United Breweries logo

United Breweries

UBL NSE

Key Fundamentals

SmallcapBreweries & DistilleriesBeverages
Market Cap
₹30,507 Cr
Volatility
Low Risk
P/E Ratio
79.47
EBITDA
₹851 Cr
Return on Equity
9.13%
Debt to Equity
0.29
Book Value
₹171.03
EPS
₹16.92
52W High
₹1,844
52W Low
₹1,151

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company has been maintaining a healthy dividend payout of 62.8%
  • Company's working capital requirements have reduced from 45.6 days to 24.6 days

Weaknesses

3
  • Stock is trading at 6.95 times its book value
  • Company has a low return on equity of 9.47% over last 3 years.
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
3.73% lower than 3Y
Net Income Growth
-6.56% lower than 3Y
Cash Flow Change
104% lower than 3Y
ROE
-9.78% lower than 3Y
ROCE
-2.23% lower than 3Y
EBITDA Margin (Avg.)
-6.44% lower than 3Y

AI Analysis — Bull vs Bear

5d ago
AI opinion · based on fundamentals
Risk medium

United Breweries Ltd has a market capitalisation of about Rs 33,156 crore and trades at a P/E of 85.1x and a P/B of 7.44x, even though TTM profit fell 26% and TTM sales grew only 1%. Return on equity is modest at 8% last year and about 9-10% over 3, 5 and 10 years. Working capital fell from 45.6 to 24.6 days and the dividend payout ratio is 62.8%. The stock has returned -30% over 1 year and -4% CAGR over 5 years.

Bull Case 7
  • Working capital requirements fell from 45.6 days to 24.6 days, a drop of about 21 days. This points to better cash conversion and tighter management of receivables and inventory.
  • The dividend payout ratio is 62.8%, so most earnings go back to shareholders. The dividend yield is 0.79%.
  • Sales grew at a 17% CAGR and profit at a 24% CAGR over 5 years. This shows the business can grow strongly when demand and input costs are favourable.
  • After a 30% fall in the share price over 1 year, the stock trades well below earlier levels. The 3-year stock CAGR is -7%, so part of the earnings slowdown may already be reflected in the price.
  • Sales grew at a 7% CAGR over both 3 and 10 years. This steady top-line growth reflects the strength of the Kingfisher brand portfolio in India's beer category.
  • The key metrics do not show any leverage figure. A market cap of about Rs 33,156 crore and a 62.8% payout suggest the company can fund dividends without relying heavily on debt, though the balance sheet should be checked directly.
  • ROE has stayed in a narrow band of 8-10% across the 1, 3, 5 and 10-year periods. Profitability is low but stable, so margin recovery in a normal cost environment could lift returns from this base.
Bear Case 8
  • The P/E of 85.1x implies an earnings yield of only about 1.2%. That is a steep multiple for a company whose TTM profit fell 26%.
  • TTM profit fell 26% while TTM sales grew only 1%. This points to significant margin pressure, likely from input costs such as barley and packaging, along with pricing constraints.
  • The stock trades at 7.44x book value while ROE was 8% last year and averaged about 9.47% over 3 years. That is a large premium to book for returns that are likely below the cost of equity.
  • Profit grew at only a 2% CAGR over both 10 years and 3 years. Over the long run, earnings have barely compounded despite a 7% sales CAGR, which suggests margins have eroded over time.
  • Shareholder returns have been weak: the stock returned -30% over 1 year, -7% CAGR over 3 years, -4% over 5 years and just 3% over 10 years.
  • The company may be capitalising interest cost. This can flatter reported profit and warrants a closer look at the quality of earnings and capex accounting.
  • The 0.79% dividend yield is low even with a 62.8% payout ratio. The high valuation leaves little income cushion if earnings stay under pressure.
  • The alcobev sector is exposed to state-level excise duties, pricing approvals and distribution rules. This regulatory exposure helps explain why sales growth slowed to 1% TTM from a 17% CAGR over 5 years.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

22h ago
Headwinds 6
  • Q1 margins and profit decline Sep 4

    Q1 FY27 EBITDA fell 9.1% YoY to ₹283 Cr and margin contracted to 9.2% from 10.9%. Standalone net profit dropped 9.5% to ₹166 Cr from ₹184 Cr.

  • Stock hits 52-week low Sep 4

    Shares hit a 52-week low of ₹1,251.60 after a 3.1% fall, the biggest single-day drop in eight months. The stock is down 9% in a month and 22% YTD, as investors were unimpressed by the EverGreen 2030 strategy.

  • Input cost and war inflation Sep 14

    War-related cost inflation is estimated at ₹300-500 Cr, and only about half has been offset so far. Gross margins are below 45%, versus a 54% average over FY13-FY22, with glass, cans, barley and logistics all getting more expensive.

  • Weak execution track record Sep 14

    Over the past three years, revenue grew just 6% a year and volumes 3%. JM Financial says gains in mainstream share and margin delivery have lagged expectations. HDFC Securities rates the stock 'reduce' with a ₹1,325 target, citing competition and a valuation of 64x the five-year average forward P/E.

