Revenue for the quarter stood at ₹2,247.8 crore, down 3.2% from ₹2,321.4 crore a year earlier. It also came in below the CNBC-TV18 poll estimate of ₹2,450 crore.
EBITDA fell 25.3% year-on-year to ₹139.1 crore from ₹186.3 crore, and was lower than the CNBC-TV18 poll estimate of ₹190 crore. EBITDA margin declined to 6.2% from 8% in the corresponding quarter last year. It was also below the CNBC-TV18 poll estimate of 7.8%.
Volume growth for the quarter stood at 4.1%, compared with the CNBC-TV18 poll estimate of 2–4%.
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United Breweries said 80% of its markets returned to growth in the fourth quarter of FY26, with premium brands such as Kingfisher Ultra, Kingfisher Ultra Max and Heineken Silver posting strong performance. The company said the beer category returned to double-digit growth in the quarter, rising 10%, with growth in both sell-in and sell-out volumes on a year-on-year basis.
Sell-in volumes rose 4.1% in Q4 FY26, while sell-out volumes increased in the high single digits. Premium volumes grew 16% during the quarter, ahead of the overall portfolio. United Breweries said volume growth was concentrated in markets where supplies were sourced from contract breweries, which affected net sales and gross profit margin. Net sales for Q4 FY26 declined 3%.
Gross profit margin for the quarter stood at 45.4%, up 332 basis points from a year earlier. The company said EBIT margin in the quarter was affected by higher fixed costs, increased new bottle infusion and source mix.
United Breweries invested ₹432 crore in capex during FY26, up ₹177 crore from the previous year, with spending focused on commercial and supply chain initiatives.
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For FY26, volumes grew 3%, while premium volumes rose 21%. The company said it strengthened its market position during the year, with share gains in double-digit basis points and higher brand power. Net sales for FY26 rose 4%, while gross profit margin stood at 43.9%, up 92 basis points from the previous year.
The board of United Breweries has recommended a dividend of ₹10 per equity share of face value ₹1 each for the financial year ended March 31, 2026, subject to shareholder approval at the upcoming annual general meeting. If approved, the dividend will be paid on or before September 10, 2026.
United Breweries said it remains positive on the revival in beer category growth in the fourth quarter of FY26 and recent regulatory changes that have supported the industry in India.
The company said the ongoing Middle East conflict has had a disproportionate impact on the Indian beer industry, leading to supply chain disruptions, inflationary pressures and lower profitable export volumes.
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“This is leading to a significant cost increase in the raw and packaging material costs, transport and other operating costs. That, coupled with the sustained competitive intensity, is expected to have an impact on the ensuing quarters,” the company said.
United Breweries said it currently expects the cost impact to be in the range of ₹400 crore to ₹500 crore over the next two to three quarters.
“We have initiated various mitigating actions on pricing (with multiple State Governments) and operating cost optimisation. We will further accelerate the structural interventions on productivity, cost efficiency, and continue our engagement with the regulators,” the company said.
Despite near-term pressure, the company said it remains optimistic on the long-term growth outlook for the beer category in India. “We believe that our manufacturing network, organisational capabilities and strategic investments continue to position us favourably for the future,” the company said.
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Shares of United Breweries Ltd ended at ₹1,479.00, up by ₹14.85, or 1.01%, on the BSE.
