United Spirits’ popular segment sales fall 22.7% as state policies squeeze margins

United Spirits reported a 22.7% decline in its popular liquor segment sales during Q2 FY2027. The decline was attributed to increased taxes on non-local brands in Maharashtra and excise duty changes in Karnataka. While the overall net sales value rose 2.8% year-on-year, the popular segment's issues highlight regulatory pressure. The premium and luxury liquor segments continued to drive growth amid these challenges.