Q4 2026 United Spirits Ltd Earnings Call Transcript
Key Points
- United Spirits Ltd (BOM:532432) reported strong growth in its premium segments, with Mid-Prestige and Above growing at high teens, indicating successful premiumization efforts.
- The company has successfully crossed 1 million cases for Smirnoff, with significant growth driven by local flavor innovations.
- United Spirits Ltd (BOM:532432) has shown strong performance in the Rest of India, excluding Maharashtra and Andhra Pradesh, with double-digit growth in both Prestige & Above and total portfolio.
- The company has maintained a healthy EBITDA margin of 18.4%, supported by productivity improvements and revenue growth management.
- United Spirits Ltd (BOM:532432) has increased its dividend payout ratio to 67%, reflecting strong cash flow generation and commitment to returning value to shareholders.
- The company faced headwinds in Maharashtra due to excise policy changes, impacting overall growth.
- McDowell's, a key brand for United Spirits Ltd (BOM:532432), has experienced flat growth, prompting a need for transformation and relaunch efforts.
- Packaging material costs are expected to inflate by 4% to 5% in the first quarter, posing a challenge to maintaining gross margins.
- The Lower Prestige segment has shown flat growth, indicating challenges in this category compared to the faster-growing Mid and Upper Prestige segments.
- The company anticipates continued impact from the West Asia conflict, which could affect costs and margins in the short term.
Ladies and gentlemen, good day and welcome to the United Spirits Limited fourth-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, Bhavin. Hello, everyone. Good evening and welcome to United Spirits Limited Q4 and full-year fY26 earnings call. Before proceeding with today's presentation, 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 release posted yesterday and presentation posted today. Both are
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