United Spirits Limited (MCDOWELL-N) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹951B

A solid business, but screening 75% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (₹532.23). The favourable scenario is already priced in.
• Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
• A fairly wide model range (₹246.66 to ₹532.23) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹514.00 – ₹1,681 · fair‑value band ₹246.66 – ₹532.23 · the ₹1,515 price screens above the ₹371.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

United Spirits Limited (MCDOWELL-N) currently trades at ₹1,515, while our model-based Fair Value estimate is ₹371.30, implying the stock looks roughly 75.5% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, United Spirits Limited generated revenue of ₹113B at a net margin of 12.4%. Revenue grew 11.2% year over year. It earns a return on equity of 21.7%. The balance sheet holds a net cash position of ₹15.6B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹246.66 (bear case) to ₹532.23 (bull case); at ₹1,515, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 25% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 12% fair-value upside, at -75%, MCDOWELL-N screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Growth Earnings (₹467.23) versus Asset-Based (₹82.47). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

United Spirits Limited manufactures, purchases, and sells alcoholic beverages and other allied spirits in India and internationally. Its alcoholic beverages include Scotch whisky, Indian made foreign liquor whisky, brandy, rum, vodka, and gin.

Full company description

United Spirits Limited manufactures, purchases, and sells alcoholic beverages and other allied spirits in India and internationally. Its alcoholic beverages include Scotch whisky, Indian made foreign liquor whisky, brandy, rum, vodka, and gin. The company primarily owns McDowell's No.1, Royal Challenge, Signature, Antiquity, Black Dog, Director's Special Black, McDowell's Rum, and McDowell's Brandy brands. It also manufactures, imports, and sells Diageo's iconic brands, such as Haig Gold Label, Captain Morgan, Johnnie Walker, J&B, Baileys, Lagavulin, Talisker, VAT 69, Black & White, Smirnoff, and Ciroc. In addition, the company holds the perpetual right to the Bangalore Franchise of Board of Control for Cricket in India "Indian Premier League. It exports its products. The company was formerly known as McDowell & Company Limited and changed its name to United Spirits Limited in October 2006. United Spirits Limited was founded in 1826 and is headquartered in Bengaluru, India. United Spirits Limited operates as a subsidiary of Relay B.V.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

United Spirits Limited reported revenue of ₹125B in FY2026 versus ₹96.5B in FY2022, a compound +6.6%/yr. Reported net income was ₹18.4B in FY2026, compounding +22.0%/yr from FY2022.

MCDOWELL-N screens 75% overvalued. Compare with Kweichow Moutai Co →

Peer Group

Beverages - Wineries & Distilleries · 96 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Beverages - Wineries & Distilleries median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.