Integrated Filing — IndAS



General information about company

Scrip Code 532478
NSE Symbol UBL
MSEI Symbol NOTLISTED
ISIN INE686F01025
Name of company UNITED BREWERIES LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 29-10-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 26-09-2025
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 29-10-2025   13:00:00
End date and time of board meeting 29-10-2025   17:30:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 3,73,731.00 9,11,809.00
Other income 1,486.00 2,593.00
Total income 3,75,217.00 9,14,402.00
2 Expenses
(a) Cost of materials consumed 1,07,975.00 2,62,279.00
(b) Purchases of stock-in-trade 8,457.00 16,491.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 719.00 2,669.00
(d) Employee benefit expense 18,637.00 38,578.00
(e) Finance costs 1,465.00 2,582.00
(f) Depreciation, depletion and amortisation expense 6,409.00 12,702.00
(f) Other Expenses
1 Excise Duty on Sale of Products 1,68,448.00 4,20,094.00
2 Other Expenses 56,527.00 1,27,639.00
Total other expenses 2,24,975.00 5,47,733.00
Total expenses 3,68,637.00 8,83,034.00
3 Total profit before exceptional items and tax 6,580.00 31,368.00
4 Exceptional items 0.00 0.00
5 Total profit before tax 6,580.00 31,368.00
6 Tax expense
7 Current tax 2,138.00 8,983.00
8 Deferred tax (192.00) (652.00)
9 Total tax expenses 1,946.00 8,331.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 4,634.00 23,037.00
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 4,634.00 23,037.00
17 Other comprehensive income net of taxes 162.00 1,338.00
18 Total Comprehensive Income for the period 4,796.00 24,375.00
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 4,652.00 23,039.00
Total profit or loss, attributable to non-controlling interests (18.00) (2.00)
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 162.00 1,338.00
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 2,644.00 2,644.00
Face value of equity share capital 1 1
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 1.76 8.71
Diluted earnings (loss) per share from continuing operations 1.76 8.71
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 1.76 8.71
Diluted earnings (loss) per share from continuing and discontinued operations 1.76 8.71
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) NOTES TO THE CONSOLIDATED FINANCIAL RESULTS 1. The consolidated financial results of United Breweries Limited (“the Holding Company”) and its subsidiary (together referred to as “the Group”) for the quarter ended September 30, 2025 have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on October 29, 2025. These results have been reviewed by the statutory auditors and have issued an unqualified review opinion on the same. The consolidated financial results does not include the Holding Company’s share of net profit/loss in respect of Kingfisher East Bengal Football Team Private Limited, an associate, which is considered as not material to the Group. 2. The consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 3. As per Ind AS 108, operating segment is a component of the Group that engages in business activities, whose operating results are regularly reviewed by the Group’s Chief Operating Decision Maker (‘CODM’) to make decisions about resources to be allocated to the segment and assess its performance; and for which discrete financial information is available. Accordingly, the Group has identified its operating segments, as below: (a) Beer - This segment includes manufacture, purchase and sale of beer including licensing of brands. (b) Non-alcoholic beverages - This segment includes manufacture, purchase and sale of non-alcoholic beverages. Considering the seasonality of the business, the revenue and profits do not accrue evenly over the year in respect of aforesaid operating segments. The Group’s CODM does not review assets and liabilities for each operating segment separately, hence segment disclosures relating to total assets and liabilities have not been furnished. 4. The Holding Company received an order dated September 24, 2021 under Section 27 of the Competition Act, 2002 from the Competition Commission of India (“CCI”) (‘the CCI Order’), wherein the CCI concluded that the Holding Company and certain executives (including former executives) of the Holding Company contravened the provisions of Section 3 of the Competition Act, 2002. The CCI levied a penalty of Rs. 75,183 Lakhs on the Holding Company. On December 8, 2021, the Holding Company filed an appeal against the aforesaid CCI Order before the National Company Law Appellate Tribunal (‘NCLAT’). The NCLAT vide its order dated December 22, 2021 has granted a stay of the CCI Order during the pendency of the appeal filed by the Holding Company with the NCLAT, including recovery of the penalty imposed by the CCI, subject to deposit of 10% of the penalty amount by the Holding Company. On December 23, 2022, NCLAT passed its judgment and dismissed the appeals filed by the Holding Company and other appellants. The Holding Company filed appeal against NCLAT order dated December 23, 2022 before the Supreme Court of India on January 30, 2023 under Section 53T of the Competition Act, 2002. On February 17, 2023, after hearing the arguments of the counsel for the Holding Company and the CCI, the Supreme Court admitted the appeal and stayed the NCLAT Order (and consequently, the CCI Order and the recovery proceeding initiated by the CCI), subject to a deposit of additional 10% of the total penalty amount, over and