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United Breweries Ltd

Q2 FY26

United Breweries Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,349

Market cap₹37.3K Cr

P/E108.1

Updated23 Aug 2026

Read4 min read

What the Q2 FY26 call signalled

1 of 3 strong

RevenueSlow growth

MarginMargins steady

CapexCapex planned

The short version

The company expects structural beer category growth in India of around 5% to 6% annually, based on a five-year CAGR of 5%. United Breweries remains confident about long-term industry growth, expecting beer category growth of 5% to 6% going forward, assuming normalized conditions.

From United Breweries Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Slow growth

The company expects structural beer category growth in India of around 5% to 6% annually, based on a five-year CAGR of 5%.
September month showed a volume growth revival to 4%-5%, considered a more normalized level.
The category faced weather-related volume declines, expected to be cyclical, not structural, with optimism for improvement in the second half of the year.
The management is confident that category growth will accelerate, especially in key states like Maharashtra and with new market openings (e.g., Manipur).
UBL expects to continue gaining market share nationally and in select states despite category challenges.

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Profitability & Margins

United Breweries remains confident about long-term industry growth, expecting beer category growth of 5% to 6% going forward, assuming normalized conditions.
Despite short-term volume declines due to weather and affordability issues, the company aims to improve margins via premiumization and operational efficiencies.
Premium segment volumes up 17%, supporting margin improvement.
Planned capex in FY '26 and '27 will support capacity and commercial investments, expected to increase capex as a percentage of sales to high single digits.
Focus on localization to improve gross margins on premium brands.
Ongoing efforts to optimize cost structure, including brewery closures and trade spend rationalization, to protect profitability.

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Capital Expenditure Plans

Capex planned

The company is accelerating capex to support growth in India, with capex expected to increase to high single digits as a percentage of sales in FY '26 and '27, up from mid-single digits previously.
Significant capex spend underway includes the greenfield brewery in Uttar Pradesh.
Continued investments behind commercial initiatives such as visi-coolers in the trade are ongoing.
The increased asset base from these capex investments is expected to be sustained by volume growth, price, and mix impact.
The company has a flexible operating model with a combination of owned assets and contracted capacity, allowing adaptability in capacity building.

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Fundraising & Capital Structure

The transcript on page 18 of United Breweries Limited's October 30, 2025 call does not specifically mention any current or future fundraising plans through debt or equity. Key points: - No explicit discussion or announcement about new debt or equity fundraising was made during the call. - The conversation focused mainly on operational performance, market dynamics, margin improvement strategies, and growth outlook.

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Order Book & Pipeline

The transcript provided from the United Breweries Limited Q2 FY '26 Earnings Conference Call does not contain any specific information or mention regarding the current or expected orderbook or pending orders. The discussion primarily revolves around: - Market dynamics and state-wise performance - Premiumization strategy and portfolio growth - Capex plans, particularly greenfield brewery investments

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United Breweries Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹2.3K Cr, net profit ₹102 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What United Breweries Ltd's management said in earlier quarters

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Frequently Asked Questions

What were United Breweries Ltd Q2 FY26 results?

The company expects structural beer category growth in India of around 5% to 6% annually, based on a five-year CAGR of 5%. United Breweries remains confident about long-term industry growth, expecting beer category growth of 5% to 6% going forward, assuming normalized conditions.

What is United Breweries Ltd share price analysis?

United Breweries Ltd currently shows a neutral. The stock trades at a P/E of 108.1 with a market cap of ₹37,350 Cr. Investors should review the full earnings analysis for detailed insights.

Is United Breweries Ltd planning capital expenditure?

The company is accelerating capex to support growth in India, with capex expected to increase to high single digits as a percentage of sales in FY '26 and '27, up from mid-single digits previously.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.