1. Opening Hook
In a country where festive spirits rise faster than GDP, United Spirits decided to serve profits neat — no soda, no dilution. 🍸Even Maharashtra’s policy hangover couldn’t stop the buzz. From Godawan’s couture debut at London Fashion Week to Smirnoff’s Minty Jamun setting North India abuzz, the company poured a cocktail of innovation and arrogance — shaken, not stirred.As theBiblereminds us, “Wine that gladdens human hearts.” Investors surely clinked a glass this quarter. Stick around — the whisky gets smoother deeper in.
2. At a Glance
- Revenue up 10.1% (H1):The bar’s open, even Andhra’s back in business.
- P&A segment +10.9%:Premiumization — because regular whisky is so 2015.
- Gross margin 47.1%:Up 190 bps — proof that margin is the new malt.
- EBITDA ₹672 Cr (+33% YoY):CFO calls it productivity; the market calls it a miracle.
- PAT ₹472 Cr (+41% YoY):Profits finally toast-worthy.
- A&P spend 8.4%:When ads hit harder than Old Monk.
3. Management’s Key Commentary
“We are back to double-digit P&A growth despite Maharashtra headwinds.”(Translation: Maharashtra tried to kill the buzz; we just switched brands. 😏)
“Godawan has crossed 100+ awards in under two years.”(India’s single malt just flexed harder than Glenfiddich.)
“Smirnoff Minty Jamun is leading growth.”(Who knew vodka and Jamun would save the quarter?)
“Gross margin expanded 190 bps to 47.1%.”(Translation: More money per peg — cheers, inflation!)
“We remain cautiously optimistic on the second half.”(Corporate-speak for: pray Maharashtra doesn’t mess it up again.)
“RCB — no update right now.”(Translation: The only Royal Challenge they’re dodging is about Virat’s ex-team.)
“Innovation will be our big unlock.”(Aka: next flavor drop coming soon to your hangover.)
4. Numbers Decoded
| Metric | Q2 FY26 | Q2 FY25 | YoY Change | Remark |
|---|---|---|---|---|
| Net Sales Value (NSV) | — | — | +10.1% (H1) | Premiumization paying off |
| P&A Segment Growth | — | — | +10.9% | Scotch & single malt boom |
| Gross Profit | ₹1,493 Cr | — | +190 bps margin | 47.1% gross margin — vintage-level smooth |
| EBITDA | ₹672 Cr | ₹507 Cr | +32.5% | 21.2% margin — Diageo-style efficiency |
| PAT | ₹472 Cr | ₹335 Cr | +40.9% | CFO deserves that bonus peg |
| A&P Expense | ₹200 Cr (7.6%) | — | Flat YoY | Marketing binge continues |
Margins aged well — like whisky in oak barrels.
5. Analyst Questions
Q:“What’s driving growth in Andhra?”A:“Prestige and premium brands — Andhra loves an upgrade.” (Translation: locals ditched toddy for tequila.)
Q:“Maharashtra tax shock?”A:“We reengineered the value chain.” (Translation: moved margins around until Excel stopped crying.)
Q:“Luxury portfolio outlook?”A:“Green shoots visible.” (Translation: premium drinkers are back post hangover season.)
Q:“White spirits outperforming brown?”A:“Flavors like Minty Jamun killing it.” (Translation: Millennials drink anything that trends on Reels.)
Q:“RCB update?”A:“No comment.” (Translation: we’re still negotiating the IPL hangover.)
6. Guidance & Outlook
Management aims to sustainmid-to-high teen EBITDA