  • ₹54.83 Cr tax penalty Sep 29

    The Income Tax Department issued penalty orders totalling ₹54.83 Cr covering AY 2013-14 to 2022-23. UBL plans to appeal, citing pending adjudications.

  • Uneven state demand and pricing Sep 14

    Beer sales fell 9% in Madhya Pradesh (blamed on a 30-40% supply cut), 8% in Himachal Pradesh and 4% in Uttar Pradesh. Government-controlled pricing in several states can delay payments and force discounts. Relying on contract brewers in low-profit states also weighs on margins.

Positives 7
  • Industry beer volumes surge 17% Sep 14

    Pan-India beer sales grew 17% YoY in Q1 FY27, the strongest in five quarters and up from 11% the previous quarter. BAI expects 13-14% growth for the full year, reaching 41-42 million hectolitres (about 530 million cases).

  • Premium portfolio growing 20-25% Sep 2

    UBL expects premium beer to grow 20-25% a year, roughly three times the broader market, and to make up 18-20% of sales by FY30, up from about 11% now. Premium volumes grew 34% in 2024 and 24% in 2025, led by Heineken Silver and Ultra.

  • Q1 revenue growth, profit beat Sep 4

    Q1 revenue rose 7.1% YoY to ₹3,067 Cr. Net profit of ₹166 Cr beat the ₹147 Cr poll estimate, and the 9.2% margin topped the Street's 9%.

  • High Court tax win Sep 4

    The Bombay High Court (Aurangabad Bench) dismissed the Revenue's appeal on a ₹21.92 Cr service tax demand, removing that contingent liability.

  • ₹110 Cr Ellora canning line Sep 4

    UBL will invest ₹110 Cr in the first canning line at its Ellora brewery in Maharashtra, with capacity of 40,000 cans an hour. It is expected to start in September 2026, subject to approvals.

  • Strong key-state demand, Karnataka duty Sep 14

    In the June quarter, beer sales rose 42% in Maharashtra, 35% in Karnataka and 33% in Andhra Pradesh. Karnataka's new duty structure, linked to alcohol content, favours lower-ABV premium beers.

  • Anand Rathi maintains Buy Sep 14

    Anand Rathi rates the stock 'buy' with a ₹1,600 target, valuing it at 60x FY28 earnings (down from 65x) on expectations of a volume upswing and margin recovery.

Neutral 3
  • EverGreen 2030 double-digit growth target Sep 4

    UBL targets double-digit net sales growth and a low-to-mid-teen operating margin, up from 9.2% now. It plans to get there through premiumisation, a better state mix, localisation and productivity, and has raised its premium revenue share target to 20% from 10-11%.

  • Localised sourcing, own brewery expansion Sep 4

    UBL is targeting 100% domestic sourcing of malt and glass bottles to cushion against commodity shocks. New projects in Telangana, Maharashtra and Uttar Pradesh should increase the share of revenue from its own breweries.

  • Analyst and investor meet Sep 2

    UBL held an analyst and investor meeting (Capital Markets Day) on September 3, where it set out its medium-term strategy.

