Interim report
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United Spirits Limited Registered Office: UB Tower #24, Vittal Mallya Road, Bengaluru 560 001 Tel: +91 80 2221 0705 Fax: +91 80 2224 5253 www.diageoindia.com Corporate Identity Number: L01551KA1999PLC024991 contactus.india@diageo.com 28th October 2026 BSE Limited Listing Department Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 532432 The National Stock Exchange of India Limited Exchange Plaza, C-1 Block G, Bandra Kurla Complex, Bandra East, Mumbai – 400 051 Scrip Code: UNITDSPR Dear Sirs, Sub: Intimation of Unaudited Financial Results for the quarter and half year ended 30th September 2026 pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors of the Company at their meeting held today ha ve inter-alia approved the unaudited financial results (standalone and consolidated) of the Company for the quarter and half year ended 30th September 2026. The same along with Limited Review Report received from the Statutory Auditors of the Company is enclosed herewith. The meeting commenced at 14:00 hours IST and concluded at 15:50 hours IST. Also, note that the aforesaid information will be available on our website www.diageoindia.com. This is for your information and records. Thank you, For United Spirits Limited Pragya Kaul Company Secretary and Compliance Officer Encl: as above
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Unaudited Standalone Statement of Financial Results for the quarter and six months ended September 30, 2026 September 30, 2026 (Unaudited) June 30, 2026(Unaudited) September 30, 2025 (Unaudited) September 30, 2026 (Unaudited) September 30, 2025 (Unaudited) March 31, 2026 (Audited) 1Income(a) Revenue from operations7,001 6,113 7,192 13,114 13,015 27,781 (b) Other income64 222 76 286 137 576 Total income7,065 6,335 7,268 13,400 13,152 28,357 2Expenses(a) Cost of materials consumed1,726 996 1,637 2,722 2,822 5,659 (b) Purchase of stock-in-trade292 239 432 531 567 1,147 (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (323) 222 (392) (101) (284) (140) (d) Excise duty 3,743 3,410 4,022 7,153 7,296 15,333 (e) Employee benefits expense153 133 175 286 311 623 (f) Depreciation and amortisation expense74 70 65 144 133 283 (g) Others: (i) Advertisement and sales promotion378 312 241 690 479 1,295 (ii) Other expenses389 369 405 758 737 1,568 (h) Finance costs24 30 21 54 70 158 Total expenses6,456 5,781 6,606 12,237 12,131 25,926 3 Profit before exceptional items and tax (1 - 2) 609 554 662 1,163 1,021 2,431 4 Exceptional items, net (refer note 7) 11 (81) (30) (70) (41) (91) 5 Profit before tax (3 + 4) 620 473 632 1,093 980 2,340 6Income tax expense(a) Current tax163 84 164 247 259 637 (b) Current tax relating to earlier years - - - - - 2 (c) Deferred tax credit(5) (2) (4) (7) (9) (129) Total tax expense 158 82 160 240 250 510 7 Profit for the period (5 - 6) 462 391 472 853 730 1,830 8 Other comprehensive income A. Items that will be reclassified to profit or loss - - - - - - B. Items that will not be reclassified to profit or loss (i) Remeasurements of post-employment benefit plans- - - - - (1) (ii) Income tax credit relating to above- - - - - 0 Other comprehensive income, net of income tax - - - - - (1) 9 Total comprehensive income (7 + 8) 462 391 472 853 730 1,829 10each) 145 145 145 145 145 145 11 Other equity8,576 126.35 5.38 6.49 11.73 10.04 25.16 UNITED SPIRITS LIMITED 'UB Tower', # 24, Vittal Mallya Road, Bangalore - 560 001Tel +91 80 2221 0705 | CIN: L01551KA1999PLC024991 | www.diageoindia.comParticulars Quarter ended Half year ended Year ended
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As at September 30, 2026 As at March 31, 2026 Unaudited Audited ASSETSNon-current assetsProperty, plant and equipment 796 831 Right-of-use assets 398 381 Capital work-in-progress 114 70 Intangible assets 7 11 Investment properties 84 58 Financial assetsInvestments in subsidiaries, joint ventures and associate 304 301 Trade receivables 357 351 Other financial assets 103 308 Deferred tax assets (net) 291 284 Current tax assets (net) 785 1,191 Other non-current assets 322 274 Total non-current assets3,561 4,060 Current assetsInventories 2,672 2,659 Financial assetsInvestments 903 1,153 Trade receivables 3,742 3,592 Cash and cash equivalents 1,172 855 Bank balances other than cash and cash equivalents 1,571 1,027 Loans - 1 Other financial assets 82 59 Other current assets 306 391 Total current assets before asset classified as held for sale10,448 9,737 Assets classified as held for sale 85 67 Total current assets 10,533 9,804 Total assets14,094 13,864 EQUITY AND LIABILITIESEQUITY Share capital 145 145 Other equityReserves and surplus 