United Spirits shares opened 2% lower at ₹1,210, as traders digested the Q2FY27 earnings miss.
Revenue rose 2.8% to ₹3,258 cr, falling short of the ₹3,348 cr consensus. The gap of ₹90 cr shows the company still struggles to hit market expectations.
EBITDA slipped 4.3% year‑on‑year to ₹643 cr, yet it beat the ₹637 cr estimate by ₹6 cr. However, the margin contracted to 19.7% from 21.2% a year earlier, a 150‑basis‑point slide.
The company said advertising and promotion spend jumped 56.8% to ₹378 cr, a boost aimed at the festive season. Yet volumes in the Popular segment fell 29.7% amid policy changes in Maharashtra and Karnataka.
Jefferies keeps its Buy call with a ₹1,560 target, implying a 27% upside from the pre‑results price. CLSA sticks to a Hold rating and a ₹1,303 target, a modest 6% lift. The consensus 12‑month target sits at ₹1,615, offering around 32% upside.
CEO Praveen Someshwar said the company remains confident ahead of the festive quarter, citing the relaunch of J&B Scotch and entry into the ready‑to‑drink market.