United Spirits Q2 FY27 Results: Consolidated Net Profit ₹428 Crore on Total Income of ₹7,079 Crore

Earnings
Alcoholic beverages

Blacklitt Research28 October 20263 min read

United Spirits (NSE: UNITDSPR) reported consolidated total income of ₹7,079 crore and net profit of ₹428 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹7,065 crore and net profit of ₹462 crore, it said in a filing on 28 Oct 2026.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹7,079 crore, down 2.7% YoY and up 14.3% QoQ
Net profit: ₹428 crore, down 7.8% YoY and 7.6% QoQ
EPS: ₹6.48 from continuing operations and ₹(0.45) from discontinued operations, basic and diluted
Discontinued operations: Loss after tax of ₹32 crore, against a profit of ₹226 crore in the quarter ended 30 Jun 2026

Standalone

The company on its own, without its subsidiaries

Total income: ₹7,065 crore, down 2.8% YoY and up 11.5% QoQ
Net profit: ₹462 crore, down 2.1% YoY and up 18.2% QoQ
EPS: ₹6.35 basic, against ₹6.49 a year earlier
Other income: ₹64 crore, down from ₹222 crore in the quarter ended 30 Jun 2026

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	7,079	7,276	-2.7%	6,195	+14.3%
Revenue from operations	7,014	7,199	-2.6%	6,122	+14.6%
Other income	65	77	-15.6%	73	-11.0%
	428	464	-7.8%	463	-7.6%
Profit before tax	618	627	-1.4%	319	+93.7%
Finance costs	24	21	+14.3%	30	-20.0%
Depreciation	76	65	+16.9%	72	+5.6%
Tax expense	158	160	-1.3%	82	+92.7%
Net profit margin	6.05%	6.38%	-0.33 pp	7.47%	-1.43 pp

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Consolidated net profit fell 7.8% YoY, more than total income, which fell 2.7%. Revenue from operations fell 2.6%, while other income fell 15.6%, so the income line was smaller than the fall in profit.

The filing shows a loss of ₹32 crore from discontinued operations this quarter, against a profit of ₹226 crore in the quarter ended 30 Jun 2026. The filing gives the discontinued operations as Royal Challengers Sports Private Limited, which it presents separately.

Exceptional items, net, were ₹11 crore this quarter, against a charge of ₹81 crore in the quarter ended 30 Jun 2026. The filing says it recognised severance costs of ₹26 crore for a closed unit under exceptional items for the half year, and ₹55 crore of employee severance costs in the June quarter. Finance costs were ₹24 crore, 0.3% of total income, up 14.3% from ₹21 crore a year earlier. Other income was 0.9% of total income.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	7,065	7,268	-2.8%	6,335	+11.5%
Revenue from operations	7,001	7,192	-2.7%	6,113	+14.5%
Other income	64	76	-15.8%	222	-71.2%
	462	472	-2.1%	391	+18.2%
Profit before tax	620	632	-1.9%	473	+31.1%
Finance costs	24	21	+14.3%	30	-20.0%
Depreciation	74	65	+13.8%	70	+5.7%
Tax expense	158	160	-1.3%	82	+92.7%
Net profit margin	6.54%	6.49%	+0.05 pp	6.17%	+0.37 pp
EPS, basic (₹)	6.35	6.49	-2.2%	5.38	+18.0%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone net profit fell 2.1% YoY, less than the 2.8% fall in total income, and rose 18.2% QoQ, faster than the 11.5% rise in total income. Profit before tax fell 1.9%. Standalone EPS was ₹6.35, against ₹6.49 a year earlier and ₹5.38 in the prior quarter.

Standalone other income was ₹64 crore, down from ₹222 crore in the quarter ended 30 Jun 2026. Other income is 10.3% of standalone profit before tax of ₹620 crore this quarter. Standalone tax expense of ₹158 crore is 25.5% of profit before tax, against ₹160 crore a year earlier.

Inference

The filing says the board of Royal Challengers Sports Private Limited's sale is subject to approvals, including from the Competition Commission of India, which it says was approved on 30 Jun 2026, and from the Board of Control for Cricket in India, which is awaited. The company expects the transaction to be completed within 12 months of the original announcement. The consideration is not stated in the filing, so the proceeds and their effect are not known.

The company paid ₹773 crore in dividends (net) in the six months ended 30 Sep 2026. The notes also describe a loan from United Breweries (Holdings) Limited that the company wrote off in FY 2025-26, a further claim of ₹151 crore by its Official Liquidator that the company contests, and a ₹46 crore IDBI Bank claim deposited in a suspense account. The auditors draw attention to these matters without modifying their conclusions. The reason for the fall in standalone other income and for the loss from discontinued operations is not stated in the filing.

Reference: Original filing (PDF)

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