United Spirits (USL) reported a 2.8 per cent year-on-year increase in net sales value (NSV) to ₹3,258 crore in Q2 FY27, while profit after tax declined 2.1 per cent to ₹462 crore. Net profit margin stood at 14.2 per cent.
The Prestige & Above (P&A) segment grew 6.3 per cent, supported by local-flavour innovations in Smirnoff, the relaunch of J&B Scotch and growth in the luxury portfolio. However, this was partly offset by the impact of adverse policy changes in Maharashtra.
The Popular segment’s NSV fell 22.7 per cent on a like-for-like basis to ₹181 crore, affected by Maharashtra’s MML-related disruption and policy changes in Karnataka, including excise slab revisions that weighed on realisations.
Sales volumes declined to 15.76 million cases from 16.60 million cases in Q2 FY26.
EBITDA declined 4.3 per cent YoY to ₹643 crore, while EBITDA margin contracted 146 basis points to 19.7 per cent, due to higher advertising and promotional spending.
Meanwhile, Advertising and promotion (A&P) spending rose to 11.6 per cent of NSV, from 7.6 per cent a year earlier, reflecting increased investment in brands and launches ahead of the festive season.
Praveen Someshwar, CEO & Managing Director, said, “We delivered a resilient quarter despite a strong prior-year base and regulatory headwinds, while continuing to invest behind our brands for long-term growth. The relaunch of J&B Scotch, enabled by the India-UK FTA, offers consumers a compelling proposition that will help recruit and deepen Scotch penetration. We also continue to unlock new avenues for growth, most recently, entering the Ready-to-Drink segment with Smirnoff Ice to give consumers a convenient new choice. We look ahead to the festive quarter with confidence.”
Published on October 28, 2026
