United Breweries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
UBL · price
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On the reaction day the stock moved 1.1 pts less than Nifty Midcap 150 and 1.0 pts less than its Breweries & Distilleries peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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United Breweries reported standalone revenue from operations of ₹5,37,888 lakhs for Q1 FY26, down about 7.4% from ₹5,80,910 lakhs in Q1 FY25 (gross of excise duty). However, on a net-of-excise basis, net sales grew 16% driven by 11% volume growth and premiumization, with the premium portfolio surging 46%. Profit before tax rose 6.3% to ₹24,746 lakhs and net profit grew about 6% to ₹18,371 lakhs (EPS ₹6.95 vs ₹6.55). Gross profit margin compressed 50 basis points to 42.5%, while EBIT grew 10% with EBIT margin at 9.0%. The company also closed its Mangalore unit as part of network optimization and stepped up capex to ₹136 crore. The auditor (Deloitte Haskins & Sells) issued an unmodified review report but highlighted two ongoing matters: the CCI penalty of ₹75,183 lakhs pending before the Supreme Court (treated as a contingent liability, no provision made) and the Bihar property carrying value of ₹6,144 lakhs tied to a pending legal case.
Strong double-digit volume and net sales growth, led by premium brands, is positive for revenue trajectory, but slight margin compression and a heavy contingent liability from the CCI case (₹75,183 lakhs) remain key overhangs for shareholders. Short-term stock reaction may be mixed given decent earnings but unresolved regulatory risk and capex uptick.