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UBL - United Breweries

📊 NSE: UBL 🏢 Breweries & Distilleries 📅 Last Updated: 12/14/2025 14:44

📢 Recent Corporate Announcements

UBL Receives ₹31.88 Crore GST Demand Order for Land and Beverage Classification

🔵 WATCH ⭐ 4/10

LEGAL 📅 13 Mar 2026, 10:52 AM

United Breweries Limited (UBL) has been served a GST demand order totaling ₹31.88 crore by the Commissioner of CGST & Central Excise, Raigad-Navi Mumbai. The demand consists of ₹15.94 crore in tax and an equivalent penalty regarding the assignment of leasehold land and classification of Non-Alcoholic Beverages (NAB). UBL had previously deposited ₹11.12 crore under protest due to regulatory ambiguity at the time of the transaction. The company believes it has a strong case and is currently evaluating legal and appellate remedies to contest the order.

Total GST demand of ₹31.88 crore received on March 12, 2026.
Demand includes ₹15.94 crore in GST and an equal amount as a penalty.
Company has already deposited ₹11.12 crore under protest prior to the proceedings.
Dispute pertains to leasehold land assignment in Navi Mumbai and NAB classification.
Management is seeking judicial remedies and maintains a positive outlook on the case merits.

💡 Investors should monitor the progress of the appeal as the financial impact is relatively small compared to UBL's annual turnover, but the classification dispute could have long-term tax implications for the NAB segment.

UBL Fined ₹36.49 Lakh by Rajasthan Pollution Control Board for Environmental Violations

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 06 Mar 2026, 02:46 PM

United Breweries Limited (UBL) has received a direction from the Rajasthan State Pollution Control Board (RSPCB) to deposit ₹36.49 Lakh as environmental compensation. The penalty is based on the 'Polluter Pays Principle' following alleged violations of the Water Act and Air Act at the company's Sahjahanpur brewery. UBL received the order on March 5, 2026, and has stated that the financial impact is limited to the fine amount. The company does not anticipate any material impact on its operations or other business activities.

RSPCB directed UBL to deposit ₹36,49,000 as Environmental Compensation.
The fine pertains to alleged violations of the Water Act and Air Act at the Sahjahanpur, Rajasthan brewery.
The order was received by the company on March 5, 2026.
UBL expects no material impact on its financial position or operational activities beyond the fine amount.

💡 This is a minor regulatory penalty with negligible financial impact on a company of UBL's scale. Investors should monitor for any recurring environmental compliance issues but no immediate action is necessary.

UBL Partners with Soufflet Malt for New 110,000 Tonne Malthouse in Rajasthan

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 20 Feb 2026, 11:03 AM

United Breweries Limited (UBL) has partnered with Soufflet Malt to build a state-of-the-art malthouse in South Rajasthan with an initial capacity of 110,000 tonnes per year. The facility, expected to be commissioned by early 2028, will secure high-quality malt for UBL's core brands like Kingfisher and Heineken. The project includes plans to double capacity in a second phase and will source up to 250,000 tonnes of barley annually from over 50,000 Indian farmers. This strategic backward integration is designed to strengthen UBL's supply chain and support its long-term growth ambitions in the Indian beer market.

Initial malt production capacity of 110,000 tonnes per year with plans to double in Phase 2
Facility commissioning expected in early 2028 in South Rajasthan
Strategic sourcing of 250,000 tonnes of barley annually from 50,000+ local farmers
Creation of 400 direct/indirect jobs and 700 supply chain positions
Focus on sustainability with zero liquid discharge and advanced water management systems

💡 Investors should view this as a positive long-term strategic move to secure raw material supply and improve margin stability through backward integration. While the full benefits will only materialize after 2028, it reinforces UBL's market leadership and commitment to sustainable growth.

