United Spirits Limited — quarter and year ended March 31, 2026
Standalone Statement of Financial Results for the quarter and year ended March 31, 2026 (₹ in Crores except for earnings per share data)
| Particulars | Quarter ended | Year ended |
|---|---|---|
| March 31, 2026 (Refer note 10) | December 31, 2025 (Unaudited) | |
| 1 Income | ||
| (a) Revenue from operations | 6,838 | 7,928 |
| (b) Other income | 295 | 144 |
| Total income | 7,133 | 8,072 |
| 2 Expenses | ||
| (a) Cost of materials consumed | 1,729 | 1,447 |
| (b) Purchase of stock-in-trade | 90 | 151 |
| (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (213) | 357 |
| (d) Excise duty | 3,792 | 4,245 |
| (e) Employee benefits expense | 140 | 172 |
| (f) Depreciation and amortisation expense | 71 | 79 |
| (g) Others: | ||
| (i) Advertisement and sales promotion | 300 | 516 |
| (ii) Other expenses | 409 | 422 |
| (h) Finance costs | 69 | 19 |
| Total expenses | 6,387 | 7,408 |
| 3 Profit before exceptional items and tax (1 – 2) | 746 | 664 |
| 4 Exceptional items, net (refer note 7) | (40) | (10) |
| 5 Profit before tax (3 + 4) | 706 | 654 |
| 6 Income tax expense | ||
| (a) Current tax | 215 | 163 |
| (b) Current tax relating to earlier years | – | 2 |
| (c) Deferred tax charge / (credit) | (80) | (40) |
| Total tax expense | 135 | 125 |
| 7 Profit for the period (5 – 6) | 571 | 529 |
| 8 Other comprehensive income | ||
| A. Items that will be reclassified to profit or loss | – | – |
| B. Items that will not be reclassified to profit or loss | ||
| (i) Remeasurements of post-employment benefit plans | (1) | – |
| (ii) Income tax credit relating to above | 0 | – |
| Other comprehensive income, net of income tax | (1) | – |
| 9 Total comprehensive income (7 + 8) | 570 | 529 |
| 10 Paid up equity share capital (Face value of ₹ 2/- each) | 145 | 145 |
| 11 Other equity | ||
| 12 Earnings per share of ₹ 2/- each | ||
| Basic and Diluted (in ₹) | 7.85 | 7.27 |
Standalone Statement of assets and liabilities as at March 31, 2026 (₹ in Crores)
| Particulars | As at March 31, 2026 | As at March 31, 2025 |
|---|---|---|
| Audited | ||
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 831 | 850 |
| Right-of-use assets | 381 | 457 |
| Capital work-in-progress | 70 | 72 |
| Intangible assets | 11 | 24 |
| Investment properties | 58 | 75 |
| Financial assets | ||
| Investments in subsidiaries and joint ventures | 301 | 234 |
| Trade receivables | 351 | 340 |
| Loans | – | – |
| Other financial assets | 308 | 384 |
| Deferred tax assets (net) | 284 | 155 |
| Current tax assets (net) | 1,191 | 1,095 |
| Other non-current assets | 274 | 215 |
| Total non-current assets | 4,060 | 3,901 |
| Current assets | ||
| Inventories | 2,659 | 2,305 |
| Financial assets | ||
| Investments | 1,153 | 873 |
| Trade receivables | 3,592 | 3,288 |
| Cash and cash equivalents | 855 | 1,150 |
| Bank balances other than cash and cash equivalents | 1,027 | 623 |
| Loans | 1 | 22 |
| Other financial assets | 59 | 259 |
| Other current assets | 391 | 297 |
| Total current assets before asset classified as held for sale | 9,737 | 8,817 |
| Asset classified as held for sale | 67 | – |
| Total current assets | 9,804 | 8,817 |
| Total assets | 13,864 | 12,718 |
| EQUITY AND LIABILITIES | ||
| EQUITY | ||
| Share capital | 145 | 145 |
| Other equity | ||
| Reserves and surplus | 8,576 | 7,734 |
| Total equity | 8,721 | 7,879 |
| LIABILITIES | ||
| Non-current liabilities | ||
| Financial liabilities | ||
| Lease liabilities | 307 | 334 |
| Provisions | 39 | 16 |
| Total non-current liabilities | 346 | 350 |
| Current liabilities | ||
| Financial liabilities | ||
| Lease liabilities | 98 | 146 |
| Trade payables | ||
| (A) total outstanding dues of micro and small enterprises | 140 | 74 |
| (B) total outstanding dues of creditors other than micro and small enterprises | 2,237 | 2,078 |
| Other financial liabilities | 269 | 484 |
| Provisions | 500 | 373 |
| Current tax liabilities (net) | 571 | 358 |
| Other current liabilities | 982 | 976 |
| Total current liabilities | 4,797 | 4,489 |
| Total liabilities | 5,143 | 4,839 |
| Total equity and liabilities | 13,864 | 12,718 |
Standalone Statement of Cash flows for the year ended March 31, 2026 (₹ in Crores)
| Particulars | Year ended March 31, 2026 | Year ended March 31, 2025 |
|---|---|---|
| Audited | Audited | |
| A. CASH FLOW FROM OPERATING ACTIVITIES | ||
| Profit before tax | 2,340 | 2,056 |
| Adjustments for | ||
| Depreciation and amortisation expense | 283 | 274 |
| Employee share-based payment expense | 22 | 17 |
| Loss allowance on trade receivables, other assets and other financial assets (net) | 35 | (9) |
