The road to the Caulfield Cup tightens at Caulfield this weekend, with several key spring players stepping out in a high‑quality Group 1 — and the Neds form analysts have you covered with our insider 2026 Underwood Stakes betting tips, predictions and favourites for the $1 million weight‑for‑age showdown.
The Group 1 Underwood Stakes (1800m) traditionally acts as a major spring launching pad, and this year’s edition again features horses with genuine Caulfield Cup and Cox Plate ambitions. With form lines converging from the Makybe Diva, Feehan and early‑spring WFA races, punters get a perfect read on who’s trending upwards — and who’s vulnerable — heading into the heart of the carnival.
This year’s Underwood Stakes favourites are headed by WA star Cosmic Crusader, the fit horse in the compact field and already a proven Group 1 winner at the trip. His Melbourne form has been rock‑solid all prep, and he looks perfectly placed to bounce back rising to 1800m.
Chris Waller supplies the biggest danger in Lindermann, fresh off a Chelmsford Stakes defence and right at home stretching to a staying journey. The stable also rolls out Birdman — a Cox Plate hopeful who’ll relish second‑up conditions — plus Buckaroo, the 2024 champion and a genuine each‑way contender.
Add in Kingswood, the Heatherlie Handicap winner and a potentially overlooked roughie, and you’ve got a deep, high‑quality Underwood Stakes despite the small field.
Below you’ll find our full Underwood Stakes 2026 preview, plus Same Race Multi selections to give you more bang for your buck!
Underwood Stakes Favourites & Best Bets
COSMIC CRUSADER (5) is the one you don’t need to overthink in the 2026 Underwood Stakes, and despite the late push for Lindermann, he remains the deserving favourite — the proven Caulfield performer and the fit horse in a small but classy Group 1.
The Kiwi‑bred Maurice gelding has been a revelation for Andrea Leek this prep, and all three of his Caulfield runs have been top‑tier.
The WA expat is already a Group 1 winner at 1800m, having narrowly claimed the Northerly Stakes last December, and he’s only improved since relocating to Melbourne.
Fresh, he put them away with a 2.5‑length Group 3 Bletchingly win, then backed it up with a strong PB Lawrence Stakes victory over Private Eye and Evaporate.
He stuck to 1400m for the Group 1 Memsie at his latest and was far from disgraced, finishing three lengths third behind runaway winner Beiwacht.
Fourth‑up now, he’s ready to peak.
The rise to 1800m is perfect at this stage of his campaign, and with Willie Pike sticking from gate three, he maps to land closer than he did last start and stay within striking distance.
He’s tough, he’s fit, he’s proven at the trip — and he’s the one they all have to beat.
Wins.
| 5. Cosmic Crusader (3) J: William Pike 59kg 2×113 T: Andrea Leek | |||
| Racing well recently. Last start 3rd of 12 in the G1 Memsie Stakes at this track on August 29 over 1400m, slow going 3.5 len behind Beiwacht with 59kg at $3.30. The start before that favourite; came from midfield and won by 0.8 len in the G2 PB Lawrence Stakes at this track on August 15 over 1400m on a rain affected track defeating Private Eye with 59kg at $2.50. Well placed. Can settle much closer this time and prove very hard to beat. | |||
LINDERMANN (1) is the obvious spoiler, and he profiles as the runner most capable of making Cosmic Crusader sweat — even if his previous Caulfield efforts haven’t produced a podium.
The Chris Waller‑trained seven‑year‑old is humming this campaign.
He was forced to absorb a savage tempo first‑up in the Winx Stakes, then immediately snapped back into gear with a trademark on‑speed masterclass in the Chelmsford Stakes, controlling the race from the front and defending his title with authority.
Third‑up is traditionally when he hits his ceiling, the 1800m is right in his wheelhouse, and a dry Caulfield surface only enhances his chances.
From a favourable draw, Blake Shinn should be able to roll across, take up the running and dictate terms — and when Lindermann gets into his rhythm, he’s notoriously difficult to reel in.
He’s proven at weight‑for‑age, proven at trips beyond a mile, and his style is tailor‑made for a small tactical field.
He’s the likely leader, perfectly placed, and absolutely capable of giving punters a serious sight at each‑way odds.
A key value angle in our Underwood Stakes tips, a live danger and a must‑include runner.
| 1. Lindermann (1) J: Blake Shinn 59kg 22×91 T: Chris Waller | |||
| Dual acceptor. Third-up today and won third-up previously. First-up struggled in the run home; 9th of 11 in the G1 Winx Stakes at Randwick on August 22 over 1400m, slow going 7 len behind Autumn Glow with 59kg at $51. Last start favourite; won by 1.75 len in the G2 Chelmsford Stakes at Randwick on September 5 over 1600m defeating Ceolwulf with 59kg at $2.70. Well placed. Will control the tempo and that makes him very hard to catch. | |||
KINGSWOOD (8) is the smoky in the Underwood for mine, and while this is a genuine acid test at Australian Group 1 level, he’s absolutely capable of landing in the finish at a big price.
The Gavin Bedggood‑trained entire has always hinted at top‑tier ability, and his CV from New Zealand backs it up.
