United Spirits Ltd.P&A Sales +10.1%, EBITDA ₹432 Cr, UK FTA Live

United Spirits reported Q1 FY27 Prestige and Above (P&A) net sales growth of 10.1%, or 14.8% excluding Maharashtra, with P&A volume down 1.3% reported and up 6.4% excluding Maharashtra.

Reported P&A price/mix was 11.4% and 8.4% excluding Maharashtra, which management says is the number to use going forward. EBITDA grew 4.1% to ₹432 Cr at a 16% margin after a ₹30 Cr West Asia cost hit and advertising and promotion of 11.3% of net sales, and reported PAT rose 51% to ₹391 Cr, including a ₹150 Cr dividend from the Royal Challengers sports company, now treated as discontinued operations. The India-UK trade agreement came into force this month, with the first shipment cleared at concessional duty and benefits expected from about October.

Royal Challenge crossed 10 million cases, Signature crossed ₹1,000 Cr, Smirnoff reached about ₹250 Cr in the quarter, and a renovated McDowell's No.1 is rolling out. The RCB sale awaits BCCI approval, with closing expected by September or October.