1. UP greenfield brewery to unlock growth opportunities Pending - In the Q3 FY25 result, management announced a major investment in a greenfield brewery in Uttar Pradesh to unlock growth opportunities. At Q1 FY27, the UP greenfield brewery was still in planning, with the state currently contract-brewed, and no commissioning date disclosed.
2. Productivity and cost-effectiveness programme - 3-6% gross savings through FY27 On track - At the Q3 FY26 result (February 2026), management said the programme, announced earlier in FY26, will continue through FY27 and deliver gross savings of 3-6% of the total cost base over time, with a substantial share reinvested. Early programme benefits supported Q3 FY26 margin delivery (GP margin 45.3%, highest in 3 years), building on an earlier productivity programme delivering future annual gross savings of around ₹50 cr by Q3 FY25.
3. Soufflet Malt-UBL malthouse - first phase commissioned beginning of 2028 Pending - In the announcement dated 20th February 2026, the Soufflet Malt-UBL malthouse in South Rajasthan was slated for first-phase commissioning at the beginning of 2028, starting with malt capacity of 110,000 tonnes per year, with plans to double capacity in a second phase. No progress has been disclosed in our record beyond the announcement.
4. Nizam Brewery canning line - commissioned July 2026 Delivered - The announcement of 17th July 2026 committed to commissioning a new canning line at Nizam Brewery, part of the ₹90 cr investment announced in 2025. UBL commissioned the line in Telangana in July 2026, in record time from groundbreaking to first product trial (Kingfisher Ultra cans), lifting annual capacity from 0.05 to 0.09 cr hectolitres.
5. Ellora Brewery canning line - operational September 2026 Pending - In the announcement dated 1st September 2026, a new canning line at Ellora Brewery, backed by a ₹110 cr investment, was expected to become operational in September 2026, subject to statutory approvals. The line has 40,000 cans per hour capacity and will initially produce Kingfisher Strong, Kingfisher Premium, Bullet Strong and London Pilsner; no commissioning confirmation as of 3rd September 2026.
6. Middle East conflict cost impact - ₹400-500 cr over 2-3 quarters, revised to ₹350-400 cr On track - At the Q4 FY26 PPT, management estimated a ₹400-500 cr Middle East impact on input costs over the next 2-3 quarters, reiterated at the Q4 FY26 result; at Q1 FY27 this was revised to "between ₹350 cr to ₹400 cr impact". In Q1 FY27 the conflict hit gross profit margins by \~300 bps in the quarter alone, with the recovery program recovering approximately half and delivering over ₹50 cr.
7. Volume growth ambition - high single digits / 8-9% Partial - At the Q4 FY24 call, management endorsed high single-digit / 8-9% volume growth as "our aim" and to grow faster than the market, reiterated at Q3 FY24; at Q1 FY27 it expected "double-digit growth unless there are big roadblocks in the policy". FY25 volumes grew 6% and FY26 volumes 3%, below the aim, though Q1 FY27 sell-out grew 13% and Q4 FY26 volumes +4.1%.
8. Sequential margin improvement - structural, ongoing Partial - At the Q4 FY24 call, management committed to "sequential improvement in margins and structural improvement" while investing in the category; at Q1 FY27 it still aimed "to expand margins, absolutely" over the longer term without quarter-by-quarter commitment. FY25 OPM was 9.43% vs FY24's 8.57%, but FY26 fell to 8.72% and Q1 FY27 gross margin was 41%, down \~155 bps YoY.
9. Revenue ambition - high single-digit to double-digit growth Partial - At the Q4 FY24 call, management set the focus on "high single digit, closer to double-digit revenue growth", reiterated at Q1 FY27 with double-digit growth still targeted. FY25 revenue grew 9.8%, but FY26 grew 3.64% and Q1 FY27 grew 7.07%, both below the range, even as Q1 FY27 sell-out volumes grew 13%.
10. Premium segment expansion - premium share 20-25% of category in \~5 years On track - At the Q4 FY21 call the CFO said premium products will "even increase more" over five years, and at Q2 FY23 management endorsed a premium share ambition of "20% to 25%... as a category" over roughly five years, restated at Q1 FY27 as "almost 20% of the revenue" against \~10-11% today. Premium volume share rose from \~6% pre-COVID to \~21-22% in FY23, with FY25 volume up 32% and FY26 up 21%.
11. FY22 capex - approximately ₹250 cr, no expansion Delivered - At the Q4 FY21 call, CFO Berend Odink guided FY22 capex at approximately "Rs.250 Crores type of levels" with expansion "not really on the cards", reiterated at Q1 FY22 covering only statutory, safety, compliance and replacement capex; by Q3 FY22 he expected it "well below the 200 Crores mark". At the Q4 FY22 call, capex was confirmed curtailed with record free operating cash flow of ₹721 cr.