United Spirits Limited (MCDOWELL-N) fair value: what the stock is really worth
We calculate from audited financials what United Spirits Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.
How to read this chart
60‑month range ₹567.53 – ₹1,681 · fair‑value band ₹246.66 – ₹532.23 · the ₹1,395 price screens above the ₹371.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 20, 2026.
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.
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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.
Stock analysis
United Spirits Limited (MCDOWELL-N) currently trades at ₹1,395, while our model-based Fair Value estimate is ₹371.30, implying the stock looks roughly 275.7% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹467.23 per share, and 0 of the 24 models we run sit above the ₹1,395 price.
Bear case: the Asset-Based group reads lowest at ₹82.47, and 24 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹246.66 (bear) to ₹532.23 (bull), the price of ₹1,395 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap ₹990B (≈ $10.4B) · P/E ratio 70.2 · P/S ratio 10.3 · EPS (TTM) ₹19.84 · Dividend yield 0.6% · Net margin 14.7% · Return on equity 21.7% · Return on assets (EBIT) 14.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic.
The share trades about 15% below its 52-week high and 15% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 23% fair-value upside, at −73%, MCDOWELL-N screens richer than that median.
Fair Value models
Based on fiscal year 2026 figures (about 5 months old). Earnings retained since then (₹4.90 per share) are deliberately not added.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
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.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.88/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹125B
Latest YoY
+3.3%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.5%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.0%
Avg. revenue growth/yr (22Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.3%
Value creation/yr (5Y, in INR) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+23.4%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+22.8%
Dividend yield0.6%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 22.8% vs 10Y 13.1%, picking up
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.9.5% (2021) → 16.0% (2026) · rising
Worst earnings drop1,487% (2014) (loss year, drop beyond 100%) · in INR
Revenue+6.6%/yr
FY22₹96.5B
FY23₹106B
FY24₹113B
FY25₹121B
FY26₹125B
Net income+22.0%/yr
FY22₹8.3B
FY23₹11.4B
FY24₹14.1B
FY25₹15.8B
FY26₹18.4B
Character of growth · EPS growth decomposed (2016-2026)+13.8 % p.a.
Revenue per share+3.4 %
of which total revenue +3.4 % · buybacks/dilution +0.0 %
EBIT margin+6.8 %
Tax rate−0.5 %
Residual (interest, one-offs)+3.5 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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
Quality Score64 · Top 25%
Fair Value upside−76% · Bottom 25%
Profitability
Return on equity (TTM)22% · Top 25%
Return on assets11% · Top 25%
Net margin (TTM)12% · Top 25%
Operating margin (TTM)9% · Above median
Growth and dividend
Revenue growth11% · Top 25%
Dividend yield (TTM)0.6% · Bottom 25%
Valuation Multiples vs Beverages - Wineries & Distilleries median · lower = cheaper
P/E (TTM)70.2× · Priciest 25%
P/B10.63× · Priciest 25%
P/S (TTM)8.40× · Priciest 25%
P/FCF0.7× · Cheapest 25%
EV/EBITDA46.6× · Priciest 25%
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must United Spirits Limited deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years+26.7 % per year
Achieved revenue growth, 5 years+9.0 % p.a.
Sector median revenue growth+2.9 %
FCF yield on price1.36 %
Discount rate (WACC) in the models10.4 %
The price demands an acceleration versus past growth: a high bar the company still has to clear. Ranking of the largest stocks →
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.
This stockSector peers
VALUE0· sector 19
FUTURE56· sector 0
PAST87· sector 17
HEALTH100· sector 96
DIVIDEND13· sector 62
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.
Alcohol
Similar stocks
10 more Beverages - Wineries & Distilleries stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).
Is United Spirits Limited (MCDOWELL-N) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of ₹371.30 versus a price of ₹1,395, about −73% upside (overvalued).
What is the fair value of MCDOWELL-N?
Our model-based fair value for United Spirits Limited is ₹371.30 (as of Aug 20, 2026), built from audited fundamentals. The current price: ₹1,395.
What is the quality score of MCDOWELL-N?
