United Breweries Limited (UBL)

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United Breweries Limited (UBL) · mywealthgrid

About

UBL operates breweries and distilleries in consumer staples. Quarterly revenues ₹3.7–5.9k Cr (standalone), market cap ₹36,397 Cr. Promoter 70.83%; annual dividends 2022–2026.

Face value: ₹1

Market cap

₹31,432 Cr

P/E

79.4×

P/B

7.0×

Dividend yield

0.8%

ROE

9.3%

ROCE

12.7%

Debt / equity

0.26

OPM

4.6%

EPS (TTM)

₹15.0

Book value

₹171.0

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

PE 92 prices significant growth; verify demand and pricing trajectory.
OPM 4.61% thin (range 3.16–5.73% this year); margin pressure from excise and commodity costs.
Stock down 28.8% YoY despite revenue growth; verify if fundamental deterioration or sentiment/cycle.
ROE 9.3% below cost of equity; capital underperforming cost of funds.

Generated analysis · source review pending

Growth drivers

Revenue +₹2.2k Cr (Sep 2025 ₹3.7k to Jun 2026 ₹5.9k); verify if organic and sustainable.
OPM recovered to 4.78% Jun 2026 from 3.16% Mar 2026; check if structural cost control or seasonal.
D/E 0.26 + annual dividends 2022–2026 signal cash headroom; verify capex plans.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,188.8-1.8%1Y

Quick read

rule-based

Pros

+Profit CAGR of 29.6% over the last 5 years
+Dividend payout of 66.8% of profit
+High promoter holding of 70.8% with no pledge

Cons

−Low return on equity of 9.9% (3-yr avg)
−Thin operating margin of 4.6%
−Expensive at 79.4× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

24/100

Business quality: 36
Growth: 23
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET NIFTY FMCG

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
United Spirits LimitedUNITDSPRUNITDSPR	₹97,115 Cr	₹97,121 Cr	₹28,118 Cr	₹2,281 Cr	8.2%	₹1,884 Cr	6.6%	27.2%	21.6%	63
Radico Khaitan LimitedRADICORADICO	₹56,733 Cr	₹57,065 Cr	₹21,531 Cr	₹1,138 Cr	4.9%	₹704 Cr	2.9%	26.2%	19.9%	113
United Breweries LimitedUBLUBL	₹31,432 Cr	₹32,607 Cr	₹18,002 Cr	₹777 Cr	4.6%	₹396 Cr	2.4%	12.7%	9.3%	86
Allied Blenders And Distillers LimitedABDLABDL	₹19,004 Cr	₹20,150 Cr	₹7,604 Cr	₹546 Cr	7.2%	₹221 Cr	2.9%	26.7%	14.2%	77
Tilaknagar Industries LimitedTITI	₹13,428 Cr	₹15,723 Cr	₹6,711 Cr	₹494 Cr	8%	₹-32 Cr	0.4%	11.7%	1.1%	107
Piccadily Agro Industries LimitedPICCADILPICCADIL	₹5,729 Cr	₹6,260 Cr	₹1,177 Cr	₹239 Cr	20.6%	₹141 Cr	12.1%	32.5%	24.8%	297
Globus Spirits LimitedGLOBUSSPRGLOBUSSPR	₹2,290 Cr	₹2,805 Cr	₹3,813 Cr	₹279 Cr	7.2%	₹101 Cr	2.5%	13.4%	8.8%	41
Gm Breweries LimitedGMBREWGMBREW	₹2,171 Cr	₹2,171 Cr	₹2,977 Cr	₹181 Cr	6.1%	₹157 Cr	5.3%	19.1%	14.5%	17
India Glycols LimitedINDIAGLYCOINDIAGLYCO	₹2,002 Cr	₹3,580 Cr	₹10,312 Cr	₹669 Cr	6.6%	₹316 Cr	3%	11.9%	11.3%	27
Som Distilleries & Breweries LimitedSDBLSDBL	₹1,558 Cr	₹1,770 Cr	₹2,026 Cr	₹30 Cr	3.7%	₹-30 Cr	0.5%	6.1%	1.2%	21
Associated Alcohols & Breweries Ltd.ASALCBRASALCBR	₹1,228 Cr	₹1,294 Cr	₹1,049 Cr	₹136 Cr	13.8%	₹83 Cr	8.6%	19.2%	14.6%	89
Sula Vineyards LimitedSULASULA	₹1,105 Cr	₹1,399 Cr	₹599 Cr	₹102 Cr	17.4%	₹25 Cr	4.3%	9.7%	4.4%	375

