United Spirits Wins ₹141 Cr Excise Duty Case; Q3 Profit Beats Estimates

• Diageo-controlled United Spirits received a favourable CESTAT order, dropping ₹141 crore in excise duty and penalty for FY 1997-2005.
• The Tribunal upheld the company's valuation methodology, ruling royalty from Contract Bottling Units (CBUs) has no connection to food flavours price.
• Q3FY26 net profit rose 11.8% YoY to ₹529 crore, beating CNBC-TV18 poll estimates of ₹497 crore.
• Revenue increased 7.3% YoY to ₹3,683 crore, slightly ahead of estimates, but EBITDA missed expectations.
• Growth was driven by the Prestige & Above (P&A) segment (8.2% NSV growth), despite adverse policy impacts in Maharashtra.