United Spirits reported consolidated revenue from operations of ₹7,014 crore in Q2 FY27, a 2.57% year‑on‑year decline from ₹7,199 crore in the September quarter of FY26. Net sales value (NSV) rose 2.8% YoY to ₹3,258 crore, with a prestige and above (P&A) salience of 94.1%. The beverage alcohol segment revenue increased 2.9% YoY to ₹3,264 crore, up from ₹3,173 crore a year earlier. Despite a 7.8% YoY fall in consolidated net profit to ₹428 crore, the company’s share price advanced 4.11% to ₹1,279.9 on the NSE.

The company’s EBITDA fell 4.3% YoY to ₹643 crore from ₹672 crore in Q2 FY26, impacted by proactive advertising and promotion (A&P) spending ahead of the season. Analysts noted that while volumes in the P&A segment declined 1% and regular volumes fell 30%, better mix and productivity lifted gross margin by 88 basis points to 48%. A&P spend of over 57% pushed EBITDA margin down 146 bps to 19.7%, yet the margin remained ahead of Jefferies’ estimates.

CLSA analysts observed that popular category volumes declined sharper than estimates, yet net sales grew 2.8% versus an estimated 5% and consensus of 5.6%. Gross margin was 157 bps above estimates and 173 bps over consensus. Goldman Sachs analysts highlighted that higher advertising spend and Maharashtra tax changes weighed on performance, but gross margin still beat estimates, even as EBITDA fell 5% YoY.

CEO & Managing Director Praveen Someshwar said the company delivered a resilient quarter amid a strong prior‑year base and regulatory headwinds, continuing to invest in brands for long‑term growth. He noted the relaunch of J&B Scotch, enabled by the India‑UK free‑trade agreement, and entry into the Ready‑to‑Drink segment with Smirnoff Ice as new growth avenues. Someshwar expressed confidence heading into the festive quarter.

At 11:29 AM, the stock traded 2.73% higher at ₹1,260.90 per share. The scrip has fallen more than 2% in the past week and 8% over the month, losing 11% year‑to‑date. It reached a 52‑week high of ₹1,563.40 on 21 August 2026 and a year’s low of ₹1,210.80 on 7 April 2026. As of 29 October 2026, the market capitalisation stood at ₹91,638.93 crore.

United Spirits’ consolidated net profit fell 7.8% YoY to ₹428 crore in Q2 FY27, compared with ₹464 crore in the corresponding period of the preceding fiscal year. The company’s revenue from the beverage alcohol segment rose 2.9% YoY to ₹3,264 crore, while the popular segment’s net sales value declined 22.7% during the quarter. The P&A segment grew 6.3% YoY, despite a 22.7% decline in the first half of FY27 on a like‑for‑like basis, driven by Maharashtra Made Liquor impact and policy changes in Karnataka.