The shares of United Breweries Limited were trading at ₹1,829, reflecting an increase of ₹31.10 or 1.73 percent on the NSE as of 12:40 PM today.
United Breweries Limited reported that its promoter, Heineken NV, experienced a mid-single-digit decline in beer volumes in India for the July-September 2025 quarter, attributing this drop to an exceptionally strong monsoon season. Despite the decrease in volume, organic net revenue grew by a mid-single-digit percentage during this period.
Heineken noted that it outperformed the market for the quarter, achieving a high-single-digit percentage price-mix expansion. This growth stemmed from pricing adjustments in key states as well as favorable portfolio mix effects.
The company’s premium segment demonstrated resilience, with volumes increasing in the low teens, driven primarily by Kingfisher Ultra Max and the launch of Amstel Grande in the Indian market.
Investec has recommended a ‘Hold’ rating with a target price of ₹2,081, citing Heineken’s positive revenue projections for Q2 that exceed estimates. They noted that United Breweries Limited would benefit from price-mix led mid-single digit growth in Q2 in addition to volume growth in line with expectations, suggesting that price-mix surprises could positively affect margins.
The monsoon’s influence on beer consumption highlights the seasonal nature of the beverage industry in India, where adverse weather conditions typically reduce demand. Nevertheless, the company’s ability to sustain revenue growth via pricing strategies and premiumization indicates strategic positioning in the competitive Indian beer market.
Published on October 23, 2025.
