United Breweries Limited October 2025
Q2 FY26 Highlights
Volume
-3%
Outperforming the market
Premium Volume
+17%
Outperforming the market
Net Sales
-3%
mid-single digit price mix off-set by state- & source mix
Gross Margin
42.8%
(-104 bps vs LY ; improving vs Q1 FY26)
EBIT
-55%
Profit after Tax
-64%
H1 FY26 Highlights
Volume
+4%
Premium Volume
+33%
Net Sales
+7%
Gross Margin
42.6%
(-76 bps vs LY)
EBIT
-18%
Profit after Tax
-25%
Impacted by a stronger-than-usual monsoon, we outperformed a muted beer market (sell-out). Overall, sell-in volume declined 3.4% resulting in 4.3% growth in H1-FY26
Volume Growth
(-3.4% ITQ, +4.3% YTD)
North (-18% ITQ, -4% YTD)
Volume decline in mainly Rajasthan, Punjab & Haryana partially off-set by growth in Delhi & Uttaranchal
West (+16% ITQ, +14% YTD)
Volume growth in Maharashtra, Daman, Madhya Pradesh & Goa
East (-6% ITQ, -3% YTD)
Volume decline in West Bengal & Odisha was partially off-set by growth in Assam & Jharkhand
South (+4% ITQ, +10% YTD)
Growth in Andhra Pradesh & Tamil Nadu partially offset by a decline in Telangana, Karnataka & Kerala
5
Commentary related to ITQ performance
Despite overall volume decline, we see continued strong growth from our premium portfolio ahead
of the market, led by Kingfisher Ultra franchise, Amstel Grande & Heineken® Silver
Quarterly Volume Development
7%
11%
47% 46%
37%
7%
10%
17% | |
Q1-FY25 Q2-FY25 Q3-FY25 Q4-FY25 Q1-FY26 | -3% Q2-FY26 |
31%
27%
7%
6
Volume growth reflected in hectolitres
Q2 Results (standalone) | |||
Data in Rs. Cr. | Sep-25 | Sep-24 | Change (%) |
Net Sales | 2,051 | 2,115 | -3% |
COGS | -1,173 | -1,187 | -1% |
Gross Profit | 878 | 927 | -5% |
Employee expenses | -185 | -174 | 6% |
Other expenses | -563 | -527 | 7% |
Other income | 15 | 11 | 43% |
EBITDA | 145 | 237 | -39% |
Depreciation | -64 | -57 | 12% |
EBIT | 81 | 180 | -55% |
Finance costs | -15 | -2 | 569% |
Profit before tax | 67 | 178 | -63% |
Tax | -20 | -46 | -57% |
Profit after tax | 47 | 132 | -64% |
As % of Net Sales | Sep-25 | Sep-24 | Change (bps) |
Gross Profit | 42.8% | 43.8% | -104 |
EBITDA | 7.1% | 11.2% | -415 |
EBIT | 4.0% | 8.5% | -457 |
Profit before tax | 3.2% | 8.4% | -518 |
Profit after tax | 2.3% | 6.3% | -396 |
YTD Results (standalone) | |||
Data in Rs. Cr. | Sep-25 | Sep-24 | Change (%) |
Net Sales | 4,914 | 4,588 | 7% |
COGS | -2,818 | -2,596 | 9% |
Gross Profit | 2,095 | 1,991 | 5% |
Employee expenses | -383 | -356 | 7% |
Other expenses | -1,272 | -1,124 | 13% |
Other income | 26 | 18 | 46% |
EBITDA | 467 | 529 | -12% |
Depreciation | -127 | -115 | 11% |
EBIT | 340 | 415 | -18% |
Finance costs | -26 | -4 | 583% |
Profit before tax | 314 | 411 | -24% |
Tax | -83 | -105 | -21% |
Profit after tax | 231 | 306 | -25% |
As % of Net Sales | Sep-25 | Sep-24 | Change (bps) |
Gross Profit | 42.6% | 43.4% | -76 |
EBITDA | 9.5% | 11.5% | -204 |
EBIT | 6.9% | 9.0% | -212 |
Profit before tax | 6.4% | 9.0% | -257 |
Profit after tax | 4.7% | 6.7% | -197 |
Q2 FY26 net sales declined 3% driven by volume, with positive underlying PriceMix almost fully off-set by negative operating model mix (contract breweries)
Net sales Q2 (Rs. Cr.)
2,115
2,051
2
1
0%
-3%
Net Sales PY Volume Price & Mix Net Sales CY
Volume decline mainly driven by Rajasthan, Karnataka, Telangana and West Bengal partially offset by Andhra Pradesh, Assam,
& Maharashtra.
Underlying Price Mix positively impacted by premiumization and price increases in key states
(incl Telangana, Rajasthan & Uttar Pradesh) almost fully offset by operating model mix.
9
H1 FY26 | Net sales in the first half of the year grew 7% driven by volume and underlying
PriceMix partially offset by negative operating model mix (contract breweries)
Net sales H1 FY26 (Rs. Cr.)
4,914
4,588
2
1
3%
4%
Net Sales PY Volume Price & Mix Net Sales CY
Volume growth mainly driven by Andhra Pradesh, Assam, Maharashtra & Uttar Pradesh partially offset by Rajasthan, Karnataka,
Telangana & West Bengal.
Price Mix positively impacted by premiumization and price increases in key states (incl Telangana, Rajasthan & Uttar Pradesh) partially offset by operating model mix.
10
H1 FY26 | Increase in gross profit from both volume and PriceMix mainly off-set by negative operating leverage in Q2 as well as continued investments behind brands
EBIT H1 FY26 (Rs. Cr.)
-18%
415
340
Gross Profit increase driven by volume and price mix. GP margin -76 bps vs LY driven by
negative mix, mainly due to short term margin pressure from inter-state transfers.
YTD
Margin
EBIT PY Volume GP Price/Mix GP Pers. Expenses Other
expenses/income1
9.0% -76 bps -3 bps -133 bps
EBIT CY
6.9%
Increase in employee & other expenses driven by inflation & investments behind our brands & organization.
1
2
2
1. Other expenses/income includes depreciation 11
Putting consumers & customers at the heart of our business…
1
Portfolio
2
Non exhaustive list of initiatives
Innovation
3 4
Manufacturing
Footprint Execution
5
Policy Advocacy
OutlookBuilding further category growth while driving the share of premium in our portfolio remains a key focus.
We continue to focus on revenue management & cost initiatives, to drive margin accretion with continued investments behind our brands and capabilities despite short term margin pressure prior to the completion of our capacity expansions.
We remain optimistic about the long-term growth potential of the beer category, driven by increasing disposable income, favorable demographics & premiumization.
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