Heineken’s premium segment showed resilience, with premium volumes growing in the low teens. | Photo credit: © HEINZ-PETER BADER / REUTERS
Shares of United Breweries Limited were trading at ₹1,829 at 12.40 pm today, up ₹31.10 or 1.73 per cent on the NSE.
United Breweries Limited announced that promoter Heineken NV reported a mid-single digit decline in beer volumes in India for the July-September 2025 quarter, attributing the decline to an unusually strong monsoon season. Despite the volume decline, the company’s organic net sales grew by a mid-single-digit percentage during the period.
The Dutch brewing giant said it outperformed the market during the quarter, with its price mix growing by a high single-digit percentage. This growth was driven by price adjustments in key states and favorable portfolio mix effects.
Heineken’s premium segment showed resilience, with premium volumes growing in the low teens. The growth was led by Kingfisher Ultra Max and the launch of Amstel Grande in the Indian market.
Investec recommends ‘Hold’ with a target price of ₹2,081, citing “Heineken’s India commentary on Q2 sales beats estimates UBL sees Q2 price mix showing mid-single digit growth along with flat volume growth; price mix helping sales growth. Surprise on price mix in our view would be a boost to the margins can serve.”
The impact of the monsoon on beer consumption reflects the seasonality of India’s beverage industry, where adverse weather conditions typically dampen demand. However, the company’s ability to sustain sales growth through pricing strategies and premiumization indicates a strategic positioning in the competitive Indian beer market.
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Published on October 23, 2025
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