United Spirits, India's largest spirits company and maker of McDowell's No.1, Royal Challenge and Signature, reports its September quarter with the Maharashtra MML disruption and a sharp crude-led cost run-up testing its double-digit P&A growth construct. The print will speak to whether the mid-to-high teens EBITDA margin band holds against a 21.2% year-ago base, and whether the Rs. 16,663 Cr RCSPL sale closed in the September-October window as guided.
| Results date | October 28, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 6,122 Cr (consolidated) |
| Previous quarter PAT | Rs. 463 Cr (consolidated) |
| Previous quarter EBITDA margin | 16% |
| Market cap | Rs. 91,249.03 Cr |
| CMP | Rs. 1,252.0 |
The Board of United Spirits will meet on Wednesday, October 28, 2026, to approve unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026 (Q2 FY27), under Regulation 29 of SEBI LODR.
The Q2 FY27 earnings call is scheduled for Thursday, October 29, 2026, at 4:00 PM IST, hosted by MD & CEO Praveen Someshwar and Executive Director & CFO Pradeep Jain. The transcript will be hosted on www.diageoindia.com.
The quarter tests whether United Spirits' guided double-digit P&A growth construct (5-6% volume, 6-7% price mix) survives a cost environment that deteriorated sharply through the window, with Brent crude averaging $114/b in September after a $131/b peak on September 15 and USD/INR at 95.7-96.6, beyond the 85 to 93 bulk-scotch reset base. Against this, the India-UK FTA's bulk-scotch duty cut from 150% to 75% effective July 2026 is a tailwind landing in-quarter, with a guided Rs. 110-120 Cr annualized benefit and BIO price pass-through of 7-9% blended. Karnataka's state IML data showed volumes up only 1.52% in July-September despite anchor-brand price cuts of 10-15%, so the guided 10-15% volume uplift is not yet visible in state prints, while Maharashtra MML stabilization at 800,000-850,000 cases per month could not be independently confirmed. Management's 'cautiously optimistic' stance for the wedding season, the mid-to-high teens EBITDA margin band, and A&P at 10.5-11% of net sales (Q1 ran 11.3%) frame the guidance stack the print will be measured against, with the RCSPL sale of Rs. 16,663 Cr pending BCCI approval and completion guided for September-October 2026.
Performance vs guidance tracking: Q2 FY27 delivery against the standing FY27 guidance stack.
RCSPL sale and strategic updates
Risks and headwinds to monitor
Operating metrics and cost focus
Potential narrative shifts
Management guided to a high single-digit blended price reduction of 7-9% on BIO (bottled in origin) scotch and 4-5% on BII, passed entirely to the consumer upon FTA implementation. The bulk scotch import duty was cut from 150% to 75% effective July 2026.
Management has guided to an annualized benefit of Rs. 110-120 crores from the FTA's bulk scotch duty cut upon implementation. The FTA is also expected to improve scotch accessibility and open white spaces for premiumization.
The Rs. 16,663 Cr sale is pending BCCI approval, with CCI approval already received and completion guided for September-October 2026. Management said the Rs. 150 Cr RCB dividend is expected to be the last, assuming the transaction closes mid-year.
The CFO said the packaging impact from crude at $95-100 is 'not as high as suggested', with ENA deflationary and productivity plus FTA benefits in play, and mitigation plans to be developed if crude reached $110-120. Inflation neutralization is planned roughly 50% via headline pricing and 50% via productivity.
The standing dividend payout policy is 60% to 85% of PAT, amended from the earlier 50%-70% range. FY26 total dividend was Rs. 17 per share, a 67% PAT payout.