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BREWERIES LIMITEDMain BoardEquity2025-04-012026-03-312026-05-052026-04-06INRLakhsQuarterlyFourth quarterSingle segmentManufacture and Supply of Beer2026-05-0512:15:002026-05-0518:45:00trueCash Flow IndirectDeclaration of unmodified opiniontruetrueNANAfalsetrue2026-02-10https://www.unitedbreweries.com/sites/united-breweries/files/united-breweries/disclosure_under_regulation/policy_on_related_party_transactions_12022026.pdffalsetrue2026-01-012026-03-31AuditedStandalone44061400000782000004413960000011144300000566600000558100000194300000029040000075910000028458000000437195000004201000007404000001160500000201500000-577000001438000000101670000000001016700000-4490000097180000026440000026443.853.85003.853.85000NOTES TO THE STANDALONE FINANCIAL RESULTS <BR> <BR> 1. The standalone financial results of the United Breweries Limited (“the Company”) for the quarter and year ended March 31, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on May 05, 2026. These results have been audited by the statutory auditors and have issued an unqualified audit report on the same. <BR> <BR> 2. The standalone 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. <BR> <BR> 3. The 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 Company and certain executives (including former executives) of the Company contravened the provisions of Section 3 of the Competition Act, 2002. The CCI levied a penalty of Rs. 75,183 Lakhs on the Company. <BR> <BR> On December 8, 2021, the 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 Company with the NCLAT, including recovery of the penalty imposed by the CCI, subject to deposit of 10% of the penalty amount by the Company. On December 23, 2022, NCLAT passed its judgment and dismissed the appeals filed by the Company and other appellants. The 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 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. <BR> <BR> Other non-current assets include Rs.17,941 Lakhs deposited in the form of Fixed Deposit Receipts with the Registrar, NCLAT relating to the matter discussed below. The Company is currently unable to determine, with certainty, recovery of this asset and its final obligation relating to penalties, if any. <BR> <BR> The matter is currently sub judice before the Hon’ble Supreme Court. Based on the external legal advice, the management of the 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 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 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. <BR> <BR> 4. The 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 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. <BR> <BR> Effective May 1, 2022, the Company has closed its manufacturing operations at Bihar. The 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 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 Company is not maintainable. BIADA cancelled the allotment of land to the Company vide order dated December 16, 2022, against which the 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. <BR> <BR> BIADA has informed the Company on September 1, 2025 about the revised policies viz., Amnesty Policy 2025 and Exit Policy 2025, advising the Company to avail the benefits under these policies. The Company received an in-principle approval from the Board of Directors to apply under the Amnesty Policy 2025. Accordingly, on December 29, 2025, the Company applied under the Amnesty Policy. As per the prescribed procedure, BIADA granted the in-principle approval to our application on January 13, 2026. Basis the approval, the Company has undertaken the requisite steps, as contemplated, including (a) submitting the detailed project report on March 31, 2026; (b) depositing the administrative fee; and (c) filing an affidavit before the Patna High Court stating that upon receipt of the final approval, the Company will withdraw the pending Writ Petition. The Company now awaits the final approval from BIADA. <BR> <BR> As at year ended March 31, 2026, the carrying value of property, plant and equipment at Bihar is Rs. 5,793 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 Company evaluated and concluded its right to transfer the leasehold land after considering contractual rights available to the Company as per BIADA Amnesty policy as stated above. <BR> <BR> 5. The Company had received orders from the Debt Recovery Tribunal, Karnataka, Bangalore (DRT), whereby the Company has been directed not to pay/release amounts that may be payable with respect to shares in the Company held by an erstwhile director (including his joint holdings) and certain other shareholders, without its prior permission; accordingly, the Company has withheld payment of Rs. 9,032 Lakhs (net of