Brands
United Spirits posts steady growth in December quarter
MUMBAI: Sip happens. Even as costs bubbled and advertising spend rose, United Spirits Limited managed to keep its balance steady, reporting resilient growth in the December 2025 quarter, according to its unaudited standalone financial results.
For the quarter ended December 31, 2025, United Spirits Limited posted revenue from operations of Rs 7,928 crore, up from Rs 7,192 crore in the September quarter and marginally higher than Rs 7,731 crore a year earlier. Total income for the quarter stood at Rs 8,072 crore.
Profit after tax came in at Rs 529 crore, an improvement over Rs 472 crore in the preceding quarter and broadly in line with Rs 473 crore reported in the December 2024 quarter. For the nine months ended December 31, 2025, profit after tax rose to Rs 1,259 crore, compared with Rs 1,107 crore in the corresponding period last year.
Operating performance remained stable despite higher advertising and promotion expenses, which climbed to Rs 516 crore in the quarter, reflecting sustained brand investments. Excise duty continued to be the single largest cost component at Rs 4,245 crore, while total expenses for the quarter stood at Rs 6,606 crore.
Profit before tax for the quarter was Rs 654 crore, after accounting for exceptional items of Rs 10 crore. For the nine-month period, profit before tax rose to Rs 1,634 crore, up from Rs 1,471 crore a year earlier.
On the segment front, the company continues to be driven primarily by its beverage alcohol business, which spans manufacturing, franchising, and sale of spirits. Its sports business, housed under Royal Challengers Sports Private Limited, remains the group’s second operating segment.
For the nine months ended December 31, 2025, United Spirits reported total income of Rs 21,224 crore, compared with Rs 20,487 crore in the year-ago period, underlining steady demand even amid cost pressures.
In a market where margins are often diluted by taxes and promotions, United Spirits’ December-quarter numbers suggest a careful balancing act, one that keeps the cash flowing without letting costs spill over.
Brands
Jio Financial Services posts Rs 1,560 crore FY26 profit
Revenue rises to Rs 3,513 crore as investments and lending scale up.
MUMBAI: If money makes the world go round, Jio Financial Services Limited is quietly spinning a much bigger wheel. The Reliance-backed financial arm reported a consolidated net profit of Rs 1,560.9 crore for FY26, slightly lower than Rs 1,612.6 crore in FY25, even as revenue growth gathered pace.
Total revenue from operations rose sharply to Rs 3,513.3 crore in FY26 from Rs 2,042.9 crore a year earlier, driven largely by a surge in interest income, which more than doubled to Rs 1,901.9 crore from Rs 852.5 crore. Fee and commission income also saw a significant jump to Rs 597 crore, compared to Rs 155.2 crore in FY25, reflecting expanding financial services activity.
For the March quarter, profit stood at Rs 272.2 crore, broadly flat compared to Rs 269 crore in the same period last year. Quarterly revenue from operations climbed to Rs 1,018.5 crore, up from Rs 493.2 crore year-on-year, signalling steady momentum in core income streams.
Expenses, however, moved in tandem with growth. Total costs nearly quadrupled to Rs 1,982.9 crore in FY26 from Rs 524.8 crore in FY25, with finance costs alone rising to Rs 745.1 crore from just Rs 7.7 crore a year earlier, reflecting increased borrowing and scale of operations. Employee expenses also grew to Rs 387.3 crore, while other expenses expanded to Rs 755 crore.
Profit before tax stood at Rs 1,911.7 crore for the year, slightly below Rs 1,946.9 crore in FY25. After accounting for a total tax outgo of Rs 350.8 crore, the company reported its final net profit figure.
Beyond the income statement, the balance sheet tells a story of rapid expansion. Total assets surged to Rs 1,63,497 crore as of March 31, 2026, up from Rs 1,33,510 crore a year earlier. Investments alone stood at Rs 1,33,088.7 crore, underscoring the company’s strong focus on treasury and financial asset growth.
However, the year also saw sharp volatility in other comprehensive income, which swung to a loss of Rs 16,028.3 crore, largely driven by fair value changes in equity instruments. This dragged total comprehensive income for FY26 to a negative Rs 15,756.1 crore, compared to a positive Rs 14,870 crore in FY25.
On the capital front, the company’s paid-up equity share capital remained steady at Rs 6,353.1 crore, with other equity rising to Rs 1,27,500.5 crore.
The numbers reflect a business in transition scaling rapidly across lending, investments and fee-based services, but also navigating the volatility that comes with mark-to-market movements in financial assets. In other words, while the top line is accelerating, the fine print still carries a few swings.