TL;DR: UBL has strong industry tailwinds: beer volumes grew 17% in Q1 FY27, and its premium portfolio is growing 20-25% a year, backed by capacity spending such as the ₹110 Cr Ellora canning line. Profitability is still the weak spot. Q1 EBITDA fell 9.1% and margin dropped to 9.2%, gross margins are below 45%, war-related cost inflation runs ₹300-500 Cr, and a new ₹54.83 Cr tax penalty adds to the pressure. The stock is at 52-week lows, down 22% YTD, and analysts are split between HDFC's 'reduce' at ₹1,325 and Anand Rathi's 'buy' at ₹1,600. Demand is improving, but whether the stock re-rates will depend on visible margin recovery toward the low-teen target over the next few quarters.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,275
1,890
1,824
2,133
2,475
2,117
2,000
2,323
2,864
2,053
2,073
2,250
3,067
Expenses
2,052
1,706
1,678
1,991
2,190
1,890
1,859
2,136
2,553
1,923
1,847
2,111
2,784
Operating Profit
223
184
146
143
285
227
141
187
311
130
226
139
283
OPM %
10%
10%
8%
7%
12%
11%
7%
8%
11%
6%
11%
6%
9%
Other Income
10
12
25
26
7
10
-16
8
11
15
-8
82
51
Interest
2
1
2
2
2
2
3
6
11
15
17
29
23
Depreciation
51
51
52
58
58
57
61
57
63
64
69
76
86
PBT
180
144
117
110
233
178
61
132
248
66
132
116
224
Tax %
24%
26%
27%
26%
26%
26%
37%
26%
26%
30%
39%
12%
26%
Net Profit
136
107
86
82
174
132
39
98
184
46
81
102
166
EPS in Rs
5.15
4.06
3.23
3.07
6.56
5
1.45
3.69
6.95
1.76
3.06
3.85
6.29
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
4,688
4,833
4,729
5,619
6,475
6,509
4,243
5,838
7,500
8,123
8,915
9,240
9,442
Expenses
4,066
4,136
4,087
4,716
5,337
5,633
3,862
5,142
6,884
7,426
8,074
8,434
8,665
Operating Profit
622
697
642
903
1,138
876
381
697
616
696
841
806
777
OPM %
13%
14%
14%
16%
18%
13%
9%
12%
8%
9%
9%
9%
8%
Other Income
37
82
52
13
32
9
43
30
16
74
10
100
140
Interest
73
81
59
48
31
31
23
15
5
7
13
72
84
Depreciation
208
244
287
260
260
285
232
217
211
212
233
272
295
PBT
379
455
348
608
879
569
169
494
417
551
605
562
539
Tax %
31%
34%
34%
35%
36%
25%
33%
26%
27%
25%
27%
26%
—
Net Profit
260
299
230
395
563
428
114
366
305
411
442
413
396
EPS in Rs
9.83
11.28
8.68
14.91
21.29
16.18
4.28
13.82
11.5
15.51
16.71
15.63
14.96
Div. Payout %
10%
10%
13%
13%
12%
15%
12%
76%
65%
64%
60%
64%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
26
26
26
26
26
26
26
26
26
26
26
26
Reserves
1,824
2,121
2,308
2,664
3,157
3,494
3,556
3,909
3,938
4,152
4,337
4,496
Borrowings
836
806
594
312
211
252
262
10
16
102
620
1,317
Other Liabilities
1,198
1,413
1,550
1,721
1,989
1,778
2,008
2,004
2,300
2,773
3,239
3,854
Total Liabilities
3,885
4,366
4,479
4,723
5,384
5,551
5,852
5,949
6,280
7,053
8,223
9,693
Fixed Assets
1,836
1,822
1,750
1,730
1,777
1,926
1,949
1,913
1,851
1,776
1,749
2,050
CWIP
90
61
137
72
190
199
129
110
77
173
253
512
Investments
0
0
0
0
0
0
6
8
8
8
8
8
Other Assets
1,959
2,483
2,591
2,921
3,417
3,425
3,768
3,918
4,344
5,097
6,213
7,123
Total Assets
3,885
4,366
4,479
4,723
5,384
5,551
5,852
5,949
6,280
7,053
8,223
9,693
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
841
539
544
563
643
508
620
900
-120
70
214
435
Investing
-329
-245
-234
-197
-430
-402
-152
-160
-121
-148
-238
-408
Financing
-572
-297
-301
-364
-196
-95
-88
-287
-292
-122
237
92
Net Cash Flow
-60
-3
9
3
17
10
380
453
-533
-201
213
118
Free Cash Flow
434
296
309
362
206
104
471
727
-274
-121
-45
2
CFO/OP
158
100
107
90
91
80
184
148
3
30
48
81
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
75
84
100
97
85
76
120
78
68
104
117
116
Inventory Days
283
330
333
271
326
312
561
302
321
298
327
432
Days Payable
173
200
204
175
186
156
311
206
161
207
296
361
Cash Conversion Cycle
184
214
229
193
225
232
370
174
228
196
148
187
Working Capital Days
23
21
34
53
48
50
62
31
49
62
50
25
ROCE %
16%
18%
14%
22%
28%
17%
5%
13%
11%
13%
14%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others2.50%Govt.1.16%Promot.70.83%Public2.86%FIIs4.88%DIIs17.78%As ofJun 2026
12.40% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about United Breweries

What does United Breweries Ltd do?
United Breweries Limited (UBL) is engaged in the business of manufacture and sale of beer and non-alcoholic beverages. [1]
Where is United Breweries Ltd (UBL) listed?
United Breweries Ltd trades as UBL on the NSE and under code 532478 on the BSE.
Which sector does United Breweries Ltd belong to?
United Breweries Ltd is classified under the Beverages sector, in the Breweries & Distilleries industry.
What is the market capitalisation of United Breweries Ltd?
United Breweries Ltd has a market capitalisation of ₹30,507 Cr, which places it in the Large Cap band.
What is the PE ratio of United Breweries Ltd?
United Breweries Ltd trades at a PE ratio of 79.47, on earnings per share of ₹16.92, against a book value of ₹171.03 per share.
What is the 52-week high and low of United Breweries Ltd?
Over the last 52 weeks United Breweries Ltd has traded between ₹1,151 and ₹1,844.
Does United Breweries Ltd pay dividends?
United Breweries Ltd has a dividend yield of 0.86%.
What is the Return on Equity (ROE) of United Breweries Ltd?
United Breweries Ltd reported a return on equity of 9.13%. Its debt-to-equity ratio is 0.29.

Company Information

United Breweries Limited (UBL) is engaged in the business of manufacture and sale of beer and non-alcoholic beverages. [1]

Website unitedbreweries.com
CEO Mr. Vivek Gupta
Employees 2,888
Listed 2008-07-28
Face Value ₹ 1
Issued Size 26,44,05,149

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