United Breweries Limited (UBL)
₹1,201.60 -0.17% last close, 16 Oct
Q2 FY27 results
📅 Next results: 27 Oct 2026 (board meeting)United Breweries Limited's board meets on 27 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, United Breweries' revenue was ₹3,067 Cr (+7.1% year on year, +36.3% on the previous quarter), and net profit ₹166 Cr (-9.6% year on year); the operating margin was 9.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹3,067 | +7.1% | +36.3% |
| Operating profit | ₹283 | -9.1% | +103.3% |
| Net profit | ₹166 | -9.6% | +63.0% |
| EPS (₹) | 6.29 | -9.5% | +63.4% |
| Operating margin | 9.2% | — | — |
UBL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.16% of the UBL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.66%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 93.9% · 53.8% · 55.8% · 45.6% · 54.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
United Breweries Limited (UBL) has launched its premium mild lager beer 'Heineken Silver' in the state of Assam, effective October 9, 2026. This geographical expansion increases the brand's availability to 11 Indian markets, following earlier rollouts in Kerala, Odisha, and Madhya Pradesh. In Assam, the product is priced at INR 120 for a 330 ml pint, INR 160 for a 500 ml can, and INR 200 for a 650 ml bottle. The move aligns with UBL's strategy to drive premiumization to support margins against its TTM revenue base of Rs 9,443 Cr.
- Heineken Silver launched in Assam effective October 9, 2026, expanding the brand to 11 markets across India.
- Priced at INR 120 for a 330 ml pint across retail outlets in Assam.
- Priced at INR 160 for a 500 ml can and INR 200 for a 650 ml bottle.
- Rollout builds on previous launches in Kerala, Odisha, and Madhya Pradesh to target premium beer demand.
United Breweries Limited has received an aggregate income tax refund of ₹100.83 crores pursuant to orders giving effect to ITAT directions. This includes a ₹82.73 crore refund for AY 2013-14 (containing ₹25.65 crore interest) received on October 05, 2026, and ₹18.10 crore for AY 2020-21 (containing ₹4.79 crore interest) received on October 03, 2026. The total refund equals approximately 25.5% of TTM PAT (₹395 crore), offering a direct boost to liquidity and other income through the ₹30.44 crore total interest component.
- Received aggregate tax refund of ₹100.83 crores across AY 2013-14 and AY 2020-21
- AY 2013-14 refund stands at ₹82.73 crores, including interest of ₹25.65 crores
- AY 2020-21 refund stands at ₹18.10 crores, including interest of ₹4.79 crores
- Remaining contested issues continue to be litigated before the Karnataka High Court and appellate authorities
United Breweries Limited has received penalty orders from the Income Tax Department's National Faceless Assessment Centre (NFAC) totaling ₹54.83 crore across multiple assessment years (AY 2013-14 to AY 2022-23). The single largest penalty demand is ₹26.99 crore for AY 2022-23 under section 270A. The company noted that the underlying assessment orders are already under appeal before the ITAT or CIT(A), and that NFAC levied penalties prematurely including computational errors. Relative to UBL's TTM PAT of ₹395 crore, the total disputed penalty represents approximately 13.9%, though management does not anticipate a material financial impact beyond minimal statutory pre-deposits.
- Aggregate penalty demand of ₹54,82,99,656 across AY 2013-14, 2014-15, 2017-18, 2018-19, 2020-21, and 2022-23
- Largest single penalty demand is ₹26,98,91,806 levied under section 270A for AY 2022-23
- Penalties levied under Section 271(1)(c) and Section 270A while underlying quantum appeals remain pending before ITAT and CIT(A)
- Alleged clerical errors by NFAC include an excess penalty of ₹7.55 crore for AY 2022-23 and a duplicative penalty of ₹99.36 lakh
United Breweries Limited has announced the closure of its trading window starting Monday, September 21, 2026. The closure applies to all employees, designated persons, and their immediate relatives pursuant to SEBI Insider Trading regulations. The window will reopen 48 hours after the declaration of financial results for the quarter and period ending September 30, 2026. This is a standard statutory compliance filing prior to quarterly earnings announcements.
- Trading window closes on Monday, September 21, 2026
- Window remains shut until 48 hours after the declaration of financial results
- Results pertain to the quarter and year-to-date ended September 30, 2026
- Applies to all employees, Designated Persons, and their immediate relatives
United Breweries Limited (UBL) received a favourable ruling from the Bombay High Court (Aurangabad Bench) in a legacy service tax dispute. The High Court dismissed the Revenue's appeal against an earlier CESTAT order, holding that the ₹21.92 crore service tax demand for September 2009 to November 2011 was barred by limitation. Consequently, UBL's contingent liability of ₹21.92 crore along with applicable interest and penalties has been reduced to Nil. Given UBL's TTM net profit of ₹395 crore, this resolves a legacy liability equivalent to ~5.5% of annual profits.
