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United Breweries

UBL NSE
₹1,204.50 +14.70 (+1.24%)
P/E
80.51
View as Markdown
MCP
Close 4 Nov 2026 ₹1,204.50 −601.00 −33.3% 1Y
Start ₹1,805.50

Key Fundamentals

SmallcapBeveragesFMCG

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
10.70%
Debt to Equity
0.29
EPS (TTM)
₹14.96
Book Value
₹172.49
Market Cap
—
P/E (TTM)
80.51
P/B
6.98
ROE
7.69%
Dividend Yield
0.84%
EBITDA
₹851 Cr
52W High
₹1,819.00
52W Low
₹1,128.60
Day Range
₹1,192.70 – ₹1,215.00
Volume
1,63,969

Peer Comparison

Fast Moving Consumer Goods › Beverages › Breweries & Distilleries

United Breweries peer comparison
United Spirits
₹1,419.3054.78₹1,00,884 Cr11.391.23%21.40%26.40%₹12,626 Cr₹1,884 Cr
Radico Khaitan
₹4,396.5083.70₹57,961 Cr16.050.21%20.30%24.20%₹6,228 Cr₹704 Cr
United Breweries (this company)
₹1,204.5080.51₹32,064 Cr6.980.84%7.69%10.70%₹9,442 Cr₹395 Cr
Allied Blenders & Distillers
₹697.5088.29₹19,494 Cr11.890.78%14.30%18.40%₹3,979 Cr₹210 Cr
Tilaknagar Industries
₹473.60—₹11,718 Cr3.890.22%12.60%11.40%₹3,016 Cr−₹35 Cr
Piccadily Agro Industries
₹594.3041.68₹5,848 Cr6.500.17%17.40%18.00%₹1,075 Cr₹141 Cr
Globus Spirits
₹669.1019.32₹2,115 Cr1.610.99%8.76%11.20%₹2,799 Cr₹99 Cr
Median 7 companies₹697.5067.65₹19,494 Cr6.980.78%14.30%18.00%₹3,979 Cr₹210 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

41 Weak

Data confidence 100/100

Category scores

Quality
55
Average
Returns, margins, earnings quality 22% weight
Valuation
26
Poor
Cheap vs sector & own history 24% weight
Growth
35
Poor
Sales & profit trajectory 9% weight
Financial Health
65
Good
Solvency, leverage, coverage 9% weight
Momentum
32
Poor
Trend strength, vol-adjusted 12% weight
Ownership
47
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 6.81 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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral757
OscillatorsBullish153
Moving AveragesStrong Bearish604

Key readings

RSI (14)
52.04
Neutral
MACD (12,26,9)
−11.14
Bullish
SMA (50)
1,228.43
Bearish
SMA (200)
1,395.95
Bearish

As of

Analyst Rating

Based on 19 analysts
BUY42%

8 of 19 analysts rate Buy, 5 Hold, 6 Sell.

As of

BUY
8
42%
HOLD
5
26%
SELL
6
32%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+6.70%
5Y+16.84%
3Y+7.20%
1Y+3.65%
TTM+1.49%

Net profit

Net profit growth by window
10Y+3.28%
5Y+29.36%
3Y+10.63%
1Y−6.56%
TTM−12.80%

Operating cash flow

Operating cash flow growth by window
10Y−2.12%
5Y−6.84%
3YTurned positive
1Y+103.27%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−5.70 pp
5Y−0.26 pp
3Y+0.51 pp
1Y−0.71 pp
TTM−1.07 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹4,729 Cr
Mar 2018₹5,619 Cr
Mar 2019₹6,475 Cr
Mar 2020₹6,509 Cr
Mar 2021₹4,243 Cr
Mar 2022₹5,838 Cr
Mar 2023₹7,500 Cr
Mar 2024₹8,123 Cr
Mar 2025₹8,915 Cr
Mar 2026₹9,240 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹230 Cr
Mar 2018₹395 Cr
Mar 2019₹563 Cr
Mar 2020₹428 Cr
Mar 2021₹114 Cr
Mar 2022₹366 Cr
Mar 2023₹305 Cr
Mar 2024₹411 Cr
Mar 2025₹442 Cr
Mar 2026₹413 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹256 Cr −14.7% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

United Breweries Ltd trades at ₹1,204.5 as of 2026-11-04 with a market cap of ₹32,064 crore. The stock commands a PE of 80.5x and a PB of 6.98x, reflecting premium valuations despite an ROE of 9.13% and a TTM profit decline of -26%. The company maintains a conservative balance sheet with a debt-to-equity ratio of 0.29 and a healthy dividend payout of 62.8%.