above the amount already deposited. Other non-current assets include Rs.17,707 Lakhs deposited in the form of Fixed Deposit Receipts with the Registrar, NCLAT relating to the matter discussed below. The Holding Company is currently unable to determine, with certainty, recovery of this asset and its final obligation relating to penalties, if any. The matter is currently sub judice before the Hon’ble Supreme Court. Based on the external legal advice, the management of the Holding Company is of the view that the Director General of CCI and the NCLAT has not considered all aspects of its submissions particularly considering the nature of the regulations governing the manufacture, distribution and sale of beer in India. As per the external legal advice, while the Holding Company has a strong case on merits, there exists uncertainty relating to the final outcome in this matter, as it is subject to judicial proceedings. Accordingly, the Holding Company is not in a position to reliably estimate the final obligation relating to penalties, if any, and no provision has been recorded in the books of account and the same has been considered as a contingent liability. 5. The Holding Company has set up a plant in Bihar on land taken on lease from the Bihar State Government (“the Government”). The Government vide its notification dated April 5, 2016 had imposed ban on trade and consumption of alcoholic beverages and vide its notification dated January 24, 2017 had imposed ban on manufacture of alcoholic beverages in the State of Bihar. The Holding Company had filed a writ petition with the High Court at Patna against notification dated April 5, 2016, requesting remedies and compensation for losses incurred on account of such abrupt notification, which was allowed by Patna High Court, vide order dated September 30, 2016. Against this order, the Government preferred a special leave petition before the Supreme Court of India, which is currently pending for final conclusion. Effective May 1, 2022, the Holding Company has closed its manufacturing operations at Bihar. The Holding Company has received a show cause notice dated June 25, 2022 from Bihar Industrial Area Development Authority (BIADA) for cancellation of its land lease in Bihar considering the non-operation of the manufacturing unit. The Holding Company, based on legal advice, filed its response to the said show-cause notice stating that there has been no violation of the BIADA Act and the notice to the Holding Company is not maintainable. BIADA cancelled the allotment of land to the Holding Company vide order dated December 16, 2022, against which the Holding Company filed a writ before the High Court of Patna. The High Court, vide order dated January 25, 2023, directed to maintain the status quo. On February 8, 2023, the High Court directed BIADA to take a policy decision to deal with the situation arising out of the action of BIADA in the present petition and identical matters. BIADA has informed the Holding Company on September 1, 2025 about the revised policies viz., Amnesty Policy 2025 and Exit Policy 2025, advising the Holding Company to avail the benefits under these policies. The Holding Company is currently evaluating the options available to it under these policies in consultation with its counsels. As at quarter ended September 30, 2025, the carrying value of property, plant and equipment at Bihar is Rs. 6,014 Lakhs. Recoverable value of the said property, plant and equipment is determined based on fair value less cost of disposal. In determining the fair value less cost of disposal, the Holding Company evaluated and concluded its right to transfer the leasehold land after considering contractual rights available to the Holding Company as per BIADA Amnesty and Exit policy as stated above. 6. The Holding Company had received orders from the Debt Recovery Tribunal, Karnataka, Bangalore (DRT), whereby the Holding Company has been directed not to pay/release amounts that may be payable with respect to shares in the Holding Company held by an erstwhile director (including his joint holdings) and certain other shareholders, without its prior permission; accordingly, the Holding Company has withheld payment of Rs. 9,032 Lakhs (net of taxes) relating to dividend on aforesaid shares. Further, the Holding Company had received various orders from tax and provident fund authorities prohibiting the Holding Company from making any payment to an erstwhile director; accordingly the Holding Company has withheld payment of Rs. 45 Lakhs (net of TDS), relating to director commission and sitting fees payable to the aforesaid erstwhile director. 7. Exceptional items presented in the consolidated financial results for the Year ended March 31, 2025, is on account of severance pay of Rs. 2,576 Lakhs, paid to certain employees of the Holding Company on separation. 8. The Board of Directors of the Holding Company has proposed dividend of Rs.10/- per equity share of Re. 1 each amounting to Rs. 26,441 Lakhs for the year ended March 31, 2025, which was approved at the annual general meeting of the Holding Company held on August 07, 2025. The aforesaid dividend was paid during the quarter. 9. The consolidated financial results and notes are also available on the websites of the Stock Exchanges viz. www.bseindia.com and www.nseindia.com and also on the website of the Holding Company viz. www.unitedbreweries.com. By the authority of the Board Place : Bengaluru Vivek Gupta Date : October 29, 2025 Managing Director