- Bombay High Court dismissed Revenue's appeal, eliminating a ₹21.92 crore service tax demand.
- Contingent tax liability and potential penalties reduced from ₹21.92 crore to Nil.
- Dispute pertained to contract brewing activities of Millennium Beer Industries Limited (MBIL, merged w.e.f. April 1, 2010) for Sept 2009 to Nov 2011.
- The Court upheld the CESTAT order citing that the demand was barred by limitation and applied the consistency principle.
United Breweries Limited (UBL) has submitted the presentation link for its 'Capital Markets Day 2026' scheduled for September 03, 2026, following its prior intimation dated August 25, 2026. The filing is a statutory disclosure under Regulation 30 of SEBI LODR Regulations. UBL currently commands a market cap of ₹33,902 Cr with TTM revenue of ₹11,307 Cr and TTM PAT of ₹395 Cr. The presentation outlines management's strategic focus areas and industry outlook.
- Capital Markets Day 2026 scheduled for September 03, 2026
- Filing made pursuant to prior intimation dated August 25, 2026
- Investor presentation weblink made accessible on company website under SEBI LODR rules
United Breweries Limited (UBL) has announced the commissioning of a new canning line at its Ellora Brewery in Chhatrapati Sambhajinagar, Maharashtra, with an investment of ₹110 crore (~0.97% of TTM revenue). The facility features a capacity of 40,000 cans per hour, making it the brewery's first canning line and among the fastest in UBL's network. The line is expected to become operational in September 2026, subject to statutory approvals, to meet rising consumer demand for canned beer and support premiumization across brands like Kingfisher Strong and London Pilsner. This follows a similar canning expansion commissioned at UBL's Nizam Brewery in Telangana in July 2026.
- ₹110 crore investment in Ellora Brewery's first canning line in Maharashtra
- Line capacity of 40,000 cans per hour alongside existing packaging capacity of up to 1.5 million cases per month
- Scheduled to become operational in September 2026, subject to statutory approvals
- Follows previous canning line commissioning at Nizam Brewery, Telangana in July 2026
United Breweries Limited (UBL) has announced the geographic expansion of its premium mild lager beer brand, 'Heineken® Silver', into the states of Kerala, Odisha, and Madhya Pradesh, effective August 25, 2026. The move aligns with the company's broader strategic push toward premiumization to support margins across key regional domestic markets. The distribution will leverage UBL's pan-India manufacturing and distribution network consisting of 35 breweries. Financial revenue projections for this regional launch were not disclosed.
- Heineken® Silver introduced in 3 states: Kerala, Odisha, and Madhya Pradesh with effect from August 25, 2026
- Product category is defined as Premium Mild Lager Beer for the domestic Indian market
- Company utilizes a pan-India network comprising 35 breweries (19 owned and 16 contract arrangements)
- Commercial launch aims to accelerate premium product mix against TTM revenue base of ₹11,307 Cr
United Breweries Limited (UBL) has scheduled its 'Capital Markets Day 2026' for September 03, 2026, in Goa. The group analyst/investor meeting will take place in person between 12:30 p.m. and 5:30 p.m. IST. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared during the event.
- Event: Capital Markets Day 2026 scheduled for September 03, 2026
- Time window: 12:30 p.m. to 5:30 p.m. IST in Goa
- Meeting format: In-person group meeting for institutional investors and analysts
- Compliance: No unpublished price-sensitive information (UPSI) to be disclosed
United Breweries Limited (UBL) held its 27th Annual General Meeting on August 12, 2026, where all five resolutions were passed with the requisite majority. Key approvals included the adoption of FY26 financial statements, the declaration of a dividend, and a special resolution to increase borrowing limits and create charges on assets. While most resolutions saw near-unanimous support, the re-appointment of Director Radovan Sikorsky faced 11.26% dissent from public institutional voters, though it passed comfortably overall with 97.11% total favor.
- Total of 95,257 shareholders were on record as of the August 5, 2026 cut-off date.
- Special Resolution to increase borrowing limits passed with 99.92% of total votes in favor.
- Dividend for FY26 approved with 99.99% support (218,918,580 votes in favor).
- Public institutional dissent of 6,332,282 votes recorded against the re-appointment of Director Radovan Sikorsky.
- Promoter group, holding 70.84% of the company, voted 100% in favor of all resolutions.
