United Breweries Q2 FY27 results: net profit up 190.9% to ₹134.81 crore, revenue up 23.7%

How did United Breweries perform in Q2 FY27?

United Breweries reported consolidated revenue of ₹4,623 crore in Q2 FY27, up 23.7% from ₹3,737 crore in Q2 FY26. EBITDA rose 99.7% to ₹258.91 crore and margin increased 2.1 percentage points to 5.6%. Net profit was ₹134.81 crore, up 190.9%, while basic EPS increased from ₹1.76 to ₹5.12.

Against Q1 FY27, revenue fell 21.9% from ₹5,919 crore to ₹4,623 crore. EBITDA declined 8.4% to ₹258.91 crore, but its margin rose 0.8 percentage points to 5.6%. Net profit fell 18.9% to ₹134.81 crore and basic EPS declined from ₹6.29 to ₹5.12.

On a standalone basis, Q2 FY27 revenue was ₹4,621.51 crore, up 23.7% year on year, while profit before tax was ₹46.95 crore. The consolidated figures used in the reported result were ₹4,623.01 crore of revenue, ₹182.67 crore of profit before tax and ₹134.81 crore of net profit.

What changed in United Breweries' costs and profit?

Total expenses increased 21.6% from ₹3,686.37 crore in Q2 FY26 to ₹4,481.66 crore, below the 23.7% rise in revenue. Cost of materials rose ₹304.17 crore to ₹1,383.92 crore, employee cost increased ₹20.32 crore to ₹206.69 crore, finance costs rose ₹13.66 crore to ₹28.31 crore, and depreciation increased ₹25.16 crore to ₹89.25 crore.

Other expenses increased ₹508.07 crore to ₹2,757.82 crore, while other income rose ₹26.46 crore to ₹41.32 crore. There was no exceptional item in Q2 FY27. Tax expense was ₹47.86 crore, up ₹28.40 crore from ₹19.46 crore, as profit before tax rose ₹116.87 crore to ₹182.67 crore.

Sequentially, total expenses fell ₹1,264 crore from Q1 FY27, including a ₹856 crore reduction in other expenses and a ₹256.48 crore reduction in cost of materials. Other income decreased ₹9.39 crore and finance costs increased ₹5.27 crore; there was no exceptional item in either quarter.

How did the first half of FY27 go?

In the first half of FY27, United Breweries reported consolidated revenue of ₹10,542.45 crore, up 15.6% from ₹9,118.09 crore in H1 FY26. Total income rose 16.3% to ₹10,634.48 crore, while profit before tax increased 29.8% to ₹407.16 crore.

Net profit for H1 FY27 was ₹301.09 crore, up 30.7% from ₹230.37 crore, and basic EPS rose from ₹8.71 to ₹11.41. The filing was approved by the board as unaudited consolidated and standalone financial results for the quarter and year to date ended 30 September 2026.

What do the balance sheet and cash flow show?

At 30 September 2026, consolidated total assets were ₹9,474.18 crore, lower than ₹9,692.57 crore at 31 March 2026. Total equity rose to ₹4,565.93 crore from ₹4,527.84 crore, while borrowings fell to ₹990 crore from ₹1,175.26 crore and cash increased to ₹489 crore from ₹460.08 crore.

Inventories decreased to ₹1,987.94 crore from ₹2,150.28 crore and trade receivables fell to ₹2,756.11 crore from ₹2,943.98 crore. Trade payables increased to ₹1,934.43 crore from ₹1,799.24 crore over the same balance sheet comparison.

H1 FY27 operating cash flow was ₹805.88 crore, compared with ₹452.88 crore in H1 FY26. Investing cash flow was negative ₹294.71 crore against negative ₹421.14 crore, financing cash flow was negative ₹483.16 crore against negative ₹205.23 crore, and capital expenditure was ₹315.54 crore against ₹429.71 crore.

How has United Breweries done over the last 8 quarters?

Revenue rose in each of the last two quarters year on year. Across the eight-quarter series, revenue was highest at ₹5,919.44 crore in Q1 FY27 and lowest at ₹3,737.31 crore in Q2 FY26, before falling to ₹4,623.01 crore in Q2 FY27.

Net profit peaked at ₹184.03 crore in Q1 FY26 and bottomed at ₹38.52 crore in Q3 FY25. It was ₹134.81 crore in Q2 FY27, below the preceding quarter’s ₹166.28 crore but above Q2 FY26’s ₹46.34 crore.

EBITDA margin was highest at 5.8% in Q1 FY26 and lowest at 3.2% in Q3 FY25, with another low of 3.2% in Q4 FY26. It rose to 5.6% in Q2 FY27 from 4.8% in the previous quarter.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and year to date ended 30 September 2026 on 27 October 2026, following a recommendation from the audit committee. It also filed an investor presentation for the Q2 FY2027 results call.

United Breweries filed the earnings-call presentation on 27 October 2026 and the audio recording on 28 October 2026. The available same-day filings do not state a dividend, fund raise or appointment.

What did United Breweries' management say?

Management said premium volumes rose 38% year on year, led by Heineken Silver, which grew 67%, while Ultra grew 44%. It attributed about 100 bps of quarterly EBIT to structural execution levers and cited pricing and trade-spend rationalisation as improving revenue quality.

Management cited risks from Middle East disruptions, Indian commodities including sugar, uneven state-level pricing and policy outcomes, and intensifying competition in premium beer. Telangana pricing was still before a committee, according to management. CFO Jan Kirsten said, “One strong quarter doesn't establish a trend. It gives us a lot of confidence that several of the drivers behind the quarter are the same strategic and operational levers that we've been building over time and that now start showing results.”

How did United Breweries shares react?

After the filing appeared after market, United Breweries rose 8.1% in the first 5 minutes, 6.7% after 15 minutes and 5.0% after 30 minutes. On the reaction day, the stock closed 4.5% above its pre-results close, against a median move of negative 0.9% for the industry’s other stocks.

By the next day’s close, the stock was up 4.8% from its pre-results close, while the industry median was negative 0.1%. After five sessions, it was up 5.6% from that close, compared with an industry median of 1.7%. The reaction-day excess return over the industry was 5.3 percentage points.

Earlier reaction-day moves were negative 1.8% on 4 August 2026, negative 2.4% on 5 May 2026, negative 0.2% on 10 February 2026 and negative 2.5% on 29 October 2025. The moves on 22 July 2025, 7 May 2025 and 24 October 2024 were also negative, while the move on 13 February 2025 was positive 0.5%.

How did other Breweries & Distilleries companies do?

Five other Breweries & Distilleries companies that had filed for the quarter were compared with United Breweries as of 4 November 2026. Their median revenue growth was negative 2.6%, while United Breweries’ consolidated revenue grew 23.7% year on year.

Four peers grew more slowly than United Breweries and one grew faster. Three of the six peers in the profit comparison reported higher profit, with United Breweries’ net profit increasing 190.9% year on year.