The Roaring Lion seven‑year‑old owns strong elite‑level form across the Tasman — winning the Zabeel Classic at long odds over 2000m, then chasing home Legarto in both the Herbie Dyke and Bonecrusher.
His Group 1 credentials are no joke.
Locally, he’s already shown he handles Caulfield.
Four runs for two wins, and the 1800m sits right in his comfort zone.
His fresh victory in the Heatherlie Handicap on August 29 was full of merit: a blowout‑price success carrying 61kg, jumping from the carpark, and still surging late to put a margin on Just Folk.
That run screamed toughness.
He made ground from midfield, absorbed pressure, and showed he’s more than capable of matching it with quality horses.
Back to weight‑for‑age, drawn better, and facing a small tactical field, he gets conditions that suit him far more than last start.
This is a rise in class, no doubt — but he’s fit, he’s honest, and he’s proven at the trip. A Top 3 finish is very much on the table for punters chasing value.
| 8. Kingswood (8) J: John Allen 59kg 125×1 T: Gavin Bedggood | |||
| Second run back. First-up after six months came from midfield and won by 0.8 len in a LR Heatherlie Stakes at this track on August 29 over 1700m on a rain affected track defeating Just Folk with 61kg at $21. Previously second-up 8th of 14 in the G2 Hill Stakes at Rosehill on October 11 over 1900m, 4 len behind Lindermann carrying 59kg at $7.50. Tough win fresh, this is tougher. | |||
2026 Underwood Stakes Same Race Multi Selections
- To Win – No. 5 Cosmic Crusader
- Top 3 – No. 1 Lindermann
- Top 4 – No. 8 Kingswood
COSMIC CRUSADER (3) is the clear benchmark — the proven Caulfield specialist, the fittest horse in the race, and perfectly placed fourth‑up rising to 1800m. From an ideal draw and with his form trending exactly the right way, he stands out as the runner most likely to control the race late. He simply wins.
LINDERMANN (1) maps to take up the running third‑up, gets his preferred 1800m set‑up, and arrives off a commanding Chelmsford defence that confirmed he’s airborne this prep. With his on‑speed pattern and proven WFA strength, he’s a dependable Top 3 anchor in the Underwood.
KINGSWOOD (8) brings genuine New Zealand Group 1 credentials, a tough fresh Caulfield victory, and a profile tailor‑made for 1800m. He’s gritty, seasoned, and perfectly suited to a small tactical field, making him a value‑laden Top 4 inclusion for punters building exotics.
| 1. Lindermann (1) J: Blake Shinn 59kg 22×91 T: Chris Waller | |||
| Dual acceptor. Third-up today and won third-up previously. First-up struggled in the run home; 9th of 11 in the G1 Winx Stakes at Randwick on August 22 over 1400m, slow going 7 len behind Autumn Glow with 59kg at $51. Last start favourite; won by 1.75 len in the G2 Chelmsford Stakes at Randwick on September 5 over 1600m defeating Ceolwulf with 59kg at $2.70. Well placed. Will control the tempo and that makes him very hard to catch. | |||
| 5. Cosmic Crusader (3) J: William Pike 59kg 2×113 T: Andrea Leek | |||
| Racing well recently. Last start 3rd of 12 in the G1 Memsie Stakes at this track on August 29 over 1400m, slow going 3.5 len behind Beiwacht with 59kg at $3.30. The start before that favourite; came from midfield and won by 0.8 len in the G2 PB Lawrence Stakes at this track on August 15 over 1400m on a rain affected track defeating Private Eye with 59kg at $2.50. Well placed. Can settle much closer this time and prove very hard to beat. | |||
| 8. Kingswood (8) J: John Allen 59kg 125×1 T: Gavin Bedggood | |||
| Second run back. First-up after six months came from midfield and won by 0.8 len in a LR Heatherlie Stakes at this track on August 29 over 1700m on a rain affected track defeating Just Folk with 61kg at $21. Previously second-up 8th of 14 in the G2 Hill Stakes at Rosehill on October 11 over 1900m, 4 len behind Lindermann carrying 59kg at $7.50. Tough win fresh, this is tougher. | |||
Underwood Stakes 2026 Odds
| 1. Lindermann (1) J: Blake Shinn 59kg 22×91 T: Chris Waller | |||
| Dual acceptor. Third-up today and won third-up previously. First-up struggled in the run home; 9th of 11 in the G1 Winx Stakes at Randwick on August 22 over 1400m, slow going 7 len behind Autumn Glow with 59kg at $51. Last start favourite; won by 1.75 len in the G2 Chelmsford Stakes at Randwick on September 5 over 1600m defeating Ceolwulf with 59kg at $2.70. Well placed. Will control the tempo and that makes him very hard to catch. | |||
| 2. Buckaroo (7) J: Mark Zahra 59kg x25x5 T: Chris Waller | |||
| Second-up. First-up after six months 5th of 12 in the G1 Memsie Stakes at this track on August 29 over 1400m, slow going 4 len behind Beiwacht with 59kg at $101. Previously second-up 5th of 7 in the G2 Peter Young Stakes at this track on March 14 over 1800m, 6 len behind Birdman with 59kg at $2.25. Loves this race and will be charging home. | |||
