MarketFriction

United Breweries Ltd

NSE UBL · BSE 532478 · Breweries & Distilleries
₹1,188.80 +2.65%
NSE close2026-10-01
52 week range1,151.00 - 1,844.00
Market cap₹31,998 Cr.
P/E92.6
Nifty 500Midcap 150Nifty FMCGNifty MNC Price band 20% Delivery 46.3%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,8901,8242,1332,4752,1172,0002,3232,8642,0532,0732,2503,067
Expenses1,7061,6781,9912,1901,8901,8592,1362,5531,9231,8472,1112,784
Operating Profit184146143285227141187311130226139283
OPM %10%8%7%12%11%7%8%11%6%11%6%9%
Other Income122526710-1681115-88251
Interest12222361115172923
Depreciation515258585761576364697686
Profit before tax1441171102331786113224866132116224
Tax %26%27%26%26%26%37%26%26%30%39%12%26%
Net Profit107868217413239981844681102166
EPS in Rs4.063.233.076.565.001.453.696.951.763.063.856.29
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,8334,7295,6196,4756,5094,2435,8387,5008,1238,9159,2409,442
Expenses4,1364,0874,7165,3375,6333,8625,1426,8847,4268,0748,4348,665
Operating Profit6976429031,138876381697616696841806777
OPM %14%14%16%18%13%9%12%8%9%9%9%8%
Other Income8252133294330167410100140
Interest8159483131231557137284
Depreciation244287260260285232217211212233272295
Profit before tax455348608879569169494417551605562539
Tax %34%34%35%36%25%33%26%27%25%27%26%
Net Profit299230395563428114366305411442413396
EPS in Rs11.288.6814.9121.2916.184.2813.8211.5015.5116.7115.6314.96
Dividend Payout %10%13%13%12%15%12%76%65%64%60%64%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth7%17%7%1%
Compounded Profit Growth2%24%2%-26%
Stock Price CAGR3%-5%-8%-33%
Return on Equity10%9%9%8%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital262626262626262626262626
Reserves1,8242,1212,3082,6643,1573,4943,5563,9093,9384,1524,3374,496
Borrowings83680659431221125226210161026201,317
Other Liabilities1,1981,4131,5501,7211,9891,7782,0082,0042,3002,7733,2393,854
Total Liabilities3,8854,3664,4794,7235,3845,5515,8525,9496,2807,0538,2239,693
Fixed Assets1,8361,8221,7501,7301,7771,9261,9491,9131,8511,7761,7492,050
CWIP90611377219019912911077173253512
Investments000000688888
Other Assets1,9592,4832,5912,9213,4173,4253,7683,9184,3445,0976,2137,123
Total Assets3,8854,3664,4794,7235,3845,5515,8525,9496,2807,0538,2239,693
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity841539544563643508620900-12070214435
Cash from Investing Activity-329-245-234-197-430-402-152-160-121-148-238-408
Cash from Financing Activity-572-297-301-364-196-95-88-287-292-12223792
Net Cash Flow-60-3931710380453-533-201213118
Free Cash Flow434296309362206104471727-274-121-452
CFO/OP158%100%107%90%91%80%184%148%3%30%48%81%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days75841009785761207868104117116
Inventory Days283330333271326312561302321298327432
Days Payable173200204175186156311206161207296361
Cash Conversion Cycle184214229193225232370174228196148187
Working Capital Days232134534850623149625025
ROCE %16%18%14%22%28%17%5%13%11%13%14%11%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters71.00%70.84%70.84%70.84%70.84%70.84%70.84%70.84%70.84%70.84%70.84%70.84%
FIIs6.70%6.71%6.63%6.43%6.26%6.43%6.92%6.73%6.26%5.50%4.94%4.87%
DIIs15.97%16.06%16.12%16.38%16.62%16.52%16.17%16.37%16.68%17.45%18.08%17.79%
Government1.16%1.16%1.16%1.16%1.16%1.16%1.16%1.16%1.16%1.16%1.16%1.16%
Public5.19%5.22%5.25%5.19%5.13%5.06%4.93%4.92%5.07%5.07%4.99%5.37%
No. of Shareholders67,95465,41866,91467,86866,79468,48368,80271,17778,87781,33279,46493,908

