Unaudited financial results for the quarter and half year ended 30 September 2026

Bengaluru, India - October 28, 2026: United Spirits Ltd., one of the leading beverage alcohol companies in India, reported its unaudited standalone results for the first half and second quarter ended 30 September 2026.

Key Highlights for H1FY27

• Net Sales Value (NSV) at INR5,961 Cr. (+4.2%), with Prestige & Above (P&A) saliency of 93.5%
• P&A NSV at INR5,576 Cr. (+7.8%#)
• EBITDA at INR1,075 Cr. (-1.1%) with a margin of 18.0%
• PAT at INR853 Cr. (16.8%)

Key Highlights for Q2FY27*

• NSV at INR3,258 Cr. (+2.8%), with Prestige & Above (P&A) saliency of 94.1%
• P&A NSV at INR3,065 Cr. (+6.3%#)
• EBITDA at INR643 Cr. (-4.3%) with a margin of 19.7%
• PAT at INR462 Cr. (-2.1%)

Mr. Praveen Someshwar, CEO & Managing Director, commenting on the Q2FY27 performance, said:

We delivered a resilient quarter despite a strong prior-year base and regulatory headwinds, while continuing to invest behind our brands for long-term growth.

The relaunch of J&B Scotch, enabled by the India-UK FTA, offers consumers a compelling proposition that will help recruit and deepen Scotch penetration. We also continue to unlock new avenues for growth, most recently, entering the Ready-to-Drink (RTD) segment with Smirnoff Ice to give consumers a convenient new choice. We look ahead to the festive quarter with confidence.

Q2FY27 performance highlights:

• Net sales value (NSV) at INR3,258 Cr., up 2.8% YoY. Within the above 2.8% growth, Prestige & Above segment grew 6.3% despite lapping a high growth quarter in the prior year. This was on the back of Smirnoff local flavor innovation, J&B scotch relaunch and growth in the luxury portfolio. This was partially offset by the continuing impact of the adverse policy in Maharashtra.
• NSV for the Popular segment at INR181 Cr., down 22.7% on a like-for-like basis. This was driven by MML impact in Maharashtra as well as recent policy changes in Karnataka, which have adversely impacted the realisations and growth in the segment owing to excise slab changes.
• Gross profit grew 4.7% and reported gross margin was at 48.0%, an expansion of 88 bps over prior year. This was on the back of better mix, and productivity flow-through partially offset by the continued adverse impact from the West Asia crisis.
• A&P re-investment rate was 11.6% (vs. 7.6% LY) of net sales value, reflecting healthy investments behind the brands and new launches ahead of the festive season.
• EBITDA at INR643 Cr., down 4.3% year-on-year, impacted by the conscious proactive A&P spending ahead of season.
• EBITDA margin at 19.7%, a contraction of 146bps over prior year same quarter due to higher investments behind the trademarks.
• Finance cost stands at INR24 Cr for the quarter and is primarily on account of customary non-debt related items.
• Profit after tax at INR462 Cr., down 2.1%, with a net profit margin at 14.2%.

H1FY27 performance highlights:

• Net sales value (NSV) at INR5,961 Cr., up 4.2% YoY. Within the above 4.2% growth, Prestige & Above segment grew 7.8%. This was driven by the strong performance of Smirnoff local flavour innovation and the luxury portfolio partly offset by the regulatory headwinds in Maharashtra and disruption in the Exports business.
• NSV for the Popular segment at INR354 Cr., declined 20.6% on account of policy related headwinds both in the state of Maharashtra, owing to MML, and Karnataka, due to excise slab changes.
• Gross profit grew 7.5% and gross margin was at 47.1%. This is on the back of sustained revenue growth management interventions leading to headline pricing and mix flow-through as well as ongoing productivity initiatives offset by West Asia crisis impact.
• A&P re-investment rate was 11.6% (vs. 8.4%) of net sales value on back of targeted investment behind the key trademarks.
• Reported EBITDA at INR1,075 Cr., down 1.1%.
• EBITDA margin at 18.0%, a contraction of 97bps over prior year.
• Finance cost stands at INR54 Cr is on account of customary non-debt related items.
• Profit after tax at INR853 Cr., grew 16.8% over prior year, with a net profit margin at 14.3%.

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 34 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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