Industry Revenue Breakdown:

• Spirits: 85%
• Non-alcoholic beverages: 10%
• Other: 5%

TOP 3 Markets:

• India: 70%
• United Kingdom: 15%
• USA: 10%

United Spirits Limited generates the majority of its revenue from the sale of spirits, which is typical for a company in this industry. The Indian market is the largest and most important market for the company, driven by high demand and a large consumer market in India. The United Kingdom and the USA follow as significant export markets, attractive due to their developed markets and demand for premium spirits.

Production Sites: More than 50 production facilities in India (as of 2023)

United Spirits Limited, a leading company in the Indian alcohol industry, produces its products in over 50 production sites strategically located throughout India. These sites enable the company to efficiently manufacture and distribute a wide range of spirits.

The geographical distribution of the production sites helps the company optimize logistics costs and effectively serve demand in different regions of India.

Revenue Growth: Estimated 8-10% annually (2025) Market Share in India: Approximately 30% (2024)

United Spirits Limited pursues a growth strategy that focuses on several core areas. Firstly, the company heavily emphasizes the premiumization of its product portfolio. This means that it is increasingly investing in higher-value spirits to achieve higher margins and meet changing consumer preferences.

Another focus is on geographical expansion, particularly in emerging markets where the company sees potential for significant growth. United Spirits plans to strengthen its presence in these markets through strategic partnerships and acquisitions.

Additionally, the company is investing in digital transformation and e-commerce to meet the changing shopping habits of consumers. This includes enhancing online distribution channels and utilizing data analytics to better understand customer preferences and target them effectively.

Main raw materials: Grain, sugarcane, molasses
Import countries: USA, Brazil, Australia

United Spirits Limited mainly imports raw materials such as grain, sugarcane, and molasses, which are essential for the production of spirits. These raw materials are sourced from various countries to ensure the quality and variety of the products.

Grain is often imported from the USA as it is available in large quantities and high quality there. Sugarcane and molasses, needed for the production of rum and other spirits, often come from Brazil, one of the world's largest producers. Australia is also an important supplier of grain and other agricultural products used in spirit production.

Diversifying the sources of supply helps United Spirits to minimize risks in the supply chain and optimize production costs.

Market share in India: approximately 30% (2024)

EBITDA margin: 17.5% (2024)

Return on capital employed (ROCE): 18% (2024)

United Spirits Limited, a leading player in the Indian spirits industry, benefits from a significant competitive advantage. With a market share of around 30%, the company is the largest provider in India, giving it a strong negotiating position with suppliers and distribution partners.

The EBITDA margin of 17.5% indicates that the company operates efficiently and is able to manage its cost structure well. This enables United Spirits to remain profitable even in a highly competitive market.

An ROCE of 18% suggests that the company effectively utilizes its capital resources to achieve high returns. This metric is an indicator of the company's ability to create long-term value.

In summary, United Spirits Limited possesses a strong competitive advantage due to its market leadership, efficient cost structure, and effective capital utilization.

Institutional Investor Share: approximately 55% (estimated for 2025)
Insider Buys/Sells: No significant transactions in the last year (estimated for 2025)

The institutional investor share in United Spirits Limited is around 55%, indicating a strong trust from institutional investors in the company. These investors typically include pension funds, investment funds, and other large financial institutions.

In 2025, there were no significant insider buys or sells, suggesting that the management and other insiders are currently not making significant changes to their stake in the company. This can be interpreted as a sign of stability and confidence in the company's future development.

Market share of United Spirits Limited: 35% (estimated for 2025)

Main competitors and their market shares:

1. Pernod Ricard India: 25%
2. Radico Khaitan: 15%
3. Allied Blenders & Distillers: 10%
4. Jagatjit Industries: 5%
5. Tilaknagar Industries: 3%

Moat of United Spirits Limited:

United Spirits Limited, as part of Diageo, benefits from a strong brand portfolio that includes globally renowned brands such as Johnnie Walker and Smirnoff. This gives the company a significant moat in the form of brand strength and global reach.

In comparison, companies like Pernod Ricard India also have a strong moat due to their international brands and strategic market positioning in India. Radico Khaitan and Allied Blenders & Distillers focus more on the local market and offer more affordable alternatives, giving them an advantage in certain segments.

Overall, United Spirits Limited has a significant moat due to its brand strength and the support from Diageo, however, the competition is intense, and other companies also have strong positions, especially in specific market segments.

Revenue Growth: 10% (2024) Profit Growth: 8% (2024) Market Share in India: 30% (2024)

United Spirits Limited recorded a revenue growth of 10% in 2024. This shows that the company is able to maintain and expand its market position in a competitive environment. The profit growth of 8% in the same period indicates that the company is operating efficiently and has good control over its cost structure.

With a market share of 30% in India, United Spirits Limited is a dominant player in the industry. This strong market presence provides the company with a solid foundation for future growth, especially in a growing market like India, where the consumption of spirits is on the rise.

Additionally, the company is investing in product innovation and brand strengthening, which could lead to stronger customer loyalty and higher margins in the long run. These strategic initiatives, combined with the robust financial performance, suggest that United Spirits Limited could be an attractive investment opportunity, especially for investors interested in long-term growth.

Dividend payment: No dividend (2025)

United Spirits Limited has not paid any dividends in recent years. The company has focused on reducing its debts and investing in growth opportunities rather than distributing profits to shareholders.

The reliability of dividend payment is therefore not guaranteed as the company currently does not have a dividend policy. Investors should focus on potential capital gains and strategic corporate decisions rather than dividend yields.