United Spirits Limited: Constructive growth outlook anchored on renovation, innovation and sharper execution

Research evidence excerpt

United Spirits Limited: Constructive growth outlook anchored on renovation, innovation and sharper execution

J P M O R G A N Asia Pacific Equity Research

17 June 2026

United Spirits Limited Overweight

UNSP.NS, UNITDSPR IN

Constructive growth outlook anchored on renovation, Price (17 Jun 26):Rs1,308.00

innovation and sharper execution Price Target (Sep-27):Rs1,510.00

We hosted CFO Mr. Pradeep Jain at the JPM India Consumer CEO/CFO Fireside Consumer, Retail, Media

ACChat series. The growth outlook for FY27 remains fairly constructive (double-digit Latika Chopra, CFA

P&A growth aspiration), enabled by renovation (McDowell’s refresh), innovation (91-22) 6157-3584

(vodka), category creation (tequila), potential upside from the UK FTA, stabilizing latika.chopra@jpmorgan.com

Maharashtra trends and significant growth tailwinds anticipated from Karnataka. Himanshu Singh

2H should fare better as the Maharashtra impact is absorbed. Gradual margin (91-22) 6157-3610

improvement will further add to earnings growth, even as gross margin faces near- himanshu.x6.singh@jpmorgan.com

term pressure (from a packaging-led COGS spike, logistics) and A&P spends will Saransh S Gokhale

remain elevated to support brand initiatives. There is an enhanced focus on (91-22) 6157 3578

saransh.gokhale@jpmchase.com

improved and agile on-the-ground execution amid growing competition from J.P. Morgan India Private Limited, J.P. Morgan

domestic players. UNSP has refreshed its execution playbook around three distinct Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

consumer cohorts, each with clear growth drivers and focus areas. We stay OW.

• Double-digit revenue aspiration intact, likely to be back- Style Exposure

ended.