UBL · Fast Moving Consumer Goods
United Breweries Ltd. reported revenue of ₹3,067 cr for April to June 2026, +7.1% on the year and +36.3% on the quarter. That is slower than this quarter has grown in recent years (+12.3% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹9,443 cr, +1.5% on the four before.
Operating profit (EBITDA) was ₹283 cr, a margin of 9.2%, −163 bps on the year and +305 bps on the quarter. Over the last 8 quarters the margin has ranged from 6.2% to 10.9%, averaging 8.7%. Operating costs grew +9.0%, faster than revenue at +7.1%, so operating profit grew less than sales.
Net profit was ₹166 cr, −9.8% on the year and +62.7% on the quarter, with earnings per share of ₹6.29. Profit before other income, one-offs and tax fell 27.0%, so 17 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹395 cr, −12.8% on the four before.
On earnings per share of ₹14.96 over the last four quarters, the stock at ₹1,225.50 trades at 81.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,824 cr | ₹2,133 cr | ₹2,475 cr | ₹2,117 cr | ₹2,000 cr | ₹2,323 cr | ₹2,864 cr | ₹2,053 cr | ₹2,073 cr | ₹2,250 cr | ₹3,067 cr | ₹2,537 cr |
| YoY | — | — | +9% | +12% | +10% | +9% | +16% | −3% | +4% | −3% | +7% | +24% |
| EBITDA margin | 8.0% | 6.7% | 11.5% | 10.7% | 7.0% | 8.0% | 10.9% | 6.3% | 10.9% | 6.2% | 9.2% | 10.2% |
| Other income, % of PBT | 21% | 24% | 3% | 6% | −26% | 6% | 4% | 23% | −6% | 71% | 23% | 22% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 26% | 26% | 26% | 37% | 26% | 26% | 30% | 39% | 12% | 26% | 26% |
| Net profit | ₹86.0 cr | ₹82.0 cr | ₹174 cr | ₹132 cr | ₹39.0 cr | ₹98.0 cr | ₹184 cr | ₹46.0 cr | ₹81.0 cr | ₹102 cr | ₹166 cr | ₹135 cr |
| YoY | — | — | +28% | +23% | −55% | +20% | +6% | −65% | +108% | +4% | −10% | +193% |
| Core profit YoY | — | — | +33% | +27% | −16% | +48% | +5% | −70% | +82% | −73% | −27% | +178% |
| EPS | ₹3.23 | ₹3.07 | ₹6.56 | ₹5.00 | ₹1.45 | ₹3.69 | ₹6.95 | ₹1.76 | ₹3.06 | ₹3.85 | ₹6.29 | ₹5.12 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 1 | 4 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
United Breweries Ltd. reported revenue of ₹3,067 cr (+7.1% on the year) and net profit of ₹166 cr (−9.8% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −27.0% on the year, against −9.8% for reported profit.
None of the 7 checks that could run raised a question.
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