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United Spirits Q4 Review: Premiumisation Supports Margin Sustainability; ICICI Securities Maintains 'Add'
United Spirits should continue with its strong performance on the back of sustained momentum in P&A segment supported by innovation and supply chain agility, says ICICI Securities
21 May 2025, 11:20 AM IST 
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For FY25, United Spirits' P&A revenue/ volume grew 10%/ 5% YoY with realisation growth of 4% YoY.
(Photo source: United Spirits)
United Spirits' gross margin expanded by 114 bps YoY to 44.5% led by headline pricing realisation, stable commodity basket (glass), productivity savings and better mix. Ebitda margin expanded 356bps YoY to 17.1% (FY25: 17.8%, +180bps YoY), supported by strong gross profit growth and cost discipline across the value chain.