Bull Case 7
  • Strong working capital efficiency with requirements reduced from 45.6 days to 24.6 days, freeing up cash for operations and growth
  • Conservative balance sheet with a low debt-to-equity ratio of 0.29, providing financial flexibility and resilience during downturns
  • Healthy dividend payout ratio of 62.8%, translating to a dividend yield of 0.84% at current price, demonstrating consistent shareholder returns
  • Compounded sales growth of 7% over 10 years and 7% over 3 years reflects steady top-line expansion across market cycles
  • 5-year compounded sales growth of 17% indicates a period of meaningful revenue acceleration
  • 5-year compounded profit growth of 24% shows the company was able to expand margins significantly during that window
  • ROCE of 13.61% is meaningfully above the cost of debt implied by the low leverage, indicating the core business generates adequate returns on deployed capital
Bear Case 8
  • TTM profit has declined -26%, signalling a sharp deterioration in earnings momentum despite modest 1% TTM sales growth
  • PE ratio of 80.5x on TTM EPS of ₹14.96 represents an extremely stretched valuation, demanding significant future earnings recovery to justify
  • Price-to-book of 6.98x is elevated for a company generating an ROE of only 9.13%, implying the market prices in growth well beyond current profitability
  • 3-year ROE averages only 9.47% and the last year ROE stands at 8%, showing a declining trend in return efficiency
  • 10-year stock CAGR of just 2% and 5-year stock CAGR of -8% indicate prolonged underperformance for long-term shareholders
  • 1-year stock CAGR of -35% reflects severe near-term price erosion, with the stock falling from a 52-week high of ₹1,819 to ₹1,204.5
  • 10-year and 3-year compounded profit growth of only 2% each suggest the 5-year profit spike was non-recurring and long-run earnings power remains modest
  • Potential capitalisation of interest costs raises questions about the true operating cost structure and could overstate reported profitability

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

AI News Digest

9h ago

TL;DR: UBL delivered a standout Q2 FY27 with profit up 191%, revenue beating estimates by a wide margin, and EBITDA margins expanding nearly 500 bps on the back of aggressive premiumisation. Premium brands are growing at 38-67% and driving structural margin recovery. The main overhang is legacy litigation around Mallya-era share pledges, though the operational impact on UBL is limited. With management targeting low-to-mid-teen EBITDA margins and planning increased commercial investment, the earnings trajectory is clearly improving.

Headwinds 1
  • Legacy share pledge litigation Oct 14

    Karnataka HC upheld a pledge of UBL shares by Vijay Mallya in favour of a foreign bank over a ₹6,203 crore consortium claim tied to defunct Kingfisher Airlines. While the ruling resolves competing claims, it keeps UBL shares entangled in legacy legal disputes involving a $135 million loan default.

Positives 5
  • Q2 profit surges 191% YoY Oct 27

    Q2 FY27 consolidated net profit jumped 191% to ₹136 crore on revenue of ₹2,536 crore (up 24% YoY), beating estimates. EBITDA doubled to ₹260 crore with margin expanding 480 bps to 11.9%, and shares rallied 10% on the results.

  • Premium volumes accelerate sharply Oct 27

    Premium beer volumes surged 38% in Q2, with Heineken Silver growing 67% and Kingfisher Ultra up 44%. Premium products have delivered over 1,000 bps of gross margin expansion, with the company gaining 300-400 bps of premium-segment market share over three years.

  • Double-digit growth targets set Oct 27

    Management outlined a target of double-digit net sales growth with EBITDA and EPS growing faster than revenue. Medium-term EBITDA margin is targeted in the low-to-mid-teens versus high-single-digit levels currently.

Neutral 1
  • Q2 earnings call rescheduled Oct 15

    UBL shifted its Q2 FY27 investor call to 2:00 PM IST on October 28, 2026, to avoid scheduling conflicts.

Quarterly Results

₹ Cr
UBL quarterly results, ₹ crore
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 (₹)
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

Profit & Loss

₹ Cr
UBL profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
UBL balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
UBL cash flow, annual, ₹ crore
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

Ratios

UBL financial ratios, annual
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

Log in to view United Breweries insights

64 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 70.83%
  • DIIs 17.28%
  • FIIs 5.36%
  • Public 2.87%
  • Others 2.50%
  • Government 1.16%

12.40% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of United Breweries Ltd?
United Breweries Ltd trades at a PE ratio of 80.51 as of 4 Nov 2026, on earnings per share of ₹14.96, against a book value of ₹172.49 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 ₹1,128.6 and ₹1,819 as of 4 Nov 2026.
Does United Breweries Ltd pay dividends?
United Breweries Ltd has a dividend yield of 0.84%.
What is the Return on Equity (ROE) of United Breweries Ltd?
United Breweries Ltd reported a return on equity of 7.69%. 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.

Website unitedbreweries.com
CEO Mr. Vivek Gupta
Employees 2,888
Listed 28 Jul 2008
Face Value ₹1

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