United Spirits Limited (MCDOWELL-N) — Working Capital to Net Assets Ratio
United Spirits Limited (MCDOWELL-N) has a Working Capital to Net Assets ratio of 54.1% as of September 2025. Working capital of Rs45.49 Billion (current assets of Rs92.33 Billion minus current liabilities of Rs46.84 Billion) is measured against net assets of Rs84.08 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See United Spirits Limited free cash flow to debt ratio to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
United Spirits Limited Working Capital to Net Assets (2004–2025)
This chart shows how United Spirits Limited's Working Capital to Net Assets ratio has evolved across 22 annual periods from 2004 to 2025. As of September 2025, the ratio stands at 54.1%, reflecting working capital of Rs45.49 Billion against net assets of Rs84.08 Billion INR. See MCDOWELL-N defensive asset coverage days to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for United Spirits Limited (2004–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for United Spirits Limited from 2004 to 2025, covering 22 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see MCDOWELL-N stock market capitalisation.
| Year | WC/NA Ratio | Working Capital (INR) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | 55.3% | Rs44.80 Billion | Rs81.04 Billion | Rs92.02 Billion | Rs47.22 Billion | ▲ +6.5 pp |
| 2024 | 48.8% | Rs34.74 Billion | Rs71.21 Billion | Rs73.77 Billion | Rs39.03 Billion | ▲ +5.3 pp |
| 2023 | 43.5% | Rs26.10 Billion | Rs59.99 Billion | Rs62.35 Billion | Rs36.24 Billion | ▲ +16.3 pp |
| 2022 | 27.2% | Rs13.25 Billion | Rs48.75 Billion | Rs51.63 Billion | Rs38.38 Billion | ▲ +15.7 pp |
| 2021 | 11.5% | Rs4.65 Billion | Rs40.59 Billion | Rs48.03 Billion | Rs43.38 Billion | ▲ +14.8 pp |
| 2020 | -3.3% | Rs-1.24 Billion | Rs36.87 Billion | Rs48.70 Billion | Rs49.94 Billion | ▼ -5.8 pp |
| 2019 | 2.5% | Rs760.00 Million | Rs30.87 Billion | Rs52.64 Billion | Rs51.88 Billion | ▲ +1.3 pp |
| 2018 | 1.2% | Rs280.00 Million | Rs24.33 Billion | Rs57.36 Billion | Rs57.08 Billion | ▲ +26.4 pp |
| 2017 | -25.2% | Rs-4.50 Billion | Rs17.83 Billion | Rs57.49 Billion | Rs61.99 Billion | ▼ -2.6 pp |
| 2016 | -22.6% | Rs-4.05 Billion | Rs17.90 Billion | Rs55.06 Billion | Rs59.11 Billion | ▲ +137.8 pp |
| 2015 | -160.5% | Rs-10.60 Billion | Rs6.60 Billion | Rs48.63 Billion | Rs59.23 Billion | ▼ -47.1 pp |
| 2014 | -113.4% | Rs-34.39 Billion | Rs30.33 Billion | Rs69.87 Billion | Rs104.26 Billion | ▼ -102.1 pp |
| 2013 | -11.3% | Rs-5.43 Billion | Rs47.98 Billion | Rs59.33 Billion | Rs64.76 Billion | ▼ -21.6 pp |
| 2012 | 10.3% | Rs4.81 Billion | Rs46.76 Billion | Rs60.73 Billion | Rs55.92 Billion | ▼ -89.2 pp |
| 2011 | 99.5% | Rs41.74 Billion | Rs41.96 Billion | Rs61.84 Billion | Rs20.10 Billion | ▲ +15.3 pp |
| 2010 | 84.2% | Rs31.85 Billion | Rs37.82 Billion | Rs49.58 Billion | Rs17.73 Billion | ▼ -18.8 pp |
| 2009 | 103.0% | Rs24.64 Billion | Rs23.92 Billion | Rs41.11 Billion | Rs16.46 Billion | ▲ +1.1 pp |
| 2008 | 101.9% | Rs23.20 Billion | Rs22.76 Billion | Rs34.71 Billion | Rs11.51 Billion | ▲ +26.2 pp |
| 2007 | 75.7% | Rs11.67 Billion | Rs15.40 Billion | Rs18.93 Billion | Rs7.26 Billion | ▲ +3.2 pp |
| 2006 | 72.5% | Rs7.04 Billion | Rs9.70 Billion | Rs14.41 Billion | Rs7.38 Billion | ▼ -217.8 pp |
| 2005 | 290.3% | Rs8.16 Billion | Rs2.81 Billion | Rs12.03 Billion | Rs3.87 Billion | ▲ +179.6 pp |
| 2004 | 110.8% | Rs3.05 Billion | Rs2.76 Billion | Rs5.84 Billion | Rs2.79 Billion | — |