| Profit on redemption of mutual funds units | (77) | (25) |
| Increase in fair value of mutual funds units (net) | (31) | (16) |
| Finance costs | 158 | 89 |
| Dividend income from a subsidiary | (101) | (120) |
| (Gain)/loss on disposal of property, plant and equipment and investment properties (net) | (22) | (99) |
| Interest income on term deposit with banks | (76) | (73) |
| Interest income from loan to subsidiary and joint venture | (1) | (1) |
| Interest income on direct and indirect tax refund | (241) | (26) |
| Exceptional items (net) | 91 | 65 |
| Exchange (gain)/ loss on translation of foreign currency monetary assets and liabilities | (0) | 1 |
| Operating profit before changes in working capital | 2,380 | 2,133 |
| (Increase) / decrease in trade receivables | (350) | (494) |
| (Increase) / decrease in loans and other financials assets | 36 | (40) |
| (Increase) / decrease in other assets | (139) | 49 |
| (Increase) / decrease in inventories | (354) | (242) |
| Increase / (decrease) in trade payables | 225 | 290 |
| Increase / (decrease) in other financial liabilities | (1) | (76) |
| Increase / (decrease) in other liabilities | 6 | 174 |
| Increase / (decrease) in provisions | 14 | (15) |
| Cash generated from operations | 1,817 | 1,779 |
| Income taxes paid (net of refunds) | (334) | (173) |
| Net cash generated from operating activities (A) | 1,483 | 1,606 |
| B. CASH FLOW FROM INVESTING ACTIVITIES | ||
| Purchase of property, plant and equipment and intangible assets | (181) | (162) |
| Proceeds from sale of property, plant and equipment and investment property | 253 | 1 |
| Purchase of current investments | (1,862) | (1,246) |
| Redemption of current investments | 1,688 | 1,011 |
| Investment in term deposits with banks | (1,113) | (1,083) |
| Redemption of term deposits from banks | 790 | 395 |
| Investment in subsidiary and joint ventures | (97) | (13) |
| Loans given to joint venture | – | (18) |
| Repayment of loan by subsidiary and joint venture | 18 | – |
| Repayment of loans given to others | 3 | 7 |
| Interest received | 65 | 38 |
| Dividend received | 101 | 120 |
| Net cash outflow from investing activities (B) | (335) | (950) |
| C. CASH FLOW FROM FINANCING ACTIVITIES | ||
| Repayment of deferred sales tax liability | – | (0) |
| Dividends paid (net) | (1,263) | (350) |
| Principal repayment of lease liabilities | (143) | (137) |
| Interest paid on lease liabilities | (37) | (40) |
| Net cash outflow from financing activities (C) | (1,443) | (527) |
| Net (decrease)/ increase in cash and cash equivalents [D = A+B+C] | (295) | 129 |
| Cash and cash equivalents as at the beginning of the year (E) | ||
| Effects of exchange rate changes on cash and cash equivalents | 0 | 0 |
| Net (decrease)/ increase in cash and cash equivalents | (295) | 129 |
| Cash and cash equivalents as at the end of the period [D+E] | 855 | 1,150 |
Consolidated Statement of Financial Results for the quarter and year ended March 31, 2026 (₹ in Crores except for earnings per share data)
| Particulars | Quarter ended | Year ended |
|---|---|---|
| March 31, 2026 (Refer note 10) | December 31, 2025 (Unaudited) | |
| 1 Income | ||
| (a) Revenue from operations | 6,855 | 7,939 |
| (b) Other income | 295 | 45 |
| Total income | 7,150 | 7,984 |
| 2 Expenses | ||
| (a) Cost of materials consumed | 1,736 | 1,448 |
| (b) Purchase of stock-in-trade | 90 | 151 |
| (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (219) | 361 |
| (d) Excise duty | 3,801 | 4,248 |
| (e) Employee benefits expense | 142 | 177 |
| (f) Depreciation and amortisation expense | 76 | 80 |
| (g) Others: | ||
| (i) Advertisement and sales promotion | 300 | 522 |
| (ii) Other expenses | 412 | 418 |
| (h) Finance costs | 69 | 19 |
| Total expenses | 6,407 | 7,424 |
| 3 Profit before share of net loss of joint ventures, exceptional items and tax (1-2) | 743 | 560 |
| 4 Share of net loss of joint ventures | (0) | (0) |
| 5 Profit before exceptional items and tax (3+4) | 743 | 560 |
| 6 Exceptional items, net (refer note 7) | (40) | (10) |
| 7 Profit before tax from continuing operations (5 + 6) | 703 | 550 |
| 8 Income tax expense | ||
| (a) Current tax | 215 | 163 |
| (b) Current tax relating to earlier years | – | 2 |
| (c) Deferred tax (credit) / charge | (80) | (40) |
| Total tax expense | 135 | 125 |
| 9 Profit for the period from continuing operations (7-8) | 568 | 425 |
| 10 Discontinued operations | ||
| Profit/loss before tax from discontinued operations | (45) | (9) |
| Less: Tax expense of discontinued operations | (16) | (2) |
| Profit/loss after tax from discontinued operations | (29) | (7) |
| 11 Profit For the year (9+10) | 539 | 418 |
| 12 Other comprehensive income |