United Spirits Limited (MCDOWELL-N) Fair Value & Analysis
Consumer Defensive · IN · Market cap ₹951B
Fair value as of: Jul 18, 2026
From 24 valuation models · updated 4 days ago
Fair value updated Jul 18, 2026, revised from ₹456.75 to ₹430.08 (−5.8%) since Jun 24, 2026. Share price +5.7% over the past month.
Price vs Fair Value (12 months)
12‑month range ₹1,222 – ₹1,462 · fair‑value band ₹286.36 – ₹607.40 · the ₹1,395 price screens above the ₹430.08 fair value. As of Jul 18, 2026.
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United Spirits Limited (MCDOWELL-N) currently trades at ₹1,395, while our model-based Fair Value estimate is ₹430.08, implying the stock looks roughly 69.2% overvalued today. We read business quality 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 Jul 18, 2026
Our scenario range runs from ₹286.36 (bear case) to ₹607.40 (bull case); at ₹1,395, the current price sits above that range. 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 -9% fair-value upside, at -69%, MCDOWELL-N screens richer than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 18, 2026. TTM = trailing twelve months.
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. 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 …
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.
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Similar stocks
10 more Beverages - Wineries & Distilleries stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Kweichow Moutai Co 600519 | ¥1,276 | ¥887.08 | -30% |
| Diageo plc DEOP34 | R$23.04 | R$14.43 | -37% |
| Wuliangye Yibin Co 000858 | ¥76.55 | ¥48.44 | -37% |
| Shanxi Xinghuacun Fen Wine Factory Co 600809 | ¥118.79 | ¥159.08 | +34% |
| Pernod Ricard SA RI | €63.48 | €70.82 | +12% |
| Luzhou Laojiao Co 000568 | ¥81.27 | ¥154.52 | +90% |
| Brown-Forman Corporation BFA | $27.29 | $23.88 | -12% |
| Thai Beverage Public Company TBVPF | $0.3358 | $0.5300 | +58% |
| Jiangsu Yanghe Distillery Co 002304 | ¥43.24 | ¥23.27 | -46% |
| Davide Campari-Milano N.V DVDCF | $6.33 | $5.74 | -9% |
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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.
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