Fundamentals

Market Cap₹ 31,998 Cr.
Current Price₹ 1,210
Stock P/E92.6
Book Value₹ 171
ROCE10.7 %
ROE7.69 %
Dividend Yield0.83 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)1%
Compounded Profit Growth (TTM)-26%
Consolidated figures.
Valuation
Market capRs 31,432 Cr
Enterprise valueRs 32,177 Cr
P/E (TTM)79.45x
Price to book6.95x
Price to sales3.33x
EV / EBITDA35.08x
EV / EBIT51.69x
EV / sales3.41x
Price to cash flow72.27x
Earnings yield1.26%
Dividend yield0.84%
P/E, 3-year average110.06x
P/B, 3-year average10.70x
P/E, 5-year average112.37x
P/B, 5-year average10.32x
Profitability
Operating margin (excl. other income)8.72%
Operating margin (incl. other income)9.81%
EBITDA margin9.71%
Pre-tax margin5.71%
Net profit margin4.19%
Net margin, latest quarter5.42%
ROE9.30%
ROCE11.72%
ROA4.61%
ROE, 3-year average9.90%
ROCE, 3-year average12.86%
ROA, 3-year average5.52%
ROE, 5-year average9.43%
ROCE, 5-year average12.46%
ROA, 5-year average5.54%
ROIC (approx.)8.69%
Tax rate26.48%
Other income / net worth2.22%
Growth
Sales growth (latest year)3.64%
Profit growth (latest year)-6.46%
Sales CAGR, 3 years7.20%
Sales CAGR, 5 years16.84%
Profit CAGR, 3 years10.77%
Profit CAGR, 5 years29.55%
Sales growth QoQ36.30%
Profit growth QoQ63.42%
Sales growth YoY (latest quarter)7.07%
Profit growth YoY (latest quarter)-9.54%
Per share
EPS (TTM)Rs 14.96
EPS (latest year)Rs 15.63
EPS (latest quarter)Rs 6.29
EPS, 3-year averageRs 15.95
EPS, 5-year averageRs 14.63
Book value per shareRs 171.03
Sales per shareRs 357.12
Cash flow per shareRs 16.45
Free cash flow per shareRs 0.08
Dividend per share (latest year)Rs 10.00
Dividend per share, 3-year averageRs 10.00
Dividend per share, 5-year averageRs 9.60
Dividends
Dividend payout63.99%
Dividend payout, 3-year average62.78%
Dividend payout, 5-year average65.91%
Efficiency
Asset turnover0.95x
Fixed asset turnover4.51x
Inventory turnover2.67x
Inventory days137 days
Debtor days116 days
Debtors turnover3.14x
Creditor days361 days
Cash conversion cycle187 days
Working capital days25 days
Leverage
Total debtRs 1,317 Cr
Cash and bankRs 572 Cr
Net debtRs 745 Cr
Debt to equity0.29x
Net debt / EBITDA0.81x
Interest coverage7.45x
Current ratio (filing 2026-03-31)1.24x
Quick ratio (filing 2026-03-31)0.81x
Trade payables (filing 2026-03-31)Rs 1,799 Cr
Owners' fund to total sources46.66%
Debt to assets13.58%
Cash flow
Cash from Operating Activity (latest year)Rs 435 Cr
Cash from Investing Activity (latest year)Rs -408 Cr
Cash from Financing Activity (latest year)Rs 92 Cr
Net Cash Flow (latest year)Rs 118 Cr
Free cash flow (latest year)Rs 2 Cr
FCFE (approx.: FCF + change in debt)Rs 699 Cr