8,646 8,576 Total equity8,791 8,721 LIABILITIESNon-current liabilitiesFinancial liabilitiesLease liabilities 283 307 Provisions 43 39 Total non-current liabilities326 346 Current liabilitiesFinancial liabilitiesLease liabilities 142 98 Trade payables140 140 2,171 2,237 Other financial liabilities 277 269 Provisions 491 500 Current tax liabilities (net) 799 571 Other current liabilities 957 982 Total current liabilities4,977 4,797 Total liabilities5,303 5,143 Total equity and liabilities14,094 13,864 UNITED SPIRITS LIMITED 'UB Tower', # 24, Vittal Mallya Road, Bangalore - 560 001 Tel +91 80 2221 0705 | CIN: L01551KA1999PLC024991 | www.diageoindia.com Unaudited Standalone Statement of assets and liabilities as at September 30, 2026Particulars (A) total outstanding dues of micro and small enterprises (B) total outstanding dues of creditors other than micro and small enterprises
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Unaudited Standalone Statement of Cash flows for the six months ended September 30, 2026 Six months endedSeptember 30, 2026 Six months endedSeptember 30, 2025 A. CASH FLOW FROM OPERATING ACTIVITIESQuarter ended September 30, 2023Profit before tax1,093 980 0Adjustments for0Depreciation and amortisation expense144 133 Employee share-based payment expense8 10 Loss allowance on trade receivables, other assets and other financial assets (net)3 3 Profit on redemption of mutual funds units(45) (27) Increase in fair value of mutual funds units (net)(22) (31) Finance costs54 70 Dividend income from a subsidiary(150) - (Gain)/loss on disposal of property, plant and equipment and investment properties (net) 1 (22) Interest income on term deposit with banks(61) (40) Interest income from loan to joint venture- (1) Exceptional items (net) 70 41 0Exchange loss on translation of foreign currency monetary assets and liabilities 1 1 Operating profit before changes in working capital1,096 1,117 (Increase) / decrease in trade receivables(157) 91 (Increase) / decrease in loans and other financials assets(26) 251 (Increase) / decrease in other assets50 55 (Increase) / decrease in inventories(13) (601) Increase / (decrease) in trade payables(66) 25 Increase / (decrease) in other financial liabilities(92) (59) Increase / (decrease) in other liabilities(25) 149 Increase / (decrease) in provisions(40) 75 Cash generated from operations727 1,103 Income taxes paid (net of refunds)381 (275) Net cash generated from operating activities (A)1,108 828 B.CASH FLOW FROM INVESTING ACTIVITIESPurchase of property, plant and equipment and intangible assets(114) (89) Proceeds from sale of property, plant and equipment and investment property3 31 Purchase of current investments- (1,047) Redemption of current investments395 780 Investment in term deposits with banks(817) (622) Redemption of term deposits from banks423 655 Investments in subsidiary, joint ventures and associate(3) (93) Repayment of loan by subsidiary and joint venture- 18 Repayment of loans given to others1 2 Interest received38 48 Dividend received150 - Net cash inflow/ (outflow) from investing activities (B)76 (317) C.CASH FLOW FROM FINANCING ACTIVITIESDividends paid (net)(773) (854) Principal repayment of lease liabilities(75) (71) Interest paid on lease liabilities(19) (20) Net cash outflow from financing activities (C)(867) (945) Net increase/ (decrease) in cash and cash equivalents [D = A+B+C]317 (434) Cash and cash equivalents as at the beginning of the year (E)855 1,150 Net increase/ (decrease) in cash and cash equivalents317 (434) Cash and cash equivalents as at the end of the period [D+E]1,172 716 UNITED SPIRITS LIMITED 'UB Tower', # 24, Vittal Mallya Road, Bangalore - 560 001Tel +91 80 2221 0705 | CIN: L01551KA1999PLC024991 | www.diageoindia.comParticulars Unaudited
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Year ended September 30, 2026 (Unaudited) June 30, 2026(Unaudited) September 30, 2025 (Unaudited) September 30, 2026 (Unaudited) September 30, 2025 (Unaudited) March 31, 2026 (Audited) 1Income(a) Revenue from operations7,014 6,122 7,199 13,136 13,022 27,816 (b) Other income65 73 77 138 139 478 Total income7,079 6,195 7,276 13,274 13,161 28,294 2Expenses(a) Cost of materials consumed1,732 1,000 1,638 2,732 2,823 5,668 (b) Purchase of stock-in-trade290 239 432 529 567 1,147 (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (326) 223 (392) (103) (284) (141) (d) Excise duty 3,750 3,414 4,026 7,164 7,300 15,349 (e) Employee benefits expense153 133 179 286 316 635 (f) Depreciation and amortisation expense76 72 65 148 133 289 (g) Others:- (i) Advertisement and sales promotion381 312 241 693 474 1,295 (ii) Other expenses391 372 408 763 740 1,577 (h) Finance costs24 30 21 54 70 158 Total expenses6,471 5,795 6,618 12,266 12,139 25,977 3 Profit before share of net loss of joint ventures and associate, exceptional items and tax (1-2) 608 400 658 1,008 1,022 2,317 4Share of net loss of joint ventures and associate(1) (0)(1) (1) (7) (7) 5 Profit before exceptional items and tax (3+4) 607 400 657 1,007 1,015 2,310 6 Exceptional items, net (refer note 7) 11 (81)(30) (70) (41)(91) 7 Profit before tax from continuing operations (5 + 6) 618 319 627 937 974 2,219 8Income tax expense(a) Current tax163 84 164 247 259 637 (b) Current tax relating to earlier years - - - - - 2 (c) Deferred tax credit(5) (2) (4) (7) (9) (129) Total tax expense 158 82 160 240 250 510 9 Profit for the period from continuing operations (7-8) 460 237 467 697 724 1,709 10 Discontinued operations Profit/(loss) before tax from discontinued operations (9) 268 (3) 259 221 175 Less: Tax expense/(credit) of discontinued operations 23 42 - 65 64 46 Profit/(loss) after tax from discontinued operations (32) 226 (3) 194 157 129 11 Profit for the period (9+10) 428 463 464 891 881 1,838 12 Other comprehensive income A. Items that will be reclassified to profit or loss (i) Exchange differences on translation of foreign operations1 01 1 6 10 (ii) Share of other comprehensive income of joint ventures and associate- - - - - - B. Items that will not be reclassified to profit or loss (i) Remeasurements of post-employment benefit plans- - - - - (1) (ii) Share of other comprehensive income of joint ventures and associate- - - - - - (iii) Income tax credit relating to above- - - - - 0 Other comprehensive income, net of income tax 1 0 1 1 6 9 13 Total comprehensive income (11+12) 429 463 465 892 887 1,847 14Profit attributable to:a) Owners of the Holding Company428 463 464 891 881 1,838 b) Non-controlling interest(0) (0) (0) (0) (0) (0) 15Other comprehensive income attributable to:a) Owners of the Holding Company1 01 1 6 9 b) Non-controlling interest- - - - - - 16Total comprehensive income attributable to: (14+15)a) Owners of the Holding Company429 463 465 892 887 1,847 b) Non-controlling interest(0) (0)(0) (0) (0) (0) 17145 145 145 145 145 145 18Other equity8,812 19Basic and diluted earnings per share (in INR)*From continuing operations 6.48 3.34 6.58 9.82 10.20 24.07 From discontinued operations(0.45) 3.18 (0.04) 2.73 2.21 1.82 UNITED SPIRITS LIMITED 'UB Tower', # 24, Vittal Mallya Road, Bangalore - 560 001Tel +91 80 2221 0705 | CIN: L01551KA1999PLC024991 | www.diageoindia.comParticulars *Note: In calculating the weighted outstanding equity shares during all the periods presented under Consolidated Statement of results, the Holding Company has reduced its own shares held by USL Benefit Trust (of which the Holding Company is the sole beneficiary). Unaudited Consolidated Statement of Financial Results for the quarter and six months ended September 30, 2026 Quarter ended Half Year ended
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As at September 30, 2026 As at March 31, 2026 Unaudited Audited ASSETSNon-current assetsProperty, plant and equipment798 832 Right-of-use assets399 383 Capital work-in-progress121 77 Goodwill55 55 Other intangible assets69 76 Investment properties84 58 Financial assetsInvestment in joint ventures and associate 17 14 Trade receivables357 351 Other financial assets103 311 Deferred tax assets (net)291 284 Current tax assets (net)785 1,191 Other non-current assets322 274 Total non-current assets3,401 3,906 Current assetsInventories2,688 2,668 Financial assetsInvestments 908 1,157 Trade receivables3,752 3,609 Cash and cash equivalents1,178 859 Bank balances other than cash and cash equivalents1,662 1,118 Loans- 1 Other financial assets77 57 Other current assets313 393 Total current assets before asset classified as held for sale10,578 9,862 Asset classified as held for sale646 701 Total current assets11,224 10,563 Total assets14,625 14,469 EQUITY AND LIABILITIESEQUITY Share capital145 145 Other equityReserves and surplus8,917 8,808 Total equity attributable to the owners9,062 8,953 Non-controlling interests4 4 Total equity9,066 8,957 LIABILITIESNon-current liabilitiesFinancial liabilitiesLease liabilities 284 308 Deferred tax liabilities 18 18 Provisions43 41 Total non-current liabilities345 367 Current liabilitiesFinancial liabilitiesBorrowings4 6 Lease liabilities142 99 Trade payables141 142 2,186 2,241 Other financial liabilities282 273 Provisions491 500 Current tax liabilities (net)799 571 Other current liabilities964 986 Total current liabilities before liability associated with assets held for sale5,009 4,818 Liabilities associated with assets held for sale205 327 Total current liabilities5,214 5,145 Total Liabilities5,559 5,512 Total equity and liabilities14,625 14,469 (A) total outstanding dues of micro and small enterprises (B) total outstanding dues of creditors other than micro and small enterprises ParticularsUNITED SPIRITS LIMITED 'UB Tower', # 24, Vittal Mallya Road, Bangalore - 560 001 Tel +91 80 2221 0705 | CIN: L01551KA1999PLC024991 | www.diageoindia.com Unaudited Consolidated Statement of assets and liabilities as at September 30, 2026
