USL Premiumisation Story Intact but Regulatory & Cost Headwinds Cloud Near-Term Earnings

United Spirits' Diageo-backed brand portfolio anchors long-term upside, yet ENA cost inflation, state pricing controls, and excise policy volatility constrain margin visibility in the near term.

ndtv-profit-business · 7/19/2026, 1:16:14 AM · Ask about this →