United Spirits earnings calls.

United Spirits delivered a resilient Q3 FY26 with reported PNA volume decline of 2% offset by strong 10.2%Current 10.2%. Reported change: +420bps vs 6-8% range. price mix, resulting in flat underlying volume excluding AP pipeline fill and Maharashtra impact. Excluding Maharashtra, PNA volume grew 6%Current Excluding Maharashtra, PNA volume grew 6%. Reported change: +6pp YoY. with 14% NSV growthCurrent reported value: 14% NSV growth. No comparable prior figure is available in the source record., demonstrating robust portfolio performance in rest of India. The top half of the portfolio showed encouraging green shoots—Signature grew double-digit and Don Julio crossed ₹100 crore NSV in 9 monthsCurrent ₹100 crore NSV in 9 months. Reported change: +2x YoY., becoming the fastest brand to achieve this milestone. Gross margins held at 47% for two consecutive quarters, though bulk scotch inflation started impacting from November. Maharashtra remains the primary challenge with MML competition affecting popular and lower prestige segments; management expects ~200bps volume impact to reverse as AP pipeline effect normalizes. Strategic review of IPL assets continues with March 31 deadline. India-UK FTA implementation anticipated July-September 2026 pending British Parliament approval, which could provide 110-120 crore annual cost benefit.