Financial Performance Highlights (Standalone - ₹ in Lakhs)

Quarter Ended June 30, 2026:

  • Revenue from operations (gross of excise duty): ₹5,91,745
  • Other income: ₹5,064
  • Total income: ₹5,96,809
  • Total expenses: ₹5,74,348
  • Profit before tax: ₹22,461
  • Tax expense: ₹5,822 (Current tax: ₹6,609, Deferred tax credit: ₹787)
  • Profit for the period: ₹16,639
  • Other comprehensive income: ₹(23) loss
  • Total comprehensive income: ₹16,616
  • Basic and diluted EPS: ₹6.29

Comparative Figures:

  • March 31, 2026 quarter: Profit ₹10,167, EPS ₹3.85
  • June 30, 2025 quarter: Profit ₹18,371, EPS ₹6.95
  • Full year March 31, 2026: Profit ₹41,316, EPS ₹15.63

Consolidated Financial Results (₹ in Lakhs)

Quarter Ended June 30, 2026:

  • Revenue from operations: ₹5,91,944
  • Other income: ₹5,071
  • Total income: ₹5,97,015
  • Total expenses: ₹5,74,566
  • Profit before tax: ₹22,449
  • Tax expense: ₹5,821
  • Profit for the period: ₹16,628
  • Total comprehensive income: ₹16,605
  • Attributable to equity shareholders: ₹16,633
  • Non-controlling interest: ₹(5)
  • Basic and diluted EPS: ₹6.29

Key Operational Highlights from Press Release

  • Sell-out volumes increased +13% while deliberately reducing inventory levels (-20%) to improve cash flow
  • Net sales grew +7% driven by volume growth, price increases and favorable geographic mix
  • Premium volumes increased 17% (excluding two states affected by Middle East war), with all-India premium growth at +7%
  • Heineken Silver grew +28% and Kingfisher Ultra +11%
  • Gross profit margin of 41.0% (-155bps vs previous year) despite -300bps impact from Middle East war
  • EBITDA margin of 10.9% (-35bps vs previous year)
  • Free operating cash flow improved by 38% to ₹548 crore
  • Commissioned new canning line in Telangana
  • Strategic partnership with ABB in Punjab and closure of Ludhiana brewery

Legal and Regulatory Contingencies

CCI Penalty Matter:

  • Competition Commission of India order dated September 24, 2021 imposed penalty of ₹75,183 lakhs
  • Appeal filed with NCLAT on December 8, 2021; stay granted subject to deposit of 10% penalty
  • NCLAT dismissed appeals on December 23, 2022
  • Appeal filed with Supreme Court on January 30, 2023
  • Supreme Court admitted appeal and stayed recovery proceedings subject to additional 10% deposit (total 20% deposited)
  • ₹18,762 lakhs deposited in Fixed Deposit Receipts with NCLAT Registrar
  • Company considers this a contingent liability; no provision recorded

Bihar Plant Matter:

  • Plant set up on land leased from Bihar State Government
  • Government imposed ban on alcoholic beverages in 2016-2017
  • Manufacturing operations closed effective May 1, 2022
  • BIADA issued show cause notice for lease cancellation on June 25, 2022
  • BIADA cancelled land allotment on December 16, 2022
  • High Court of Patna directed status quo on January 25, 2023
  • Company applied under BIADA Amnesty Policy 2025 on December 29, 2025
  • Received in-principle approval on January 13, 2026
  • Submitted detailed project report for non-alcoholic beverages on March 31, 2026
  • Carrying value of Bihar PPE: ₹5,694 lakhs as of June 30, 2026

Other Matters

  • Withheld payment of ₹9,032 lakhs (net of taxes) relating to dividends on shares subject to Debt Recovery Tribunal orders
  • Withheld payment of ₹45 lakhs (net of TDS) relating to director commission and sitting fees payable to erstwhile director
  • Exceptional items for March 31, 2026 quarter: gain on transfer of freehold land ₹7,404 lakhs
  • Exceptional items for full year March 31, 2026: net gain of ₹5,531 lakhs (after offsetting ₹1,873 lakhs impact of new labour codes)

Dividend Declaration

  • Board proposed dividend of ₹10 per equity share (face value ₹1 each) amounting to ₹26,441 lakhs for year ended March 31, 2026
  • Subject to approval at ensuing annual general meeting
  • Not recognized as liability as at year end

Auditor Review

  • BS R & Co. LLP issued unqualified limited review reports for both standalone and consolidated financial results
  • Auditors drew attention to CCI penalty matter and Bihar plant matter as described in Notes 3 and 4
  • Figures for March 31, 2026 quarter are balancing figures between audited annual figures and reviewed YTD figures

Management Commentary

CEO & MD Vivek Gupta stated: "This has been a historic quarter for the industry as the beer revolution has started in India. Karnataka is leading with an ABV based tax reform and Maharashtra, Jharkhand and Andhra Pradesh continue to see significant category growth driven by policy reforms."

Outlook

Company expects inflationary pressures to persist over coming quarters amid uncertain macroeconomic environment. Focus remains on disciplined pricing, rigorous cost management, and driving productivity to protect margins while investing in long-term growth.