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United Breweries Ltd.

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unitedbreweries.comBSE: 532478NSE: UBL
Market Cap₹ 33,512 Cr.
Current Price
High / Low₹ 1,848 / 1,245
Stock P/E84.7
Book Value₹ 177
Price to Book9.04
Dividend Yield0.79 %
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 29.6% CAGR over 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 84.7 is below its historical median
  • Company has a consistent dividend-paying track record
  • Working capital cycle has improved - days down from 31 to 25

CONS

  • Recent results are weak - TTM profit is down 29.6% 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.UNITDSPR1404.2554.21102138.241.21463.0011.036122.00-2.7527.867.01
2.RADICO4429.5084.3559347.500.20229.6075.915867.6910.4322.646.07
3.UBL1267.4584.7133512.030.79166.28-9.655919.4410.0111.924.77
4.ABDL603.1576.3416870.720.9045.42-18.651809.151.8518.536.38
5.TI529.600.0013128.670.1931.59-64.312252.43160.744.317.50
6.PICCADIL599.8542.075912.850.17214.351063.052705.031081.2418.0116.20
7.TRUALT420.5024.293605.900.00592.7112444.136268.831962.8510.5721.18
8.GLOBUSSPR849.7026.592673.270.7726.4849.691151.8821.0511.346.66
9.GMBREW917.4013.362095.980.98377.40524.218029.001110.7720.405.79
10.SDBL71.770.001492.110.001.56-96.29609.19-31.1318.522.46
11.ASALCBR685.9016.671377.230.2917.83-24.60286.305.9618.0610.43
12.SULA139.8547.681180.991.431.06-45.36120.792.117.5713.74
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
5,2414,1914,1534,7875,8094,7424,4254,4265,3793,7363,9364,4065,917
5,0194,0064,0084,6455,5244,5154,2844,2395,0683,6053,7104,2675,743
Operating Profit223185146142285227141186311130225139174
OPM %4.25%4.40%3.51%2.97%4.90%4.78%3.19%4.21%5.77%3.48%5.73%3.16%2.94%
10122426711-1681115-88251
Interest212222361115172923
Depreciation51515258585761576364697686
Profit before Tax1801451161092331786113224767132116225
Tax %24.45%25.55%26.73%25.73%25.55%25.74%37.25%25.97%25.76%29.42%38.70%12.39%25.92%
Net Profit136108858117313238971844781102166
5.154.073.213.066.555.001.453.696.951.783.063.856.29

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
4,7345,6296,4726,5054,2415,8327,4928,1158,9079,23317,995
4,0934,7285,3355,6303,8615,1376,8777,4208,0688,42717,326
Operating Profit6419011,138874379695614695839805669
OPM %13.54%16.01%17.58%13.44%8.95%11.92%8.20%8.56%9.42%8.72%3.72%
52133294330167310100140
Interest59483131231557137284
Depreciation287260260285232217210212233272294
Profit before Tax347607878567168493415549603562539
Tax %33.94%35.07%35.94%24.71%32.81%25.94%26.96%25.47%26.88%26.47%26.57%
Net Profit229394563427113365303409441413396
EPS8.6714.9021.2916.164.2713.8111.4815.4816.6915.63—
Dividend Payout %13.26%13.42%11.75%15.47%11.71%76.06%65.35%64.58%59.93%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:
-9%
1 Year:
-30%

RETURN ON EQUITY

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
2,3062,6623,1553,4923,5533,9063,9354,1484,3274,485
60232122125526931291096311,295
Trade Payables4605235905456296387169481,4631,798
1,0801,1871,3861,3741,3991,4331,6391,9081,8742,162
Total Liabilities4,4744,7195,3795,6925,8776,0346,3467,1398,3229,766
1,7261,7051,7521,9011,9421,9051,8431,7681,7402,041
Capital Work in Progress1377219019912811077173251509
26262626141616161615
7508061,0311,0921,1359341,4261,3661,6152,148
00000002,3132,8602,943
Cash & Bank22204573468908395208435571
1,8142,0902,3352,4002,1902,1612,5891,2951,4051,538
Total Assets4,4744,7195,3795,6925,8776,0346,3467,1398,3229,766

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
6878151,0336977011,0291877212436
Cash from Investing-234-196-430-402-151-160-120-148-237-409
Cash from Financing-301-363-198-95-88-286-292-13023792
931710380453-533-201212118

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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