United Spirits (UNSP) delivered a strong performance in 2QFY26, with revenue rising 12% YoY (beat) and total volumes up 8% (vs. est. 6%).

United Breweries (UBBL) delivered strong revenue growth of 16% YoY (est. 10%) in 1QFY26. Volume growth was 11% YoY (est. 4%, 5% in 4Q, 6% in FY25), aided by share gain and a low base from the election-impacted
quarter last year.

United Breweries (UBBL) delivered revenue growth of 9% YoY (est. 10%) in 4QFY25. Volume growth was 5% YoY (est. 8%). The Premium portfolio continued to deliver strong performance, posting 24% YoY growth in 4Q (32% in FY25).

UB will hold share in non-premium, grow in premium. Double digit sales growth and 340bps EBITDA margin expansion between FY25-FY27

High growth beverage player driven by innovation and premiumization

United Breweries (UBBL) delivered revenue growth of 10% YoY (est. 12%), aided by policy changes in Andhra Pradesh (AP). Volume growth was 8% YoY (est. 6%).

United Spirits (UNSP) reported revenue growth of 15% YoY (est. 13%) in 3QFY25, along with total volume growth of 10% (est. 8%). The Prestige & Above (P&A) segment clocked volume and value growth of 11% and 16%.

UNSP reported revenue growth of 8% YoY (in line) in 1QFY25. Prestige & Above (P&A) segment clocked revenue growth of 10% YoY and volume growth of 5% YoY.

Quarterly Update Q4FY24

United Spirits (UNSP) registered a 6.9% YoY revenue growth (est. 3.9%). The
Prestige & Above (P&A) segment grew 6.5% YoY, with volume growth of
3.7% YoY (10% four-year CAGR). The popular segment posted 3.3%/4.0%
YoY value/volume growth

Quarterly Update Q3FY24

Quarterly Update Q2FY24

Double-digit revenue growth trajectory continues as Prestige and Above (P&A) continued to outperform primarily led by higher realisations (driven by premiumisation) as volumes growth trajectory decelerates to 4% YoY (vs ~10% over last two quarters). This is likely due to shift in festive season and BIO normalisation benefits getting over.

Quarterly Update Q1FY24

Prestige and Above (P&A) continued to outperform led by mix improvement, portfolio reshape initiatives through innovations and renovations. Balanced volume (10% YoY) and price/mix growth (11% YoY) in P&A is positive vs largely mix-driven growth in previous few quarters.

Quarterly Update Q4FY23

Continued outperformance in Prestige & Above (P&A) in Q4FY23 driven by portfolio reshape initiatives through innovations and renovations is pleasing. Further, balanced volume (~10% YoY) and price / mix growth (~12% YoY) in Q4FY23 vs largely mix driven growth in previous few quarters is also good though it had benefits of BIO normalisation.