Spirits brewer-distiller in India, ₹2,534 Cr market cap. Recent quarters: ₹850–1,150 Cr revenue. Sector driven by excise regulation and consumer demand. Pays regular dividends; moderate debt (D/E 0.47).
Margins thin (6.73–8.05%) — minimal buffer for cost or price pressure in regulated sector.
High PE (25.21) vs low ROE (8.81%); stock down 25.74% in one year despite ongoing operations.
Excise duty changes could compress margins — verify current structure and pending policy.
Earnings volatile (EPS ₹7.37–₹10.85 quarterly) with flat revenue — verify underlying demand drivers.
Generated analysis · source review pending
Jun 2026 revenue ₹1,152 Cr (highest in dataset) — verify if sustained recovery or seasonal peak.
Margin expanded to 8.05% OPM (Dec 2025) — identify cost or mix drivers and durability.
D/E 0.47 and regular dividends signal balance-sheet room for growth capex — verify plans.
Indian spirits consumption — verify category growth, premiumization trends, rural penetration.
Generated analysis · source review pending
2,528 historical price candles were omitted because the exchange source has not been verified.
Structured signal from quality, growth, valuation and momentum.
₹ crore, by fiscal year
% of revenue, by fiscal year
Comparable companies from the narrowest available industry classification.
Reported profit and loss, balance sheet, cash flow and growth history.
Annual operating, return, leverage and working-capital ratios.
Current futures and options contracts with compact option-chain pages.
Mutual-fund schemes that disclosed a holding in the company.
Annual reports, exchange filings, offer documents, ratings and earnings-call material.
Upcoming dates and the company’s corporate-action history.
Latest exchange announcements, filings and downloadable documents.
Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross margin % | 43.4% | 60.9% | 56.4% | 47.6% | 48.9% | 50.3% |
| EBITDA margin % | 9.8% | 15.2% | 8.7% | 5.4% | 4.3% | 7.2% |
| EBIT margin % | 6.8% | 12.8% | 6.7% | 3.3% | 2% | 4.6% |
| PAT margin % | 3.9% | 8.4% | 4.3% | 3.1% | 0.6% | 2.5% |
| Working capital | ||||||
| Receivable days | — | 19 | 27 | 32 | 33 | 32 |
| Inventory days | — | 57 | 47 | 42 | 42 | 58 |
| Payable days | — | 66 | 62 | 70 | 38 | 50 |
| NWC days | — | 10 | 12 | 4 | 38 | 41 |
| Leverage | ||||||
| Current ratio | — | 1.28 | 1.09 | 1.04 | 0.96 | 1.01 |
| Debt to EBITDA | — | 0.53 | 1.12 | 1.88 | 3.43 | 1.99 |
| Debt to equity | — | 0.23 | 0.31 | 0.33 | 0.52 | 0.47 |
| Interest coverage | 3.8 | 11.7 | 11.6 | 4.4 | 1.7 | 3.1 |
| Asset turnover | — | 1.69 | 1.78 | 1.78 | 1.68 | 1.61 |
| Return ratios | ||||||
| Return on assets % | — | 14.2% | 7.7% | 5.4% | 1% | 4% |
| Return on capital employed % | — | 29.2% | 21% | 10.2% | 6.6% | 13.4% |
| Return on equity % | — | 24.1% | 13.8% | 9.9% | 2.2% | 8.3% |
Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.
Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.
| Holder (%) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 51.02% | 50.98% | 50.98% | 50.9% | 50.9% | 50.86% | 50.9% | 50.76% | 50.76% | 50.75% | 50.58% | 50.56% | |
| 5.72% | 4.65% | 4.89% | 4.75% | 5.56% | 6% | 6.35% | 6.33% | 6.54% | 6.47% | 7.53% | 7.46% | |
| 3.87% | 1.66% | 0.98% | 1.11% | 5.95% | 5.31% | 5.75% | 6.13% | 9.47% | 10.11% | 10.93% | 10.56% | |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 39.39% | 42.71% | 43.15% | 43.24% | 37.59% | 37.83% | 37% | 36.78% | 33.23% | 32.67% | 30.96% | 31.42% | |
| No. of shareholders | — | — | — | — | — | — | — | — | 67,317 | 66,139 | 66,054 | 69,278 |
Promoter holding down 0.46 percentage points since Sep 2023.