Cash from ops / profit, 5 years0.77x
Sales to cash flow21.24x
Statement figures
Net sales (TTM)Rs 9,442 Cr
Net sales (latest year)Rs 9,240 Cr
Sales (latest quarter)Rs 3,067 Cr
Operating profit excl. other income (latest year)Rs 806 Cr
Operating profit (latest quarter)Rs 283 Cr
Other income (TTM)Rs 140 Cr
EBITDA (TTM)Rs 917 Cr
PBDT (TTM)Rs 834 Cr
Profit before tax (TTM)Rs 539 Cr
Tax (latest year)Rs 149 Cr
Net profit (TTM)Rs 396 Cr
Net profit (latest year)Rs 413 Cr
Net profit (latest quarter)Rs 166 Cr
Depreciation (TTM)Rs 295 Cr
Depreciation (latest quarter)Rs 86 Cr
Interest (TTM)Rs 84 Cr
Cost of goods sold (latest year)Rs 5,732 Cr
Total expenditure (latest year)Rs 8,434 Cr
Total income (latest year)Rs 9,340 Cr
Share capitalRs 26 Cr
ReservesRs 4,496 Cr
Shareholders' fundsRs 4,522 Cr
Total assetsRs 9,693 Cr
Net blockRs 2,050 Cr
Capital work in progressRs 512 Cr
InvestmentsRs 8 Cr
ReceivablesRs 2,944 Cr
InventoryRs 2,150 Cr
Other liabilitiesRs 3,854 Cr
Shares outstanding (crore)26.44
Ownership
Promoter holding70.84% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 79.5 is at the 23th percentile of its own 9.4-year range (median 107.0, low 43.2, high 387.3).
P/B 6.95 is at the 1th percentile (median 10.99).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodUBLNifty 50Difference
1 week-6.4%-2.8% -3.6 pts
1 month-9.2%-6.8% -2.4 pts
3 months-11.6%-7.6% -4.0 pts
6 months-22.8%+0.4% -23.2 pts
1 year-33.3%-9.9% -23.4 pts
2 years-44.6%-13.6% -31.0 pts
3 years-23.6%+14.2% -37.8 pts
5 years-24.6%+27.9% -52.5 pts
92 mutual fund schemes hold about ₹6,087 Cr. Over three months 71 bought more and 12 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Large & Midcap Fund1.77%748 +26%
SBI Aggressive Hybrid Fund0.74%654 +62%
ICICI Pru Multi Asset Allocation Fund0.64%566 +7%
SBI Multicap Fund1.55%379 +7%
ICICI Pru Large & Mid Cap Fund1.07%358 -41%
Nippon India Multi Cap Fund0.63%356 +16%
Nippon India Growth Mid Cap Fund0.62%323 +4%
Kotak Flexi Cap Fund0.48%272 +10%
Kotak Flexi Cap Fund0.48%270 +10%
Nippon India Large Cap Fund0.47%253 +9%
ICICI Pru Large Cap Fund0.28%228 +10%
SBI ELSS Tax Saver Fund0.50%160 +11%
Canara Rob Large and Mid Cap Fund0.60%159 +1%
Tata Large & Mid Cap Fund1.80%138 +14%
Kotak Multi Asset Allocation Fund0.84%129 +4%
Nippon India ELSS Tax Saver Fund0.71%105 +12%
SBI Consumption Opp Fund3.61%102 +14%
Quant Mid Cap Fund1.21%97 +12%
Bandhan Value Fund0.86%86 +11%
Aditya Birla SL Consumption Fund1.16%71 +9%
Aditya Birla SL MNC Fund2.09%69 +9%
Nippon India Balanced Advantage Fund0.61%61 +9%
Bandhan ELSS-Tax Saver Fund0.86%60 +12%
Nippon India Consumption Fund2.38%58 +9%
Aditya Birla SL Balanced Advantage Fund0.53%54 +4%

