Motilal Oswal's research report on United Spirits
United Spirits (UNSP) delivered a strong performance in 2QFY26, with revenue rising 12% YoY (beat) and total volumes up 8% (vs. est. 6%). Growth was driven by the company’s re-entry into Andhra Pradesh (from Sep’24), continued innovation and renovation initiatives, and a favorable base, partly offset by the excise duty hike in Maharashtra. The Prestige & Above (P&A) segment posted healthy volume and value growth of 8% and 12%, respectively, while the Popular segment reported 6% volume and 9% revenue growth.
Outlook
We value 50x Sep’27E standalone EPS and an additional INR250/share for its RCB and other non-core assets to derive a TP of INR1,575. We maintain Neutral rating.
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