UBL Gratuity Trust Tax Demand Reduced from ₹102.4 Cr to ₹3.21 Cr

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 13 Feb 2026, 03:56 PM

United Breweries Limited (UBL) has reported a significant reduction in a tax demand related to its Gratuity Trust for AY 2022-23. Following a Karnataka High Court intervention, the National Faceless Assessment Centre (NFAC) revised the initial demand of ₹102.44 crore down to ₹3.21 crore. While the NFAC granted relief on capital contribution disallowances, it sustained a smaller exemption disallowance of ₹6.25 crore. The company intends to appeal the remaining ₹3.21 crore demand, which includes ₹2.18 crore in tax and ₹1.03 crore in interest.

Initial tax demand of ₹1,024,400,466 (₹102.4 Cr) drastically reduced to ₹32,109,412 (₹3.21 Cr)
Relief granted by NFAC following a remand order from the Karnataka High Court regarding capital contributions
Remaining demand consists of ₹2.18 crore in tax and ₹1.03 crore in interest charges
A disallowance of exemption amounting to ₹6.25 crore was sustained by the tax authorities in the fresh order
The Trust plans to file an appeal before the Commissioner of Income Tax (Appeals) to contest the remaining balance

💡 Investors should view this as a positive development as it significantly reduces a potential contingent liability. The remaining amount is immaterial to UBL's overall financial health, but the successful litigation demonstrates a strong legal defense.

United Breweries Releases Q3 FY2026 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 11 Feb 2026, 10:08 PM

United Breweries Limited (UBL) has released the audio recording of its earnings conference call for the quarter ended December 31, 2025. The call was held on February 11, 2026, following the company's Q3 financial results. This disclosure allows investors to access management's detailed commentary on the company's quarterly performance and future outlook. The recording is available on the company's website and via a dedicated third-party link.

Earnings call for the quarter ended December 31, 2025, was conducted on February 11, 2026
Audio recording is accessible via the company's official website and a third-party URL (Record ID: 10039102)
The filing follows the investor presentation released on February 10, 2026
Disclosure made in compliance with SEBI Listing Obligations and Disclosure Requirements

💡 Investors should listen to the recording to gain insights into management's views on volume growth, premiumization trends, and margin outlook for the upcoming quarters.

UBL Q3 FY26 Results: PAT Jumps 111% to ₹81 Cr with Strong Margin Expansion

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 09:47 PM

United Breweries Limited (UBL) reported a robust 111% YoY increase in Profit After Tax (PAT) to ₹81 crore for Q3 FY26. Despite a 1.3% dip in overall volumes due to a severe winter, net sales rose 4% to ₹2,071 crore, fueled by price hikes and a better product mix. Gross margins improved significantly by 222 bps to 45.3%, while EBIT grew 86% to ₹167 crore. The company's premiumization strategy is yielding results, with YTD premium volumes up 23%.

Net Sales increased 4% YoY to ₹2,071 crore, driven by a 5% improvement in price and mix.
PAT surged 111% to ₹81 crore, and EBIT rose 86% to ₹167 crore.
Gross Margin expanded by 222 bps to 45.3% through cost efficiencies and price increases.
Premium portfolio continues to outperform with 23% YTD volume growth.
Strong performance in the West region (+20% volume) offset declines in the North (-16%).

💡 Investors should focus on the strong margin recovery and premiumization trend, which are offsetting temporary weather-related volume softness. The stock remains a solid play on the long-term growth of the Indian beer market and operational efficiencies.

UBL Q3 FY26 PAT Surges 111% YoY to ₹80.8 Crore Despite Revenue Decline

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 09:21 PM

United Breweries Limited (UBL) reported a significant 111% year-on-year increase in net profit for Q3 FY26, reaching ₹80.8 crore compared to ₹38.3 crore in the previous year. Although gross revenue from operations declined by 11% to ₹3,935.6 crore, the company demonstrated strong margin improvement and cost control. Earnings per share (EPS) rose to ₹3.06 from ₹1.45. Additionally, the company is moving toward resolving its Bihar plant deadlock by applying under the Amnesty Policy 2025 to restart non-alcoholic beverage production.

