UBL Q2 FY27: consolidated PAT up 191% YoY to ₹135 Cr, margins recover on premiumisation

United Breweries' consolidated revenue (gross of excise) rose 23.7% YoY to ₹4,623.01 Cr in Q2 FY27, with PAT for the period up 190.9% YoY to ₹134.81 Cr (₹135.31 Cr attributable to owners) from a weak ₹46.34 Cr base a year ago. Sequentially both lines fell — revenue -21.9% and PAT -18.9% QoQ against Q1 FY27's ₹5,919.44 Cr/₹166.28 Cr — which the company's own notes attribute to seasonality ("revenue and profits do not accrue evenly over the year"); the QoQ dip is a seasonal artifact, not the story, and YoY is the right lens here. The headline PAT growth is inflated by a one-off: other income of ₹41.32 Cr includes ₹36.89 Cr of interest on an income-tax refund (Note 3), tied to the ₹100.83 Cr tax refund the company received on October 6, 2026. Stripping that out, adjusted PAT growth is closer to ~132% YoY rather than the reported 191% — still a strong recovery, but the raw number overstates the recurring improvement. The underlying operating margin genuinely expanded: OPM moved to roughly 5.6% from 3.5% a year ago (and from 4.8% in Q1 FY27), while NPM improved to 2.9% from 1.2% YoY, as volumes grew 16% with premium-segment volumes up 38%, consistent with the structural price hikes (2.5-3% across 22 states) and premiumisation push management described. No specific Street consensus figure for this quarter's revenue or PAT could be confirmed via web search, so vsStreet is marked unknown rather than guessed. On guidance, management's Q1 FY27 call (August 6, 2026) had trimmed the projected annual Middle East-conflict cost impact to ₹350-400 Cr from ₹400-500 Cr on the back of those price hikes — this quarter's margin recovery is directionally consistent with that call, so the print reads as on-track against that guidance. Among the quarter's other developments, a ₹21.92 Cr tax litigation win (September 4) and the ₹100.83 Cr tax refund (October 6) both support the cash and other-income lines, while a fresh ₹54.8 Cr tax penalty demand (September 29) adds to the pre-existing, sub-judice ₹751.83 Cr CCI penalty contingency already disclosed in the notes — neither is provided for in the P&L. No management press release accompanying this result was available to cross-check against the numbers. On the balance sheet, the company raised ₹465 Cr of fresh long-term borrowings in the half while paying out the ₹264.41 Cr FY26 final dividend during the quarter, and commissioned a new canning line at its Ellora Brewery (September 1) alongside the Heineken Silver launch in Assam (October 9), both supporting the premiumisation and volume trajectory the numbers show.