The stock of the country's largest beer maker, United Breweries (UBBL), is trading at 25-month lows given multiple headwinds related to volumes, regulatory issues, and margin trajectory. After a muted second quarter (July-September) of 2025-26 (Q2FY26), brokerages also expect the company's Q3FY26 performance to be underwhelming.
UB Group Chairman Vijay Mallya's grip on United Breweries slipped further on Thursday, after lenders to UB Group companies offloaded a part of the stake in Kingfisher beer that was pledged to them.
Mallya holds a 32.86 per cent stake in United Breweries, after having ceded control to Dutch brewer Heineken in December last year.
Bengaluru-based United Breweries (UBL), makers of Kingfisher beer, is eying strong growth in the premium beer segment, driven by changing consumer preferences towards premiumisation. "Across categories, premiumisation is taking place as people are looking for better choices and beer is no different. "People are upgrading to better beer and newer brands. We have a good offering of premium brands - Kingfisher's premium variants are Ultra and Ultra Max," Vikram Bahl, chief marketing officer (CMO), UBL, said in an interview.
A cocktail of heatwave and upcoming cricketing events is expected to usher in the peak season for the country's largest beer maker, United Breweries. The beer maker, which has gained share in some key markets, will be a major beneficiary as April to July is an important period contributing to 40-45 per cent of its annual beer volumes. Going ahead, the T20 Cricket World Cup in June and the ongoing IPL will have a positive impact on volumes and should be able to offset the negative impact of elections on sales, experts believe.
India's United Breweries has suggested close distribution ties with Heineken following the takeover offer by the Dutch brewer and Carlsberg for Scottish & Newcastle, which owns a stake in UB.
Heineken could call a shareholder meeting to vote on his ouster from a company his father built into a family empire
United Breweries Ltd plans to invest about Rs 100 crore (Rs 1 billion) in establishing new Greenfield brewery plants in Orissa, Rajasthan and Uttar Pradesh, as well as expanding the ones.
The Enforcement Directorate (ED) has informed the Bombay High Court that former liquor baron Vijay Mallya continues to evade Indian law, and the recovery of debts by banks does not absolve him of money laundering charges.
The board of directors will review the position of Vijay Mallya, under self-exile in Britain, at its next meeting on August 12.
The judge said the assets of the respondent company cannot be left under the control of UBHL and could be handed over to official liquidator to achieve the winding up process s per the law.
If they encash shares, Dutch major Heineken will emerge as single largest shareholder in the company.
United Breweries Ltd on Friday posted a net profit of Rs 34.2 crore (342 million) for the second quarter ended September 30, as against Rs 19.5 crore (195 million) in the year-ago period.
The Competition Commission of India (CCI) on Tuesday said that the proposed additional stake buy in United Breweries (UB) by Dutch major Heineken does not raise any competition concerns, effectively clearing the deal. In its order, the CCI said, "It is submitted that the proposed transaction does not give rise to competition concerns regardless of delineation of the relevant market for the purpose of this filing." UB is the country's largest beer company, while Heineken is the world's second-largest brewer after Anheuser-Busch (AB) InBev.
Mallya is at present based in London and extradition proceedings are on to bring him to India as the ED and the CBI are probing parallel criminal cases against him for an alleged bank loan default of Rs 9,000 crore.
Several popular rum and whisky brands, including variants of Old Monk Rum and McDowell's No 1, have been prohibited from sale after laboratory tests found their samples did not conform to prescribed standards, primarily due to the addition of artificial flavouring substances.
Vijay Mallya, during the past two days, had ceded a marginal stake in it, allowing Heineken to be the single largest shareholder.
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The new beer's rollout has begun in Rajasthan. Under a phased expansion strategy, Karnataka is expected to follow, with more states to be added based on early response.
United Breweries is planning to set up three greenfield breweries in the country, including a large unit in Rajasthan, a top official of the company said on Friday.
Stocks of alcoholic beverage makers have corrected over the last few trading sessions on worries that taxes, competition and costs will hurt sales and profitability. The recent trigger for the decline is Karnataka, which accounts for 15 per cent of overall liquor consumption, increasing duties. The state increased by 20 per cent the additional excise duty on Indian-made foreign liquor (IMFL) on all slabs.
A deepening payment paralysis in Telangana's liquor industry is beginning to choke manufacturing units and strain supplies, employment, and the broader investment landscape, industry bodies have warned, as unpaid dues accumulate to levels they describe as "unprecedented" and "severe".
By 10 am, Rakshit N Jagdale is already deep into the rhythm of the day, which promises to be a carousel of meetings, calls, and strategic decisions. As managing director of Amrut Distilleries, he balances ritual and ambition, tradition and transformation, like many other legacy players in India's alcoholic beverages sector who are staring at a rosy future.
More than half of Mallya's total package for 2015 has been paid by Mendocino Brewing Company for 'promoting' the company's beer brands
Breaking his silence after nine years, Vijay Mallya said he may return to India if assured a fair trial.
Continuing its global acquisition drive to become the numero uno liquor player, Vijay Mallya's United Breweries is believed to have made a bid for a part of Australian giant Foster's presumably valued at $234 million.
The money was paid to Mallya in two tranches in his offshore accounts.
Dutch brewing major Heineken on Wednesday said it has acquired an additional 14.98 per cent stake in United Breweries Ltd, taking its total shareholding to 61.50 per cent. "Heineken N.V. today (on Wednesday) announces that it has acquired an additional 39,644,346 ordinary shares in United Breweries Ltd (UBL) taking its shareholding in UBL from 46.5 per cent to 61.5 per cent," Heineken said in a statement. UBL, with its flagship brand 'Kingfisher', is the leading player in the beer market in India.
The decision came on a day when Thackeray said Maharashtra government should stop water supply to the beer manufacturing units in the drought-hit Marathwada region to tackle acute shortage of drinking water.
The enforcement agency is looking to ensure that no big deals or transactions, such as the one Mallya struck with Diageo for Rs 500 crore, take place.
Ending an almost two-year-long dispute over partnership with the Vijay-Mallya owned United Breweries Ltd, Heineken NV, the world's third-largest brewery firm, on Monday agreed to permit UBL to brew and market the Heineken brand in India.
The UB Group, which is an established leader in the Indian beer and spirits market, is aiming to replicate its success by addressing the wine market with its two companies - United Spirits and United Breweries.
This will be the largest M&A by an Indian firm, to be complete by January-end.
This is as definitive as it can get. Dutch global beer major Heineken is understood to have outlined its intent to Vijay Mallya's United Breweries that it does not want to have any conflicting presence in India.
In an SEC filing dating back to 1997, he figures as "J Vallabh".
