United Breweries Ltd

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United Breweries Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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United Breweries Ltd

₹ 1,349 0.78%
21 Aug - close price
unitedbreweries.com BSE: 532478 NSE: UBL
About

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

Key Points

Brand Portfolio:[1]
United Breweries Ltd. is India’s largest beer manufacturer and forms part of the HEINEKEN group. Its portfolio spans mainstream, premium and super-premium offerings led by Kingfisher, Kingfisher Ultra, Ultra Max, Heineken, Heineken Silver and Amstel. Regional brands include UB Export, London Pilsner, Bullet and Kalyani Black Label. In FY26, the company has 207 million cases sold, 28 products, 13 brands and exports to 50+ markets.

Website BSE NSE
  • Market Cap ₹ 35,663 Cr.
  • Current Price ₹ 1,349
  • High / Low ₹ 1,898 / 1,276
  • Stock P/E 103
  • Book Value ₹ 171
  • Dividend Yield 0.74 %
  • ROCE 10.7 %
  • ROE 7.70 %
  • Face Value ₹ 1.00
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Pros

  • Company has been maintaining a healthy dividend payout of 62.8%
  • Company's working capital requirements have reduced from 45.5 days to 24.4 days

Cons

  • Stock is trading at 7.90 times its book value
  • Company has a low return on equity of 9.48% over last 3 years.
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Fast Moving Consumer Goods Fast Moving Consumer Goods Beverages Breweries & Distilleries

Part of BSE Fast Moving Consumer Goods BSE 200 BSE Dollex 200 Nifty 500 Nifty MNC

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
2,273 1,888 1,823 2,132 2,473 2,115 1,998 2,321 2,862 2,051 2,071 2,248 3,065
2,050 1,703 1,677 1,990 2,188 1,888 1,857 2,135 2,552 1,921 1,846 2,109 2,782
Operating Profit 223 185 146 142 285 227 141 186 311 130 225 139 283
OPM % 10% 10% 8% 7% 12% 11% 7% 8% 11% 6% 11% 6% 9%
10 12 24 26 7 11 -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
Profit before tax 180 145 116 109 233 178 61 132 247 67 132 116 225
Tax % 24% 26% 27% 26% 26% 26% 37% 26% 26% 29% 39% 12% 26%
136 108 85 81 173 132 38 97 184 47 81 102 166
EPS in Rs 5.15 4.07 3.21 3.06 6.55 5.00 1.45 3.68 6.95 1.78 3.06 3.85 6.29
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
4,692 4,839 4,734 5,629 6,472 6,505 4,241 5,832 7,492 8,115 8,907 9,233 9,435
4,071 4,109 4,093 4,727 5,335 5,630 3,861 5,137 6,877 7,420 8,068 8,427 8,658
Operating Profit 621 730 641 902 1,138 874 380 695 614 695 839 805 777
OPM % 13% 15% 14% 16% 18% 13% 9% 12% 8% 9% 9% 9% 8%
37 48 52 12 32 9 43 30 16 73 10 100 140
Interest 73 81 59 48 31 31 23 15 5 7 13 72 84
Depreciation 207 244 287 260 260 285 232 217 210 212 233 272 294
Profit before tax 378 453 347 607 878 567 168 493 415 549 603 562 539
Tax % 31% 34% 34% 35% 36% 25% 33% 26% 27% 25% 27% 26%
260 298 229 394 563 427 113 365 303 409 441 413 396
EPS in Rs 9.82 11.27 8.67 14.90 21.28 16.16 4.27 13.80 11.48 15.48 16.69 15.63 14.98
Dividend Payout % 10% 10% 13% 13% 12% 15% 12% 76% 65% 65% 60% 64%
Compounded Sales Growth
10 Years: 7%
5 Years: 17%
3 Years: 7%
TTM: 1%
Compounded Profit Growth
10 Years: 1%
5 Years: 24%
3 Years: 2%
TTM: -26%
Stock Price CAGR
10 Years: 5%
5 Years: -1%
3 Years: -4%
1 Year: -29%
Return on Equity
10 Years: 10%
5 Years: 9%
3 Years: 9%
Last Year: 8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 26 26 26 26 26 26 26 26 26 26 26 26
Reserves 1,823 2,119 2,306 2,662 3,155 3,492 3,553 3,906 3,935 4,148 4,333 4,491
836 806 594 312 211 252 262 10 16 102 620 1,317
1,195 1,410 1,547 1,719 1,985 1,774 2,003 1,999 2,294 2,767 3,232 3,847
Total Liabilities 3,881 4,362 4,474 4,719 5,379 5,544 5,845 5,941 6,271 7,043 8,212 9,681
1,811 1,797 1,726 1,705 1,752 1,901 1,942 1,905 1,843 1,768 1,740 2,041
CWIP 90 61 137 72 190 199 128 110 77 173 251 509
Investments 25 25 26 26 26 26 14 16 16 16 16 15
1,954 2,478 2,586 2,916 3,411 3,418 3,761 3,910 4,335 5,087 6,205 7,115
Total Assets 3,881 4,362 4,474 4,719 5,379 5,544 5,845 5,941 6,271 7,043 8,212 9,681

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
839 539 544 562 644 507 619 899 -121 77 212 436
-327 -245 -234 -196 -430 -402 -151 -160 -120 -148 -237 -409
-572 -297 -301 -363 -198 -95 -88 -286 -292 -130 237 92
Net Cash Flow -60 -3 9 3 17 10 380 453 -533 -201 212 119
Free Cash Flow 432 296 308 361 208 104 470 727 -275 -113 -43 4
CFO/OP 158% 96% 107% 90% 91% 80% 185% 148% 3% 31% 48% 81%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 75 84 100 97 85 76 120 79 69 104 117 116
Inventory Days 276 322 326 265 323 310 555 300 318 296 325 430
Days Payable 170 196 200 172 185 154 308 204 160 206 294 360
Cash Conversion Cycle 182 211 226 190 223 231 368 174 227 195 148 186
Working Capital Days 23 21 34 53 48 50 62 31 49 62 50 24
ROCE % 16% 19% 14% 22% 28% 17% 5% 13% 11% 13% 14% 11%

Insights

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Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
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Owned Breweries
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Market Share
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Total Volume Growth
% YoY
Premium Volume Growth
% YoY

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
71.00% 70.84% 70.84% 70.84% 70.84% 70.84% 70.84% 70.84% 70.84% 70.84% 70.84% 70.84%
6.70% 6.71% 6.63% 6.43% 6.26% 6.43% 6.92% 6.73% 6.26% 5.50% 4.94% 4.87%
15.97% 16.06% 16.12% 16.38% 16.62% 16.52% 16.17% 16.37% 16.68% 17.45% 18.08% 17.79%
1.16% 1.16% 1.16% 1.16% 1.16% 1.16% 1.16% 1.16% 1.16% 1.16% 1.16% 1.16%
5.19% 5.22% 5.25% 5.19% 5.13% 5.06% 4.93% 4.92% 5.07% 5.07% 4.99% 5.37%
No. of Shareholders 67,95465,41866,91467,86866,79468,48368,80271,17778,87781,33279,46493,908

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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