United Breweries Ltd logo

United Breweries Ltd

UBL NSE

Key Fundamentals

SmallcapBreweries & DistilleriesBeverages
Market Cap
₹36,335 Cr
Volatility
Moderate
P/E Ratio
90.61
EBITDA
₹851 Cr
Return on Equity
9.13%
Debt to Equity
0.29
Book Value
₹171.03
EPS
₹16.92
52W High
₹1,935.6
52W Low
₹1,276

Insights

Beta

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

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41 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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

Technical Indicators

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 8.00 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% ↘
Net Income Growth
-6.56% ↘
Cash Flow Change
103.69% ↗
ROE
-9.78% ↘
ROCE
-2.23% ↘
EBITDA Margin (Avg.)
-6.44% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

United Breweries Ltd, India's largest beer company with a market cap of ₹36,874 Cr, trades at a PE of 92.8x with TTM sales growth of just 1% and a 26% decline in TTM profits. The company maintains a dominant market position but faces margin pressures reflected in a low ROE of ~9% over three years and a stock that has declined 28% over the past year.

Bull Case 7
  • Dominant market leader in Indian beer with ~50% volume market share, backed by Heineken parentage providing global best practices and brand portfolio strength
  • Healthy dividend payout ratio of 62.8%, demonstrating management's commitment to returning capital to shareholders with a current yield of 0.72%
  • Significant improvement in working capital efficiency with requirements reducing from 45.6 days to 24.6 days, freeing up cash for operations
  • Compounded sales CAGR of 17% over 5 years indicates strong top-line momentum during the post-COVID recovery period
  • Compounded profit CAGR of 24% over 5 years shows the company has historically demonstrated operating leverage when volumes scale
  • Long-term 10-year stock CAGR of 6% and 10-year sales CAGR of 7% reflect a steady structural growth story tied to India's low per-capita beer consumption and premiumization trend
  • India's per-capita alcohol consumption remains among the lowest globally, providing a long runway for volume growth as urbanization and disposable incomes rise
Bear Case 8
  • PE ratio of 92.8x is extremely elevated, implying the stock prices in significant future growth that current fundamentals do not support with TTM profit declining 26%
  • Price-to-book of 8.12x is very high relative to a 3-year average ROE of just 9%, indicating the stock pays a steep premium for modest capital efficiency
  • TTM sales growth has decelerated sharply to just 1%, down from a 7% three-year CAGR, suggesting near-term demand slowdown or market saturation in key states
  • TTM compounded profit declined 26%, signaling significant margin compression likely from input cost inflation and inability to pass through price increases due to state-regulated pricing
  • Return on equity of 8-9% over multiple timeframes is subpar for a consumer staples franchise and suggests structural margin constraints from regulatory pricing
  • Stock has declined 28% over the past 1 year and delivered 0% CAGR over 5 years, indicating prolonged value destruction for shareholders despite top-line growth
  • Potential capitalization of interest costs raises accounting quality concerns and may overstate reported profitability
  • Heavily regulated industry with state-level excise policies, distribution controls, and advertising restrictions limits pricing power and expansion flexibility

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

AI News Digest

Anthropic anthropic claude-opus-4.6 19h ago
Headwinds 1
  • Q1 profit drops 10% YoY Aug 4

    Standalone net profit declined 9.96% YoY to ₹166.39 crore in Q1FY27, indicating margin pressure despite top-line growth.

Positives 1
  • Revenue up 10% on volumes Aug 4

    Q1FY27 revenue grew 10% YoY driven by volume gains and premiumisation, showing healthy demand momentum.

Neutral 3
  • Q1 FY27 earnings call released Aug 5

    Audio recording of Q1FY27 earnings call (quarter ended June 30, 2026) made available to investors via company website.

  • AGM scheduled August 12 Jul 20

    27th AGM set for August 12, 2026 to approve FY26 financials and declare dividend; e-voting begins August 9.

  • BRSR filed for FY26 Jul 20

    United Breweries filed its Business Responsibility and Sustainability Report for FY26 with reasonable assurance from SGS India.

TL;DR: UBL is delivering solid top-line growth of 10% driven by volumes and premiumisation, but profitability is under pressure with a ~10% YoY decline in net profit suggesting rising input or operational costs. Corporate governance actions (AGM, BRSR filing) are routine. The key watchpoint is whether margin headwinds persist or ease in coming quarters as the revenue mix shifts toward premium brands.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 70.83%
DIIs 17.78%
FIIs 4.88%
Public 2.86%
Others 2.50%
Government 1.16%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
57.72%
72.71%
72.71%
72.71%
72.71%
72.71%
72.71%
72.71%
72.71%
72.71%
70.99%
70.83%
70.83%
70.83%
70.83%
70.83%
70.83%
70.83%
70.83%
70.83%
70.83%
70.83%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.63%
6.43%
6.26%
6.43%
6.91%
6.73%
6.26%
5.50%
4.94%
4.88%
DIIs
9.92%
10.02%
10.40%
10.84%
11.85%
12.95%
13.61%
13.90%
14.41%
14.35%
15.97%
15.75%
16.13%
16.38%
16.61%
16.52%
16.17%
16.37%
16.68%
17.45%
18.08%
17.78%
Government
16.15%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
1.16%
Public
3.27%
3.28%
3.22%
3.17%
3.14%
3.08%
2.84%
2.77%
2.74%
2.82%
2.87%
2.77%
2.79%
2.71%
2.65%
2.60%
2.48%
2.48%
2.58%
2.58%
2.50%
2.86%
Others
12.94%
12.83%
12.51%
12.11%
11.14%
10.10%
9.68%
9.46%
8.98%
8.96%
9.02%
9.49%
2.46%
2.50%
2.49%
2.46%
2.45%
2.43%
2.49%
2.49%
2.49%
2.50%
No. of Shareholders
60,198
66,133
63,301
66,556
66,559
64,675
63,576
61,760
63,475
69,384
67,954
65,418
66,914
67,868
66,794
68,483
68,802
71,177
78,877
81,332
79,464
93,908

Documents

Frequently Asked Questions about United Breweries Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: UBL and BSE: 532478. You can view its live share price, financials, and ratios on Tapetide.
Which sector does United Breweries Ltd belong to?
United Breweries Ltd operates in the Fast Moving Consumer Goods sector within the Beverages industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of United Breweries Ltd?
United Breweries Ltd has a market capitalisation of approximately ₹36334.56 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of United Breweries Ltd?
The Price-to-Earnings (PE) ratio of United Breweries Ltd is 90.61. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of United Breweries Ltd?
Over the past 52 weeks, United Breweries Ltd has traded between a low of ₹1,276 and a high of ₹1,935.6. This range helps investors understand the stock's price volatility and recent trading levels.
Does United Breweries Ltd pay dividends?
Yes, United Breweries Ltd has a dividend yield of 0.73%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of United Breweries Ltd?
United Breweries Ltd has a Return on Equity (ROE) of 9.13%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research United Breweries Ltd on Tapetide?
On Tapetide, you can view United Breweries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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