United Breweries Limited (UBL) held its 27th Annual General Meeting on August 12, 2026, where shareholders approved all five resolutions, including the adoption of FY26 financial statements and a dividend declaration. A significant special resolution was passed to increase borrowing limits and create mortgages/charges on assets, providing the financial headroom for the company's planned ‡1,500 Cr+ capex over the next two years. The meeting was attended by 59 members representing 61.52% of the total equity. Additionally, B S R & Co. LLP was re-appointed as statutory auditors for a five-year term ending in 2031.
- Shareholders representing 61.52% of equity (16,26,58,055 shares) attended the virtual meeting.
- Special resolution passed to increase borrowing limits from banks and financial institutions to support growth.
- Re-appointment of B S R & Co. LLP as Statutory Auditors for a 5-year term until the 2031 AGM.
- Formal adoption of FY26 financial statements where TTM revenue reached ‡13,621 Cr.
- Approval of dividend for the financial year ended March 31, 2026.
United Breweries Limited (UBL) has released the official transcript for its Q1FY2026-27 earnings call held on August 05, 2026. This filing follows the company's recent financial performance, where TTM revenue reached Rs 13,621 Cr with a PAT of Rs 413 Cr. The transcript provides detailed management commentary on the company's premiumization strategy and operational performance. UBL is currently trading at a P/E of 88.7, reflecting high market expectations despite a 27.8% price decline over the last 12 months.
- Earnings call for Q1FY2026-27 was conducted on August 05, 2026
- Transcript released on August 10, 2026, following the audio recording submission
- Company reported TTM revenue of Rs 13,621 Cr and OPM of 5.9%
- Promoter holding remains stable at 70.84% as of March 2026
United Breweries Limited (UBL) has made the audio recording of its earnings conference call for the quarter ended June 30, 2026, available to the public. The call was conducted on August 05, 2026, following the company's Q1 FY26-27 financial results. This filing is a standard regulatory requirement under SEBI (LODR) Regulations to ensure transparency. Investors can access the recording via the company's website using the specific Record ID 10045223.
- Earnings call conducted on August 05, 2026, for the quarter ended June 30, 2026
- Audio recording accessible via Record ID 10045223 on the company's website
- Follows previous regulatory intimations dated July 22, 2026, and August 04, 2026
United Breweries Limited (UBL) has announced its Q1FY2027 earnings call for August 05, 2026, following the release of its quarterly investor presentation. The company is currently operating with a TTM revenue of ₹13,621 Cr and a relatively thin operating margin of 5.9%. Investors are focused on the execution of the ₹1,500 Cr+ two-year capex plan and the progress of the greenfield facility in Uttar Pradesh. The upcoming call will likely address volume growth in the premium segment and the impact of state-level excise duty changes.
- Earnings call scheduled for August 05, 2026, to discuss Q1FY2027 results.
- Company is currently executing a ₹1,500 Cr+ capex plan over a two-year horizon.
- TTM revenue stands at ₹13,621 Cr with a TTM PAT of ₹413 Cr.
- Greenfield facility in Uttar Pradesh is planned to expand manufacturing footprint by FY2027.
- Promoter holding remains stable at 70.84% as per latest filings.
United Breweries (UBL) reported a 10% YoY growth in gross revenue to ₹5,917.45 Cr for Q1 FY27, driven by strong premiumization trends. However, net profit declined 9.4% YoY to ₹166.39 Cr, primarily due to a 300bps gross margin impact from Middle East sourcing disruptions. EBITDA margins recovered sequentially to 10.9% from 6.5% in Q4 FY26, though they remain 35bps lower than the previous year. Free Operating Cash Flow (FOCF) showed significant strength, rising 38% to ₹548 Cr.
- Gross Revenue from operations reached ₹5,917.45 Cr, a 10% increase over ₹5,378.88 Cr in Q1 FY26.
- Premium segment volumes grew 7% All-India, led by Heineken Silver (+28%) and Kingfisher Ultra (+11%).
- Free Operating Cash Flow (FOCF) improved by 38% to ₹548 Cr, supported by disciplined working capital management.
- Gross Profit margin stood at 41.0%, down 155bps YoY, including a 300bps negative impact from Middle East war-related sourcing issues.
- Commissioned a new canning line in Telangana; greenfield expansion in Uttar Pradesh remains on track.
Financial Performance
Revenue Growth by Segment
Total revenue grew 9.8% YoY in FY2025 to INR 8,915.1 Cr. Q1 FY2026 saw a robust 15.7% growth, while H1 FY2026 moderated to 7.1% YoY due to monsoon impacts and excise duty hikes in key markets like Karnataka. Segment-specific growth percentages are not disclosed.
Geographic Revenue Split
Not disclosed in available documents, though Karnataka is identified as a key high-profit market generating relatively higher profits than the country average.
