United Spirits shares rise over 6% after strong Q2 results. Should you buy the liquor stock?

United Spirits shares zoomed over 6% in trade on Friday, October 31, following a strong set of numbers for the second quarter of the financial year 2025-26 (FY26).

United Spirits' share price jumped 6.89% to the day's high of ₹1489 on the BSE, taking the company's market capitalisation past the ₹1.06 lakh crore mark.

On a year-to-date (YTD) basis, Diageo-controlled liquor maker's shares have declined 12% even though they have remained flat in the last one year. It has emerged as a multibagger stock over a period of five years, rallying 189%.

United Spirits Q2 Results

The company posted a 36% year-on-year (YoY) rise in net profit to ₹464 crore for the July-September period, compared to ₹341 crore in the corresponding quarter a year ago.

Its revenue from operations witnessed a 7.9% to ₹7,199 crore in the September quarter of FY26. The figure stood at ₹6,672 crore in the corresponding period of the previous fiscal year.

The operating performance remained strong, with the company's earnings before interest, tax, depreciation, and amortisation (EBITDA) recorded at ₹660 crore, a 31.5% increase driven by the standalone business.

United Spirits Shares: Time to buy?

Domestic brokerage Nuvama Research said the earnings were a beat on all fronts, with the growth driven by the company's re-entry in Andhra, a favourable base and its renovations/innovations offerings.

The brokerage will revisit its earnings estimates and target price following the earnings call. However, it has maintained a ‘BUY’ rating on the United Spirits share price.

ICICI Securities noted that United Spirits surprised consensus with better-than-expected price elasticity (volume beat), somewhat aided by a good performance in the popular segment as well. Margin beat appears driven by pricing, input stability, and lower ad spends - hence, somewhat sustainable, added the brokerage, while retaining an ‘ADD’ rating with a target price of ₹1550.

Meanwhile, on technical charts, United Spirits has broken out of a 67-day-long consolidation box of ₹1,364, signalling a strong shift in momentum, said Anshul Jain, Head of Research at Lakshmishree.

“The breakout is being validated by a 500% surge in volumes against the 50-day average — a clear indicator of institutional participation. The immediate pattern target stands at ₹1,498, and a decisive close and sustained above this level will likely trigger the next leg of the rally toward ₹1,575. Moving averages and momentum indicators remain aligned with the bulls, suggesting the upmove is set to sustain in the near term,” said Jain.

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