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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
United Breweries
United Breweries (532478) investor relations material
United Breweries Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary28 Oct, 2026
Executive summary
Q2 FY27 sell-in volume rose 16%, premium volume 38%, net sales 24%, and PAT 190%; EBITDA margin expanded 480 bps to 11.9%.
Pricing, premiumisation, geographic mix and productivity improved earnings conversion; structural interventions added an estimated ~INR 100 crore to quarterly EBIT.
Weather-affected comparatives and ₹36 Cr of tax-refund interest boosted reported growth; management cautioned that the quarter is not a new earnings run rate.
Financial highlights
Q2 net sales were ₹2,536 Cr (+24% YoY), gross profit ₹1,134 Cr (+29%), EBITDA ₹301 Cr (+108%), EBIT ₹212 Cr (+161%) and PAT ₹136 Cr (+190%).
Q2 PBT was ₹184 Cr (+176%); other income of ₹41 Cr included ₹36 Cr of one-off interest on an income-tax refund.
H1 net sales were ₹5,601 Cr (+14% YoY), EBITDA ₹635 Cr (+36%), EBIT ₹460 Cr (+35%) and PAT ₹302 Cr (+31%).
Consolidated Q2 PAT was Rs. 16,628 lakhs versus Rs. 4,634 lakhs; EPS was Rs. 6.29 versus Rs. 1.76.
Q2 net sales price-mix contributed 8 percentage points, driven by pricing and trade-spend rationalization, geographic mix, premiumisation and own-brewery leverage.
Outlook and guidance
Category volume growth outlook remains 6%-7% if policy changes do not move dramatically; affordability and premiumisation support further momentum.
Gross margin is expected within 43%-45% for the next couple of quarters; FY2027 gross cost impact is estimated at INR 350-400 crore, below the initial estimate.
Profitability growth may moderate as commercial investment normalizes from a low base, raw-material costs flow through, and peak-season and brewery preparations increase.
Priorities include growing the beer category, winning in mainstream and premium, expanding execution across stores, strengthening supply-chain capabilities and raising productivity.
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Latest events from United Breweries
- Sales grew 30%, while rising costs cut profit and expansion needs drove a major rights issue.532478
Q4 07/08 - Revenue grew 24% as beer leadership expanded, but one-time gains and unprovided exposures mattered.532478Q4 97/98
- Beer volumes grew, but profits fell amid higher levies and a shift to strong beer.532478Q4 98/99
- Kingfisher share rose to 53% as investment gains lifted FY00 profit despite weaker sales.532478Q4 99/00
- Volume growth and brewing acquisitions strengthened leadership as lower investment income cut profit.532478Q4 00/01
- 12% volume growth and S&N funding sharpened the brewing strategy despite losses.532478Q4 01/02
- Volumes and share advanced; standalone profit returned, but consolidated losses persisted.532478Q4 02/03
- Volumes and share advanced, but packaging costs and financing constrained earnings.532478Q4 03/04
- Higher volumes and lower interest lifted FY05 profit; regulatory and investment risks persisted.532478Q4 04/05
Next United Breweries earnings date
Q3 26/2710 Feb, 2027
United Breweries
Next United Breweries earnings date
Q3 26/2710 Feb, 2027
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Frequently asked questions
United Breweries Limited is a prominent player in the brewing industry, primarily engaged in the production and distribution of alcoholic beverages. The company offers a diverse portfolio of beer brands, catering to a wide range of consumer preferences. United Breweries operates through several well-known labels, serving various market segments. The company has established a strong presence in the hospitality and retail sectors, providing its products to bars, restaurants, and retail outlets across numerous regions. The company is headquartered in Bengaluru, Karnataka, and its shares are listed on the NSE.