainably after lapping four quarters.”(Code: The AP headache is finally over—bring on real growth.)
“Smirnoff flavors like Minty Jamun are creating buzz.”(Buzz = consumers + analysts + grey market me-too brands 😂)
“Gross margins improved due to benign inflation, productivity, and mix.”(Or: Finally, one quarter where raw materials didn’t ruin the party.)
“We will remain in mid-to-high teen EBITDA margins.”(Translation: Relax. Don’t build 22% margin models yet.)
“Bihar is a massive opportunity… whenever
it happens.”(Meaning: Everyone dreams. Let us dream too.)
“Antiquity, Signature, Royal Challenge—all are doing well.”(Or: Please stop worrying; our prestige portfolio won’t ghost you.)
4. Numbers Decoded
Metric | Value Q2 FY26 | YoY Change | One-Line Analysis
------------------------|------------------------|-------------------|---------------------------
NSV Growth (H1) | 10.1% | — | Solid despite state drama.
P&A Growth (H1) | 10.9% | — | Prestige = Profit oxygen.
Gross Profit | ₹1,493 Cr | +190 bps margin | Mix + Diwali stocking.
Gross Margin | 47.1% | +190 bps | Highest in years.
EBITDA | ₹672 Cr | +32.5% | ₹ flows better than whisky.
EBITDA Margin | 21.2% | +337 bps | CFO’s victory lap moment.
PAT | ₹472 Cr | +40.9% | Maharashtra who?
A&P Spend (H1) | 8.4% of NSV | Flat | More ammo loaded for festive.5. Analyst Questions (Summarised + Humour)
Q: What drives Andhra from here? Market share?A: “We’re doing extremely strongly.”(USL basically said: Don’t ask for shares, just admire the growth.)
Q: Maharashtra price hike carnage?A: “Declines reducing monthly.”(Translation: July hurt, September less hurt, October… we’ll see.)
Q: Why are