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Unaudited Consolidated Statement of Cash flows for the six months ended September 30, 2026 Six months endedSeptember 30, 2026 Six months endedSeptember 30, 2025 A. CASH FLOW FROM OPERATING ACTIVITIESProfit before tax937 974 Adjustments forDepreciation and amortisation expense148 133 Employee share-based payment expense8 10 Loss allowance on trade receivables, other financial assets and other assets (net) 3 3 Profit on redemption of mutual funds units(45) (27) Increase in fair value of mutual funds units (net)(22) (31) Finance costs54 69 Gain on disposal of property, plant and equipment and investment properties (net) 1 (22) Interest income on term deposits with banks(63) (43) Share of net loss in joint ventures and associate1 7 Exceptional items (net)70 41 Exchange loss on translation of foreign currency monetary assets and liabilities 1 1 Operating profit before changes in working capital1,093 1,115 (Increase) / decrease in trade receivables(159) 91 (Increase) / decrease in loans and other financials assets(23) 251 (Increase) / decrease in other assets46 55 (Increase) / decrease in inventories(20) (601) Increase / (decrease) in trade payables(54) 16 Increase / (decrease) in other financial liabilities(93) (59) Increase / (decrease) in other liabilities(23) 144 Increase / (decrease) in provisions(40) 75 Cash generated from operations727 1,087 Income taxes paid (net of refunds)381 (275) Net cash generated from operating activities - continuing operations1,108 812 Net cash generated from operating activities - discontinued operations222 127 Net cash generated from operating activities (A)1,330 939 B.CASH FLOW FROM INVESTING ACTIVITIESPurchase of property, plant and equipment and intangible assets(114) (89) Proceeds from sale of property, plant and equipment and investment properties3 31 Purchase of current investments- (1,376) Redemption of current investments395 1,102 Investment in term deposits with banks(817) (623) Redemption of term deposits from banks425 655 Investment in joint venture and associate(3) (37) Repayment of loans given to others1 2 Interest received40 50 Net cash outflow from investing activities - continuing operations(70) (285) Net cash inflow / (outflow) from investing activities - discontinued operations45 (167) Net cash outflow from investing activities (B)(25) (452) C.CASH FLOW FROM FINANCING ACTIVITIESRepayment of working capital loans(2) (12) Principal repayment on lease liabilities(75) (70) Interest paid on lease liabilities(19) (20) Interest paid on borrowings(0) - Dividends paid (net)(773) (854) Net cash outflow from financing activities - continuing operations(869) (956) Net cash inflow / (outflow) from financing activities - discontinued operations- - Net cash outflow from financing activities (C)(869) (956) Net decrease in cash and cash equivalents [D = A+B+C]436 (469) Cash and cash equivalents as at the beginning of the year (E)909 1,328 Effects of exchange rate changes on cash and cash equivalents0 0 Net increase/ (decrease) in cash and cash equivalents for continuing operations 169 (429) Net increase/ (decrease) in cash and cash equivalents for discontinued operations 267 (40) Cash and cash equivalents as at the end of the period [D+E]1,345 859 Less: Cash and cash equivalents as at the end of the year for discontinued operations(167) - Cash and cash equivalents as at the end of the year for continuing operations1,178 859 UNITED SPIRITS LIMITED 'UB Tower', # 24, Vittal Mallya Road, Bangalore - 560 001Tel +91 80 2221 0705 | CIN: L01551KA1999PLC024991 | www.diageoindia.comParticulars Unaudited
