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 Auditor's 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.

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 auditor's 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 matter to those charged with governance and take necessary actions,
as applicable under the relevant laws and regulations.

MANAGEMENTS AND BOARD OF DIRECTORS' RESPONSIBILITIES FOR THE STANDALONE FINANCIAL
STATEMENTS

The Company's 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
Company's 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 Company's financial reporting process.

AUDITOR’S 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 auditor's 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 Company's ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor's 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 auditor's 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 auditor's 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 per the report dated 07 May 2025.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's 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 Auditor's 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 auditor's 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 Auditor's 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

Firm’s Registration No.:101248W/W-100022

Vikash Gupta

Partner

Place: Bengaluru Membership No.: 064597

Date: 05 May 2026 ICAI UDIN:26064597VBGURV8852