5324782026-07-012026-09-305324782026-09-305324782026-03-315324782026-04-012026-09-305324782026-07-012026-09-30in-capmkt:OtherExpenses1Member5324782026-07-012026-09-30in-capmkt:OtherExpenses2Member5324782026-04-012026-09-30in-capmkt:OtherExpenses1Member5324782026-04-012026-09-30in-capmkt:OtherExpenses2Member5324782026-09-30OtherNoncurrentFinancialAssetsDomain15324782026-09-30OtherNoncurrentAssetsDomain15324782026-09-30OtherNoncurrentAssetsDomain25324782026-09-30OtherCurrentFinancialAssetsDomain15324782026-09-30OtherCurrentAssetsDomain15324782026-09-30OtherNoncurrentFinancialLiabilitiesDomain15324782026-09-30OtherNoncurrentFinancialLiabilitiesDomain25324782026-09-30OtherCurrentFinancialLiabilitiesDomain15324782026-09-30OtherCurrentFinancialLiabilitiesDomain25324782026-09-30OtherCurrentLiabilitiesDomain15324782026-07-012026-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15324782026-04-012026-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15324782026-07-012026-09-30AuditorDomain1iso4217:INRiso4217:INRxbrli:shares532478UBLNOTLISTEDINE686F01025UNITED BREWERIES LIMITEDMain BoardEquity2026-04-012027-03-312026-10-272026-10-05INRLakhsQuarterlySecond quarterSingle segmentManufacturing and Selling of Finished Goods-Beer2026-10-2712:30:002026-10-2718:15:00trueCash Flow IndirectDeclaration of unmodified opinion2026-07-012026-09-30UnauditedConsolidated462301000004132000004664330000013839200000545900000-38920000020669000002831000008925000002757820000044816600000182670000001826700000520400000-4180000047860000001348100000000013481000001750000013656000001353100000-500000017500000026440000015.125.12005.125.12NOTES 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 to date ended September 30, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on October 27, 2026. These results have been reviewed by the statutory auditors and have issued an unqualified review 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. Other income for the quarter and period ended September 30, 2026 includes Rs. 3,689 Lakhs as interest on income tax refunds. <br /> <br /> 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. <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. 18,762 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 /> 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. <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. <br /> <br /> During the hearing of the Holding Company’s affidavit before the Patna High court, BIADA was unwilling to recall / withdraw the order of cancellation of lease or give an undertaking that they would recall the order of cancellation of lease upon UBL's restart of the industry as per the amnesty scheme. Pursuant to further discussions held with BIADA, UBL has withdrawn the petition. BIADA has assured to continue the lease as is and issue to UBL the final approval under the Amnesty Scheme within the next few weeks. <br /> <br /> As at quarter ended September 30, 2026, the carrying value of property, plant and equipment at Bihar is Rs. 5,587 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 /> 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. 10,951 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 /> 7. Exceptional items presented in the consolidated financial results for the year ended March 31, 2026, is on account of gain on transfer of free hold land amounting to Rs. 7,404 Lakhs and was partly offset by impact of implementation of new labour codes amounting to Rs. 1,873 Lakhs. <br /> <br /> 8. The Board of Directors of the Holding Company 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, which was approved by the share holders at the annual general meeting of the Company held on August 12, 2026. The aforesaid dividend was paid during the quarter. <br /> <br /> 9. Considering the seasonality of the business, the revenue and profits do not accrue evenly over the year. <br /> <br /> 10. The Group operates as a single operating segment and the CODM reviews performance on an overall basis. Accordingly, segment reporting as required under Ind AS 108 is not applicable. As a result, separate segment-wise disclosures have not been made. <br /> <br /> 11. 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 : October 27, 2026 Managing Director <br /> 2026-04-012026-09-30UnauditedConsolidated1054245000009203000001063448000003024320000097370000084530000042308000005135000001750300000637164000001022732000004071600000040716000001181300000-120600000106070000003010900000000030109000001520000030261000003016400000-5500000152000000264400000111.4111.410011.4111.41Excise duty on sale of products20856100000Other Expenses6722100000Excise duty on sale of products49381900000Other Expenses1433450000021308900000520120000006450000055400000000769000000057020000064710000089890000074143000003559030000019879400000027561100000489000000012984000000102000000338515000001008300000441230000059151500000947418000002644000004534410000045608500000508000004565930000046500000000001006000000565600000015150000000580750000052500000001727400000176169000001934430000079969000003259120000091641000001250900000268800000432750000004908250000094741800000NOTES 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 to date ended September 30, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on October 27, 2026. These results have been reviewed by the statutory auditors and have issued an unqualified review 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. Other income for the quarter and period ended September 30, 2026 includes Rs. 3,689 Lakhs as interest on income tax refunds. <br /> <br /> 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. <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. 18,762 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 /> 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. <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. <br /> <br /> During the hearing of the Holding Company’s affidavit before the Patna High court, BIADA was unwilling to recall / withdraw the order of cancellation of lease or give an undertaking that they would recall the order of cancellation of lease upon UBL's restart of the industry as per the amnesty scheme. Pursuant to further discussions held with BIADA, UBL has withdrawn the petition. BIADA has assured to continue the lease as is and issue to UBL the final approval under the Amnesty Scheme within the next few weeks. <br /> <br /> As at quarter ended September 30, 2026, the carrying value of property, plant and equipment at Bihar is Rs. 5,587 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 /> 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. 10,951 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 /> 7. Exceptional items presented in the consolidated financial results for the year ended March 31, 2026, is on account of gain on transfer of free hold land amounting to Rs. 7,404 Lakhs and was partly offset by impact of implementation of new labour codes amounting to Rs. 1,873 Lakhs. <br /> <br /> 8. The Board of Directors of the Holding Company 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, which was approved by the share holders at the annual general meeting of the Company held on August 12, 2026. The aforesaid dividend was paid during the quarter. <br /> <br /> 9. Considering the seasonality of the business, the revenue and profits do not accrue evenly over the year. <br /> <br /> 10. The Group operates as a single operating segment and the CODM reviews performance on an overall basis. Accordingly, segment reporting as required under Ind AS 108 is not applicable. As a result, separate segment-wise disclosures have not been made. <br /> <br /> 11. 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 : October 27, 2026 Managing Director <br /> Other financial assets570200000Income tax assets (net)2129000000Other non-current assets5285300000Other current financial assets102000000Other current assets4412300000Lease liabilities930200000Other financial liabilities75800000Other current financial liabilities7636800000Lease liabilites360100000Other current liabilities9164100000511000000162340000019457000000102570000000-15400000-19590000014133000000-186000000001750300000-17800000000-4306000000-32000000569600000000-229500000-300000114300000049012000008972800000000914000000080588000000050000000000520000031554000000000000000000000002073000000-4700000-29471000000000000046500000006502600000179500000244510000035440000000-4831600000280100000910000028920000046008000004890000000Remeasurement gains on defined benefit plans2340000023400000Remeasurement gains on defined benefit plans2030000020300000590000051000001750000015200000UnauditedtrueBSR & Co. LLPtrue2028-07-31