United Breweries earnings calls.

United Breweries delivered a resilient Q3 FY26 with 4Current reported value: 4. No comparable prior figure is available in the source record.% net sales growth driven by price increases in Telangana, Rajasthan, and Uttar Pradesh, combined with favorable state mix and localization benefits. The company achieved 45.3% EBITDA marginCurrent 45.3% vs previous available quarter 10.9%., a 220bps improvementCurrent reported value: 220bps improvement. No comparable prior figure is available in the source record. year-over-year—the highest gross margin in three years—supported by operational efficiencies and improved bottle returns (new bottle infusion at 36.7% YTDCurrent 36.7% YTD. Reported change: 7th consecutive quarter improvement., seventh consecutive quarter of improvement). EBIT grew 86Current reported value: 86. No comparable prior figure is available in the source record.% YoY. Management launched Kingfisher Smooth innovation in January 2026 targeting the mainstream strong beer segment. The productivity program targeting 3-6% gross savings over 2026-2028 will partially flow to P&L with significant reinvestment in brands. Industry headwinds persist: Karnataka declined 17%, Telangana double-digit, while January showed category recovery to 4-5%. Aluminum inflation and affordability challenges remain key risks heading into FY27, where management targets 6-7% industry volume growth with normal weather assumptions.