Archive · 23 Jan 2026
Brokerages Divided on United Spirits Future
United Spirits is a company that sells alcohol.
Some experts (Nuvama) think the company might have some problems because of new rules in Maharashtra and Andhra Pradesh that make it harder to sell their products.
They think the company's stock price might not go up much in the near future.
But another expert (Nomura) thinks the company is doing well and the stock price could go up a lot.
The company's recent report shows that they made more money this year compared to last year, but they sold less of their more expensive products.
The company is hoping that a new trade agreement between India and the UK will help them sell more and make more money in the future.
United Spirits' share price has corrected by 10% in the last year.
Nuvama cut its target price to Rs 1,660 but maintained a 'Buy' rating, citing weak volumes due to policy changes in Maharashtra and Andhra Pradesh.
Nomura initiated coverage with a 'Buy' rating and a target price of Rs 1,650, expecting benefits from the India-UK FTA to offset Scotch inflation.
United Spirits reported a 25% YoY increase in net profit to Rs 418 crore in Q3FY26, but a 10% sequential decrease from Q2FY26.
The company's revenue grew by 3% YoY to Rs 7,942 crore in Q3FY26, with P&A volumes and value growing 6% and 14% YoY respectively, excluding Andhra Pradesh and Maharashtra.
- Who
- United Spirits, Nuvama, Nomura
- What
- Brokerage houses have differing opinions on United Spirits' future prospects
- When
- Q3FY26 results and recent policy changes in Maharashtra and Andhra Pradesh
- Where
- India, with focus on Maharashtra and Andhra Pradesh markets
- Why
- Due to recent headwinds from Maharashtra and Andhra Pradesh, and the potential impact of the India-UK FTA
- Current Share Price
- Corrected by 10% in the last 1 year
- Nuvama Target Price
- Rs 1,660
- Nomura Target Price
- Rs 1,650
- Q3FY26 Net Profit
- Rs 418 crore (25% YoY increase)
- Q3FY26 Revenue
- Rs 7,942 crore (3% YoY growth)
- P&A Volume Growth (Excluding AP & MH)
- 6% YoY
- P&A Value Growth (Excluding AP & MH)
- 14% YoY
- Expected FTA Commencement
- Q2 FY27