United Spirits Limited
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 Bran… Read more
United Spirits Limited (MCDOWELL-N) - Net Assets
Latest net assets as of September 2025: ₹84.08 Billion INR
Based on the latest financial reports, United Spirits Limited (MCDOWELL-N) has net assets worth ₹84.08 Billion INR as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (₹134.84 Billion) and total liabilities (₹50.76 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ₹84.08 Billion |
| % of Total Assets | 62.36% |
| Annual Growth Rate | 17.47% |
| 5-Year Change | 99.66% |
| 10-Year Change | 352.83% |
| Growth Volatility | 65.14 |
United Spirits Limited - Net Assets Trend (2004–2025)
This chart illustrates how United Spirits Limited's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for United Spirits Limited (2004–2025)
The table below shows the annual net assets of United Spirits Limited from 2004 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-03-31 | ₹81.04 Billion | +13.80% |
| 2024-03-31 | ₹71.21 Billion | +18.69% |
| 2023-03-31 | ₹59.99 Billion | +23.07% |
| 2022-03-31 | ₹48.75 Billion | +20.10% |
| 2021-03-31 | ₹40.59 Billion | +10.10% |
| 2020-03-31 | ₹36.87 Billion | +19.42% |
| 2019-03-31 | ₹30.87 Billion | +26.90% |
| 2018-03-31 | ₹24.33 Billion | +36.43% |
| 2017-03-31 | ₹17.83 Billion | -0.37% |
| 2016-03-31 | ₹17.90 Billion | +171.02% |
| 2015-03-31 | ₹6.60 Billion | -78.23% |
| 2014-03-31 | ₹30.33 Billion | -36.79% |
| 2013-03-31 | ₹47.98 Billion | +2.61% |
| 2012-03-31 | ₹46.76 Billion | +11.45% |
| 2011-03-31 | ₹41.96 Billion | +10.95% |
| 2010-03-31 | ₹37.82 Billion | +58.12% |
| 2009-03-31 | ₹23.92 Billion | +5.07% |
| 2008-03-31 | ₹22.76 Billion | +47.78% |
| 2007-03-31 | ₹15.40 Billion | +58.76% |
| 2006-03-31 | ₹9.70 Billion | +245.16% |
| 2005-03-31 | ₹2.81 Billion | +1.93% |
| 2004-03-31 | ₹2.76 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to United Spirits Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 7959000000000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (March 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ₹79.59 Billion | 98.21% |
| Common Stock | ₹1.45 Billion | 1.79% |
| Total Equity | ₹81.04 Billion | 100.00% |
United Spirits Limited Competitors by Market Cap
The table below lists competitors of United Spirits Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Zhen Ding Technology Holding Ltd
TW:4958
|
$4.09 Billion |
|
Itron Inc
NASDAQ:ITRI
|
$4.09 Billion |
|
Sinoma Science & Technology Co Ltd
SHE:002080
|
$4.09 Billion |
|
Duolingo Inc
NASDAQ:DUOL
|
$4.10 Billion |
|
Topicus.com Inc
PINK:TOITF
|
$4.09 Billion |
|
VEND MARKETPLACES ASA
OL:VEND
|
$4.09 Billion |
|
GUNMA BK LTD
F:5F0
|
$4.09 Billion |
|
Jyske Bank A/S
PINK:JYSKF
|
$4.09 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in United Spirits Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 71,210,000,000 to 81,040,000,000, a change of 9,830,000,000 (13.8%).
- Net income of 15,820,000,000 contributed positively to equity growth.
- Dividend payments of 3,550,000,000 reduced retained earnings.
- Other comprehensive income decreased equity by 68,180,000,000.