Net Profit (PAT) grew 111% YoY to ₹80.8 crore for the quarter ended December 31, 2025.
Gross Revenue from operations stood at ₹3,935.6 crore, a decrease from ₹4,424.7 crore in Q3 FY25.
Profit Before Tax (PBT) nearly doubled to ₹131.9 crore from ₹61 crore in the corresponding quarter last year.
Exceptional items of ₹18.7 crore were recorded, primarily due to the impact of new Labour Codes.
The company received in-principle approval from BIADA to restart Bihar operations under the Amnesty Policy 2025.

💡 Investors should view the strong bottom-line growth and margin expansion favorably, despite the revenue dip. Monitor the final resolution of the CCI penalty appeal and the successful restart of the Bihar unit as future catalysts.

UBL Launches Kingfisher Super Smooth Strong Beer in Karnataka; Prices Start at INR 100

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 28 Jan 2026, 03:07 PM

United Breweries Limited (UBL) has expanded its product portfolio in Karnataka with the launch of Kingfisher Super Smooth Strong Premium Beer on January 28, 2026. This strategic move targets the younger demographic in one of India's largest beer markets, following a successful initial rollout in Rajasthan. The product is priced competitively, ranging from INR 100 for a 330ml can to INR 200 for a 650ml bottle. By offering a smoother strong beer with no added sugar, UBL aims to capture a larger share of the mainstream strong beer segment in urban centers like Bengaluru.

Launch of Kingfisher Super Smooth Strong Premium Beer in Karnataka effective January 28, 2026
Competitive pricing strategy with 650ml bottles at INR 200 and 500ml cans at INR 155
Strategic focus on younger legal age drinkers in high-consumption urban markets like Bengaluru
Product features imported hops and no added sugar to cater to evolving consumer taste preferences
Expansion follows encouraging early consumer response from the initial launch in Rajasthan

💡 Investors should monitor UBL's volume growth and market share in Karnataka over the next few quarters to assess the success of this premiumization strategy. The launch reinforces UBL's dominant position in the Indian beer market and its ability to innovate within the strong beer segment.

UBL Launches Productivity Program Targeting 3-6% Annualised Savings

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 24 Jan 2026, 10:52 AM

United Breweries Limited (UBL) has approved a comprehensive Productivity and Cost Effectiveness Program to counter high taxation and rising raw material costs. The strategy involves a reorganization of business functions, the commissioning of a new Greenfield facility in Uttar Pradesh, and the closure of its Mangalore plant. The company projects that these initiatives will generate sustained annualised savings of 3% to 6%. These gains are intended to be reinvested into brand building and market expansion to drive long-term growth.

Targeting sustained annualised cost savings of 3% to 6% through operational efficiencies.
Commissioning of a new Greenfield facility in Uttar Pradesh and closure of the Mangalore plant.
Streamlining roles across Sales, Supply Chain, and Logistics to optimize resource allocation.
Rationalization of underperforming SKUs and localization of premium brand production.
Focus on domestic procurement and increased bottle reuse to reduce logistics and material costs.

💡 Investors should view this as a positive move toward margin protection and operational efficiency. Monitor the implementation timeline and the subsequent impact on EBITDA margins over the next 4-6 quarters.

United Breweries to Host Q3 FY26 Earnings Call on February 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Jan 2026, 05:00 PM

United Breweries Limited (UBL) has scheduled its earnings conference call for the third quarter of FY2025-26 on February 11, 2026, at 3:00 PM IST. The call will be led by MD & CEO Vivek Gupta and CFO Jorn Elimar Kersten to discuss the unaudited financial results for the period ending December 31, 2025. This routine disclosure provides the platform for analysts and institutional investors to engage with management regarding the company's quarterly performance. The company has provided comprehensive dial-in details for both domestic and international participants.

Earnings call scheduled for Wednesday, February 11, 2026, at 03:00 P.M. IST.
Focus on Unaudited Financial Results for Q3 and year-to-date ended December 31, 2025.
Management representation includes MD & CEO Vivek Gupta and CFO Jorn Elimar Kersten.
Universal dial-in numbers provided are +91 22 6280 1234 and +91 22 7115 8135.
Transcript of the call will be made available on the company's official website post-event.

