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United Breweries Ltd.

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unitedbreweries.comBSE: 532478NSE: UBL
Market Cap₹ 33,205 Cr.
Current Price
High / Low₹ 1,848 / 1,240
Stock P/E83.9
Book Value₹ 177
Price to Book9.03
Dividend Yield0.80 %
ROCE11.9 %
ROE9.3 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Beer: 100.0% • Non-alcoholic beverages: 0.0%

AI Sector View

AI GENERATED

Fast Moving Consumer Goods

Hold

Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.

Confidence
62%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 29.4% CAGR over last 5 years
  • Company has consistently been profitable over the last 5 years
  • Company has delivered good sales growth of 16.8% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 64.0%
  • Stock looks reasonably valued - P/E of 83.9 is below its historical median
  • Company has a consistent dividend-paying track record

CONS

  • Recent results are weak - TTM profit is down 29.8% versus prior year
  • Company has a low return on equity of 9.9% over last 3 years
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.57x)
  • Total debt has risen sharply - up 104.4% year on year
  • Stock is trading at 9.0x its book value
  • Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Fast Moving Consumer GoodsAlcoholBreweries & Distilleries
Part ofNIFTY FMCGNIFTY MNCNIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY MIDCAP 150
S.No.Name
1.UNITDSPR1397.2053.94101625.461.22463.0011.036122.00-2.7527.867.01
2.RADICO4366.9583.1658509.440.21229.6075.915867.6910.4322.646.07
3.UBL1255.8583.9333205.320.80166.28-9.655919.4410.0111.924.77
4.ABDL631.8579.9817673.490.8545.42-18.651809.151.8518.536.38
5.TI520.500.0012903.090.1931.59-64.312252.43160.744.317.50
6.PICCADIL602.6542.275940.450.17214.351063.052705.031081.2418.0116.20
7.TRUALT416.3024.053569.880.00592.7112444.136268.831962.8510.5721.18
8.GLOBUSSPR839.6026.272641.490.7826.4849.691151.8821.0511.346.66
9.GMBREW908.5013.232075.640.99377.40524.218029.001110.7720.405.79
10.SDBL70.030.001455.930.001.56-96.29609.19-31.1318.522.46
11.ASALCBR677.5516.461360.470.3017.83-24.60286.305.9618.0610.43
12.SULA136.3546.491151.441.471.06-45.36120.792.117.5713.74
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
5,2434,1934,1554,7895,8114,7444,4274,4275,3813,7373,9374,4085,919
5,0204,0094,0094,6465,5264,5164,2854,2405,0703,6083,7114,2695,746
Operating Profit223184146143285227141187311130226139174
OPM %4.25%4.40%3.51%2.98%4.91%4.79%3.20%4.22%5.78%3.47%5.73%3.16%2.94%
10122526710-1681115-88251
Interest212222361115172923
Depreciation51515258585761576364697686
Profit before Tax1801441171102331786113224866132116224
Tax %24.45%25.59%26.59%25.70%25.55%25.77%37.18%25.98%25.76%29.57%38.66%12.42%25.93%
Net Profit000017413239981844681102166
5.154.063.233.076.565.001.453.696.951.763.063.856.29

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
4,7295,6196,4756,5094,2435,8387,5008,1238,9159,24018,002
4,0874,7175,3375,6333,8625,1426,8847,4268,0748,43417,334
Operating Profit6429021,138876381697616696841806668
OPM %13.57%16.05%17.58%13.46%8.98%11.93%8.22%8.57%9.43%8.72%3.71%
52133294330167410100140
Interest59483131231557137284
Depreciation287260260285232217211212233272295
Profit before Tax348608879569169494417551605562539
Tax %33.96%35.07%35.94%24.72%32.81%25.96%26.99%25.45%26.89%26.48%26.58%
Net Profit230395563428114366305411442413396
EPS8.7014.9321.3016.184.2813.8211.5015.5116.7115.63—
Dividend Payout %13.24%13.41%11.74%15.45%11.68%75.96%65.23%64.48%59.86%63.99%—

