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Margin concerns loom over United Breweries

Business Standard

March 20, 2025

Despite peak summer season around the corner, the United Breweries (UB) stock is down about 15 per cent since February due to a weak third quarter (Q3) and regulatory worries.

- DEVANGSHU DATTA

Margins may stay under pressure given the excise duty hike in Karnataka and the decision to absorb the hike.

The alcoholic beverages segment saw some demand in the third quarter of financial year 2025 (Q3FY25), driven by the festival season, and the reopening of the Andhra Pradesh market. The Prestige & Above (P&A) segment continued to show momentum, with premium volume growth at 18 per cent for United Spirits, 33 per cent for United Breweries, and 18 per cent for Radico Khaitan. The mass segment saw marginal recovery.

Inflation in neutral alcohol spirit (ENA) remains high, though ethanol production from FCI rice may ease costs, while glass prices are stabilising after declines. But barley showed an inflationary trend and may lead to more margin pressures. Policy reforms in UP and Telangana, including UP's new excise policy with e-lottery and composite shops (beer and foreign liquor) and Telangana's 15 per cent beer price hike may lead to market efficiency and pricing power.

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