United Breweries Ltd Auditor Reports

To the Members of United Breweries Limited

Report on the Audit of the Standalone Financial Statements

OPINION

We have audited the standalone financial statements of United Breweries Limited (the "Company") which comprise the standalone
balance sheet as at 31 March 2026, and the standalone statement of profit and loss (including other comprehensive income),
standalone statement of changes in equity and standalone statement of cash flows for the year then ended, and notes to the
standalone financial statements, including material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial
statements give the information required by the Companies Act, 2013 ("Act") in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March
2026, and its profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our
responsibilities under those SAs are further described in the Auditors Responsibilities for the Audit of the Standalone Financial
Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial
statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion on the standalone financial statements.

EMPHASIS OF MATTER

We draw attention to Note 41 of the standalone financial statements:

The Company had challenged the cancellation of its land lease by Bihar Industrial Area Development Authority (BIADA), and the
Honourable High Court of Patna had directed BIADA to maintain status quo. As at 31 March 2026, the Company continues to
hold property, plant and equipment at Bihar amounting to Rs. 5,793 Lakhs. The Company had submitted an application under the
Amnesty Policy 2025 issued by the BIADA and received an in-principle approval (letter of approval). The Company has submitted
the documents required by BIADA in its letter of approval including the detailed project report for the production of non-alcoholic
beverages and the affidavit filed with the Honourable High Court of Patna for the withdrawal of the aforementioned litigation.
Pending approval from BIADA on the Amnesty Scheme applied, and the pending adjudication before the Honourable Supreme
Court of India through a special leave petition filed by the State Government with respect to prohibition on trade and consumption
of alcoholic beverages in the state of Bihar, may have an impact on the recoverability and future use of these assets.

Our opinion is not modified in respect of this matter.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone
financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Provision and contingent liabilities relating to taxation, litigation and claims
Refer Notes 2.1 (s), (v), 8, 16 and 34 to standalone financial statements
The key audit matter	How the matter was addressed in our audit
The Company is involved in various direct, indirect tax and other legal proceedings (litigations) that are pending before multiple statutory authorities. These litigations include penalty of Rs 75,183 Lakhs levied on the Company by the Competition Commission of India (CCI) for	i. Obtained understanding of managements process for identifying, evaluating, and recording claims and contingent liabilities with respect to litigations.
which an appeal has been filed by the Company before the Honourable Supreme Court of India on 30 January 2023 against the order passed by the National Company Law Appellate Tribunal and the Honourable Supreme Court issued an order on 17 February 2023 and granted stay on the recovery of the aforementioned penalty by the CCI.	ii. Performed walkthrough and evaluated the design and operating effectiveness of controls over:
The outcome of these litigations is inherently uncertain, and the timing and amount of potential financial impact, if any, cannot be predicted with precision. Assessing whether a present obligation exists, whether a provision should be recognized, or whether the matter should instead be disclosed as a contingent liability, involves significant judgement and estimation by management. Such judgement requires interpretation of complex and evolving legal frameworks, evaluation of supporting documentation, consideration of legal precedents, and reliance on external legal advisors. Given the variability in judicial positions and the uncertainties inherent in dispute resolution processes, determining the appropriate accounting treatment requires a high degree of subjectivity.	- Identification and tracking of litigations.
The uncertainty relating to the outcome of these matters and the materiality of the potential exposures, including those disclosed as contingent liabilities, resulted in this being identified as a key audit matter.	- Periodic assessment of the financial impact and its likelihood.
	- Controls over recording or updating provisions/ disclosure related to contingent liability.
	iii. Read the correspondences with respect to the litigations with the respective authorities and where applicable, the opinions from external experts engaged by the Management and evaluated the reasonableness of the estimate in relation to the possible outcome of the disputed matters by involving our internal specialists, as needed.
Revenue Recognition - Discounts and Rebates
Refer Notes 2.1(d), (v) and 20 to standalone financial statements
The key audit matter	How the matter was addressed in our audit
The Companys revenue is primarily derived from the sale of products and is recognised net of trade discounts, volume-based incentive schemes and other rebates (collectively referred to as "discounts and incentives" or "variable consideration"). A significant portion of these discounts and incentives is not directly deducted on invoices and therefore requires judgement in relation to estimation of the amounts to be accrued at the reporting date.	i. Understanding the process followed by the Company to determine the amount of accrual for variable consideration.
The value and timing of schemes vary throughout the year, and actual settlement may extend beyond the reporting period, resulting in an unsettled portion of variable consideration that remains payable to customers at year-end. As revenue is a key performance indicator for the Company, there is an inherent risk of revenue being overstated through inappropriate estimation of variable consideration, particularly considering the potential pressure on management to achieve performance targets at or near the year-end.	ii. Evaluating on sample basis, the design and implementation and testing the operating effectiveness of controls for variable consideration computations, variable consideration settlements and Companys evaluation of the variable consideration accruals as at the year-end.
We have therefore determined accruals for discounts and incentives to be a key audit matter.	iii. Performing substantive testing by selecting samples, using statistical sampling approach, of variable consideration transactions recorded during the year and as at period end, to reconcile the parameters used in the computation with the relevant source documents.
	iv. Performed a retrospective review by comparing the prior-year provision with the actual payments made in the current year, to assess managements historical estimation accuracy and identify any potential bias in the estimation process.
	v. Critically assessing manual journal entries posted to revenue (variable consideration), on a sample basis, to identify unusual items and examined the underlying documentation.

