United Spirits stock outlook firms as Jefferies turns bullish

Brokerage sentiment toward United Spirits turned more positive on Monday, November 2, after Jefferies upgraded the company to Buy from Hold and Nomura maintained its Buy rating. The analysis was reported by The Financial Express.

Brokerages See Stronger Second Half

Jefferies raised its target price to 1,620 rupees per share, while Nomura increased its target to 1,700 rupees. Both brokerages linked their constructive view to expected volume improvement and a better operating backdrop in the second half of fiscal 2027.

Jefferies expects the Prestige & Above business to move from a 1% volume decline in the first half to 9% growth in the second half. The brokerage also pointed to the recovery of relaunched McDowell's, which represents almost 60% of the company's volumes, according to the report.

Innovation Shapes The Investment Case

Smirnoff remains a central growth driver. Jefferies said the brand is on track to exceed 1,000 crore rupees in net sales value in fiscal 2028, supported by new flavours and the Smirnoff Ice ready-to-drink launch.

Nomura expects the J&B whisky relaunch to benefit from festive demand. The report also highlights the potential for ready-to-drink products to broaden consumption occasions and bring new consumers into the company's core spirits portfolio.

United Spirits Business Profile

Diageo India describes United Spirits as an Indian beverage alcohol company with a portfolio of more than 50 spirit brands enjoyed across India. Its portfolio includes premium and popular spirits, with brands such as Smirnoff, J&B and McDowell's highlighted in the brokerage discussion. The near-term debate centers on premiumisation, brand renovation and regulatory normalisation.

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