United Spirits rises 5% after Q4 results; JM Financial sees 5% upside

JM Financial has set a target price of ₹1,400 per share, implying a potential upside of 4.55 per cent from the current market price.

Shares of United Spirits were high in demand on the bourses after the company announced its results for the quarter and financial year ended March 31, 2026 (Q4FY26 and FY26). The investor sentiment was further supported by the company’s announcement of dividend reward for its shareholders.

 

Following the developments, United Spirits’ stock rose 5.22 per cent to ₹1,339 during intra-day trade on Friday, May 15. The stock later pared some gains, but continued to witness buying interest. At 10:55 AM, shares of the company were trading at ₹1,325.10 apiece, up 4.13 per cent from the previous close of ₹1,272.50. The benchmark Nifty50 was trading at 23,829, higher by 140 points or 0.59 per cent.

 

United Spirits Q4FY26 results

United Spirits reported a 28 per cent year-on-year (Y-o-Y) rise in consolidated net profit at ₹539 crore for Q4FY26, compared with ₹421 crore in Q4FY25. Revenue from operations rose 3.7 per cent Y-o-Y to ₹3,054 crore, led by 5 per cent growth in the Prestige & Above segment.

 

Excluding Maharashtra and Andhra Pradesh, the company’s overall portfolio, including the Prestige & Above segment, registered 8.5 per cent growth at the national level. However, NSV in the Popular segment declined 13.2 per cent, mainly due to the MML impact in Maharashtra.

 

The company also informed exchanges that its board had recommended a final dividend of ₹11 per equity share (face value ₹2 each) for the financial year ended March 31, 2026. The record date for determining shareholders eligible for the final dividend has been fixed as Wednesday, July 8, 2026.

 

“Final dividend, if any, declared at the AGM will be paid on or after Thursday, August 13, 2026,” said the company.  

JM Financial retains ‘Add’

Analysts at JM Financial retained their ‘Add’ rating on United Spirits despite a softer Q4 revenue performance impacted by policy changes in Maharashtra and Andhra Pradesh, which led to a 5.6 per cent Y-o-Y decline in volumes. The brokerage has set a target price of ₹1,400 per share, implying a potential upside of 5.66 per cent from the current market price.

 

Analysts Mehul Desai, Gaurav Jogani, Pooja Kubadia, and Rajat Gupta of JM Financial highlighted better-than-expected Ebitda margins, supported by gross margin expansion, cost controls, and management’s confidence in sustaining double-digit medium-term growth through premiumisation and policy tailwinds.

 

The analysts added that management remains confident of delivering its medium-term guidance of double-digit growth, aided by continued premiumisation, the progressive Karnataka policy, and benefits from the UK-FTA.

 

The management conference call is scheduled for 4 PM on Friday, after market hours. 

Technical view

From a technical perspective, Harish Jujarey, AVP and head of technical equity research at Prithvi Finmart, said the stock continues to trade below its 200-day moving average, currently placed around the 1,360 level.

 

In addition, the price structure remains weak with the formation of lower tops and lower bottoms on the charts, indicating the absence of strong bullish momentum, he said.

 

“As there is no major chart setup visible at current levels, the stock is likely to continue consolidating within the predefined range of ₹1,250–₹1,420 in the near term,” Jujarey added.    Check Here: Top Losers Today  | Top Gainers Today  ============================== 

(Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers' discretion is advised.)