OTHER INFORMATION

The Companys Management and Board of Directors are responsible for the other information. The other information comprises the
Directors report, Corporate Governance Report and Sustainability report report, but does not include the financial statements and
auditors report thereon, which we obtained priorto the date of this auditors report, and the remaining sections of the Companys
Annual Report, which are expected to be made available to us after that date.

Our opinion on the standalone financial statements does not cover the other information and we do not and will not express any
form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information identified
above and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements
or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditors report, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.

When we read the other sections of the Annual report (other than those mentioned above), if we conclude that there is a material
misstatement therein, we are required to communicate the matterto those charged with governance and take necessary actions,
as applicable under the relevant laws and regulations.

MANAGEMENT S AND BOARD OF DIRECTORS RESPONSIBILITIES FOR THE STANDALONE FINANCIAL
STATEMENTS

The Companys Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect
to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit/ loss and other
comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the Management and Board of Directors are responsible for assessing the
Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has
no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Companys financial reporting process.

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:

-Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.

-Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company
has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of
such controls.

-Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Management and Board of Directors.

-Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting in
preparation of standalone financial statements and, based on the audit evidence obtained, whether a material uncertainty

exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures
in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the
Company to cease to continue as a going concern.

-Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and
whether the standalone financial statements represent the underlying transactions and events in a manner that achieves
fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance
in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these
matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such communication.

OTHER MATTERS

The standalone financial statements of the Company for the year ended 31 March 2025 were audited by the predecessor auditor
who had expressed an unmodified opinion as perthe report dated 07 May 2025.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government of India in terms

of Section 143(11) of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the

Order, to the extent applicable.

2 A. As required by Section 143(3) of the Act, we report that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit.

b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books, except for the matter stated in the paragraph 2(B)(f) below on reporting under Rule 11 (g)
of the Companies (Audit and Auditors) Rules, 2014 and that the daily back-up of payroll records which form part of the
books of account and other relevant books and papers in electronic mode have not been maintained on the servers
physically located in India.

c. The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive income), the
standalone statement of changes in equity and the standalone statement of cash flows dealt with by this Report are in
agreement with the books of account.

d. In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of
the Act.

e. On the basis of the written representations received from the directors as on 01 April 2026 taken on record by the Board
of Directors, none of the directors is disqualified as on 31 March 2026 from being appointed as a director in terms of
Section 164(2) of the Act.