COMPOUNDED SALES GROWTH

10 Years:
7%
5 Years:
17%
3 Years:
7%

COMPOUNDED PROFIT GROWTH

10 Years:
3%
5 Years:
30%
3 Years:
11%

STOCK PRICE CAGR

10 Years:
4%
5 Years:
-5%
3 Years:
-8%
1 Year:
-30%

RETURN ON EQUITY

10 Years:
11%
5 Years:
9%
3 Years:
10%
Last Year:
9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Aug 7

₹ 10

Rs.10.0000 per share(1000%)Final Dividend

2025

Jul 31

₹ 10

Rs.10.0000 per share(1000%)Final Dividend

2024

Jul 25

₹ 10

Rs.10.0000 per share(1000%)Final Dividend

2023

Aug 3

₹ 7.50

Rs.7.5000 per share(750%)Dividend

2022

Aug 2

₹ 10.50

Rs.10.5000 per share(1050%)Dividend

2021

Jul 1

₹ 0.50

Rs.0.5000 per share(50%)Dividend

2018

Sep 7

₹ 2

Rs.2.0000 per share(200%)Dividend

2017

Sep 14

₹ 1.15

Rs.1.1500 per share(115%)Dividend

2016

Aug 30

₹ 1.15

Rs.1.1500 per share(115%)Dividend

2015

Sep 14

₹ 1

Rs.1.0000 per share(100%)Dividend

2022

Aug 3

₹ 10.50

Rs.10.5000 per share(1050%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital26262626262626262626
Minority Interest3333445566
2,3082,6643,1573,4943,5563,9093,9384,1524,3324,490
60232122125526931291096311,295
Trade Payables4605225905456296387179481,4631,799
1,0801,1871,3861,3751,4001,4351,6401,9081,8752,162
Total Liabilities4,4794,7235,3845,6995,8856,0436,3567,1498,3339,778
1,7501,7301,7771,9261,9491,9131,8511,7761,7492,050
Capital Work in Progress1377219019912911077173253512
0000688888
7518081,0321,0941,1379361,4281,3691,6162,150
00000002,3142,8612,944
Cash & Bank24244679469910395214436572
1,8162,0892,3382,4012,1952,1662,5961,2961,4111,543
Total Assets4,4794,7235,3845,6995,8856,0436,3567,1498,3339,778

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
6888171,0336987031,0302070214435
Cash from Investing-234-197-430-402-152-160-121-148-238-409
Cash from Financing-301-364-196-95-88-287-292-12223792
931710380453-533-201213117

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
70.8370.8370.8370.8370.8370.8370.8370.8370.83
6.436.266.436.926.736.265.504.944.87
16.3816.6216.5216.1716.3716.6817.4518.0817.79
1.161.161.161.161.161.161.161.161.16
5.215.145.064.934.915.075.074.995.36

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-04
Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-09-04 - United Breweries Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-09-02
Investor Presentation

2026-09-02 - United Breweries Limited has informed the Exchange about Investor Presentation

2026-09-01
Press Release

2026-09-01 - United Breweries Limited has informed the Exchange regarding a press release dated September 01, 2026, titled "United Breweries Limited - Set to Commission New Canning Line at Ellora Brewery, strengthening Kingfisher Growth in Maharashtra".

2026-08-25
Product launch

2026-08-25 - United Breweries Limited has informed the Exchange about Product launch

2026-08-25
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-25 - United Breweries Limited has informed the Exchange about Schedule of meet

2026-08-13
Shareholders meeting

2026-08-13 - United Breweries Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 12, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-12
Shareholders meeting

2026-08-12 - United Breweries Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 12, 2026

2026-08-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - United Breweries Limited has informed the Exchange about Transcript

2026-08-07
Copy of Newspaper Publication

2026-08-07 - United Breweries Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for UBL

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