Heineken said India’s performance in the quarter was hit by “an unusually strong monsoon season” that dented beer consumption, though price hikes in key states and a favourable product mix helped offset the impact. “In India, organic net revenue (beia) grew by a mid-single-digit, while beer volume fell by a mid-single-digit, impacted by an unusually strong monsoon season. We outperformed the market. Price-mix expanded by a high single digit, supported by pricing in key states and portfolio mix,” the company said in its earnings statement.
Despite weaker overall volumes, Heineken highlighted that its premium beer segment — typically priced above Rs 125 per pint — “grew in the low teens,” driven by the strong performance of Kingfisher Ultra Max and the launch of Amstel Grande. United Breweries’ domestic revenue growth mirrored this trend, supported by its expanding premium portfolio.
In 2025, heavier-than-usual rainfall across several states during July and August weighed on consumer demand and disrupted supply chains, a challenge echoed across India’s broader consumer goods sector. United Breweries managed to navigate the softer quarter through price-led growth and by deepening its focus on high-margin brands.
Heineken’s broader Asia outlook
Across Heineken’s Asia Pacific market zone, which includes India, organic net revenue rose 5.6%, though consolidated volume slipped 0.8%. The Dutch brewer reported total revenue of 8.7 billion euros in the September quarter, down 4% year-on-year. Globally, Heineken’s organic beer volume declined 4.3%, as gains in markets like Africa and the Middle East were offset by lower sales in Europe and the Americas.
“We are gaining or holding volume market share in a substantial majority of our markets, with notable gains in Mexico, Brazil, India, Vietnam, Nigeria, and Ethiopia,” Heineken said, highlighting India’s relative resilience within its global footprint.
Heineken holds a 61.5% stake in United Breweries, which remains a dominant player in India’s beer market with brands such as Kingfisher, Kalyani Black, Bullet, Maharaja Premium Indian Pilsner, and Taj Mahal Premium. The company also distributes international labels including Heineken, Amstel Bier, and Sol under the Dutch brewer’s global portfolio.
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