f. The modification relating to the maintenance of accounts and other matters connected therewith are as stated in the
paragraph 2A(b) above on reporting under Section 143(3)(b) of the Act and paragraph 2B(f) below on reporting under
Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

g. With respect to the adequacy of the internal financial controls with reference to financial statements of the Company
and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

B. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us:

a. The Company has disclosed the impact of pending litigations as at 31 March 2026 on its financial position in its standalone
financial statements - Refer Notes 8,16 and 34 to the standalone financial statements.

b. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.

c. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection
Fund by the Company.

d (i) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 42(v) to the
standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds
or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies),
including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.

(ii) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note 42(vi) to
the standalone financial statements, no funds have been received by the Company from any person(s) or entity(ies),
including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise,
that the Company shall directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Parties ("Ultimate Beneficiaries") or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries.

(iii) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing
has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule
11 (e), as provided under (i) and (ii) above, contain any material misstatement.

e. The final dividend paid by the Company during the year, in respect of the same declared for the previous year, is in
accordance with Section 123 of the Act to the extent it applies to payment of dividend.

As stated in Note 14 to the standalone financial statements, the Board of Directors of the Company has proposed final dividend

for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared

is in accordance with Section 123 of the Act to the extent it applies to declaration of dividend.

f. Based on our examination which included test checks, except for the instances mentioned below, the Company has used
accounting softwares for maintaining its books of account which have a feature of recording audit trail (edit log) facility
and the same has operated for all relevant transactions recorded in the respective softwares:

-In respect of accounting software used for maintaining books of account relating to revenue, purchases, inventories,
propery, plant and equipments, general ledgers and other sub-ledgers, the audit trail feature was not enabled at the
database level to log any direct data changes;

-In the absence of independent auditors report in relation to controls at a service organisation for accounting software
used for maintaining the books of account relating to payroll, which is operated by a third party software service
provider, we are unable to comment whether audit trail (edit log) feature of the said software was enabled and
operated throughout the year for all relevant transactions recorded in the software;

-Further, where audit trail (edit log) facility was enabled and operated for the respective accounting softwares, we did not
come across any instance of the audit trail feature being tampered with. Additionally, the audit trail has been preserved by
the Company as per the statutory requirements for record retention.

C. With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act:

In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its
directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any
director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed
other details under Section 197(16) of the Act which are required to be commented upon by us.

For B S R & Co. LLP

Chartered Accountants

Firms Registration No.:101248W/W-100022

Vikash Gupta

Partner

Place: Bengaluru Membership No.: 064597

Date: 05 May 2026 ICAI UDIN:26064597VBGURV8852

Annexure A to the Independent Auditors Report on the
Standalone Financial Statements of United Breweries Limited
for the year ended 31 March 2026

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of even date)

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation

of Property, Plant and Equipment.

(B) The Company has maintained proper records showing full particulars of intangible assets.

(i) (b) According to the information and explanations given to us and on the basis of our examination of the records of the

Company, the Company has a regular programme of physical verification of its Property, Plant and Equipment by which
all property, plant and equipment are verified in a phased manner over a period of three years. In accordance with this
programme, certain property, plant and equipment were verified during the year. In our opinion, this periodicity of physical
verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies
were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the title deeds of immovable properties (other than immovable properties where the Company is the lessee
and the leases agreements are duly executed in favour of the lessee) disclosed in the standalone financial statements
are held in the name of the Company, except forthe following which are not held in the name of the Company:

Description of property	Gross carrying value (Rs. in Lakhs)	Held in the name of	Whether promoter, director or their relative or employee	Period held- indicate range, where appropriate	Reason for not being held in the name of the Company. Also indicate if in dispute
Freehold land (9.04 acres at Kutthambakkam, Tamil Nadu)	80	Tamil Nadu State Marketing Corporation Ltd.	No	2010-11	The application submitted for registration of the title deed is under review and awaiting approval from the state government.
Freehold land (63.07 acres at Kothlapur, Telangana)	654	UB Nizam Breweries Private Limited (Erstwhile entity which merged with the Company)	No	2010-11	The Karnataka Fligh Court (KHC) passed the final decree order on November 14, 2024. The proceedings had been on hold due to a higher stamp duty demand by the Government, which was later set aside by the KFHC. The order was subsequently filed with the Ministry of Corporate Affairs (MCA) on December 11, 2024. The application for change of name to UBL is currently being processed.
Freehold land (1.002 acres at Mallepally, Telangana)	21	United Breweries Limited	No	2010-11	A family dispute concerning partition of the land sold is sub judice before the District Court, Sangareddy, Telangana.
Leasehold land (25.71 acres at Aurangabad, Maharashtra)	1,189	Inertia Industries Limited (Erstwhile entity which merged with the Company)	No	2010-11	Pursuant to the order of the Collector of Stamps dated February 11,2025, the Company has paid the requisite stamp duty and penalty under the Amnesty Scheme, 2024. Subsequently, on February 17, 2025, the Company filed an application with MIDC for execution of the modified lease deed.
Freehold land (16.91 acres at Aranvoyal, Tamil Nadu)	36	Title deeds are not in possesion of the Company	No	2003-04	The Company is not in possession of the original title deeds relating to this portion of the land and is making efforts to procure the relevant from the relevant authorities.
Freehold land (3.4 acres at Daruhera, Flaryana)	270	Title deeds are not in possesion of the Company	No	1991-93	The Company is not in possession of the original title deeds relating to this portion of the land and is making efforts to procure the relevant land records from the relevant authorities.

(d) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible
assets or both during the year.

(e) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, there are no proceedings initiated or pending against the Company for holding any benami property under
the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

(ii) (a) The inventory, except goods-in-transit and stocks lying with third parties, has been physically verified by the management

during the year. For stocks lying with third parties at the year-end, written confirmations have been obtained and for
goods-in-transit subsequent evidence of receipts has been linked with inventory records. In our opinion, the frequency
of such verification is reasonable and procedures and coverage as followed by management were appropriate. No
discrepancies were noticed on verification between the physical stocks and the book records that were more than 10%
in the aggregate of each class of inventory

(b) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has been sanctioned working capital limits in excess of fivecrore rupees, in aggregate, from banks
or financial institutions on the basis of security of current assets. In our opinion, the quarterly returns or statements filed
by the Company with such banks or financial institutions are in agreement with the books of account of the Company.

(iii) According to the information and explanations given to us and on the basis of our examination of the records of the Company,
the Company has not provided any investments, guarantee or security or granted any loans, secured or unsecured to companies,
firms, limited liability partnership or any other parties during the year. The Company has granted advances in the nature of
loans to other parties (employees), in respect of which the requisite information is as below. The Company has not granted
advances in the nature of loans, secured or unsecured to companies, firms or limited liability partnership.

(a) Based on the audit procedures carried on by us and as per the information and explanations given to us the Company
has provided advances in the nature of loans to other parties (employees) as below:

Particulars	Advances in nature of loans (INR in Lakhs)
Aggregate amount during the year Other parties* (employees)	408
Balance outstanding as at balance sheet date Others parties* (employees)	238

* As per the Companies Act, 2013

(b) According to the information and explanations given to us and based on the audit procedures conducted by us, in our
opinion the terms and conditions of the grant of advances in the nature of loans provided to other parties (employees)
during the year are not prejudicial to the interest of the Company.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, in the case of advance in the nature of loan given to other parties (employees), in our opinion the repayment
of principal has been stipulated and the repayments or receipts have been regular and there are no interest charged on
these advances in the nature of loans. Further, the Company has not given any loan to any party during the year.

(d) According to the information and explanations given to us and on the basis of our examination of the records of the

Company, there is no overdue amount for more than ninety days in respect of advances in the nature of loans given to

other parties (employees). Further, the Company has not given any loans to any party during the year.

