United Spirits - Public Comps and Valuation Multiples

United Spirits Overview

About United Spirits

United Spirits Ltd manufactures and sells spirits, beer, wine, and other alcoholic beverages. The company is engaged in the business of manufacture, purchase, and sale of beverage alcohol and other allied spirits, including through tie-up manufacturing units and strategic franchising of some of its brands. Its brand portfolio consists of McDowell's No.1, Royal Challenge, Black Dog, Signature, Antiquity, Director's Special Black, McDowell's Rum, McDowell's Brandy, Bagpiper, Old Tavern, and Haywards among others. Geographically, the firm generates a majority of its revenue from India. The company's segment includes: Beverage alcohol; and Sports. It derives maximum revenue from Beverage alcohol that manufacture, purchase, franchise and sale of beverage alcohol and other allied spirits.

Founded

1999

HQ

Employees

2.4K+

Website

diageoindia.com

Sectors

Alcohol

Financials

LTM Revenue $1.4B

LTM EBITDA $250M

EV

$10.9B

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United Spirits Financials

As of September 2025, United Spirits reported last 12-month revenue of $1.4B and EBITDA of $250M.

In the same period, United Spirits generated $647M in LTM gross profit and $182M in net income.

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United Spirits P&L

In the most recent fiscal year, United Spirits reported revenue of $1.4B and EBITDA of $283M.

United Spirits expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.4B	XXX	$1.4B	XXX	XXX	XXX
Gross Profit	$647M	XXX	$623M	XXX	XXX	XXX
Gross Margin	46%	XXX	46%	XXX	XXX	XXX
EBITDA	$250M	XXX	$283M	XXX	XXX	XXX
EBITDA Margin	18%	XXX	21%	XXX	XXX	XXX
EBIT	$220M	XXX	$221M	XXX	XXX	XXX
EBIT Margin	16%	XXX	16%	XXX	XXX	XXX
Net Profit	$182M	XXX	$178M	XXX	XXX	XXX
Net Margin	13%	XXX	13%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for United Spirits including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.4B. EBITDA for the last twelve months was $250M. In the most recent fiscal year, United Spirits achieved $1.4B in revenue and $283M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.4B	Analyst estimates available to subscribers	$1.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$647M	Analyst estimates available to subscribers	$623M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	46.4% gross margin	Analyst estimates available to subscribers	46.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$250M	Analyst estimates available to subscribers	$283M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	17.9% EBITDA margin	Analyst estimates available to subscribers	20.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$220M	Analyst estimates available to subscribers	$221M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	15.8% EBIT margin	Analyst estimates available to subscribers	16.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$182M	Analyst estimates available to subscribers	$178M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	13.0% net profit margin	Analyst estimates available to subscribers	13.2% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for United Spirits

This financial data table provides comprehensive performance metrics for United Spirits, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

United Spirits generated $1.4B in revenue over the last twelve months.
The company achieved $250M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $647M.
Net income over the last twelve months reached $182M.

Fiscal Year Performance

In the most recent fiscal year, United Spirits reported $1.4B in total revenue.
Fiscal year EBITDA was $283M.
The company maintained a gross profit margin of 46.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 20.9%.
Net profit margin reached 13.2% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for United Spirits. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

United Spirits Stock Performance

United Spirits has current market cap of INR 990B (or $11.2B), and EV of INR 969B (or $10.9B).

Market Cap Evolution

United Spirits Stock Data

As of October 17, 2025, United Spirits's stock price is INR 1361 (or $15).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$10.9B	$11.2B	XXX	XXX	XXX	XXX	$0.25

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United Spirits Valuation Multiples

United Spirits's trades at 8.2x EV/Revenue multiple, and 39.8x EV/EBITDA.

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United Spirits Financial Valuation Multiples

As of October 17, 2025, United Spirits has market cap of $11.2B and EV of $10.9B.

Equity research analysts estimate United Spirits's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

United Spirits has a P/E ratio of 61.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$11.2B	XXX	$11.2B	XXX	XXX	XXX
EV (current)	$10.9B	XXX	$10.9B	XXX	XXX	XXX
EV/Revenue	7.8x	XXX	8.2x	XXX	XXX	XXX
EV/EBITDA	43.7x	XXX	39.8x	XXX	XXX	XXX
EV/EBIT	49.7x	XXX	50.9x	XXX	XXX	XXX
EV/Gross Profit	16.9x	XXX	n/a	XXX	XXX	XXX
P/E	61.4x	XXX	64.3x	XXX	XXX	XXX
EV/FCF	68.7x	XXX	60.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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United Spirits Margins & Growth Rates

United Spirits's last 12 month revenue growth is 9%

United Spirits's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.2M for the same period.

United Spirits's rule of 40 is 29% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

United Spirits's rule of X is 39% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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United Spirits Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	9%	XXX	8%	XXX	XXX	XXX
EBITDA Margin	18%	XXX	21%	XXX	XXX	XXX
EBITDA Growth	11%	XXX	2%	XXX	XXX	XXX
Rule of 40	29%	XXX	29%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	39%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	13%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	30%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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