United Breweries Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 7 Aug 2026 | Market Cap: ₹37.3K Cr
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.
Price
₹1,349
Market Cap
₹37.3K Cr
P/E Ratio
108.1
Revenue Rank
Margin Rank
United Breweries Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹2.3K Cr, net profit ₹102 Cr.
Full financials →📊 Revenue & Sales Performance
Rank 4- →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.
- →Investments in premiumization, brand building, and footprint optimization are expected to support long-term growth and margin improvement.
- →Volume growth expectations are mid-single-digit, aligned with capex plans to support increased capacity.
📈 Profitability & Margins
Rank 3- →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.
- →EBIT impacted by increased brand investments and temporary volume softness; however, margin trajectory is being managed proactively.
- →Management expects overall profitability to improve through a mix of volume growth, pricing, premiumization, and productivity gains.
🏗️ Capital Expenditure Plans
Yes- →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.
- →They are doubling down on localization plans and productivity initiatives to accelerate returns and margin improvement.
- →A project is underway to increase the speed of returns and better productivity across the P&L.
💰 Fundraising & Capital Structure
No information📋 Order Book & Pipeline
No informationKey Metrics
Revenue
Margin
Capex
Fundraise
Order Book
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 concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.