💡 Investors should mark the date to listen for management commentary on volume trends and margin pressures. No immediate action is required as this is a routine scheduling announcement.

UBL Sells 8-Acre Hyderabad Land for INR 80.8 Crores

🟢 POSITIVE ⭐ 6/10

OTHER 📅 19 Jan 2026, 12:51 PM

United Breweries Limited (UBL) has successfully executed a sale deed for 8 acres of industrial land located in Nacharam, Hyderabad. The transaction was completed for a total consideration of INR 80.8 Crores with Topsun Solar Private Limited. As the land was not being used for any business operations, the sale will have no impact on the company's production capacity or revenue. This move effectively monetizes a non-core asset, providing a significant cash inflow to the company's balance sheet.

Sale of 8 acres of industrial land in Nacharam, Hyderabad for INR 80.8 Crores
Purchaser identified as Topsun Solar Private Limited, a non-related party
Zero impact on core business operations as the premises were inactive
Transaction executed on January 19, 2026, following Board approval
All stamp duty and registration fees to be borne by the purchaser

💡 Investors should view this as a positive liquidity event that strengthens the balance sheet through the monetization of idle assets. No change in operational guidance is required as the asset was non-performing.

UBL Submits SEBI Compliance Certificate for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Jan 2026, 05:07 PM

United Breweries Limited (UBL) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Integrated Registry Management Services Private Limited, confirms that share certificates received for dematerialization during the quarter ended December 31, 2025, were processed appropriately. It ensures that securities are listed on the stock exchanges and physical certificates were cancelled within the 15-day regulatory timeframe. This is a standard administrative filing required to maintain the integrity of the shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation that dematerialization requests were processed and reported to depositories.
Physical share certificates were mutilated and cancelled after due verification.
The name of depositories was substituted in the register of members within 15 days of receipt.
Filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018.

💡 No action is required from investors as this is a routine regulatory filing. Investors should continue to monitor the company's operational performance and upcoming quarterly financial results.

UBL Launches Kingfisher Smooth Strong Beer in Rajasthan; Prices Start at INR 100

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 07 Jan 2026, 12:59 PM

United Breweries Limited (UBL) has announced the launch of 'Kingfisher Smooth Strong Premium Beer' in Rajasthan, effective January 07, 2026. This strategic innovation targets the mainstream strong beer segment, which dominates Indian consumption, by offering a smoother taste profile for younger legal-age consumers. The product is competitively priced, with a 650ml bottle at INR 185 and a 500ml can at INR 145. By leveraging Rajasthan, one of India's largest strong beer markets, UBL aims to recruit new consumers into its flagship Kingfisher portfolio.

Launch of Kingfisher Smooth Strong Premium Beer in Rajasthan on January 07, 2026
Pricing set at INR 100 for 330ml, INR 145 for 500ml cans, and INR 185 for 650ml bottles
Product features imported hops and no added sugar to deliver a balanced, sessionable experience
Strategic focus on the mainstream strong beer segment to attract next-generation consumers
UBL maintains its position as India's largest beer manufacturer under the HEINEKEN Company

💡 Investors should track the volume growth and market share capture in the Rajasthan region following this launch. Success in this 'smooth strong' sub-category could lead to a nationwide rollout, potentially improving margins through product premiumization.

UBL to Close Trading Window from Jan 01, 2026, Ahead of Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Dec 2025, 01:06 PM

United Breweries Limited (UBL) has announced the closure of its trading window for insiders starting January 01, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the official declaration of the company's financial results. This prevents designated persons and their relatives from trading in the company's securities while in possession of unpublished price-sensitive information.

Trading window closure begins on Thursday, January 01, 2026.
Applies to all Employees, Designated Persons (DPs), and their immediate relatives.
Window reopens 48 hours after the declaration of financial results for the quarter ending Dec 31, 2025.
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory filing with no impact on company fundamentals. Investors should focus on the upcoming quarterly financial results for performance insights.

View All UBL Announcements on Live Market Tracking →

💰 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.