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United Breweries Ltd

Q3 FY25

United Breweries Q3 FY25 earnings call: Revenue & Margins

Q3 FY25 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

The short version

Future growth expectations for United Breweries Limited based on the document: - Volume growth guidance: Targeting 6% to 8% minimum volume growth for the next fiscal year, with a focus on sustainably building the category. Volume growth expected around 6-8% annually, with the goal to be ahead of the market.

From United Breweries Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Future growth expectations for United Breweries Limited based on the document: - Volume growth guidance: Targeting 6% to 8% minimum volume growth for the next fiscal year, with a focus on sustainably building the category. - Q3 volume growth was 8%, outperforming the estimated category growth of 7%, indicating potential market share gains. - Premium segment volumes grew 33%, driven by Kingfisher Ultra, Kingfisher Ultra Max, and new launches like Amstel Grande. - Revenue growth driven by price increases, premiumization mix, and expanded availability through investments such as Visi coolers and store expansion. - Capex plans are focused on growth, with significant investment in a new greenfield brewery in Uttar Pradesh to support increasing demand.

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Profitability & Margins

Volume growth expected around 6-8% annually, with the goal to be ahead of the market.
Continued premiumization to improve revenue mix and long-term gross margins.
EBIT margins challenged short-term due to ongoing investments and recent price/duty increases; gradual margin improvement anticipated.
Telangana price increases improve top-line margins but will be reinvested for growth, limiting immediate EBIT margin expansion.
Capex expected to be substantially higher than previous years, including a major greenfield brewery investment in Uttar Pradesh to support future growth.
Productivity programs initiated to achieve gross savings (~INR 50 crores annually starting 2025) to improve efficiency and competitiveness.

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Capital Expenditure Plans

United Breweries is investing in a greenfield brewery in Uttar Pradesh, their first greenfield investment in 12 years, with the brewery expected to be operational by FY 2027.
The UP investment is close to EUR 82 million, aimed at meeting future capacity needs and capitalizing on growth potential due to urbanization and favorable policies.
Capex plans are flexible and state-specific, with some investments in expansion via contract manufacturing and greenfield facilities.
Overall, capex will be significantly higher than in recent years, although exact numbers for FY 2026 and FY 2027 remain undisclosed due to variability.

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Fundraising & Capital Structure

No explicit mention of any current or planned fundraising through debt or equity in the provided transcript.
The company is focused on investing in growth, including a major greenfield brewery in Uttar Pradesh.
Capex plans are described as flexible and variable, with no fixed numbers shared for 2026 and 2027.
Vivek Gupta mentions that capex will be a "very healthy number" but refrains from quantifying or committing to external financing methods.

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Order Book & Pipeline

The transcript provided from the United Breweries Limited Q3 FY '25 Conference Call does not explicitly mention the current or expected order book or pending orders. However, some related points on investments and capacity expansion are noted: - A major investment approved for a greenfield brewery in Uttar Pradesh to expand capacity. - Capex plans are described as fluctuating due to policy changes, with investments ongoing to drive growth and improve technology. - Discussions on brewery capacity include using a hybrid model: greenfield projects and partnerships with contract manufacturers.

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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 Q3 FY25 results?

Future growth expectations for United Breweries Limited based on the document: - Volume growth guidance: Targeting 6% to 8% minimum volume growth for the next fiscal year, with a focus on sustainably building the category. Volume growth expected around 6-8% annually, with the goal to be ahead of the market.

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?

United Breweries is investing in a greenfield brewery in Uttar Pradesh, their first greenfield investment in 12 years, with the brewery expected to be operational by FY 2027.

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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.