Analysts flag hit to India's United Spirits from Maharashtra state duty hike

United Spirits

12/06/2025 09:53

** Macquarie keeps "underperform" on India's United Spirits, UNSP.NS, citing volume risk from Maharashtra liquor duty hike

** Adds consumer prices could rise 15% or more, especially for economy-end liquor brands

** Macquarie sees duty rise of around 30 rupees to 45 rupees per bottle; premium brands may face steeper hikes

** Brokerage Goldman Sachs sees 20%–30% price hike from duty increase, warns of sharp volume drop in Maharashtra

** Adds customers may downtrade to lower priced brands within UNSP's portfolio, impacting realizations

** Shares of United Spirits UNSP.NS trading 0.9% lower at 1,489 rupees after shedding ~5% on Wednesday after the news

** Stock rated "buy" on average by analysts, median PT is 1,712.5 rupees - data compiled by LSEG

** UNSP shares down 7.5% so far in 2025

(Reporting by Yagnoseni Das in Bengaluru)

((Yagnoseni.Das@thomsonreuters.com;))