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Year ended September 30, 2026 (Unaudited) June 30, 2026(Unaudited) September 30, 2025 (Unaudited) September 30, 2026 (Unaudited) September 30, 2025 (Unaudited) March 31, 2026 (Audited) 1 Segment revenueBeverage alcohol 3,264 2,708 3,173 5,972 5,722 12,467 Sports* - 552 0 552 478 545 Total net segment revenue 3,264 3,260 3,173 6,524 6,200 13,012 Inter segment elimination - (4) - (4) (6) (5) Net segment revenue 3,264 3,256 3,173 6,520 6,194 13,007 Add: Excise duty (Beverage alcohol) 3,750 3,414 4,026 7,164 7,300 15,349 Less: Revenue from discontinued operations - (548) (0) (548) (472) (540) Revenue from operations 7,014 6,122 7,199 13,136 13,022 27,816 2Segment results - Earning before interest, tax, depreciation and exceptional items (EBITDA)Beverage alcohol 643 429 667 1,072 1,086 2,286 Sports* (11) 264 (7) 253 218 159 Total segment results 632 693 660 1,325 1,304 2,445 Other income 67 77 81 144 153 504 Depreciation and amortisation expenseBeverage alcohol (76) (72) (65) (148) (133) (289) Sports* - - - - (8) (8) Finance costs (24) (30) (21) (54) (70) (158) Exceptional items, net (refer note 7)Beverage alcohol 11 (81)(30) (70)(41) (91) Sports* - - - - (3) (3) Share of net loss of joint ventures and associate(1) (0) (1) (1) (7) (7)Profit before tax as per segment 609 587 624 1,196 1,195 2,393 Profit for the period from continuing operations618 319 627 937 974 2,219 Profit for the period from discontinued operations (9) 268 (3) 259 221 175 Profit before tax 609 587 624 1,196 1,195 2,394 3 Segment assetsBeverage alcohol 14,013 14,187 12,738 14,013 12,738 13,793 Sports* 613 948 752 613 752 678 Total segment assets 14,626 15,135 13,490 14,626 13,490 14,471 Inter-segment elimination (1) (2) (6) (1) (6) (2) Total assets 14,625 15,133 13,484 14,625 13,484 14,469 4 Segment liabilitiesBeverage alcohol 5,354 5,196 4,810 5,354 4,810 5,185 Sports* 206 519 268 206 268 329 Total segment liabilities 5,560 5,715 5,078 5,560 5,078 5,514 Inter-segment elimination (1) (2) (6) (1) (6) (2) Total liabilities 5,559 5,713 5,072 5,559 5,072 5,512 Also refer note 1- Financial performance of sports segment for the quarter and six months period ended September 30, 2026 and year ended March 31, 2026, have been presented asandtheprior year comparatives have been represented to conform to the presentation made in the current year in the consolidated statement of financial results.- The net assets and liabilities of sports segment have been disclosed asheld forandassociated with assets held forrespectively in the consolidated statement of assetsandliabilities. Half Year ended Unaudited Consolidated Statement of Financial Results for the quarter and six months ended September 30, 2026UNITED SPIRITS LIMITED 'UB Tower', # 24, Vittal Mallya Road, Bangalore - 560 001Tel +91 80 2221 0705 | CIN: L01551KA1999PLC024991 | www.diageoindia.comParticulars Quarter ended
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United Spirits Limited Notes to the Standalone and Consolidated Statement of Financial Results for the quarter and six months ended September 30, 2026 1. United Spirits Limited ((including through third-party manufacturing facilities), purchase and sale of beverage alcohol (including franchising of some of its brands in certain states), and other allied spirits. In addition, Royal Challengers Sports Private Limited , a 100% subsidiary of the Company, has rights to operate sports franchise. The Executive Committee has been identified as the Chief Operating Decision Maker (CODM). The CODM assesses performance and allocates resources for the following two business segments of the group: Beverage alcohol Manufacture, purchase, franchise and sale of beverage alcohol and other allied spirits. Sports Rights to operate sports franchise (refer note 4). 2. The consolidated financial results for the quarter and six months ended September 30, 2026, include the following subsidiaries, a trust controlled by the Company, joint ventures and an associate (together referred to as Indian subsidiaries: Royal Challengers Sports Private Limited (RCSPL) (presented as discontinued operations) Nao Spirits & Beverages Private Limited (NAO) (with effect from June 26, 2025) Overseas subsidiaries: Asian Opportunities and Investments Limited McDowell & Co. (Scotland) Limited Palmer Investment Group Limited Shaw Wallace Overseas Limited United Spirits (Great Britain) Limited United Spirits (UK) Limited USL Holdings Limited USL Holdings (UK) Limited Hapusa Spirits UK Limited (with effect from June 26, 2025) Trust controlled by the Company: USL Benefit Trust The consolidated financial results also include income (comprising loss and other comprehensive income) of the following associate and joint ventures: Joint Ventures Nao Spirits & Beverages Private Limited (NAO) (upto June 25, 2025) Inspired Hospitality Private Limited V9 Beverages Private Limited Indie Brews and Spirits Private Limited Associate Nuvola Spirits Private Limited (with effect from September 18, 2026) 3. The Standalone and Consolidated Statements of Financial Results have been prepared in accordance with the applicable Accounting Standards) Rules, 2015 (as amended)] and other accounting principles generally accepted in India.
