Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 4.1% year-on-year to ₹432 crore from ₹415 crore in the year-ago period. EBITDA was slightly below the CNBC-TV18 poll estimate of ₹436 crore.ALSO READ | United Spirits sees modest Q4 sales growth and a strong FY26 as premium segment drives gains
The company’s EBITDA margin remained flat year-on-year at 16%. The margin was marginally below the CNBC-TV18 poll estimate of 16.5%.
Nuvola Spirits Private
Also, United Spirits approved an investment of ₹2.69 crore in Nuvola Spirits Private Ltd (NSPL) by subscribing to 17,350 Compulsory Convertible Preference Shares (CCPS) and 10 equity shares, representing 10.08% of the company’s issued and paid-up share capital on a fully diluted basis.
The investment was approved by the company’s board of directors and will be made through cash consideration. The transaction is expected to be completed on or before September 21, 2026.The definitive agreements also provide United Spirits with an option to acquire the remaining shares held by other shareholders at a pre-determined valuation methodology if Nuvola Spirits achieves certain pre-agreed milestones within a defined period.
United Spirits said the investment is aligned with its strategy of backing innovative founders and tapping emerging consumer trends in the premium craft beverage segment.
Nuvola Spirits is engaged in developing, producing, marketing and selling alcoholic beverages under the Mikiamo and Seoulmate brands. The company crafts products using Italian and Korean flavour profiles. Its product portfolio includes Soju (Korean ready-to-drink spirit), Limoncello, Meloncello and Amara Rosso.
The company was incorporated on August 2, 2023, and was founded by Raghav Sachdeva and Aakriti Sachdeva. According to the filing, Nuvola Spirits reported an audited turnover of ₹0.38 crore and a negative net worth of ₹0.15 crore for the financial year ended March 31, 2025.
United Spirits, Nuvola Spirits and the founders have also entered into a Share Subscription and Shareholders’ Agreement (SSHA) governing the investment. Under the agreement, United Spirits will have the right to appoint one director and one observer to Nuvola Spirits’ board.
The agreement also grants United Spirits customary investor protection rights, including tag-along and drag-along rights in the event of a proposed transfer of shares by the promoters to a third party. The promoters of Nuvola Spirits will have a right of first offer if United Spirits proposes to transfer its shares to a third party.
United Spirits said the transaction does not qualify as a related-party transaction, and its promoters, promoter group and group companies have no interest in Nuvola Spirits. The investment does not require any governmental or regulatory approvals.
Shares of United Spirits Ltd ended at ₹1,404.60, down by ₹13.35, or 0.96%, on the BSE.