| 3. Attrition (6) J: Jamie Mott 59kg 80×90 T: Mitchell Freedman | |||
| Third-up today and placed third-up previously. First-up 9th of 11 in the G2 PB Lawrence Stakes at this track on August 15 over 1400m, slow going 6 len behind Cosmic Crusader with 59kg at $101. Last start 11th of 16 in a LR Heatherlie Stakes at this track on August 29 over 1700m, slow going 8 len behind Kingswood carrying 61kg at $71. This is too tough. | |||
| 4. Pinstriped (2) J: Lachlan Neindorf 59kg 5×442 T: Enver Jusufovic | |||
| At the latest run raced on the pace when 2nd of 9 in a So You Think at Sandown-Hillside on September 5 over 1500m, on a slow track; 1.75 len behind Evaporate with 57kg at $7.50. The start before that 4th of 11 in the G2 PB Lawrence Stakes at this track on August 15 over 1400m, slow going 2.25 len behind Cosmic Crusader with 59kg at $31. Going well but this is tough. | |||
| 5. Cosmic Crusader (3) J: William Pike 59kg 2×113 T: Andrea Leek | |||
| Racing well recently. Last start 3rd of 12 in the G1 Memsie Stakes at this track on August 29 over 1400m, slow going 3.5 len behind Beiwacht with 59kg at $3.30. The start before that favourite; came from midfield and won by 0.8 len in the G2 PB Lawrence Stakes at this track on August 15 over 1400m on a rain affected track defeating Private Eye with 59kg at $2.50. Well placed. Can settle much closer this time and prove very hard to beat. | |||
| 6. Birdman (4) J: Ben Melham 59kg 521×6 T: Chris Waller | |||
| Second run back. First-up after three months eased back early on 6th of 12 in the G1 Memsie Stakes at this track on August 29 over 1400m, on a slow track; 4.5 len behind Beiwacht with 59kg at $61. Previously second-up won by 1.75 len in the G2 Blamey Stakes at Flemington on February 28 over 1600m defeating Enxuto with 57kg at $3.50. Lovely return and sets up well to 1800m here. | |||
| 7. Middle Earth (5) J: Ethan Brown 59kg 891×8 T: Ciaron Maher | |||
| Second-up. First-up after four months 8th of 16 in a LR Heatherlie Stakes at this track on August 29 over 1700m, slow going 5 len behind Kingswood with 61.5kg at $41. Previously second-up 9th of 14 in the G3 Hawkesbury Gold Cup on May 2 over 1600m, 2 len behind Churchill’s Choice with 59.5kg at $51. Risking. | |||
| 8. Kingswood (8) J: John Allen 59kg 125×1 T: Gavin Bedggood | |||
| Second run back. First-up after six months came from midfield and won by 0.8 len in a LR Heatherlie Stakes at this track on August 29 over 1700m on a rain affected track defeating Just Folk with 61kg at $21. Previously second-up 8th of 14 in the G2 Hill Stakes at Rosehill on October 11 over 1900m, 4 len behind Lindermann carrying 59kg at $7.50. Tough win fresh, this is tougher. | |||
| 9. Aeliana (6) Scratched: | |||
2026 Underwood Stakes Big Bets
Underwood Stakes FAQs
The Underwood Stakes is a $1 million Group 1 weight‑for‑age contest run over 1800 metres at Caulfield. It’s one of the Melbourne Spring Carnival’s key early indicators, regularly shaping the form for major WFA races and middle‑distance targets deeper into the spring.
The 2026 Underwood Stakes will be held on Saturday, September 19, as part of Caulfield’s feature spring program. It’s slated as Race 7 at 3:35pm (AEST) on a stacked 10‑race card.
The race is run over 1800m, a distance that rewards horses with tactical speed, sustained strength and genuine weight‑for‑age quality.
The Underwood is staged at Caulfield Racecourse, one of Australia’s premier middle‑distance racing venues and a crucial stop for horses building towards major spring features.
The 2025 Underwood Stakes was taken out by Sir Delius, who scored as a $2.10 favourite for Gai Waterhouse & Adrian Bott. With Craig Williams aboard, he carried 59kg, jumped from barrier 10, and won by 0.46 lengths on a Good (3) surface in 1:49.12.
Cosmic Crusader heads 2026 Underwood Stakes betting at Neds, arriving as the fit horse in the small field and already proven at Group 1 level over the trip.
Punters can play into fixed odds, exotics, Same Race Multis, and live betting markets. Key factors include speed maps, market moves, and weight‑for‑age form, especially with a compact field.
Important indicators include:
1800m strength
WFA performance
Second‑up/third‑up trends
Caulfield track record
Cox Plate‑style form lines
These factors consistently separate the genuine winning hopes from the pretenders.
Among the 2026 contenders, Chris Waller has enjoyed notable recent success, including Buckaroo’s 2024 victory, and again saddles multiple runners in this year’s edition.
Yes — the Underwood is a major Cox Plate pointer, with winners and placegetters often progressing to the $6 million classic as serious WFA contenders.