(e) According to the information and explanations given to us and on the basis of our examination of the records of the

Company, there is no loan or advance in the nature of loan granted falling due during the year, which has been renewed
or extended or fresh loans granted to settle the overdues of existing loans given to same parties.

(f) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not granted any loans or advances in the nature of loans either repayable on demand or
without specifying any terms or period of repayment.

(iv) According to the information and explanations given to us and on the basis of our examination of the records of the Company,
the Company has not given any loans, or provided any guarantee or security as specified under Section 185 and 186 of the
Companies Act, 2013 ("the Act"). In respect of the investments made by the Company, in our opinion the provisions of Section
186 of the Act have been complied with.

(v) The Company has not accepted any deposits or amounts which are deemed to be deposits from the public. Accordingly, clause
3(v) of the Order is not applicable.

(vi) According to the information and explanations given to us, the Central Government has not prescribed the maintenance
of cost records under Section 148(1) of the Act forthe products manufactured by it. Accordingly, clause 3(vi) of the Order is
not applicable.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the

Company, in our opinion, the undisputed statutory dues including Goods and Services tax, Provident Fund, Employees
State Insurance, Income-tax, Sales Tax, Service Tax, duty of Customs, duty of Excise, Value Added Tax, cess or other
statutory dues have been regularly deposited.

According to the information and explanations given to us and on the basis of our examination of the records of the
Company, no undisputed amounts payable in respect of Goods and Services tax, Provident Fund, Employees State
Insurance, Income-tax, Sales Tax, Service Tax, Duty of Custom, Duty of Excise, Value Added Tax, cess or other statutory
dues were in arrears as at 31^st March 2026 fora period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, statutory dues relating to Goods and Service Tax, Provident Fund, Employees State Insurance, Income-Tax,
Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess or other statutory dues which have not
been deposited on account of any dispute are as follows:

Name of the statute	Nature of the dues	Amount (including interest and penalty) (Rs. in Lakhs)	Payment under protest (Rs. in Lakhs)	Period to which the amount relates	Forum where dispute is pending
The IncomeTaxAct, 1961	Income tax/tax deducted at source	17,352	552	FY 2001-02 to FY 2009-10, FY 2012-13 to FY 2015-16 and FY 2018-19	Assessing Officer
		14,868	3,315	FY 2001-02 to FY 2016-17 and FY 2019-20	Fligh Court of various states
		7,360	711	FY 2005-06, FY 2008-09 to FY 2011-12, FY 2013-14, FY 2015-16 to FY 2017-18, FY 2019- 20 and FY 2020- 21	Appellate authority up to Commissioner Level
		6,591	4,289	FY 2007-08, FY 2013-14, FY 2016-17, FY 2017-18, FY 2020- 21 and FY 2021- 22	Income Tax Appellate Tribunal
		2,650	1,400	FY 2012-13	Dispute Resolution Panel

 

