United Breweries Limited reported its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a Board of Directors meeting held on May 05, 2026. The standalone net profit for Q4 FY26 came in at ₹10,167 lakhs, compared to ₹9,738 lakhs in Q4 FY25, while the full-year FY26 standalone net profit stood at ₹41,316 lakhs, compared to ₹44,117 lakhs in FY25. Q4 FY26 EBITDA stood at ₹1.4 billion versus ₹1.9 billion in Q4 FY25, with EBITDA margin at 3.16% compared to 4.21% in the same period last year. The Board recommended a dividend of ₹10 per equity share of face value ₹1 each for the financial year ended March 31, 2026, subject to approval of shareholders at the ensuing Annual General Meeting. If approved, the dividend will be paid on or before September 10, 2026. The statutory audit was conducted by B S R & Co. LLP, Chartered Accountants, who issued an unmodified opinion on both the standalone and consolidated financial results.

Standalone Financial Performance

The company's standalone revenue from operations (gross of excise duty) for Q4 FY26 stood at ₹4,40,614 lakhs, compared to ₹4,42,553 lakhs in Q4 FY25. For the full year FY26, standalone revenue from operations was ₹17,45,621 lakhs, against ₹19,40,080 lakhs in FY25. Total income for FY26 was ₹17,50,084 lakhs against ₹19,43,650 lakhs in FY25. Profit before exceptional items and tax for the full year was ₹50,658 lakhs, compared to ₹62,911 lakhs in FY25. Exceptional items for FY26 amounted to ₹5,531 lakhs, which included a gain on transfer of freehold land of ₹7,404 lakhs, partially offset by the incremental impact of Labour Code changes comprising gratuity of ₹1,581 lakhs and long-term compensated absences of ₹292 lakhs.

The following table summarises key standalone financial metrics for the year and the most recent quarter:

Total comprehensive income for FY26 on a standalone basis was ₹42,257 lakhs, compared to ₹44,356 lakhs in FY25. Other equity as at March 31, 2026 stood at ₹4,49,087 lakhs, against ₹4,33,271 lakhs as at March 31, 2025. Total assets on a standalone basis increased to ₹9,68,095 lakhs as at March 31, 2026, from ₹8,21,162 lakhs as at March 31, 2025. Cash and cash equivalents at the end of the year were ₹45,978 lakhs, up from ₹34,100 lakhs at the beginning of the year.

Consolidated Financial Performance

On a consolidated basis, the Group—comprising United Breweries Limited and its subsidiary Maltex Malsters Private Limited—reported net profit of ₹41,339 lakhs for FY26, compared to ₹44,241 lakhs in FY25. Consolidated revenue from operations (gross of excise duty) for FY26 was ₹17,46,349 lakhs against ₹19,40,854 lakhs in FY25. Profit before exceptional items and tax on a consolidated basis was ₹50,698 lakhs for FY26, versus ₹63,087 lakhs in FY25.

Consolidated total assets stood at ₹9,69,257 lakhs as at March 31, 2026, compared to ₹8,22,279 lakhs as at March 31, 2025. Consolidated cash and cash equivalents at the end of the year were ₹46,008 lakhs, up from ₹34,192 lakhs at the start of the year. The subsidiary's financial statements reflect total assets (before consolidation adjustments) of ₹1,308 lakhs as at March 31, 2026, total revenue (before consolidation adjustments) of ₹1,577 lakhs, and total net profit after tax (before consolidation adjustments) of ₹45 lakhs.

Operational Highlights and Volume Performance

For Q4 FY26, the beer category returned to double-digit growth of 10%, with the company reporting growth in both sell-in and sell-out volumes year-on-year. The company noted that 80% of its markets returned to growth in Q4 FY26, with premium brands including Kingfisher Ultra, Kingfisher Ultra Max, and Heineken® Silver showing robust performance. Key operational highlights for the quarter and full year include:

• Sell-in volumes were up 4.1% in Q4 FY26, driven by Andhra Pradesh, Assam, and Maharashtra, partially offset by declines in Rajasthan, Telangana, and Orissa.
• Sell-out volumes were up in the high single digits in Q4 FY26.
• Premium volumes grew 16% in Q4 FY26, with strong performance from Kingfisher Ultra, Kingfisher Ultra Max, and Heineken® Silver.
• Net sales in Q4 FY26 were down 3%, as volume growth was primarily in markets sourced from contract breweries, impacting net sales and GP margin.
• GP margin in Q4 FY26 was 45.4% (+332 bps vs last year).
• Commercial spends increased 27% in Q4 FY26 versus last year.
• For FY26 full year, volumes grew 3%, with premium volume growth at 21%. Net sales for FY26 were up 4%, and GP margin was at 43.9% (+92 bps vs last year).
• Capex investments during the year were ₹432 Cr (+₹177 Cr vs last year), focused on commercial and supply chain initiatives.

