India's United Breweries gains; J.P.Morgan sees volume recovery, margin expansion

** Shares of United Breweries UBBW.NS rise as much as 2.79% to 1847.9 rupees

** J.P.Morgan reiterates "overweight" rating; cites sustained premiumisation, category development, distribution enhancement and supply chain initiatives to support earnings in a challenging period

** Says, above-average monsoon rains doused sales of summer products such as beer this quarter, but volumes should recover in the second half of fiscal 2026

** Price hikes in several states, better bottle return and recycled glass use, and stable barley costs bode well for margin expansion - brokerage

** Adds, UBBW shares corrected 10% over the past two months, offering a good entry opportunity

** The average rating of 18 analysts tracking UBBW is "hold", median PT is 2,018.50 rupees - data compiled by LSEG

** UBBW shares are down 12% in 2025 so far, lagging the 0.5% drop in FMCG index .NIFTYFMCG, exchange data shows