Revenue from operations (excluding excise duty) fell 3.02% YoY to Rs 2,052.83 crore in the September 2025 quarter.
Profit before tax (PBT) dropped 63.09% to Rs 65.80 crore in Q2 FY26, compared with Rs 178.28 crore posted in the same quarter the previous year.
United Breweries faced headwinds in Q2 FY26 due to a stronger-than-usual monsoon and a subdued beer market; however, the company gained market share on a sell-out basis. Overall sell-in volumes declined 3%, while the premium segment recorded 17% growth, continuing to outperform the broader market. Net sales in Q2 fell 3%, as lower volumes and a mid-single-digit price-mix improvement were offset by adverse state- and source-mix effects, taking year-to-date net sales growth to 7%.
Total volumes declined 3.4% in Q2, as growth in Maharashtra, Andhra Pradesh and Assam was offset by adverse weather conditions and higher trade inventories. The premium segment volumes increased 17%, supported by robust demand for Kingfisher Ultra, Kingfisher Ultra Max and Heineken Silver.
During the quarter, gross profit rose 5% on a year-to-date basis compared with the previous year, while EBIT declined 18%, impacted by negative operating leverage in Q2 and continued investments in brand building.
Investments in capital expenditure stood at Rs 293 crore in Q2, higher by Rs 242 crore year-on-year, primarily towards the new greenfield project in Uttar Pradesh and other commercial capex aimed at driving future qualitative growth. As part of its ongoing network optimization and productivity program, the company closed its Mangalore unit earlier this year and continues to implement initiatives to enhance operational efficiency and cost competitiveness.
“We remain optimistic about the industry's long-term growth potential, driven by increasing disposable income, favorable demographics & premiumization,” stated the firm in an exchange filing.
United Breweries (UBL) is engaged in the business of manufacturing and selling beer and non-alcoholic beverages.