New Delhi, Dutch brewing major Heineken NV, which owns United Breweries Ltd (UBL), on Thursday said revenue of its India business grew by a low-single-digit in the first quarter of 2026.
Its total volume, which includes contract brewing volume, also now classified as licensed volume, grew by a 'mid-single-digit' in Q1 of 2026, said Heineken in its earnings statement.
"In India, net revenue grew by a low-single-digit. Total volume, which includes contract brewing volume now classified as licensed volume, grew by a mid-single-digit," it said.
However, its premium segment (which is generally above Rs 125 per pint) delivered a "strong quarter" with growth in the mid-teens, led by Kingfisher Ultra, it said.
It is strengthening its presence by launching more brands in the premium segment. UBL launched Kingfisher Smooth, a lower-bitterness beer, to reinforce Kingfisher's leadership in the mainstream segment.
UBL has reclassified its contract brewing volume from "consolidated" to "licensed", as part of the new Heineken group accounting and volume classification policy for India.
This change has also negatively impacted by 180 basis points the total volume of Heineken in Q1/2026 from the Asia Pacific marketing zone, of which India is also a part.
"Total volume increased by 10.1 per cent (in APAC) , with consolidated volume up 3.7 per cent as strong growth in Vietnam more than offset continued market challenges in Cambodia and the reclassification of contract brewer volume in India (this negatively impacted APAC consolidated volume growth by circa 180 bps)," it said.
Heineken's net revenue in March quarter was 6.7 billion Euros, up 2.8 per cent.
During the quarter, currency translation negatively impacted net revenue by 182 million Euro (2.8 per cent of revenue), mainly caused by the strengthening of the Euro.
The main impacts were related to the Vietnamese Dong, Indian Rupee, and the Ethiopian Birr, it said.
"Consolidation changes increased net revenue by 157 million euro, as the positive impact from the inclusion of FIFCO was partially offset by the negative impact from an accounting adjustment regarding the treatment of contract brewing revenue in India," it added.
The Dutch major owns over 61.5 per cent share in UBL, which is a leading player in the domestic market with brands such as Kingfisher, Kalyani Black B Bullet, Maharaja Premium Indian Pilsner and Taj Mahal Premium
Besides, it sells beer under brands such as Heineken, Amstel Bier, Sol etc from the portfolio of the Dutch brewing major.
Its total volume, which includes contract brewing volume, also now classified as licensed volume, grew by a 'mid-single-digit' in Q1 of 2026, said Heineken in its earnings statement.
"In India, net revenue grew by a low-single-digit. Total volume, which includes contract brewing volume now classified as licensed volume, grew by a mid-single-digit," it said.
However, its premium segment (which is generally above Rs 125 per pint) delivered a "strong quarter" with growth in the mid-teens, led by Kingfisher Ultra, it said.
It is strengthening its presence by launching more brands in the premium segment. UBL launched Kingfisher Smooth, a lower-bitterness beer, to reinforce Kingfisher's leadership in the mainstream segment.
UBL has reclassified its contract brewing volume from "consolidated" to "licensed", as part of the new Heineken group accounting and volume classification policy for India.
This change has also negatively impacted by 180 basis points the total volume of Heineken in Q1/2026 from the Asia Pacific marketing zone, of which India is also a part.
"Total volume increased by 10.1 per cent (in APAC) , with consolidated volume up 3.7 per cent as strong growth in Vietnam more than offset continued market challenges in Cambodia and the reclassification of contract brewer volume in India (this negatively impacted APAC consolidated volume growth by circa 180 bps)," it said.
Heineken's net revenue in March quarter was 6.7 billion Euros, up 2.8 per cent.
During the quarter, currency translation negatively impacted net revenue by 182 million Euro (2.8 per cent of revenue), mainly caused by the strengthening of the Euro.
The main impacts were related to the Vietnamese Dong, Indian Rupee, and the Ethiopian Birr, it said.
"Consolidation changes increased net revenue by 157 million euro, as the positive impact from the inclusion of FIFCO was partially offset by the negative impact from an accounting adjustment regarding the treatment of contract brewing revenue in India," it added.
The Dutch major owns over 61.5 per cent share in UBL, which is a leading player in the domestic market with brands such as Kingfisher, Kalyani Black B Bullet, Maharaja Premium Indian Pilsner and Taj Mahal Premium
Besides, it sells beer under brands such as Heineken, Amstel Bier, Sol etc from the portfolio of the Dutch brewing major.