| Person | Deal | Shares | Value | Holding | Filed |
|---|---|---|---|---|---|
| Nilanjan Sarkar | SellMarket Sale | 1,600 | ₹16.53 L | 0.01% → 0.00% | 17 Sept 20257(2) |
| Paramjit Singh Gill | SellMarket Sale | 27,000 | ₹3.2 cr | 0.41% → 0.32% | 18 Aug 2025 |
| Date | Client | Type | Venue | Side | Quantity | Price | Value |
|---|---|---|---|---|---|---|---|
| 18 Nov 2024 | ELPRO INTERNATIONAL LIMITED | Bulk | NSE | Sell | 1,79,715 | ₹827.63 | ₹14.87 Cr |
| 16 Sept 2024 | GRAVITON RESEARCH CAPITAL LLP | Bulk | NSE | Sell | 1,75,269 | ₹1,297.08 | ₹22.73 Cr |
| 16 Sept 2024 | GRAVITON RESEARCH CAPITAL LLP | Bulk | NSE | Buy | 1,75,269 | ₹1,297.04 | ₹22.73 Cr |
| 10 Sept 2024 | HRTI PRIVATE LIMITED | Bulk | NSE | Buy | 1,95,477 | ₹1,215.13 | ₹23.75 Cr |
| 10 Sept 2024 | HRTI PRIVATE LIMITED | Bulk | NSE | Sell | 1,83,242 | ₹1,203.75 | ₹22.06 Cr |
| 2 Sept 2024 | AAKRAYA RESEARCH LLP | Bulk | NSE | Buy | 2,22,651 | ₹1,104.02 | ₹24.58 Cr |
| 2 Sept 2024 | AAKRAYA RESEARCH LLP | Bulk | NSE | Sell | 2,22,651 | ₹1,104.39 | ₹24.59 Cr |
| 2 Sept 2024 | GRAVITON RESEARCH CAPITAL LLP | Bulk | NSE | Sell | 2,07,262 | ₹1,106.80 | ₹22.94 Cr |
| 2 Sept 2024 | GRAVITON RESEARCH CAPITAL LLP | Bulk | NSE | Buy | 2,07,262 | ₹1,105.76 | ₹22.92 Cr |
| 2 Sept 2024 | ELPRO INTERNATIONAL LIMITED | Bulk | NSE | Buy | 1,79,715 | ₹1,112.88 | ₹20.00 Cr |
Current officeholders as filed with BSE. A person holding two offices is listed once per office.
Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.
Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.
| Company | Mkt Cap | EV | Revenue | EBITDA | OPM | PAT | NPM | ROCE | ROE | WC Days |
|---|---|---|---|---|---|---|---|---|---|---|
| United Spirits LimitedUNITDSPRUNITDSPR | ₹97,115 Cr | ₹97,121 Cr | ₹28,118 Cr | ₹2,281 Cr | 8.2% | ₹1,884 Cr | 6.6% | 27.2% | 21.6% | 63 |
| Radico Khaitan LimitedRADICORADICO | ₹56,733 Cr | ₹57,065 Cr | ₹21,531 Cr | ₹1,138 Cr | 4.9% | ₹704 Cr | 2.9% | 26.2% | 19.9% | 113 |
| United Breweries LimitedUBLUBL | ₹31,432 Cr | ₹32,607 Cr | ₹18,002 Cr | ₹777 Cr | 4.6% | ₹396 Cr | 2.4% | 12.7% | 9.3% | 86 |
| Allied Blenders And Distillers LimitedABDLABDL | ₹19,004 Cr | ₹20,150 Cr | ₹7,604 Cr | ₹546 Cr | 7.2% | ₹221 Cr | 2.9% | 26.7% | 14.2% | 77 |
| Tilaknagar Industries LimitedTITI | ₹13,428 Cr | ₹15,723 Cr | ₹6,711 Cr | ₹494 Cr | 8% | ₹-32 Cr | 0.4% | 11.7% | 1.1% | 107 |
| Piccadily Agro Industries LimitedPICCADILPICCADIL | ₹5,729 Cr | ₹6,260 Cr | ₹1,177 Cr | ₹239 Cr | 20.6% | ₹141 Cr | 12.1% | 32.5% | 24.8% | 297 |
| Globus Spirits LimitedGLOBUSSPRGLOBUSSPR | ₹2,290 Cr | ₹2,805 Cr | ₹3,813 Cr | ₹279 Cr | 7.2% | ₹101 Cr | 2.5% | 13.4% | 8.8% | 41 |
| Gm Breweries LimitedGMBREWGMBREW | ₹2,171 Cr | ₹2,171 Cr | ₹2,977 Cr | ₹181 Cr | 6.1% | ₹157 Cr | 5.3% | 19.1% | 14.5% | 17 |
| India Glycols LimitedINDIAGLYCOINDIAGLYCO | ₹2,002 Cr | ₹3,580 Cr | ₹10,312 Cr | ₹669 Cr | 6.6% | ₹316 Cr | 3% | 11.9% | 11.3% | 27 |
| Som Distilleries & Breweries LimitedSDBLSDBL | ₹1,558 Cr | ₹1,770 Cr | ₹2,026 Cr | ₹30 Cr | 3.7% | ₹-30 Cr | 0.5% | 6.1% | 1.2% | 21 |
| Associated Alcohols & Breweries Ltd.ASALCBRASALCBR | ₹1,228 Cr | ₹1,294 Cr | ₹1,049 Cr | ₹136 Cr | 13.8% | ₹83 Cr | 8.6% | 19.2% | 14.6% | 89 |
| Sula Vineyards LimitedSULASULA | ₹1,105 Cr | ₹1,399 Cr | ₹599 Cr | ₹102 Cr | 17.4% | ₹25 Cr | 4.3% | 9.7% | 4.4% | 375 |
Documents link to external sources (exchange filings, company investor pages).
