United Breweries Limited (UBL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

United Breweries, India's largest beer maker and the company behind Kingfisher, heads into its Q2 FY 2026-2027 print with volumes running well ahead of its own guidance but margins still squeezed by war-driven cost inflation. The key things this print will speak to are whether gross margin improves from Q1's 41.0% as management guided, and how much of the INR350-400 crore full-year war-cost impact landed in the quarter against pricing implemented across 22 states.

United Breweries Limited Q2 Results Date and Time

The board of United Breweries will meet on Tuesday, October 27, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and year-to-date ended September 30, 2026, under Regulation 29(1) of SEBI LODR. The trading window for employees and designated persons was closed from September 21, 2026 to October 29, 2026.

The earnings call to discuss the Q2 FY27 results is scheduled for Wednesday, October 28, 2026, at 2:00 p.m. IST (revised from the originally intimated 3:00 p.m. IST). The call will be hosted by MD & CEO Vivek Gupta and Director & CFO Jorn Elimar Kersten via Chorus Call, and the transcript will be posted on www.unitedbreweries.com.

Key Things To Watch

Performance vs guidance tracking: Key FY27 guidance items management has on record, and what to test against the Q2 print.

• Revenue growth — double-digit by FY27 — Q1 net sales grew 7% YoY, below this guide
• War-related cost impact — INR350-400 Cr for FY27 (revised down from INR400-500 Cr) — watch how much was incurred/mitigated in Q2 under the recovery program (>INR50 Cr delivered in Q1)
• Mid-term EBITDA % — Low Teens baseline with upside to Mid Teens, from current High Single Digit — set at the September 2026 Capital Markets Day
• Premium share of revenue — 20% ambition from current 10-11%, management stated it is on track
• Inventory exit levels — not below prior year by December 2026; watch whether Q2 shows peak-season restocking

Margin trajectory and war-cost recovery

• Q1 FY27 EBITDA margin was 10.9% (down 35 bps YoY); management guided quarter-over-quarter gross-margin improvement from Q1's 41.0%, which it said might not be the absolute bottom
• Middle East conflict took an estimated 300 bps off Q1 gross margin, about half mitigated; full-year impact revised to INR350-400 Cr
• Pricing/revenue plans implemented across 22 states from July 2026, with market-share gains anticipated in coming quarters

Capex execution — canning lines and brewery expansion

• Rs. 110 Cr canning line at Ellora Brewery, Maharashtra commissioned September 1, 2026 — 40,000 cans/hour, among the fastest in UBL's network, operational September 2026 subject to statutory approvals
• Follows the Nizam Brewery (Telangana) canning line commissioned in July 2026; greenfield brewery in Uttar Pradesh planned
• Capex running at high single digits as a % of sales, with large growth investments continuing at full throttle while smaller investments are postponed

Tax and regulatory overhangs

• CCI penalty of Rs. 751.83 Cr — Supreme Court stayed the NCLAT order subject to deposit of an additional 10% of the total penalty; Rs. 187.62 Cr FDR deposited with the NCLAT Registrar; matter sub judice
• Income-tax penalty orders of Rs. 54.83 Cr (NFAC, AYs 2013-14 to 2022-23) — UBL pursuing appeals and anticipates no material financial impact apart from a minimal statutory pre-deposit
• Positive outcomes: Rs. 100.83 Cr income-tax refunds received (including Rs. 30.44 Cr interest) and Bombay HC set aside the Rs. 21.92 Cr service tax demand, reducing the contingent liability to Nil