Red flags

F-score 4 of 8
explainDebt up, profit down Borrowings up 112% while net profit fell in 2026
lookRegulator order or action Regulator order or action 2026-07-02: United Breweries Limited has informed the Exchange about Action(s) taken or orders passed
lookAuditor change Auditor change 2026-05-05: United Breweries Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2021-06-23HEINEKEN INTERNATIONAL B.V.Promotersbuy39,644,346Rs 0.00 CrMarket Purchase
2019-03-27Heineken International B. V.Promotersbuy7,404,932Rs 0.00 CrMarket Purchase
2019-03-13KIRAN MAZUMDAR SHAW TRUSTEE DEV MAOtherother5,088Off Market
2019-03-08SUNIL ALAGHDirectorsell1,000Market Sale
2016-09-16Heineken International B. V.Promotersbuy1,854,785Rs 152.00 CrMarket Purchase
2016-09-15McDowell Holdings LimitedPromotersother1,900,000Rs 155.71 CrInvocation of pledge
2016-03-23McDowell Holdings LimitedPromotersother600,000Invocation of pledge
2016-03-23Heineken International B. V.Promotersbuy662,540Market Purchase
2016-03-23Heineken International B. V.Promotersbuy852,548Market Purchase
2016-03-23Heineken International B. V.Promotersbuy600,000Market Purchase
2016-03-17McDowell Holdings LimitedPromotersother930,000Invocation of pledge
2016-03-17KAMSCO INDUSTRIES PRIVATE LIMITEDPromotersother705,000Invocation of pledge
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹3,067 Cr +7.1% vs Jun 2025. Net profit ₹166 Cr -9.8%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-07Dividend - Rs 10 Per Share
2025-07-31Dividend - Rs 10 Per Share
2024-07-25Dividend - Rs 10 Per Share
2023-08-03Annual General Meeting/Dividend - Rs 7.50 Per Sh
2022-08-02Annual General Meeting/Dividend - Rs 10.50 Per Sh
2021-07-01 Annual General Meeting/Dividend - Rs 0.50 Per Share
2020-08-18 Annual General Meeting/Dividend - Rs 2.50 Per Share
2019-08-13 Annual General Meeting/Dividend - Rs 2.50 Per Share
2018-09-07 Annual General Meeting/Dividend- Rs 2/- Per Share
2017-09-14 Annual General Meeting/Dividend - Rs 1.15 Per Share
2016-08-30 Annual General Meeting/Dividend Rs 1.15 Per Share
2015-09-14 Annual General Meeting/ Dividend - Re 1/- Per Share
2014-09-01Annual General Meeting / Dividend - Re 0.90/- Per Share
2013-09-06Annual General Meeting And Dividend Re.0.70 Per Share
2012-09-21Annual General Meeting/Dividend Re 0.70 Per Share
2011-12-16Annual General Meeting / Dividend Re 0.60 Per Share
2010-08-17Annual General Meeting And Dividend Re.0.36 Per Share
2009-09-07Agm/Div-Rs.0.15 Per Share
2008-10-01Interim Dividend - 15%
2008-09-05Annual General Meeting
DateTypeWhat it says
2026-09-29LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-09-04LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-09-02Investor PresentationInvestor Presentation
2026-09-01Press ReleaseA press release dated September 01, 2026, titled "United Breweries Limited - Set to Commission New Canning Line at Ellora Brewery, strengthening Kingf...
2026-08-25Product launchProduct launch
2026-08-25Concall / analyst meetSchedule of meet
2026-08-13Shareholder meetingVoting results.
2026-08-12Shareholder meetingProceedings of Annual General Meeting held on August 12, 2026
2026-08-10Concall / analyst meetTranscript
2026-08-05Concall / analyst meetLink of Recording
2026-08-04Investor PresentationInvestor Presentation
2026-08-04Board meeting outcomeUnited Breweries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-22Concall / analyst meetSchedule of meet
2026-07-21UpdatesCommunication to Members of the Company - Intimation on tax deduction on dividend for the financial year 2025-26.
2026-07-21Concall / analyst meetSchedule of meet
2026-07-20Shareholder meetingNotice of Annual General Meeting to be held on August 12, 2026
2026-07-17Press ReleaseA press release dated July 17, 2026, titled "United Breweries Limited Commissions New Canning Line at Nizam Brewery, Strengthening Premium Portfolio a...
2026-07-09General UpdatesGeneral Updates
2026-07-02Regulatory actionAction(s) taken or orders passed
2026-06-29UpdatesCommunication to Members of the Company - Transfer of Shares to Investor Education and Protection Fund.
2026-06-23Disclosure under SEBI TakeovHeineken UK Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substanti...
2026-06-22Disclosure under SEBI TakeovScottish and Newcastle India Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of...
2026-05-19Product launchProduct launch
2026-05-18UpdatesClosure of Operations of Ludhiana Brewery/Unit.
2026-05-12LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2020-02-20NCLATState Bank of India VS United Breweries (Holdings) Ltd. & Ors.
2020-01-21NCLATState Bank of India VS United Breweries (Holdings) Ltd. & Ors.
2019-12-11NCLATState Bank of India VS United Breweries (Holdings) Ltd. & Ors.
2019-11-28NCLATState Bank of India VS United Breweries (Holdings) Ltd. & Ors.
2019-11-14NCLATState Bank of India VS United Breweries (Holdings) Ltd. & Ors.
2019-10-22NCLATState Bank of India VS United Breweries (Holdings) Ltd. & Ors.
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of United Breweries Ltd?

United Breweries Ltd (UBL) has a market capitalisation of Rs 31,998 Cr. at the 2026-10-01 close.

What is the P/E ratio of United Breweries Ltd?

United Breweries Ltd trades at a P/E of 92.6 on trailing twelve-month profit, at the 2026-10-01 close.

What were United Breweries Ltd's latest quarterly results?

In the Jun 2026 quarter, United Breweries Ltd sales was Rs 3,067 Cr (+7.1% vs Jun 2025) and net profit was Rs 166 Cr.

What is the 52-week high and low of United Breweries Ltd?

The 52-week high is Rs 1,844.00 and the 52-week low is Rs 1,151.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03