1 schemes
| Shares | ||||||
|---|---|---|---|---|---|---|
| (Investment Manager for Motilal Oswal Mutual Fund) | Motilal Oswal Mutual Fund | 42 | 0 | 0.01% | 0% | -0 |
Voting Results For The AGM Dated September 15, 2026
Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
Shareholder Meeting / Postal Ballot-Outcome of AGM
Reg. 34 (1) Annual Report.
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Record Date For Dividend Fixed As September 08, 2026
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
| 15 Sept 2026, 3:01 pm | AGM/EGM AGM | Shareholder Meeting / Postal Ballot-Outcome of AGM |
| 10 Sept 2026, 7:41 pm | Others Reg. 34 (1) Annual Report | Reg. 34 (1) Annual Report. |
| 9 Sept 2026, 12:10 pm | Company Update Analyst / Investor Meet | Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation |
| 1 Sept 2026, 4:46 pm | Corp. Action Record Date | Record Date For Dividend Fixed As September 08, 2026 |
| 27 Aug 2026, 5:40 pm | Company Update Analyst / Investor Meet | Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation |
| 26 Aug 2026, 4:05 pm | Company Update Analyst / Investor Meet | Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation |
Consolidated figures · ₹ crore
| ₹ Cr | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| 1,267 | 1,672 | 2,822 | 3,147 | 3,519 | 3,613 | |
| COGS | 718 | 653 | 1,229 | 1,648 | 1,798 | 1,795 |
| Gross profit | 550 | 1,019 | 1,593 | 1,499 | 1,722 | 1,818 |
| 425 | 764 | 1,348 | 1,330 | 1,571 | 1,562 | |
| 125 | 255 | 246 | 169 | 151 | 256 | |
| OPM % | 9.8% | 15.2% | 8.7% | 5.4% | 4.3% | 7.1% |
| Depreciation | 38 | 41 | 56 | 66 | 82 | 92 |
| Interest | 24 | 19 | 17 | 27 | 46 | 58 |
| 4 | 7 | 8 | 14 | 10 | 13 | |
| Profit before tax | 67 | 202 | 180 | 91 | 33 | 119 |
| Tax | 17 | 61 | 58 | -5 | 11 | 28 |
| Tax % | 25.7% | 30.2% | 32.1% | -5.9% | 34% | 23.5% |
| 50 | 141 | 122 | 96 | 22 | 91 | |
| PAT margin % | 3.9% | 8.4% | 4.3% | 3.1% | 0.6% | 2.5% |
| EPS (₹) | 17.3 | 48.9 | 84.8 | 33.3 | 8.1 | 31.7 |
| EPS adjusted (₹) | — | 48.9 | 42.4 | 33.3 | 7.6 | 31.6 |
| 5.8% | 4.1% | 7.1% | 10.5% | 34.2% | 20.6% | |
| Annual report | Annual report for Mar 2020 | Annual report for Mar 2021 | Annual report for Mar 2023 | Annual report for Mar 2024 | Annual report for Mar 2025 | — |
| ₹ Cr | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 29 | 29 | 29 | 29 | 29 | 29 |
| Reserves | 557 | — | 858 | 943 | 964 | 1,062 |
| 134 | — | 276 | 318 | 519 | 515 | |
| 273 | — | 427 | 477 | 582 | 642 | |
| Total equity & liabilities | 992 | — | 1,590 | 1,767 | 2,093 | 2,249 |
| 579 | 648 | 800 | 956 | 992 | 1,249 | |
| CWIP | 48 | — | 126 | 89 | 150 | 37 |
| Investments | 0 | — | 0 | 4 | 0 | 6 |
| 365 | — | 664 | 718 | 952 | 956 | |
| Total assets | 992 | — | 1,590 | 1,767 | 2,093 | 2,249 |
| ₹ Cr | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| 148 | 102 | 170 | 67 | 268 | |
| -87 | -197 | -165 | -208 | -185 | |
| -23 | 71 | -6 | 142 | -88 | |
| Net cash flow | 38 | -24 | -1 | 1 | -5 |
| Free cash flow | 148 | -104 | -6 | -141 | 76 |
| CFO / Operating profit % | 58.3% | 41.5% | 100.4% | 44.4% | 103.6% |