5324782026-01-012026-03-315324782026-03-315324782025-03-315324782025-04-012026-03-315324782026-01-012026-03-31in-capmkt:OtherExpenses1Member5324782026-01-012026-03-31in-capmkt:OtherExpenses2Member5324782025-04-012026-03-31in-capmkt:OtherExpenses1Member5324782025-04-012026-03-31in-capmkt:OtherExpenses2Member5324782026-03-31OtherNoncurrentFinancialAssetsDomain15324782026-03-31OtherNoncurrentAssetsDomain15324782026-03-31OtherNoncurrentAssetsDomain25324782026-03-31OtherCurrentFinancialAssetsDomain15324782026-03-31OtherCurrentAssetsDomain15324782026-03-31OtherNoncurrentFinancialLiabilitiesDomain15324782026-03-31OtherNoncurrentFinancialLiabilitiesDomain25324782026-03-31OtherCurrentFinancialLiabilitiesDomain15324782026-03-31OtherCurrentFinancialLiabilitiesDomain25324782026-03-31OtherCurrentLiabilitiesDomain15324782026-01-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15324782026-01-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss25324782025-04-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15324782025-04-012026-03-31ItemsThatWillNotBeReclassifiedToProfitAndLoss25324782026-01-012026-03-31AuditorDomain1iso4217:INRxbrli:pureiso4217:INRxbrli:shares532478UBLNOTLISTEDINE686F01025UNITED 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 opinion2026-01-012026-03-31AuditedConsolidated44084100000815000004416560000011127100000566600000563500000195490000029040000076010000028480200000437428000004228000007404000001163200000202200000-577000001445000000101870000000001018700000-447000009740000001017800000900000-4480000010000026440000026443.853.85003.853.85000NOTES TO THE CONSOLIDATED FINANCIAL RESULTS <BR> <BR> 1. The consolidated financial results of United Breweries Limited (“the Holding Company”) and its subsidiary (together referred to as “the Group”) 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. 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. <BR> <BR> 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. <BR> <BR> 3. 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. <BR> <BR> 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. <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 Holding 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 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. <BR> <BR> 4. 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. <BR> <BR> 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. <BR> <BR> 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 received an in-principle approval from the Board of Directors to apply under the Amnesty Policy 2025. Accordingly, on December 29, 2025, the Holding 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 Holding 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 Holding Company will withdraw the pending Writ Petition. The Holding 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 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 policy as stated above. <BR> <BR> 5. 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. <BR> <BR> 6. 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. <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 Holding 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 Holding Company has presented such incremental impact under “Exceptional Items” in the consolidated 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 Holding 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 consolidated 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 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, 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> 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 Group 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 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. <BR> <BR> By the authority of the Board <BR> <BR> <BR> <BR> Place : Bengaluru Vivek Gupta <BR> Date : May 05, 2026 <BR> 2025-04-012026-03-31AuditedConsolidated174634900000451700000175086600000499731000003047700000-132520000076217000007172000002719900000107262400000170016800000506980000055310000056229000001636800000-14780000014890000000413390000000004133900000943000004228200000413170000022000009420000010000026440000026444495660000015.6315.630015.6315.630.00290.03220.6653Excise duty on sale of products21583400000Other expenses6896800000Excise duty on sale of products82235500000Other expenses2502690000020377200000512170000006450000053400000000774000000059610000067350000078340000075904000003466410000021502800000029439800000460080000011148000000503000003520570000005553100000622616000000096925700000264400000449566000004522100000057400000452784000000000119370000011937000001221000000013158000001175260000013475000001664490000017992400000826180000038006800000111621000001162600000503315000005164730000096925700000Other financial assets596100000Income tax assets (net)2766900000Other non-current assets4823500000Other current financial assets50300000Other current assets5553100000Lease liabilities1088000000Other financial liabilites105700000Lease liabilities324700000Other current financial liabilities7937100000Other current liabilities11162100000680500000-5338500000-8652000000-62160000000-142800000-161000000325090000001948300000027199000000003525000000197000000210200000000-7404000000-2140000008707000006493600000000214410000004349500000000000007911000005117200000000000000001100000000000220000000014500000-40905000000000000060041000000205410000024894000005455000000091510000011741000007500000118160000034192000004600800000Remeasurement gains on defined benefit plans-59700000Tax impact on above15000000-44700000Remeasurement gains on defined benefit plans126100000Tax impact on above-318000009430000000-4470000094300000AuditedtrueBSR & Co. LLPtrue2028-07-31