For the quarter ended June 2026, the brewer reported standalone net profit of ₹166 crore, ahead of the CNBC-TV18 poll estimate of ₹147 crore, although lower than the year-ago period.
Revenue rose 7.1% year-on-year to ₹3,067 crore, slightly below the Street’s estimate of ₹3,116 crore. EBITDA stood at ₹283 crore, marginally ahead of estimates, while the operating margin came in at 9.2%, above Street expectations of 9% but lower than 10.9% a year earlier.
The company said sell-in volumes increased 9%, while sell-out volumes grew 13%, even as it deliberately reduced inventory levels by 20% to improve cash generation. Free operating cash flow (FOCF) surged 38% to ₹548 crore, supported by tighter working capital management.
United Breweries’ premium portfolio continued to outperform. Premium volumes grew 17%, excluding two states where the company took deliberate actions to mitigate the impact of the Middle East conflict.
On an all-India basis, premium volumes rose 7%, with Heineken Silver growing 28% and Kingfisher Ultra rising 11%. The company also said efforts to localise production over the past two years had resulted in premium products becoming margin accretive for the first time.
However, geopolitical disruptions continued to weigh on costs. The company said the Middle East conflict shaved nearly 300 basis points off gross margins, although productivity initiatives and pricing actions helped limit the overall decline in profitability.
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Looking ahead, United Breweries said inflationary pressures are expected to persist over the coming quarters, prompting the company to remain focused on disciplined pricing, productivity improvements and cost control. It also highlighted the commissioning of a new canning line in Telangana and ongoing capacity expansion projects in Maharashtra and Uttar Pradesh as part of its long-term growth strategy.
The company reiterated that India’s beer industry continues to offer attractive long-term opportunities, driven by premiumisation, favourable demographics and supportive state-level policy reforms.
United Breweries Ltd. is India’s largest beer manufacturer and the maker of brands including Kingfisher, Kingfisher Ultra and Heineken in India.
