Unaudited financial results for the first quarter ended 30 June 2025

Bengaluru, India – August 13, 2025: United Spirits Ltd., one of the leading beverage alcohol companies in India, reported its unaudited consolidated & standalone results for the first quarter ended 30 June 2025.

Key highlights for the quarter (Q1FY26)

Consolidated

• Net sales value (NSV) at INR3,021 Cr. (+9.4%)
• Reported EBITDA at INR644 Cr. (-9.7%)
• Underlying EBITDA at INR684 Cr. (-4.1%)

Standalone

• NSV at INR2,549 Cr. (+8.4%), with Prestige & Above (P&A) saliency of 88.3%
• P&A NSV growth at 9.0%
• Reported EBITDA at INR415 Cr. with a margin of 16.3%
• Underlying EBITDA at INR455 Cr. with an underlying margin of 17.9%

Mr. Praveen Someshwar, CEO & Managing Director, commenting on the Q1FY26 performance, said:

“We delivered a resilient quarter with the Prestige & Above portfolio sustaining its growth momentum while cycling a high prior year base. The quarter also marked the completion of the Nao Spirits acquisition.

Looking ahead, we remain focused on our circle of control to lead the next wave of category growth through sharper portfolio, tailored consumer engagement and revenue growth management.”

Q1FY26 performance highlights:

Consolidated:

• Net sales value (NSV) was at INR3,021 Cr., up 9.4% versus same period prior year. This was driven by the 8.4% growth in the standalone business and 15.7% reported growth of the sports business housed in the 100% subsidiary Royal Challengers Sports Pvt Ltd (RCSPL).
• EBITDA was at INR644 Cr., down 9.7% largely due to a one-off indirect tax item impact and relatively higher A&P in the standalone business.
• Underlying EBITDA excluding the one-off indirect tax item impact of INR40 Cr. is at INR684 Cr., down 4.1%.
• Profit after tax was at INR417 Cr.

Standalone:

• Net sales at INR2,549 Cr., up 8.4% YoY driven by the re-entry in Andhra Pradesh and on the back of our innovation and renovation offerings and revenue growth management interventions. The quarter ex-Andhra is lapping a higher prior year base owing to proactive actions taken to mitigate potential supply chain disruption in view of the union elections. Within the above 8.4% growth, Prestige & Above segment grew 9.0%.
• NSV for the Popular segment grew 13.6%.
• Gross profit grew 7.2% and reported gross margin was at 44.0%. Excluding the one-off indirect tax item impact of INR40 Cr. in the current quarter, underlying gross profit grew 11.0% and underlying gross margin expanded 107 bps over the previous year on the back of sustained revenue growth management interventions, productivity flow-through and relatively stable COGS inflation.
• A&P re-investment rate was 9.3% of net sales, reflecting sharp and consistent investment behind the key trademarks.
• EBITDA at INR415 Cr., down 9.4% due to targeted investment behind the key trademarks/brands. Underlying EBITDA (excluding the one-off impact) was almost flat year-on-year (down 0.7%).
• Reported EBITDA margin at 16.3%. Excluding the one-off impact, underlying EBITDA margin was at 17.9%, a contraction of 162bps over prior year same quarter.
• Interest cost stands at INR49 Cr for the quarter driven by the one-off impact of the interest component of the indirect tax item. Underlying interest cost on account of customary non-debt related items is 22.7% lower than same quarter prior year.
• Profit after tax was INR258 Cr. with a net profit margin of 10.1%.

About Diageo India

Diageo India is among India’s leading beverage alcohol (alcobev) companies with an outstanding portfolio of premium brands. A subsidiary of Diageo Plc., it is listed in India on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) as United Spirits Limited (USL).

Headquartered in Bengaluru, Diageo India has one of the largest manufacturing footprints in alcobev with 36 facilities across India. It manufactures, sells and distributes Johnnie Walker, Black Dog, Black & White, VAT 69, Antiquity, Signature, The Singleton, Royal Challenge, McDowell’s No1, Smirnoff, Ketel One, Tanqueray, Captain Morgan and Godawan, an artisanal single malt whisky from India, bringing together global expertise and local pride to deliver innovative, world-class products and experiences to consumers. With a strong focus on driving a positive impact on society, Diageo India has been working on collective action to improve livelihoods, championing Grain to Glass sustainability, responsible consumption and nurturing the alcobev ecosystem, to contribute to India’s growth agenda. 

For more information about Diageo India, our people, our brands, and our performance, visit us at www.diageoindia.com. 

Visit Diageo’s global responsible drinking resource, http://www.DRINKiQ.com, for information, initiatives, and ways to share best practices. 

Celebrating life, every day, everywhere.

Cautionary statement concerning forward-looking statements

This document contains ‘forward-looking’ statements. These statements can be identified by the fact that they do not relate only to historical or current facts. In particular, forward- looking statements include all statements that express forecasts, expectations, plans, outlook and projections with respect to future matters, including trends in results of operations, margins, growth rates, overall market trends, the impact of changes in interest or exchange rates, the availability or cost of financing to United Spirits Limited (“USL”), anticipated cost savings or synergies, expected investments, the completion of USL’s strategic transactions and restructuring programmes, anticipated tax rates, expected cash payments, outcomes of litigation, anticipated deficit reductions in relation to pension schemes and general economic conditions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including factors that are outside USL’s control. USL neither intends, nor assumes any obligation, to update or revise these forward-looking statements in the light of any developments which may differ from those anticipated.

Investor enquiries to:

Shweta Arora
[email protected]

Media enquiries to:

Shefali Sapra

[email protected] 

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