- Other factors increased equity by 65,740,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ₹15.82 Billion | +19.52% |
| Dividends Paid | ₹3.55 Billion | -4.38% |
| Other Comprehensive Income | ₹-68.18 Billion | -84.13% |
| Other Changes | ₹65.74 Billion | +81.12% |
| Total Change | ₹- | 13.80% |
Book Value vs Market Value Analysis
This analysis compares United Spirits Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 11.54x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 124.43x to 11.54x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2004-03-31 | ₹10.59 | ₹1317.40 | x |
| 2005-03-31 | ₹10.55 | ₹1317.40 | x |
| 2006-03-31 | ₹21.99 | ₹1317.40 | x |
| 2007-03-31 | ₹33.04 | ₹1317.40 | x |
| 2008-03-31 | ₹47.11 | ₹1317.40 | x |
| 2009-03-31 | ₹46.33 | ₹1317.40 | x |
| 2010-03-31 | ₹68.15 | ₹1317.40 | x |
| 2011-03-31 | ₹66.40 | ₹1317.40 | x |
| 2012-03-31 | ₹74.07 | ₹1317.40 | x |
| 2013-03-31 | ₹76.07 | ₹1317.40 | x |
| 2014-03-31 | ₹42.81 | ₹1317.40 | x |
| 2015-03-31 | ₹9.08 | ₹1317.40 | x |
| 2016-03-31 | ₹25.21 | ₹1317.40 | x |
| 2017-03-31 | ₹25.17 | ₹1317.40 | x |
| 2018-03-31 | ₹34.10 | ₹1317.40 | x |
| 2019-03-31 | ₹43.57 | ₹1317.40 | x |
| 2020-03-31 | ₹52.56 | ₹1317.40 | x |
| 2021-03-31 | ₹58.08 | ₹1317.40 | x |
| 2022-03-31 | ₹69.84 | ₹1317.40 | x |
| 2023-03-31 | ₹84.54 | ₹1317.40 | x |
| 2024-03-31 | ₹100.29 | ₹1317.40 | x |
| 2025-03-31 | ₹114.13 | ₹1317.40 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently United Spirits Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 19.52%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 13.11%
- • Asset Turnover: 0.91x
- • Equity Multiplier: 1.63x
- Recent ROE (19.52%) is above the historical average (-5.11%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2004 | 9.04% | 2.11% | 1.30x | 3.28x | ₹-26.31 Million |
| 2005 | 4.55% | 1.00% | 0.76x | 6.03x | ₹-148.59 Million |
| 2006 | 15.08% | 5.91% | 0.66x | 3.87x | ₹427.62 Million |
| 2007 | 41.41% | 19.38% | 0.78x | 2.74x | ₹4.30 Billion |
| 2008 | 13.10% | 5.88% | 0.46x | 4.87x | ₹643.32 Million |
| 2009 | -17.12% | -7.47% | 0.46x | 4.96x | ₹-6.47 Billion |
| 2010 | -0.60% | -0.36% | 0.56x | 3.02x | ₹-4.00 Billion |
| 2011 | 13.63% | 7.72% | 0.57x | 3.09x | ₹1.52 Billion |
| 2012 | 4.03% | 2.05% | 0.58x | 3.40x | ₹-2.78 Billion |
| 2013 | -2.11% | -0.96% | 0.65x | 3.42x | ₹-5.80 Billion |
| 2014 | -148.04% | -42.75% | 0.71x | 4.90x | ₹-47.92 Billion |
| 2015 | -255.90% | -18.43% | 1.16x | 11.96x | ₹-17.54 Billion |
| 2016 | 54.13% | 10.47% | 1.08x | 4.79x | ₹7.89 Billion |
| 2017 | 5.61% | 1.14% | 0.98x | 4.98x | ₹-784.60 Million |
| 2018 | 26.20% | 7.57% | 0.93x | 3.70x | ₹3.92 Billion |
| 2019 | 22.66% | 7.54% | 1.02x | 2.95x | ₹3.91 Billion |
| 2020 | 17.67% | 7.10% | 1.05x | 2.37x | ₹2.86 Billion |
| 2021 | 9.31% | 4.74% | 0.95x | 2.07x | ₹-283.80 Million |
| 2022 | 16.73% | 8.58% | 1.08x | 1.80x | ₹3.33 Billion |
| 2023 | 18.95% | 10.71% | 1.09x | 1.63x | ₹5.37 Billion |
| 2024 | 19.77% | 12.44% | 1.01x | 1.58x | ₹6.96 Billion |
| 2025 | 19.52% | 13.11% | 0.91x | 1.63x | ₹7.72 Billion |
Industry Comparison
This section compares United Spirits Limited's net assets metrics with peer companies in the Beverages - Wineries & Distilleries industry.
Industry Context
- Industry: Beverages - Wineries & Distilleries
- Average net assets among peers: $3,716,528,443
- Average return on equity (ROE) among peers: 11.42%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| United Spirits Limited (MCDOWELL-N) | ₹84.08 Billion | 9.04% | 0.60x | $4.09 Billion |
| Allied Blenders & Distillers Ltd (ABDL) | $3.82 Billion | 0.00% | 5.02x | $281.12 Million |
| Associated Alcohols & Breweries Ltd. (ASALCBR) | $1.21 Billion | 20.86% | 0.67x | $44.70 Million |
| Bcl Industries Limited (BCLIND) | $118.33 Million | 5.33% | 3.49x | $37.39 Million |
| Globus Spirits Limited (GLOBUSSPR) | $2.47 Billion | 16.53% | 1.02x | $103.22 Million |
| GM Breweries Limited (GMBREW) | $5.91 Billion | 15.80% | 0.13x | $62.40 Million |
| IFB Agro Industries Limited (IFBAGRO) | $386.86 Million | 4.82% | 1.00x | $13.71 Million |
| Piccadily Agro Industries Limited (PICCADIL) | $3.40 Billion | 32.31% | 1.18x | $61.95K |
| Radico Khaitan Limited (RADICO) | $15.43 Billion | 14.85% | 0.61x | $2.51 Billion |
| Ravi Kumar Distilleries Limited (RKDL) | $708.10 Million | -7.72% | 0.88x | $2.01 Million |