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United Spirits Limited Notes to the Standalone and Consolidated Statements of Financial Results for the quarter and six months ended September 30, 2026 Contd. 4. The board of directors of the Company at its meeting held on March 24, 2026, approved the sale of 14,690 equity shares crores, subject to adjustments and other conditions set out in the Share Purchase Agreement (SPA) dated March 24, 2026. Further, pursuant to the receipt and acceptance of purchaser change notice, and in accordance with terms of SPA, an Amended and Restated Share Purchase Aeffect to, amongst others, the change in the purchasers. The transaction will be completed after the receipt of all requisite approvals, including from the Competition Commission of India (approval received on June 30, 2026) and approval of the Board of Control for Cricket in India which is awaited. Further, under the A&R SPA, Company has to result in material financial outflow. - and liabilities. performance and cash flows of RCSPL for the period ended September 30, 2026, have been presented as the presentation made in the current year in the consolidated statement of financial results and the consolidated statement of cash flows, respectively. Financial performance of sports segment for the quarter and six months ended September 30, 2026, have been orm to the presentation made in the current year in the consolidated statement of financial results. The transaction is expected to be completed within 12 months from the date of original announcement. 5. Previous period's figures have been regrouped or reclassified wherever necessary to conform with the current period figures. The Impact of such reclassification / regrouping is not material to the standalone and consolidated financial results. 6. Historical Matters (a) Additional Inquiry and other regulatory matters As disclosed in each of the annual financial statements commencing from year ended March 31, 2014, upon completion of an initial inquiry -facie identified certain additional transactions indicating actual and potential diversion of funds from the Company and its certain Indian and overseas subsidiaries, directly or indirectly, to Indian and overseas entities that appeared to be affiliated or associated with the Company's former non-executive Chairman, Dr. Vijay Mallya, and other potentially improper transactions. All amounts identified pursuant to the Additional Inquiry were provided for or expensed as the case maybe, in the books of accounts of the Company or its subsidiaries in respective prior periods. The Company had instituted recovery paid to the former Executive Director and CFO for the year ended March 31, 2015 which was fully provided for in earlier years. In connection with the above matters, and matters arising out of the settlement agreement dated February 25, 2016 entered into with Dr. Vijay Mallya, pursuant to which, inter alia, the Company and Dr. Vijay Mallya agreed to a mutual release in relation to matters arising out of Initial Inquiry, the Company received notices and communications from the Securities and Exchange Board of India ("SEBI"), to which it had responded. There has been no further communication from SEBI on these matters since October 2017.
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United Spirits Limited Notes to the Standalone and Consolidated Statements of Financial Results for the quarter and six months ended September 30, 2026 Contd. The Company also received notices and information requests from the Directorate of Enforcement ("ED") during the year ended March 31, 2016 in connection with investigations under the Foreign Exchange Management Act, 1999 and the Prevention of Money Laundering Act, 2002, including a request for information during the year ended March 31, 2022, all of which were responded to by the Company. In addition, the Company received queries from its authorised dealer banks based on queries raised by Reserve Bank requirements, to which the Company had responded and is in the process of completing the related regulatory filings. and Additional Inquiry, to which the Company had responded. With the objective of divesting non-core assets, the Company is in process of implementing a Board-approved regulatory and other approvals in India and overseas. If any historical non-compliances are established during this process, the Company will take appropriate steps, including consultation with legal advisors and, where necessary, filing compounding applications with relevant authorities. Post acquisition of controlling stake in USL by Diageo group, the management had furnished the above inquiry reports with various regulatory authorities, have extended full cooperation and have submitted further information available with the Company. Considering the passage of time and the investigations are still not concluded, potential historical non-compliances with the applicable laws, if any, with respect to the above matters, are presently unascertainable. (b) Transactions with United Breweries (Holdings) Limited (UBHL) As disclosed in each of the annual financial statements commencing from year ended March 31, 2015, the Company had pre-existing loans/ deposits/ advances/ accrued interest that were due to the Company and its subsidiaries from UBHL and its subsidiaries aggregating to 1,337 crores and that were consolidated into, and recorded as, an unsecured loan through an agreement entered into between the Company and UBHL on July 3, 2013 ('Loan Agreement'). UBHL had defaulted on its obligations to pay amounts under the Loan Agreement, resulting in USL filing its claim before an Arbitral Tribunal. Proceedings pertaining to this dispute remain pending before the Karnataka High Court. Eventually, and without prejudice to its rights, the Company has written off the outstanding loan in its books in the financial year 2025-26. Until FY 2021-2022, the Company cumulatively offset 206 crores payable to UBHL arising under a trademark license agreement against the receivables under the loan. The above-mentioned offset by the Company was challenged by the Official Liquidator of UBHL before Karnataka High Courtin FY 2023-24 and the same is being contested by the Company. Separately, the Official Liquidator (UBHL) filed another claim of 151 Crores High Court of Karnataka purportedly as loans and advances repayable to UBHL without substantiating the basis of such a claim. The Company has denied and is contesting this claim. Based on management assessment supported by an external legal opinion, the Company believes it was entitled to set-the above pending proceedings.
