Shares of United Spirits rose over 2% to ₹1,321 on August 18, rebounding from the day’s low, as most brokerages maintained a positive stance despite a subdued June-quarter performance. The management reaffirmed its FY26 growth target, bolstering investor sentiment.

Goldman Sachs kept a “buy” call with a target of ₹1,575, noting that topline beat estimates despite muted volumes impacted by Andhra Pradesh. It expects the UK–India FTA to aid growth and margins from Q1FY27 but trimmed FY26–28 earnings estimates by 2–4%.

JPMorgan retained an “overweight” rating with a revised target of ₹1,600, cutting FY26–27 EBITDA estimates by 5–6% to reflect revenue loss from Maharashtra’s tax hike. Still, it said the stock’s sharp underperformance offers an attractive entry point and remains cautiously optimistic on growth.

Macquarie, however, maintained an “underperform” rating with a ₹1,250 target, flagging uncertainty from state tax hikes. It said clarity would emerge during the festive season but highlighted management’s confidence in double-digit growth in the prestige portfolio and EBITDA growth outpacing sales.

For Q1FY26, United Spirits posted a net profit of ₹417 crore, down from ₹485 crore a year earlier. Revenue rose 9.4% to ₹3,021 crore, while EBITDA fell 10% to ₹644 crore, with margins contracting to 21.3% from 25.8%.