UBL · Fast Moving Consumer Goods
United Breweries Ltd. reported revenue of ₹2,537 cr for July to September 2026, +23.6% on the year and −17.3% on the quarter. That is faster than this quarter has grown in recent years (+4.5% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹9,927 cr, +7.4% on the four before.
Operating profit (EBITDA) was ₹259 cr, a margin of 10.2%, +388 bps on the year and +98 bps on the quarter. Over the last 8 quarters the margin has ranged from 6.2% to 10.9%, averaging 8.6%. Operating costs grew +18.5% against revenue growth of +23.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹135 cr, +193.5% on the year and −18.7% on the quarter, with earnings per share of ₹5.12. Profit before other income, one-offs and tax grew 178.4%, so 15 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 ₹484 cr, +31.9% on the four before.
Of the 14 companies in Fast Moving Consumer Goods that have reported Q2 FY27 so far, United Breweries Ltd. ranks 4th on revenue growth; the sector median is +16.0%. Its margin moved +388 bps on the year against a sector median of +3 bps.
On earnings per share of ₹18.32 over the last four quarters, the stock at ₹1,225.50 trades at 66.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹2,537 cr (+23.6% on the year) and net profit of ₹135 cr (+193.5% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +178.4% on the year, against +193.5% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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