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United Spirits Limited Notes to the Standalone and Consolidated Statements of Financial Results for the quarter and six months ended September 30, 2026 Contd. (c) Dispute with IDBI Bank Limited As disclosed in each of the annual financial statements commencing from year ended March 31, 2015, during the year ended 31 March 2014 the Company prepaid a term loan taken from IDBI Bank Limited ("the Bank"), which was secured by certain property plant and equipment, trademarks and brands of the Company as well as by pledge of certain shares of the Company held by USL Benefit Trust (of which the Company is the sole beneficiary), along with applicable prepayment charges. The Bank disputed the prepayment against which the Company filed a writ petition Subsequently, in February 2016, following the original maturity date of the loan, the Bank issued a recall notice interest till the settlement dates as per the security documents. The Bank has continued to compute the interest until the date on which the account was classified as a non-the Bank from dealing with the secured assets, including shares held by the USL Benefit Trust. In June 2019, the writ petition was dismissed by a single judge bench of High Court against which the Company filed an appeal before the division bench of the High Court and interim protection given earlier was reinstated. The writ appeal remains pending as on date. Separately, in proceedings before the DRT (Debt Recovery Tribunal) relating to loans advanced to Kingfisher Airlines pledged shares held by t(Debt Recovery Appellate Tribunal), Chennai against this order remains pending as on date. from the Bank and there are no further obligations on the Company with respect to above matters. 7. Exceptional Items Pursuant to a Supply Agility Programme announced during the year ended March 31, 2023, the Company has recognised an income and a charge of 26 crores towards severance costs both relating to a closed unit under exceptional items in the standalone and consolidated statements of financial results for the quarter and six months ended September 30, 2026, respectively. During the quarter ended June 30, 2026, Company has recognised 55 crores as employee severance costs which has been presented as an exceptional item in the standalone and consolidated financial results. 8. The Statement of Standalone and Consolidated Financial Results for the quarter and six months ended September 30, 2026, have been reviewed by the Audit Committee of the Company and approved by the Board of Directors of the Company at their meetings held on October 28, 2026. For and on behalf of the Board of Directors Place: Bengaluru Date: October 28, 2026 Praveen Someshwar Managing Director and Chief Executive Officer DIN: 01802656
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Walker Chandiok &_Co LLP Walker Chandiok & Co LLP 5th Floor, No.65/2, Block "A", Bagmane Tridib, Bagmane Tech Park, CV Raman Nagar, Bengaluru 560093 T +91 80 4243 0700 F +91 80 4126 1228 Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of United Spirits Limited 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of United Spirits Limited ('the Company') for the quarter ended 30 September 2026 and the year to date results for the period 01 April 2026 to 30 September 2026, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. The Statement, which is the responsibility of the Company's management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Chartered Accountants Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and its registered office at L41 Connaught Circus, New Delhi, 110001, India
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Walker Chandiok &_Co LLP 5. We draw attention to Note 6(c) to the Statement, which describes the ongoing litigation with IDBI Bank Limited ("Bank") regarding prepayment of a loan made by the Company in earlier years which was disputed by the Bank. Post the original maturity date of the loan, the Bank had raised a claim against the Company for outstanding balance payable of� 46 crores which under the directions of Hon'ble High Court of Karnataka, the Company deposited in a suspense account. The Bank continues to retain the pledge over certain assets of the Company and Company's shares held by the USL Benefit Trust. Based on management's assessment, supported by external legal opinions, the Company believes that the said deposited amount is fully recoverable and no further liability is expected to devolve on the Company with respect to aforesaid matter. Our conclusion is not modified in respect of this matter. 6. We draw attention to Note 6(a) to the Statement, which describes matters arising from the Company's inquiries completed in earlier years into certain historical improper transactions and the related communications and notices received from various regulatory authorities, to which the Company had responded or is in the process of completing the related regulatory filings. The Company had provided for or expensed, as the case maybe, all amounts identified in connection with these matters in earlier years and had initiated recovery proceedings against the relevant parties. The said note also describes the Company's ongoing rationalisation process involving the divestment, liquidation or merger of certain overseas subsidiaries, the completion of which is subject to regulatory and other approvals. In view of the management, potential historical non-compliances with the applicable laws, if any, with respect to above matters is presently unascertainable. Our conclusion is not modified in respect of this matter. 7. The review of standalone unaudited quarterly financial results for the period ended 30 June 2026, included in the Statement was carried out and reported by Price Waterhouse & Co Chartered Accountants LLP who has expressed unmodified conclusion vide their review report dated 22 July 2026, whose review report has been furnished to us and which has been relied upon by us for the purpose of our review of the Statement. Our conclusion is not modified in respect of this matter. 8. The review of standalone unaudited quarterly and six-month period ended financial results for the period ended 30 September 2025 and audit of standalone financial results for the year ended 31 March 2026 included in the Statement was carried out and reported by Price Waterhouse & Co Chartered Accountants LLP who has expressed unmodified conclusion vide their review report dated 30 October 2025 and unmodified opinion vide their audit report dated 14 May 2026, respectively, whose reports have been furnished to us and which have been relied upon by us for the purpose of our review of the Statement. Our conclusion is not modified in respect of this matter. For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013 Ashish Gupta Ashish Gupta Partner Digitally signed by Ashish Gupta Date: 2026.10.28 16:55:37 +05'30' Membership No.: 504662 UDIN: 26504662JXTFNZ9751 Bengaluru 28 October 2026 Chartered Accountants