Middle East Conflict: Cost Headwinds and Mitigation Plans

The company noted that the ongoing Middle East conflict has disproportionately impacted the Indian beer industry through heightened supply chain disruptions, inflationary pressures, and reduction in profitable export volumes. Management anticipates a cost impact of INR 400 crore to INR 500 crore over the next two to three quarters, driven by energy, fuel, packaging, currency, and aluminium prices. Approximately half of this projected cost impact—INR 200 crore to INR 250 crore—has firm mitigation plans through productivity drives, selective pricing, and reduced trade spend. The company has also initiated mitigating actions on pricing with multiple state governments and operating cost optimisation. Despite these headwinds, the company expressed optimism about the long-term growth prospects of the beer category in India.

FY27 Outlook and Capital Expenditure Guidance

During the post-results concall, management issued guidance for the upcoming fiscal year. The following table summarises key forward-looking parameters shared by management:

Management does not foresee a significant drop in gross margins given anticipated growth, though an impact on the EBIT outlook is expected due to cost pressures. Capital expenditure plans, including a new brewery in UP by the end of next year and two can lines by July this year, remain on track and will not be impacted.

Dividend and Regulatory Matters

The Board of Directors proposed a dividend of ₹10 per equity share of face value ₹1 each, amounting to ₹26,441 lakhs for the year ended March 31, 2026. This is subject to approval at the ensuing Annual General Meeting and has not been recognised as a liability as at the year end.

On the regulatory front, the company continues to face a pending matter before the Supreme Court of India relating to a penalty of ₹75,183 lakhs levied by the Competition Commission of India (CCI). The Supreme Court has stayed the recovery, subject to deposit of 20% of the total penalty amount in two tranches. Other non-current assets include ₹17,941 lakhs deposited in the form of Fixed Deposit Receipts with the Registrar, NCLAT. No provision has been recorded in the books of account, and the matter has been treated as a contingent liability. Separately, with respect to the Bihar plant, the company applied under BIADA's Amnesty Policy 2025 on December 29, 2025 and received in-principle approval on January 13, 2026. As at March 31, 2026, the carrying value of property, plant and equipment at Bihar is ₹5,793 lakhs. The company awaits final approval from BIADA.

Newspaper Publication of Financial Results

In compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, United Breweries published an extract of its standalone and consolidated financial results for the quarter and year ended March 31, 2026 in the following newspapers on May 07, 2026:

The published extract confirms the same financial figures as filed with the stock exchanges under Regulation 33. The full format of the quarterly and annual financial results remains available on the websites of BSE Limited, National Stock Exchange of India Limited, and the company's own website at www.unitedbreweries.com .

The Board of Directors of United Breweries , at its meeting held on Tuesday, May 05, 2026, approved the re-appointment of Messrs. B S R & Co. LLP, Chartered Accountants, as the Statutory Auditors of the company. The decision was taken based on the recommendation of the Audit Committee and is in compliance with Regulation 30 read with Para A of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board meeting commenced at 12.15 p.m. (IST) and concluded at 06.45 p.m. (IST).

Re-appointment Details

The re-appointment covers a term of five consecutive years, commencing from the conclusion of the 27th Annual General Meeting ('AGM') to be held in the year 2026 and extending till the conclusion of the 32nd AGM to be held in the year 2031. The re-appointment remains subject to approval by the members of the company at the ensuing 27th AGM. The key details of the re-appointment, as disclosed pursuant to SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, are summarised below.

Profile of B S R & Co. LLP

B S R & Co. was originally constituted on 27 March 1990 as a partnership firm with firm registration number 101248W. It was subsequently converted into a Limited Liability Partnership on 14 October 2013, adopting the name B S R & Co. LLP with a revised firm registration number of 101248W/W-100022. The registered office of the firm is located at 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Centre, Western Express Highway, Goregaon (East), Mumbai – 400063.

B S R & Co. LLP is a member entity of B S R & Affiliates, a network registered with the Institute of Chartered Accountants of India. The firm maintains a significant operational presence across India, with offices in the following cities:

• Mumbai, Gurgaon, Bangalore, Kolkata, Hyderabad
• Pune, Chennai, Chandigarh, Ahmedabad, Vadodara
• Noida, Jaipur, Gandhinagar, and Kochi

The firm employs over 4000 staff and has 140+ Partners. B S R & Co. LLP audits various companies listed on stock exchanges in India, including companies operating in the consumer markets sector.

Regulatory Disclosure

The intimation was filed in continuation of the company's earlier communication dated April 06, 2026. The disclosure was made by Nikhil Malpani, Company Secretary & Compliance Officer of United Breweries, and the aforesaid information is also available on the company's website at www.unitedbreweries.com .