Unaudited financial results for the quarter and nine months ended 31 December 2025

Key highlights for Q3FY26 & 9MFY26

Consolidated

• Q3FY26 net sales value (NSV) at INR3,694 Cr. (+7.6%) and 9MFY26 at INR 9,888 Cr. (+9.4%)
• Q3FY26 Reported EBITDA at INR599 Cr. (+5.5%) and 9MFY26 at INR1,903 Cr. (+6.7%)
• Q3FY26 underlying EBITDA at INR599 Cr. (+5.5%) and 9MFY26 at INR1,943 Cr. (+9.0%)

Standalone

• Q3FY26 NSV at INR3,683 Cr. (+7.3%) and 9MFY26 at INR9,402 Cr. (+9.0%)
• Q3FY26 Prestige & Above (P&A) NSV growth at 8.2% and 9MFY26 at 9.8%
• Q3FY26 reported EBITDA at INR618 Cr. (+5.1%) and 9MFY26 at INR1,705 Cr. (+9.8%)
• Q3FY26 underlying EBITDA at INR618 Cr. (+5.1%) and 9MFY26 at INR1,745 Cr. (+12.4%)
• Q3FY26 EBITDA margin at 16.8% and 9MFY26 at 18.1%
• Q3FY26 underlying EBITDA margin at 16.8% and 9MFY26 at 18.6%

Interim Dividend

• The Board of Directors have approved an interim dividend of INR6.0 per share

Mr. Praveen Someshwar, CEO & Managing Director, commenting on the Q3FY26 performance, said:

“We have delivered a resilient quarter overall while navigating policy headwinds in one of our most salient markets. Strong momentum in Rest of India and at the top-end of our portfolio bodes well. We continue to make robust investments in our trademarks and execution capabilities to sustain the long-term value for all our stakeholders.”

Q3FY26 performance highlights:

Consolidated:

• Net sales value (NSV) at INR3,694 Cr., up 7.6% versus same period prior year. This has been driven by the 7.3% growth in the standalone business.
• EBITDA was at INR599 Cr., up 5.5% driven by the standalone business.
• Profit after tax was at INR418 Cr, growth of 24.7% over prior year same quarter.

Standalone:

• NSV at INR3,683 Cr., up 7.3% YoY driven by solid performance in the top-half of the portfolio, partly offset by the adverse policy led impact in Maharashtra and lapping the one-time retail pipeline fill in Andhra Pradesh in prior year comparative. Within the above 7.3% growth, P&A segment grew 8.2%.
• NSV for the Popular segment fell 4.6% largely driven by the Maharashtra impact.
• Gross profit grew 12.6% and reported gross margin was at 46.9%, an expansion of 219 bps over the previous year same quarter. This is on the back of premiumization led mix improvement, on-going management productivity and prior year headline pricing flow-through.
• A&P re-investment rate was 14.0% of net sales, reflecting targeted and consistent investment behind the key trademarks and the higher growth mix of the top-end of the portfolio.
• EBITDA at INR618 Cr., up 5.1% and reported EBITDA margin at 16.8% contracted 35bps over prior year same quarter largely on account of higher A&P expenses during the quarter.
• Interest cost stands at INR19 Cr for the quarter, 5.0% lower than same quarter prior year.
• Profit after tax was INR529 Cr. with a net profit margin of 14.4%, grew 11.8% over the prior year same quarter.

9MFY26 performance highlights:

Consolidated:

• NSV at INR9,888Cr., up 9.4% versus same period prior year. This is driven by the 9.0% growth in the standalone business and 16.0% reported growth of the sports business housed in the 100% subsidiary Royal Challengers Sports Pvt Ltd (RCSPL).
• Reported EBITDA stands at INR1,903 Cr., up 6.7% driven by the gross margin flowthrough from the standalone business.
• Underlying EBITDA excluding the one-off indirect tax item impact of INR40 Cr. in the first quarter is at INR1,943 Cr., up 9.0%.
• Reported Profit after tax is INR1,299 Cr., growth of 11.9% over the prior year.

Standalone:

• NSV at INR9,402 Cr., up 9.0% 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. Within the above 9.0% overall growth, P&A segment grew 9.8%.
• NSV for the Popular segment grew 4.7%.
• Gross profit grew 12.3% and reported gross margin was at 46.2%. Excluding the one-off indirect tax item impact of INR40 Cr. in the first quarter of fiscal 2026, underlying gross profit grew 13.3% and underlying gross margin expanded 179 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 commodity basket barring bulk scotch.
• A&P re-investment rate stands at 10.6% of net sales on the back of focussed investment in our portfolio trademarks.
• Reported EBITDA at INR1,705 Cr., up 9.8%. Underlying EBITDA (excluding the one-off impact) grew 12.4% over the previous year.
• Reported EBITDA margin at 18.1%. Excluding the one-off impact, underlying EBITDA margin was at 18.6%, an expansion of 56bps over prior year.
• Interest cost stands at INR89 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 14.9% lower than previous year same period.
• Profit after tax was INR1,259 Cr. with a net profit margin of 13.4% and grew 13.7% 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 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.
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