United Spirits First Take 4QFY26

United Spirits reported a 4QFY26 EBITDA beat of 16% YoY, driven by strong gross margin expansion, despite a 3.7% revenue miss caused by tax hikes in Maharashtra. Goldman Sachs maintains a Buy rating with a Rs1,480 target price.

Key Takeaways

• 1.EBITDA beat expectations, growing 16% YoY (8% ahead of GSe), driven by strong gross margin expansion (291 bps) and cost optimization.
• 2.Revenue missed Goldman Sachs estimates with consolidated net sales growth of 3.7%, impacted by a significant tax increase in Maharashtra.
• 3.The premium 'Prestige & Above' (P&A) segment remains the primary growth driver, growing 8.5% YoY when excluding the impact of specific regional tax changes.

Table of Contents

• Investment Thesis — United Spirits
• Price Target Risks and Methodology — United Spirits
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s) United Spirits (UNSP.BO)
• Regulatory disclosures

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