Q2 2026 United Spirits Ltd Earnings Call Transcript
Key Points
- United Spirits Ltd (BOM:532432) reported a strong quarter with double-digit growth in both P&A and overall portfolio, indicating robust performance despite policy headwinds.
- The company has seen significant growth in its premium and luxury segments, particularly in BIO scotch and tequila, where it is a category leader.
- The introduction of new flavors in the Smirnoff brand has been well-received, contributing to strong growth in the white spirits segment.
- The company has successfully restructured its value chain in Maharashtra, making it competitive despite the challenging market conditions.
- United Spirits Ltd (BOM:532432) has demonstrated strong performance in key markets like Andhra Pradesh, with expectations of continued growth in line with or ahead of the rest of India.
- Maharashtra remains a challenging market due to recent tax hikes and the introduction of Maharashtra Made Liquor (MML), which could impact volumes.
- The company faces uncertainty in the Maharashtra market as it is unclear whether MML will source volumes from country liquor or the IMFL prestige segment.
- Despite strong overall performance, the growth rate excluding Andhra Pradesh and Maharashtra is only in the mid-single digits, indicating room for improvement.
- There is a potential risk of margin pressure if commodity prices, particularly for neutral alcohol, increase in the future.
- The company is cautiously optimistic about the second half of the year, indicating potential challenges in maintaining the current growth momentum.
Ladies and gentlemen, good day and welcome to United Spirits Limited second quarter financial year 2026 earnings conference call.
As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.
Should you need assistance during the conference call, please signal an operator by pressing start then 0 on the touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Miss Shweta Arora, head of investor relations, United Spirits Limited.
Thank you and over to you, ma'am.
Thanks for the job.
Hello, everyone. Good afternoon and welcome to United Spirits Limited Q2 F5 26 earnings call.
Before proceeding with today's call, I would like to remind the listeners that during the call there may be some forward-looking statements. These statements are based on our views and assumptions at this point of time.
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