Name of the statute	Nature of the dues	Amount (including interest and penalty) (Rs. in Lakhs)	Payment under protest (Rs. in Lakhs)	Period to which the amount relates	Forum where dispute is pending
State Excise Acts of various states	Storage and privilege fees, excise duty, etc.	3,803	3,366	FY 1998-99, FY 2004- 05 to FY 2005- 06, FY 2007-08 to FY 2024-25	High Court of various states
		2,136	1,272	FY 2000-01 to FY 2025-26	Appellate authority up to Commissioner Level
		1	-	FY 2014-15	Rajasthan Tax Board, Ajmer (Rajasthan)
		8		FY 2017-18	Office of Accountant General, Revenue Audit Wing, Bengaluru
		1		FY 2024-25	Managing Director, Telangana State Beverages Corporation Ltd.
		18	-	FY 2024-25	Assistant Collector, Haryana Excise
Central Excise Act, 1944	Excise duty	51	4	FY 2007-08 and FY 2010-11 to FY 2017-18	Appellate authority up to Commissioner Level
		107	-	FY 2010-11 to FY 2016-17	CESTAT, Hyderabad
The Finance Act, 1994	Service tax	2,192	-	FY 2009-10 to FY 2011-12	High Court of Bombay
		38	3	FY 2014-15 and FY 2015-16	Appellate authority up to Commissioner Level
Integrated Goods and Service Tax Act, 2017	Goods and Services Tax	6,280	1,776	FY 2017-18 to FY 2022-23	Appellate authority up to Commissioner Level
Central Goods and Service Tax Act, 2017 State Goods and Service Tax Act, 2017 of various states		700	277	FY 2017-18 to FY 2020-21	High Court of various states
Various Sales Tax Act	Sales tax/ value	397	-	FY 2003-04 and FY 2004-05	Supreme Court of India
	added tax, Turnover tax, Entry tax and Central sales tax	1,776	802	FY 2013-14, FY 2016- 17 and 2017- 18 To FY 2021-22	Sales Tax Appellate Authority
		12,171	2,074	FY 2002-03, FY 2007-08 to FY 2024-25	Appellate authority up to Commissioner Level
		57	20	FY 2011-12 to 2016-17	High Court ofTelengana
		7	1	FY 2009-10	VAT Tribunal
The Customs Act, 1962	Customs duty	53		FY 2002-03	High court, Bihar
Employees Provident Funds and Miscellaneous	Provident fund	6		FY 2009-10 to FY 2013-14 and FY 2015-16	Appellate authority up to Commissioner Level
Provisions Act, 1952		12	6	FY 2010-11 to FY 2012-13	PF Southern Tribunal
Employees State Insurance (ESI) Act, 1948	Employees State Insurance	3		FY 2005-06 to FY 2006-07	Regional Director, Employees State Insurance Corporation
		24	2	FY 2004-05 to FY 2007-08	Labour Court

 

Name of the statute	Nature of the dues	Amount (including interest and penalty) (Rs. in Lakhs)	Payment under protest (Rs. in Lakhs)	Period to which the amount relates	Forum where dispute is pending
Goa Panchayat Raj Act	Building tax	80	-	FY 2019-20 to FY 2022-23	Village Panchayat, Goa
		143	143	FY 2022-23 to FY 2025-26	High court of Bombay, Goa

(viii) According to the information and explanations given to us and on the basis of our examination of the records of the Company,
the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in
the tax assessments under the Income Tax Act, 1961 as income during the year.

(ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of the

Company, the Company has not defaulted in repayment of loans and borrowing or in the payment of interest thereon
to any lender.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not been declared a wilful defaulter by any bank or financial institution or government or
government authority.

(c) In our opinion and according to the information and explanations given to us by the management, the Company has not
obtained any term loans. Accordingly, clause 3(ix)(c) of the Order is not applicable.

(d) According to the information and explanations given to us and on an overall examination of the standalone financial
statements of the Company, we report that no funds raised on short-term basis have been used for long-term purposes
by the Company.

(e) According to the information and explanations given to us and on an overall examination of the standalone financial
statements of the Company, we report that the Company has not taken any funds from any entity or person on account
of or to meet the obligations of its subsidiary or associate as defined under the Act.

(f) According to the information and explanations given to us and procedures performed by us, we report that the Company
has not raised loans during the year on the pledge of securities held in its subsidiary, or associate company (as defined
underthe Act).

(x) (a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments).

Accordingly, clause 3(x)(a) of the Order is not applicable.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the Company has not made any preferential allotment or private placement of shares or fully or partly
convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not applicable.

(xi) (a) During the course of our examination of the books and records of the Company and according to the information and

explanations given to us, considering the principles of materiality outlined in Standards on Auditing, we report that no
fraud by the Company or on the Company has been noticed or reported during the year.

(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Act
has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and Auditors) Rules,
2014 with the Central Government.

(c) We have taken into consideration the whistle blower complaints received by the Company during the year while
determining the nature, timing and extent of our audit procedures.

(xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, clause 3(xii) of
the Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us, the transactions with related parties are in
compliance with Section 177 and 188 of the Act, where applicable, and the details of the related party transactions have been
disclosed in the standalone financial statements as required by the applicable accounting standards.

(xiv) (a) Based on information and explanations provided to us and our audit procedures, in our opinion, the Company has an

internal audit system commensurate with the size and nature of its business.

(b) We have considered the internal audit reports of the Company issued till date for the period under audit.

(xv) In our opinion and according to the information and explanations given to us, the Company has not entered into any non-cash
transactions with its directors or persons connected to its directors and hence, provisions of Section 192 of the Act are not
applicable to the Company.

(xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly,

clause 3(xvi)(a) of the Order is not applicable.

(b) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly,
clause 3(xvi)(b) of the Order is not applicable.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India.
Accordingly, clause 3(xvi)(c) of the Order is not applicable.

(d) The Company is not part of any group (as defined in the regulations made by the Reserve Bank of India). Accordingly,
the requirements of clause 3(xvi)(d) are not applicable.

(xvii) The Company has not incurred cash losses in the current and in the immediately preceding financial year.

(xviii) There has been resignation of the statutory auditors during the year and we have duly taken into consideration the issues,
objections or concerns raised by the outgoing auditors.

(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates
of realisation of financial assets and payment of financial liabilities, other information accompanying the standalone financial
statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence
supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists
as on the date of the audit report that the Company is not capable of meeting its liabilities existing at the date of balance
sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an
assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date
of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one
year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) In our opinion and according to the information and explanations given to us, there is no unspent amount under sub-section
(5) of Section 135 of the Act pursuant to any project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

For B S R & Co. LLP

Chartered Accountants

Firms Registration No.:101248W/W-100022

Vikash Gupta

Partner

Place: Bengaluru Membership No.: 064597

Date: 05 May 2026 ICAI UDIN:26064597VBGURV8852

Annexure B to the Independent Auditors Report on the
standalone financial statements of United Breweries Limited
for the year ended 31 March 2026

Report on the internal financial controls with reference to the aforesaid standalone financial statements under Clause (i) of
Sub-section 3 of Section 143 of the Act

(Referred to in paragraph 2(A)(g) under Report on Other Legal and Regulatory Requirements section of our report of even
date)

We have audited the internal financial controls with reference to financial statements of United Breweries Limited ("the Company")
as of 31 March 2026 in conjunction with our audit of the standalone financial statements of the Company for the year ended on
that date.

MANAGEMENTS AND BOARD OF DIRECTORS RESPONSIBILITIES FOR INTERNAL FINANCIAL CONTROLS

The Companys Management and the Board of Directors are responsible for establishing and maintaining internal financial controls
based on the internal financial controls with reference to financial statements criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India (the "Guidance Note"). These responsibilities include the design,
implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly
and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable
financial information, as required under the Act.

AUDITORS RESPONSIBILITY

Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial statements based
on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed under
Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements.
Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls with reference to financial statements were established
and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with
reference to financial statements and their operating effectiveness. Ouraudit of internal financial controls with reference to financial
statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the
risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based
on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material
misstatement of the standalone financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
Companys internal financial controls with reference to financial statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS

A companys internal financial controls with reference to financial statements is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles. A companys internal financial controls with reference to financial statements include
those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with authorisations of management and directors
of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use,
or disposition of the companys assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL
STATEMENTS

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are
subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of
changes in conditions, orthat the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial statements
and such internal financial controls were operating effectively as at 31 March 2026, based on the internal financial controls with
reference to financial statements criteria established by the Company considering the essential components of internal control
stated in the Guidance Note.

For B S R & Co. LLP

Chartered Accountants

Firms Registration No.:101248W/W-100022

Vikash Gupta

Partner

Place: Bengaluru Membership No.: 064597

Date: 05 May 2026 ICAI UDIN:26064597VBGURV8852