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	14,651	10,186	131	16,651	18,380	19,409	17,463
COGS	3,151	2,029	29	4,265	4,652	5,069	5,170
Gross profit	11,500	8,156	102	12,386	13,727	14,340	12,294
	10,624	7,775	95	11,770	13,031	13,499	11,488
	876	381	7	616	696	841	806
OPM %	6%	3.7%	5.3%	3.7%	3.8%	4.3%	4.6%
Depreciation	285	232	2	211	212	233	272
Interest	31	23	0	5	7	13	72
	9	43	0	16	74	10	100
Profit before tax	569	169	5	417	551	605	562
Tax	141	56	1	113	140	163	149
Tax %	24.7%	32.8%	25.9%	27%	25.5%	26.9%	26.5%
	428	114	4	305	411	442	413
PAT margin %	2.9%	1.1%	2.8%	1.8%	2.2%	2.3%	2.4%
EPS (₹)	16.2	4.3	13.8	11.5	15.5	16.7	15.6
EPS adjusted (₹)	16.2	4.3	0.1	11.5	15.5	16.7	15.6
	15.5%	11.7%	76%	65.2%	64.5%	59.8%	64%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	26	26	26	26	26	26	26
Reserves	—	3,556	3,909	3,938	4,152	4,337	4,496
Minority interest	—	4	4	5	5	6	6
	—	250	0	0	77	620	1,175
	—	2,016	2,010	2,311	2,792	3,233	3,989
Total equity & liabilities	—	5,852	5,949	6,280	7,053	8,223	9,693
	1,902	1,949	1,913	1,851	1,776	1,749	2,050
CWIP	—	129	110	77	173	253	512
Investments	—	6	8	8	8	8	8
	—	3,768	3,918	4,344	5,097	6,213	7,123
Total assets	—	5,852	5,949	6,280	7,053	8,223	9,693

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2025 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Beer	19,403.26	1,070.22	0	0
Non alcoholic beverages	5.28	-11.67	0	0

SegmentFigure

Beer · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	78.5%	80.1%	77.7%	74.4%	74.7%	73.9%	70.4%
EBITDA margin %	6%	3.7%	5.3%	3.7%	3.8%	4.3%	4.6%
EBIT margin %	4%	1.5%	3.7%	2.4%	2.6%	3.1%	3.1%
PAT margin %	2.9%	1.1%	2.8%	1.8%	2.2%	2.3%	2.4%
Working capital
Receivable days	—	50	3,490	31	46	54	62
Inventory days	—	204	11,674	122	107	116	152
Payable days	—	113	7,959	61	74	83	127
NWC days	—	141	7,205	92	79	87	86
Leverage
Current ratio	—	1.55	1.71	1.62	1.56	1.5	1.24
Debt to EBITDA	—	0.66	0	0	0.11	0.74	1.46
Debt to equity	—	0.07	0	0	0.02	0.14	0.26
Interest coverage	19.3	8.8	34	98.1	81	50.1	8.1
Asset turnover	—	1.74	0.02	2.65	2.61	2.36	1.8
Return ratios
Return on assets %	—	1.9%	0.1%	4.9%	5.8%	5.4%	4.3%
Return on capital employed %	—	5.4%	0.1%	11.4%	13.6%	14.9%	12.7%
Return on equity %	—	3.2%	0.1%	7.7%	9.8%	10.1%	9.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	70.99%	70.83%	70.83%	70.83%	70.83%	70.83%	70.83%	70.83%	70.83%	70.83%	70.83%	70.83%
	6.71%	6.71%	6.63%	6.43%	6.26%	6.43%	6.91%	6.73%	6.26%	5.5%	4.94%	4.88%
	15.97%	16.06%	16.13%	16.38%	16.61%	16.52%	16.17%	16.37%	16.68%	17.45%	18.08%	17.78%
	0%	0%	0%	0%	0%	0%	0%	0%	1.16%	1.16%	1.16%	1.16%
	6.33%	6.4%	6.41%	6.36%	6.3%	6.22%	6.09%	6.07%	5.07%	5.06%	4.99%	5.35%
No. of shareholders	—	—	—	—	—	—	—	—	78,877	81,332	79,464	93,908

Promoter holding down 0.16 percentage points since Sep 2023.

11 deals · 26 Jul 2023 – 27 Mar 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
27 Mar 2025	INTEGRATED CORE STRATEGIES ASIA PTE LTD	Block	NSE	Buy	1,41,378	₹1,931.15	₹27.30 Cr
27 Mar 2025	COPTHALL MAURITIUS INVESTMENT LIMITED	Block	NSE	Sell	1,41,378	₹1,931.15	₹27.30 Cr
25 Jan 2024	SOCIETE GENERALE	Block	NSE	Sell	68,390	₹1,876.70	₹12.83 Cr
25 Jan 2024	MARSHALL WACE INVESTMENT STRATEGIES MARKET NEUTRAL TOPS FUND	Block	NSE	Buy	63,597	₹1,876.70	₹11.94 Cr
25 Jan 2024	MARSHALL WACE INVESTMENT STRATEGIES TOPS FUND	Block	NSE	Buy	4,793	₹1,876.70	₹0.90 Cr
20 Oct 2023	RONDURE NEW WORLD FUND	Block	BSE	Sell	66,362	₹1,566.75	₹10.40 Cr
20 Oct 2023	NORTHERN LIGHTS FUND TRUST III RONDURE NEW WORLD FUND	Block	BSE	Buy	66,362	₹1,566.75	₹10.40 Cr
26 Jul 2023	STATE BANK OF INDIA (S)	Block	NSE	Sell	46,28,452	₹1,465.80	₹678.44 Cr
26 Jul 2023	SBI MUTUAL FUND	Block	NSE	Buy	46,28,452	₹1,465.80	₹678.44 Cr
26 Jul 2023	STATE BANK OF INDIA (S)	Bulk	NSE	Sell	46,28,452	₹1,465.80	₹678.44 Cr