Profitability Margins
Gross margin for Q2 FY2026 was 42.8%. Operating Profit Margin (OPM) improved from 8.6% in FY2024 to 9.4% in FY2025 due to benign input costs and premiumization. However, OPM contracted to 9.0% in H1 FY2026 from 11.2% in H1 FY2025 due to volume declines in Karnataka.
EBITDA Margin
OPBDIT/OI (EBITDA Margin) was 9.4% in FY2025, an 80 bps improvement YoY. EBIT for H1 FY2026 declined by 18% due to increased brand investments and temporary deleverage from lower volumes.
Capital Expenditure
Planned capex of INR 700-750 Cr in FY2026 and INR 750-900 Cr in FY2027 for a greenfield facility in Uttar Pradesh, capacity expansion, and visi cooler footprint growth.
Credit Rating & Borrowing
Ratings reaffirmed at [ICRA]AA+(Stable) and [ICRA]A1+. Total debt/OPBDIT stood at 0.74x as of March 31, 2025, and rose to 0.9x by September 30, 2025. Interest coverage was 65.4x in FY2025.
Operational Drivers
Raw Materials
Raw materials and input costs (including barley and glass bottles implied by industry context) are described as highly volatile, impacting margins because pricing is regulated by state governments.
Capacity Expansion
UBL owns 19 breweries and has 16 contract brewing arrangements. Planned expansion includes a greenfield facility in Uttar Pradesh to increase manufacturing footprint by FY2027.
Raw Material Costs
Input costs were benign in FY2025, supporting margin expansion, but remain a key monitorable due to lack of immediate pricing flexibility to pass on cost increases to consumers.
Strategic Growth
Expected Growth Rate
9.80%
Growth Strategy
Growth will be achieved through premiumization (faster growth in premium products), capacity expansion (INR 1,500 Cr+ capex over two years), and increasing the visi cooler base to improve secondary sales and market reach.
Products & Services
Beer products including strong, premium, and ultra-premium variants.
Brand Portfolio
Kingfisher Premium, Kingfisher Strong, Kingfisher Ultra, Heineken, Heineken Silver, Bullet, Hunter, LP, and Kalyani Black Label.
New Products/Services
Product innovations and premium brand launches are expected to continue supporting margins, though specific revenue contribution percentages for new launches are not disclosed.
Market Expansion
Setting up a greenfield facility in Uttar Pradesh and expanding capacity in states where demand exceeds current supply.
Market Share & Ranking
UBL commands a strong market share in the domestic beer market, though it faces increasing competition from international and domestic craft players.
Strategic Alliances
UBL is a 61.52% subsidiary of Heineken NV and maintains 16 contract brewing arrangements to provide manufacturing flexibility.
External Factors
Industry Trends
The industry is evolving toward premiumization and craft beer. India has low per-capita beer consumption compared to global averages, suggesting long-term growth potential.
Competitive Landscape
Intense competition from large international players and a rising number of microbreweries and craft beer brands in major metros.
Competitive Moat
Moat is sustained by strong brand equity (Kingfisher), a pan-India manufacturing footprint (19 owned breweries), and exceptional financial flexibility from parent Heineken NV.
Macro Economic Sensitivity
Vulnerable to macroeconomic events such as demonetization, general economic slowdowns, and pandemic-related disruptions.
Consumer Behavior
Shift toward premium products and increasing beer options available to domestic consumers in metros.
Regulatory & Governance
Industry Regulations
Extensive government control, including a ban on advertising in mass media and state-specific pricing/distribution policies.
Environmental Compliance
Environmental risks involve handling effluents and water usage, though specific compliance costs are not disclosed.
Taxation Policy Impact
Highly regulated tax structures; excise duty hikes (e.g., Karnataka in H1 FY2026) directly impact volume and profitability.
Legal Contingencies
Competition Commission of India (CCI) order directing UBL to pay INR 751.8 Cr for alleged anti-competitive practices; the matter is currently being contested.
Risk Analysis
Key Uncertainties
Unfavorable policy changes in key states and volatility in raw material prices could impact margins by more than 200 bps, as seen in the H1 FY2026 margin contraction.
Geographic Concentration Risk
High dependence on Karnataka for profitability; subdued performance there led to a decline in consolidated OPM to 9.0%.
Third Party Dependencies
Utilizes 16 contract brewing arrangements to supplement its 19 owned breweries.
Technology Obsolescence Risk
Low risk of obsolescence; focus is on digital transformation of the distribution chain and visi cooler tracking.
Credit & Counterparty Risk
Exposure to state government beverage corporations; receivables increased in FY2025, making timely collection a key monitorable.
