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Revenue
₹2,250 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
United Breweries reported Q4 FY26 results with 4% volume growth, lagging the category's 10% growth, as deliberate inventory corrections and a shift to contract brewing muted primary sales. Gross margin expanded 330bps driven by premiumization and localization, but EBITDA declined materially due to 27% higher brand investments and cost headwinds from the Middle East conflict. Management flagged a ₹400-500 crore cost impact over the next 2-3 quarters from elevated energy, aluminum, and currency costs, with only ₹200-250 crore of mitigation identified via pricing, productivity, and trade spend cuts. The category outlook remains strong with 6-7% volume growth expected in FY27, but near-term profitability faces significant pressure. Risk: cost mitigation may fall short if pricing actions in regulated states like Telangana are delayed.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects high single-digit category growth and UBL volume growth of 6-7%, translating to double-digit revenue growth.
- Firm plans to mitigate half of the ₹400-500 crore cost impact through productivity, selective pricing, and trade spend reduction.
- Two new can lines will be operational before July 2026, enabling local production and reducing imports.
- Civil work started; brewery expected to start by end of next fiscal year, serving the north market.
Risks flagged
- Elevated energy, aluminum, and currency costs could add ₹400-500 crore impact over 2-3 quarters, with only partial mitigation.
- In states like Telangana, pricing actions are uncertain; failure to obtain price increases could worsen margin pressure.
- Competitors are increasing trade spend significantly, especially in states like Telangana, pressuring UBL's margins.
- Rising fuel and food inflation may reduce discretionary spending on beer, though management sees category resilience.
Key quotes
- We are sitting on a 4 to 500 crore impact on our profitability for last year and we had to make clear choices.
- We don't have a supply issue. We have an inflation issue, a cost issue, not supply issue.
- I am not going to hesitate to take tough calls where in the states the structural profitability is not there because of regulators.
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