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Walker Chandiok &.Co LLP 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of other auditor referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to Note 6(c) to the Statement, which describes the ongoing litigation with IDBI Bank Limited ("Bank") regarding prepayment of a loan made by the Company in earlier years which was disputed by the Bank. Post the original maturity date of the loan, the Bank had raised a claim against the Company for outstanding balance payable of t 46 crores which under the directions of Hon'ble High Court of Karnataka, the Company deposited in a suspense account. The Bank continues to retain the pledge over certain assets of the Company and Company's shares held by the USL Benefit Trust. Based on management's assessment, supported by external legal opinions, the Company believes that the said deposited amount is fully recoverable and no further liability is expected to devolve on the Company with respect to aforesaid matter. Our opinion is not modified in respect of this matter. 6. We draw attention to Note 6(a) to the Statement, which describes matters arising from the Company's inquiries completed in earlier years into certain historical improper transactions and the related communications and notices received from various regulatory authorities, to which the Company had responded or is in the process of completing the related regulatory filings. The Company had provided for or expensed, as the case maybe, all amounts identified in connection with these matters in earlier years and had initiated recovery proceedings against the relevant parties. The said note also describes the Company's ongoing rationalisation process involving the divestment, liquidation or merger of certain overseas subsidiaries, the completion of which is subject to regulatory and other approvals. In view of the management, potential historical non-compliances with the applicable laws, if any, with respect to above matters is presently unascertainable. Our opinion is not modified in respect of this matter. 7. We did not review the interim financial results of 1 subsidiary included in the Statement, whose financial information reflect total assets of t 593 crores as at 30 September 2026, and total revenues of t 0* crores and t 552 crores, total net loss after tax of t 33 crores and total net profit after tax of t 189 crores, total comprehensive loss of t 33 crores and total comprehensive income of t 189 crores, for the quarter and six month period ended on 30 September 2026, respectively, and net cash inflows oft 1,169 crores for the period ended 30 September 2026, as considered in the Statement. This interim financial result have been reviewed by other auditor whose review report has been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiary is based solely on the review report of such other auditor and the procedures performed by us as stated in paragraph 3 above. The Statement includes the interim financial results of 7 subsidiaries, which have not been reviewed by their auditors, whose interim financial results reflects total assets of t 24 crores as at 30 September 2026, and total revenues of t 0* crores and t 0* crores, net loss after tax of t 0* crores and t 0* crores, total comprehensive loss oft 0* crores and t 0* crores for the quarter and six-month period ended 30 September 2026 respectively, net cash inflows oft 1 crores for the period ended 30 September 2026 as considered in the Statement. The Statement also includes the Group's share of net loss after tax of t 0* crores and t 1 crore, and total comprehensive loss of t 0* crores and t 1 crores for the quarter and six-month period ended on 30 September 2026 respectively, in respect of 1 associates and 3 joint ventures, based on their interim financial results, which have not been reviewed by their auditors, and have been furnished to us by the Holding Company's management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, trust, associate and joint ventures, are based solely on such unreviewed interim financial results. According to the information and explanations given to us by the management, these interim financial results are not material to the Group. Our conclusion is not modified in respect of this matter with respect to our reliance on the financial results certified by the Board of Directors. Chartered Accountants
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Walker Chandiok &.Co LLP 8. The review of unaudited consolidated quarterly financial results for the period ended 30 June 2026, included in the Statement was carried out and reported by Price Waterhouse & Co Chartered Accountants LLP who have expressed unmodified conclusion vide their review report dated 22 July 2026, whose review report has been furnished to us by the management and which has been relied upon by us for the purpose of our review of the Statement. Our conclusion is not modified in respect of this matter. 9. The review of unaudited consolidated quarterly six-month period ended financial results for the period ended 30 September 2025 and audit of consolidated financial results for the year ended 31 March 2026 included in the Statement was carried out and reported by Price Waterhouse & Co Chartered Accountants LLP who have expressed unmodified conclusion vide their review report dated 30 October 2025 and unmodified opinion vide their audit report dated 14 May 2026, respectively, whose reports have been furnished to us and which have been relied upon by us for the purpose of our review of the Statement. Our conclusion is not modified in respect of this matter. For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013 Ashish Gupta Ashish Gupta Partner Digitally signed by Ashish Gupta Date: 2026.10.28 16:56:03 +-05'30' Membership No. 504662 UDIN: 26504662NIFXJB2363 Bengaluru 28 October 2026 (*) Less than i 5,000,000 rounded off to i O crores. Chartered Accountants
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Walker Chandiok &.Co LLP Annexure 1 List of entities included in the Statement Subsidiaries 1) Royal Challengers Sports Private Limited 2) Nao Spirits & Beverages Private Limited 3) Asian Opportunities and Investments Limited 4) McDowell & Co. (Scotland) Limited 5) Palmer Investment Group Limited 6) Shaw Wallace Overseas Limited 7) USL Holdings Limited 8) United Spirits (Great Britain) Limited 9) United Spirits (UK) Limited 10) USL Holdings (UK) Limited 11) Hapusa Spirits UK Limited (Step down subsidiary) Trust Controlled by the Holding Company 1) USL Benefit Trust Joint Ventures 1) Inspired Hospitality Private Limited 2) lndie Brews and Spirits Private Limited 3) V9 Beverages Private Limited Associate 1) Nuvola Spirits Private Limited Chartered Accountants