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 1,78,662.00
Capital work-in-progress 43,582.00
Investment property 0.00
Goodwill 645.00
Other intangible assets 632.00
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 779.00
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets 5,340.00
Total non-current financial assets 6,119.00
Deferred tax assets (net) 6,876.00
Other non-current assets 63,921.00
Total non-current assets 3,00,437.00
2 Current assets
Inventories 1,79,760.00
Current financial asset
Current investments 0.00
Trade receivables, current 2,42,295.00
Cash and cash equivalents 16,925.00
Bank balance other than cash and cash equivalents 12,483.00
Loans, current 0.00
Other current financial assets 642.00
Total current financial assets 2,72,345.00
Current tax assets (net) 23,364.00
Other current assets 40,375.00
Total current assets 5,15,844.00
3 Non-current assets classified as held for sale 486.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 8,16,767.00
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 2,644.00
Other equity 4,31,684.00
Total equity attributable to owners of parent 4,34,328.00
Non controlling interest 548.00
Total equity 4,34,876.00
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities 2,202.00
Total non-current financial liabilities 2,202.00
Provisions, non-current 42.00
Deferred tax liabilities (net) 0.00
Deferred government grants, Non-current 0.00
Other non-current liabilities 11,339.00
Total non-current liabilities 13,583.00
Current liabilities
Current financial liabilities
Borrowings, current 63,719.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 10,890.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 89,506.00
Total Trade payable 1,00,396.00
Other current financial liabilities 1,22,654.00
Total current financial liabilities 2,86,769.00
Other current liabilities 72,368.00
Provisions, current 9,171.00
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 3,68,308.00
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 3,81,891.00
Total equity and liabilites 8,16,767.00
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Beer 3,73,515.00 9,11,518.00
2 Non-alcoholic beverages 0.00216 0.00291
Total Segment Revenue 3,73,731.00 9,11,809.00
Less: Inter segment revenue 0.00 0.00
Revenue from operations 3,73,731.00 9,11,809.00
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Beer 21,569.00 59,773.00
2 Non-alcoholic beverages (105.00) (162.00)
Total Profit before tax 21,464.00 59,611.00
i. Finance cost 1,465.00 2,582.00
ii. Other Unallocable Expenditure net off Unallocable income 13,419.00 25,661.00
Profit before tax 6,580.00 31,368.00
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Beer 0.00 0.00
2 Non-alcoholic beverages 0.00 0.00
Total Segment Asset 0.00 0.00
Un-allocable Assets 0.00 0.00
Net Segment Asset 0.00 0.00
4 Segment Liabilities
Segment Liabilities
1 Beer 0.00 0.00
2 Non-alcoholic beverages 0.00 0.00
Total Segment Liabilities 0.00 0.00
Un-allocable Liabilities 0.00 0.00
Net Segment Liabilities 0.00 0.00
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Remeasurement gains on defined benefit plans 216.00 1,788.00
Total Amount of items that will not be reclassified to profit and loss 216.00 1,788.00
2 Income tax relating to items that will not be reclassified to profit or loss 54.00 450.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 162.00 1,338.00



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 30-09-2025
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 31,368.00
Adjustments for reconcile profit (loss)
Adjustments for finance costs 2,445.00
Adjustments for decrease (increase) in inventories (18,117.00)
Adjustments for decrease (increase) in trade receivables, current 43,757.00
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets 9,269.00
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (1,174.00)
Adjustments for other bank balances (2,096.00)
Adjustments for increase (decrease) in trade payables, current (15,817.00)
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities (22,457.00)
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 12,702.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 6.00
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 15,864.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 654.00
Adjustments for dividend income 0.00
Adjustments for interest income (1,047.00)
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) 1.00
Other adjustments for non-cash items (319.00)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 25,765.00
Net cash flows from (used in) operations 57,133.00
Dividends received 0.00
Interest paid 1,290.00
Interest received (794.00)
Income taxes paid (refund) 9,751.00
Other inflows (outflows) of cash (10.00)
Net cash flows from (used in) operating activities 45,288.00
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 16.00
Purchase of property, plant and equipment 42,971.00
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 794.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 47.00
Net cash flows from (used in) investing activities (42,114.00)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 6,234.00
Repayments of borrowings 0.00
Payments of lease liabilities 1,027.00
Dividends paid 24,440.00
Interest paid 1,290.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (20,523.00)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (17,349.00)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (17,349.00)
Cash and cash equivalents cash flow statement at beginning of period 34,192.00
Cash and cash equivalents cash flow statement at end of period 16,843.00





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Unaudited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 BSR & Co. LLP Yes 31-07-2028