Beer Category Returns to Growth in Q4 FY26; Premium Brands Lead Performance at 16% for United Breweries Limited

Bengaluru – United Breweries Limited [BSE: 532478] today announced its financial results for the fourth quarter and full year ended March 31, 2026, delivering a strong finish to the year with the beer category returning to growth in Q4 FY26, led by sustained momentum in its premium portfolio.

For Q4 FY’26, the Company reported that 80% of its markets returned to growth and premium brands like Kingfisher Ultra, Kingfisher Ultra Max, and Heineken® Silver showed robust performance. Overall volumes increased, especially in the premium segment, though net sales were slightly down in Q4 FY’26 due to source mix.

BEER CATEGORY CAME BACK TO DOUBLE DIGIT GROWTH (+10% IN Q4’FY26), WITH THE COMPANY REPORTING GROWTH IN BOTH SELL IN AND SELL OUT VOLUMES YEAR ON YEAR FOR THE QUARTER.

SELL IN VOLUMES WERE UP 4.1% AND SELL OUT VOLUMES WERE UP HIGH SINGLE DIGIT IN Q4’FY26. THE PREMIUM VOLUMES GREW AHEAD OF THE PORTFOLIO WITH 16% GROWTH IN Q4’FY26.

THE VOLUME GROWTH IS PRIMARILY IN MARKETS WHERE SUPPLIES ARE SOURCED FROM CONTRACT BREWERIES, IMPACTING THE NET SALES AND GP MARGIN. ACCORDINGLY, NET SALES IN Q4’FY26 WERE DOWN 3%.

GP MARGIN IN Q4’FY26 WAS 45.4% (+332 BPS VS LY)

EBIT MARGIN IN THE QUARTER WAS IMPACTED BY INCREASED FIXED COSTS, HIGHER NEW BOTTLE INFUSION AND SOURCE MIX.

Volume in Q4’FY26 increased 4.1% driven by Andhra Pradesh, Assam & Maharashtra partially offset by decline in mainly Rajasthan, Telangana and Orissa. The premium segment grew by 16% in the quarter. Within the segment, we see strong growth for Kingfisher Ultra, Kingfisher Ultra Max & Heineken® Silver and we continue to drive premium volume growth.

Whilst the Q4’FY26 Category growth is a welcome revival, the competitive intensity remains high. We have continued to invest behind our brands (+27% on commercial spends in Q4’FY26 vs LY). ​​

Investments in capex during the year were Rs. 432 Cr (+177 Rs. Cr vs LY), focused on commercial & supply chain initiatives to cater for future growth.

On a full year basis, for FY’26, volumes grew 3%, with premium volume growth at 21%. We strengthened our leadership position in a competitive environment indicated by our relative market position (share gain of double-digit bps vs LY) and higher Brand Power. Net sales for FY’26 were up 4% and GP Margin was at 43.9% (+92 bps vs LY)

Commenting on the performance, Vivek Gupta, Chief Executive Officer & Managing Director, United Breweries Limited, said: “The return to category growth in Q4 is a welcome development and reflects the impact of our sustained investments behind our brands, which have strengthened brand power and driven faster growth in premium volumes alongside margin improvement. While we face near‑term cost pressures arising from geopolitical uncertainties, inflation and competitive intensity, we are taking decisive actions on pricing, cost discipline and productivity to mitigate these challenges. Despite short‑term volatility, we remain confident in the long‑term growth of the beer category in India and believe our manufacturing footprint, organizational capabilities and strategic investments position us well for the future.”

The Board has proposed maintaining a dividend of Rs. 10 per share for FY’26 (same as LY) and also approved the appointment of Ms. Parul Malhotra as Chief Human Resources Officer designated as Director – People with effect from July 01, 2026.