taxes) relating to dividend on aforesaid shares. Further, the Company had received various orders from tax and provident fund authorities prohibiting the Company from making any payment to an erstwhile director; accordingly the Company has withheld payment of Rs. 45 Lakhs (net of TDS) relating to director commission and sitting fees payable to the aforesaid erstwhile director. <BR> <BR> 6. Exceptional items presented in the standalone 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 Company on separation. <BR> <BR> 7. On November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has assessed and disclosed the incremental impact of these changes on the basis of best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. Considering the regulatory-driven and non-recurring nature of this impact, the Company has presented such incremental impact under “Exceptional Items” in the standalone financial results for the year ended March 31,2026. The incremental impact consisting of gratuity of Rs.1,581 Lakhs and long-term compensated absences of Rs. 292 Lakhs primarily arises due to change in wage definition. The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed. <BR> <BR> 8. Exceptional items presented in the standalone financial results for the quarter and year ended March 31, 2026, includes gain on transfer of free hold land amounting to Rs. 7,404 Lakhs. <BR> <BR> 9. The Board of Directors of the 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, 2026. The proposed dividend on equity shares is subject to approval at the ensuing annual general meeting and accordingly has not been recognised as a liability as at the year end. <BR> <BR> <BR> 10. The figures of the last quarter ended March 31, 2026 / 2025 are the balancing figures between audited figures in respect of the full financial year up to March 31, 2026 / 2025 and the unaudited published year-to-date figures up to December 31, 2025/2024, being the date of the end of the third quarter of the respective financial year, which were subjected to limited review. <BR> <BR> 11. During the year, the management reassessed the entity’s operating structure and concluded that the Company operates as a single operating segment, as the CODM reviews performance on an overall basis. As a result, separate segment-wise disclosures are not made. <BR> <BR> 12. Considering the seasonality of the business, the revenue and profits do not accrue evenly over the year. <BR> <BR> 13. The standalone 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 Company viz. www.unitedbreweries.com. <BR> <BR> By the authority of the Board <BR> <BR> <BR> <BR> Place : Bengaluru Vivek Gupta <BR> Date : May 05, 2026 Managing Director <BR> 2025-04-012026-03-31AuditedStandalone174562100000446300000175008400000500444000003047700000-132220000075688000007172000002716100000107170600000169942600000506580000055310000056189000001635200000-1479000001487300000041316000000000413160000094100000422570000026440000026444490870000015.6315.630015.6315.630.00290.03220.6653Excise duty on sale of products21583400000Other Expenses6874600000Excise duty on sale of products82235500000Other Expenses249351000002035650000050919000000053400000000153900000005923000007462000007829000007574700000346056000002147910000002943090000045978000001114800000030400000351739000000555090000062203900000009680950000026440000044908700000451731000004517310000000001193700000119370000012200000000131570000011752600000134370000016641000000179847000008260400000379977000001116130000011617000000050320700000005163640000096809500000Other financial assets592300000Other non-current assets4809200000Income tax assets (net)2765500000Other current financial assets30400000Other current assets5550900000Lease liabilities1088000000Other financial liabilities105700000Lease liabilities324700000Other financial liabilities7935700000Other current liabilities11161300000680500000-5329800000-8615000000-59780000000-142800000-161000000322790000001948300000027161000000003526000000197000002300000208200000000-7404000000-214000000879900000649880000000021421000000435670000000110000000000790900000511060000000000000000000000230000021800000004600000-40937000000000000060041000000205410000024872000005455000000091730000011803000007500000118780000034100000004597800000Remeasurement gains on defined benefit plans-60000000Tax impact on above15100000-44900000Remeasurement gains on defined benefit plans125800000Tax impact on above-317000009410000000-4490000094100000UNITED BREWERIES LIMITED******UBL Gratuity Fund Trust******Employee Benefits TrustsAny other transactionContribution Made140000000Approved14000000000Any otherNA0NILInter-corporate deposit00SecuredNASelected as ICD and Secured only for validation purposes; 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