Unaudited financial results for the quarter and half year ended 30 September 2025

Bengaluru, India – October 30, 2025: United Spirits Ltd., one of the leading beverage alcohol companies in India, reported its unaudited consolidated & standalone results for the first half and second quarter ended 30 September 2025.

Key highlights for the quarter (Q2FY26)

Consolidated

• Net sales value (NSV) at INR3,173 Cr. (+11.6%)
• Reported EBITDA at INR660 Cr. (+31.5%)

Standalone

• NSV at INR3,170 Cr. (+11.5%), with Prestige & Above (P&A) saliency of 89.6%
• P&A NSV growth at 12.4%
• Reported EBITDA at INR672 Cr. (+32.5%)

Mr. Praveen Someshwar, CEO & Managing Director, commenting on the Q2FY26 performance, said:

“We have delivered a strong quarter on topline and EBITDA growth and ended the first half in-line with our expectation while navigating the regulatory headwinds in the state of Maharashtra.

Looking ahead, the second half of the year is the all-important festive, holiday and wedding season. We are excited about our commercial and marketing programs bringing our brand portfolio alive for the consumers while driving category salience and growth.”

Q2FY26 performance highlights:

Consolidated:

• Net sales value (NSV) was at INR3,173 Cr., up 11.6% versus same period prior year. This was driven by the 11.5% growth in the standalone business.
• EBITDA was at INR660 Cr., up 31.5% driven by the standalone business.
• Profit after tax was at INR464 Cr, growth of 36.1% over prior year same quarter.

Standalone:

• Net sales at INR3,170 Cr., up 11.5% YoY driven by the re-entry in Andhra Pradesh, strong performance of our innovation and renovation offerings, favorable prior year comparatives in this quarter largely offset by the adverse policy changes in the state of Maharashtra. Within the above 11.5% growth, Prestige & Above segment grew 12.4%.
• NSV for the Popular segment grew 9.2%.
• Gross profit grew 16.2% and reported gross margin was at 47.1%, an expansion of 190 bps over the previous year same quarter. This is on back of prior year headline pricing flow-through, revenue growth management initiatives, mix improvement, sustained productivity as well as relatively stable COGS inflation for major input commodity basket.
• A&P re-investment rate was 7.6% of net sales, reflecting targeted and consistent investment behind the key trademarks.
• EBITDA at INR672 Cr., up 32.5% and reported EBITDA margin at 21.2%, an expansion of 337bps over prior year same quarter.
• Interest cost stands at INR21 Cr for the quarter, 16.0% lower than same quarter prior year.
• Profit after tax was INR472 Cr. with a net profit margin of 14.9%, grew 40.9% over the prior year same quarter.

H1FY26 performance highlights:

Consolidated:

• Net sales value (NSV) was at INR6,194Cr., up 10.5% versus same period prior year. This was largely driven by the 10.1% growth in the standalone business and 15.8% reported growth of the sports business housed in the 100% subsidiary Royal Challengers Sports Pvt Ltd (RCSPL).
• Reported EBITDA was at INR1,304 Cr., up 7.3% largely driven by the gross margin flowthrough from the standalone business.
• Underlying EBITDA excluding the one-off indirect tax item impact of INR40 Cr. is at INR1,344 Cr., up 10.6%.
• Reported Profit after tax was at INR881 Cr., growth of 6.7% over the prior year.

Standalone:

• Net sales at INR5,719 Cr., up 10.1% YoY driven by the re-entry in Andhra Pradesh and continued strong performance of our innovation and renovation offerings partly off-set by the regulatory headwinds in Maharashtra in the second quarter. Within the above 10.1% growth, Prestige & Above segment grew 10.9%.
• NSV for the Popular segment grew 11.2%.
• Gross profit grew 12.1% and reported gross margin was at 45.7%. Excluding the one-off indirect tax item impact of INR40 Cr. in the first quarter of fiscal 2026, underlying gross profit grew 13.9% and underlying gross margin expanded 154 bps over the previous year. This is on the back of sustained revenue growth management interventions leading to headline pricing and mix flow-through, continuous productivity realization and relatively stable COGS inflation for majority of the input commodity basket.
• A&P re-investment rate was 8.4% of net sales on back of targeted investment behind the key trademarks/brands.
• Reported EBITDA at INR1,087 Cr., up 12.6%. Underlying EBITDA (excluding the one-off impact) grew 16.8% over the previous year.
• Reported EBITDA margin at 19.0%. Excluding the one-off impact, underlying EBITDA margin was at 19.7%, an expansion of 113bps over prior year.
• Interest cost stands at INR70 Cr driven by the one-off impact of the interest component of the indirect tax item in first quarter of fiscal 2026. Underlying interest cost on account of customary non-debt related items is 19.1% lower than previous year same period.
• Profit after tax was INR730 Cr. with a net profit margin of 12.8% and grew 15.1% over prior year.

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 35 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.

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