United Spirits Limited has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for United Spirits Limited (MCDOWELL-N)?
Our model-based price target is the fair value of ₹371.30 (as of Aug 20, 2026) from 24 valuation models. Cautious scenario ₹246.66, optimistic scenario ₹532.23. It is a calculation from audited fundamentals, not an analyst target.
What is the United Spirits Limited stock forecast for 2026?
Our models put fair value at ₹371.30, about −73% upside versus a price of ₹1,395 (overvalued). Cautious scenario ₹246.66, optimistic scenario ₹532.23. The calculation is refreshed regularly with new filings.
What is the revenue of United Spirits Limited (MCDOWELL-N)?
United Spirits Limited reported trailing-twelve-month revenue of about ₹113B (latest available figure, as of Aug 20, 2026).
What is the net profit margin of MCDOWELL-N?
The net profit margin of United Spirits Limited is about 12.4%, meaning it keeps roughly 12.4% of revenue as net income. Based on the latest reported figures.
Does United Spirits Limited pay a dividend?
United Spirits Limited currently shows a dividend yield of about 0.65% relative to its recent price (as of Aug 20, 2026).
What growth is priced into United Spirits Limited (MCDOWELL-N)?
For today's price to be fair in a discounted-cash-flow model, United Spirits Limited would have to grow free cash flow by +26.7 % per year for ten years (discount rate 10.4 %, then 2 % perpetual growth). Over the last 5 years revenue grew +9.0 % per year. As of Aug 20, 2026.
What discount rate (WACC) does the fair value of MCDOWELL-N use?
Our models discount United Spirits Limited at 10.4 %: a base by market capitalisation (large), damped by beta 0.39, country premium for India. The same rate applies in all 26 models.
What is the intrinsic value of United Spirits Limited (MCDOWELL-N)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For United Spirits Limited it is ₹371.30 per share (as of Aug 20, 2026), against a price of ₹1,395. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is United Spirits Limited stock overvalued or undervalued in 2026?
As of Aug 20, 2026, MCDOWELL-N trades above its calculated fair value: price ₹1,395, fair value ₹371.30, a gap of about −73% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MCDOWELL-N?
No. The price is what the market pays today (₹1,395); the fair value is what the company's own numbers justify (₹371.30). For United Spirits Limited the two are ₹1,024 per share apart. That gap is exactly why we show both numbers side by side.
How much is United Spirits Limited worth?
The market values United Spirits Limited at about ₹990B (market capitalisation, as of Aug 20, 2026). Per share that is ₹1,395; our models calculate a fair value of ₹371.30 per share.
What do the bullish and bearish scenarios say about MCDOWELL-N?
Our models span a range for United Spirits Limited: cautious scenario ₹246.66, base ₹371.30, optimistic ₹532.23 per share (as of Aug 20, 2026, price ₹1,395). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MCDOWELL-N?
United Spirits Limited trades at a price-to-earnings ratio of 70.2 (as of Aug 20, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹371.30 is built from several models across several years. Other multiples: P/B 10.6, P/S 8.4, EV/EBITDA 46.6.
How solid is the balance sheet of United Spirits Limited (MCDOWELL-N)?
Balance-sheet figures for United Spirits Limited (as of Aug 20, 2026): return on equity 21.7%. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is MCDOWELL-N from its 52-week high?
United Spirits Limited trades at ₹1,395, about 15% below its 52-week high of ₹1,645 and 15% above the low of ₹1,211 (as of Aug 20, 2026). Distance from the high says nothing about value: that is what the fair value of ₹371.30 is for.
Which stocks are comparable to United Spirits Limited?
From the same area (Consumer Defensive) we also value Kweichow Moutai Co, Diageo plc, Wuliangye Yibin Co, Shanxi Xinghuacun Fen Wine Factory Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is United Spirits Limited stock attractive at the current price?
The data as of Aug 20, 2026: price ₹1,395, calculated fair value ₹371.30 (−73%), Quality Score 64/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MCDOWELL-N calculated?
We run United Spirits Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹371.30, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 31.6 % above its aggregate fair value. United Spirits Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
What should I pay attention to with United Spirits Limited right 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.
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