1–10 of 11

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Anand KripaluNon-Executive - Independent Director-Chairperson
Mr. Jan Cornelis van der LidenNon-Executive - Non Independent Director
Mr. Manu AnandNon-Executive - Independent Director
Ms. Geetu Gidwani VermaNon-Executive - Independent Director
Mr. Subramaniam SomasundaramNon-Executive - Independent Director
Mr. Vivek GuptaExecutive Director-CEO-MD
Mr. Jorn Elimar KerstenExecutive Director
Ms. Yolanda TalamoNon-Executive - Non Independent Director
Mr. Radovan SikorskyNon-Executive - Non Independent Director
Mr. Ranjan Ramdas PaiNon-Executive - Independent Director
Mr. Nikhil MalpaniCompany Secretary & Compliance Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 11 fund houses

Held by these funds

13.11%

of the company's equity

All mutual funds

17.01%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

57 schemes · 11 fund houses

		Shares
Large and Midcap Fund	SBI Mutual Fund	57.2 L	748.46	1.77%	2.163%	-0
Aggressive Hybrid FundNEW	SBI Mutual Fund	50 L	654.25	0.74%	1.891%	—
MultiCap Fund	SBI Mutual Fund	29 L	379.47	1.55%	1.097%	-0
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	27.38 L	358.29	1.07%	1.036%	-99,087
Multi Cap FundNEW	Nippon India Mutual Fund	27.22 L	356.23	0.63%	1.03%	—
Growth Mid Cap FundNEW	Nippon India Mutual Fund	24.72 L	323.46	0.62%	0.935%	—
Portfolio of Kotak Flexi Cap FundNEW	Kotak Mahindra Mutual Fund	20.75 L	271.51	0.48%	0.785%	—
LARGE CAP FUND	Nippon India Mutual Fund	19.35 L	253.19	0.47%	0.732%	-0

1–8 of 57

1 / 8

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

26 announcementsExport CSV

29 Sept 2026, 6:41 pmCompany Update

Announcement Under Regulation 30 (LODR) - Updates

General PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	78.5%	80.1%	77.7%	74.4%	74.7%	73.9%	70.4%
EBITDA margin %	6%	3.7%	5.3%	3.7%	3.8%	4.3%	4.6%
EBIT margin %	4%	1.5%	3.7%	2.4%	2.6%	3.1%	3.1%
PAT margin %	2.9%	1.1%	2.8%	1.8%	2.2%	2.3%	2.4%
Working capital
Receivable days	—	50	3,490	31	46	54	62
Inventory days	—	204	11,674	122	107	116	152
Payable days	—	113	7,959	61	74	83	127
NWC days	—	141	7,205	92	79	87	86
Leverage
Current ratio	—	1.55	1.71	1.62	1.56	1.5	1.24
Debt to EBITDA	—	0.66	0	0	0.11	0.74	1.46
Debt to equity	—	0.07	0	0	0.02	0.14	0.26
Interest coverage	19.3	8.8	34	98.1	81	50.1	8.1
Asset turnover	—	1.74	0.02	2.65	2.61	2.36	1.8
Return ratios
Return on assets %	—	1.9%	0.1%	4.9%	5.8%	5.4%	4.3%
Return on capital employed %	—	5.4%	0.1%	11.4%	13.6%	14.9%	12.7%
Return on equity %	—	3.2%	0.1%	7.7%	9.8%	10.1%	9.1%

Date	Category	Subject	Filing
29 Sept 2026, 6:41 pm	Company Update General	Announcement Under Regulation 30 (LODR) - Updates	PDF
28 Sept 2026, 9:50 pm	Company Update General	Notice Of Loss Of Share Certificate	PDF
15 Sept 2026, 5:31 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
4 Sept 2026, 10:13 pm	Company Update General	Announcement Under Regulation 30 Of SEBI (LODR) - Update	PDF
2 Sept 2026, 4:37 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
1 Sept 2026, 11:43 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
25 Aug 2026, 5:33 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
25 Aug 2026, 1:12 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	620	9	-120	77	235	435
	-152	-2	-121	-148	-239	-409
	-88	-3	-292	-130	217	92
Net cash flow	380	5	-533	-201	213	117
Free cash flow	420	7	-276	-114	-23	-77
CFO / Operating profit %	162.8%	129.1%	-19.4%	11.1%	28%	54%

United Breweries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Beer · revenue

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

20

1

Segment results

Beer · revenue

Compounded sales growth

Compounded profit growth

Return on equity

United Breweries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Beer · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Dividends20

Board meetings1

Profit & loss

Balance sheet

Segment results

Beer · revenue

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

20

1