Q3 2026 United Spirits Ltd Earnings Call Transcript
Key Points
- United Spirits Ltd (BOM:532432) reported resilient growth in both top and bottom lines despite challenges in Maharashtra.
- The company saw strong growth in luxury and premium segments, particularly with primary scotches and Smirnoff through flavor innovation.
- Excluding Maharashtra, the P&A volume grew by 6%, indicating healthy growth in the rest of India.
- The company's P&A price mix was strong at 10.2% for the quarter, reflecting a positive impact from the top end of the portfolio.
- United Spirits Ltd (BOM:532432) is optimistic about the upcoming wedding season and the next couple of quarters, supported by consumption green shoots and improved disposable income.
- The launch of Maharashtra Made Liquor (MML) at competitive price points poses a significant challenge, particularly affecting the Popular and Lower Prestige segments.
- The company experienced a reported P&A volume shrinkage of 2%, attributed to the one-time retail pipeline fill impact in Andhra Pradesh.
- Maharashtra remains a significant challenge, with adverse volume impacts predominantly at the lower end of the portfolio.
- Bulk scotch remains a structurally inflationary input commodity, which could impact costs until the India-UK FTA comes into play.
- There is ongoing uncertainty in the job market and geopolitical undercurrents, leading to cautious optimism for future quarters.
Ladies and gentlemen, good day, and welcome to the United Spirits Limited third-quarter financial Year 2026 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Ms. Shweta Arora, Head of Investor Relations, United Spirits Limited. Thank you, and over to you, ma'am.
Thank you, Donald. Hello, everyone. Good afternoon, and welcome to United Spirits Limited Q3 FY26 earnings call. Wish you all and your loved ones a very happy new year 2026.
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. However, this is not a guarantee of our future performance, and results may materially differ from those expressed in or implied by such forward-looking statements. I request all of you to refer to our financial and press releases posted yesterday.
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