United Breweries Ltd
NSE: UBL · Breweries & Distilleries · sector
₹1,136.20NSE close 2026-10-26
Key numbers
Market cap₹30,041 cr
Price₹1,136.20
52w high / low₹1,844 / ₹1,136
P/E76.0xSector median 21.8x
P/B6.6xSector median 1.9x
Book value₹171.0
Dividend yield0.83%Sector median 0.83%
ROE8.9%Sector median 8.9%
ROCE10.9%Sector median 10.9%
OPM4.6%Sector median 6.1%
Debt / equity0.26xSector median 0.49x
EV/EBITDA36.8xSector median 24.1x
Interest cover7.5x
Current ratio1.24x
Sales growth 3y+1.6%Sector median +11.1%
Profit growth 3y+10.8%Sector median +14.2%
PEG7.05x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 27 companies in Breweries & Distilleries (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹572 cr vs borrowings ₹1,175 cr (FY26): borrowings are higher by ₹604 cr.
- Operating profit covered interest 7.5x in the last 12 months.
- 12.40% of the promoters' shares are pledged (8.8% of all shares).
- Operating cash flow was below net profit in 3 of the last 5 years (FY25, FY24, FY23).
- Revenue was higher than a year earlier in 1 of the last 4 quarters.
- Other income was 21% of net profit in the last 12 months.
- Debtor days went from 46 (FY24) to 62 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹1,136.20 on 2026-10-26: -38.4% from the 52-week high, 0.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹2,218.00 · low ₹1,136.20
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,744 | 4,427 | 4,427 | 5,381 | 3,737 | 3,937 | 4,408 | 5,919 |
| EBITDA | 227 | 116 | 187 | 311 | 130 | 207 | 213 | 283 |
| OPM % | 4.8% | 2.6% | 4.2% | 5.8% | 3.5% | 5.3% | 4.8% | 4.8% |
| Other income | 10 | 10 | 8 | 11 | 15 | 11 | 8 | 51 |
| Net profit | 132 | 38 | 98 | 184 | 47 | 81 | 102 | 166 |
| EPS (₹) | 5.00 | 1.45 | 3.69 | 6.95 | 1.76 | 3.06 | 3.85 | 6.29 |
| Revenue YoY | -21.2% | -11.1% | -0.4% | +10.0% | ||||
| Profit YoY | -64.8% | +110.9% | +4.3% | -9.5% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 131 | 16,651 | 18,380 | 19,409 | 17,463 | 18,002 |
| EBITDA | 7 | 583 | 696 | 815 | 861 | 833 |
| Net profit | 4 | 304 | 410 | 442 | 413 | 396 |
| EPS (₹) | 13.82 | 11.50 | 15.51 | 16.71 | 15.63 | 14.96 |
| Revenue growth | +12,587.5% | +10.4% | +5.6% | -10.0% | -5.1% | |
| Profit growth | +8,228.2% | +34.9% | +7.7% | -6.5% | -12.5% | |
| Dividend / share (₹) | 0.50 | 10.50 | 7.50 | 10.00 | 10.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +1.6% | +11.4% | -5.1% |
| Net profit | +10.8% | +29.6% | -12.5% |
| EPS | +10.8% | +29.6% | – |
| Share price | – | -22.6% (2y) | -34.4% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 3,965 | 4,178 | 4,364 | 4,522 |
| Borrowings | – | 0 | 77 | 620 | 1,175 |
| Cash & equivalents | – | 395 | 214 | 443 | 572 |
| Total assets | – | 6,280 | 7,053 | 8,223 | 9,693 |
| Fixed assets | – | 1,832 | 1,760 | 1,735 | 2,038 |
| Capital work in progress | – | 77 | 173 | 253 | 512 |
| Investments | – | 0 | 0 | 8 | 8 |
| Receivables | – | 1,407 | 2,314 | 2,861 | 2,944 |
| Inventory | – | 1,428 | 1,369 | 1,616 | 2,150 |
| Payables | – | 717 | 948 | 1,150 | 1,799 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 9 | -120 | 77 | 235 | 435 |
| Cash from investing | -2 | -121 | -148 | -239 | -409 |
| Cash from financing | -3 | -292 | -130 | 217 | 92 |
| Capex | 2 | 156 | 192 | 258 | 512 |
| Free cash flow | 7 | -276 | -114 | -23 | -77 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 7.7% | 9.8% | 10.1% | 9.1% |
| ROCE % | – | 10.6% | 13.1% | 12.4% | 11.1% |
| Debtor days | – | 31 | 46 | 54 | 62 |
| Inventory days | – | 122 | 107 | 116 | 152 |
| Payable days | – | 61 | 74 | 83 | 127 |
| Cash conversion cycle (days) | – | 92 | 79 | 87 | 87 |
| Working capital days | – | 31 | 31 | 36 | 25 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 70.83% |
| FIIs | 5.36% |
| DIIs | 17.28% |
| of which Mutual funds | 16.33% |
| of which Insurance | 0.61% |
| Government | 1.16% |
| Public (non-institutions) | 5.38% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 70.83% | 70.83% | 70.83% | 70.83% | 70.83% | 70.83% | 70.83% | 70.83% |
| Promoter group | % |
|---|---|
| Scottish and Newcastle India Limited | 34.04% |
| Heineken International B.V | 24.27% |
| Vijay Mallya | 8.08% |
| Heineken UK Limited | 3.21% |
| Kamsco Industries Private Limited | 1.24% |
| Mcdowell Holdings Limited | 0.00% |
| Pharma Trading Company Private Limited | 0.00% |
| United Breweries (Holdings) Limited | 0.00% |
| Devi Investments Private Limited | 0.00% |
| Vittal Investments Private Limited | 0.00% |
| Mallya Private Limited | 0.00% |
| The GEM Investment & Trading Company Private Limited | 0.00% |
| UB Overseas Limited | 0.00% |
| Public holders above 1% | % |
|---|---|
| SBI Equity Hybrid Fund | 5.92% |
| Nippon Life India Trustee Ltd-a/c Nippon India Growth Fund | 3.72% |
| ICICI Prudential Bluechip Fund | 3.01% |
| Derive Trading and Resorts Private Limited | 1.23% |
| Kotak | 1.16% |
| Recovery Officer DRT 1 Chennai | 1.16% |
95,495 shareholders. Pledged: 12.40% of promoter shares.
Peers in Breweries & Distilleries
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| UNITDSPR | ₹89,828 cr | 46.7x | 10.0x | 22.1% | 26.0% | 7.5% | 0.0% | 1.40% |
| RADICO | ₹56,251 cr | 79.9x | 17.0x | 23.2% | 27.0% | 5.2% | +18.1% | 0.09% |
| UBL | ₹30,041 cr | 76.0x | 6.6x | 8.9% | 10.9% | 4.6% | +1.6% | 0.83% |
| ABDL | ₹18,770 cr | 85.7x | 11.3x | 13.8% | 17.1% | 7.1% | – | 0.54% |
| TI | ₹12,032 cr | – | 4.0x | -1.7% | 2.6% | 3.5% | +28.6% | 0.16% |
| PICCADIL | ₹5,389 cr | 38.1x | 6.0x | 15.6% | 15.5% | 20.3% | – | – |
| GLOBUSSPR | ₹2,069 cr | 20.5x | 1.9x | 9.6% | 12.1% | 7.3% | +8.6% | 0.39% |
| INDIAGLYCO | ₹1,916 cr | 5.8x | 0.7x | 12.2% | 11.3% | 6.5% | +13.9% | 3.93% |
| GMBREW | ₹1,784 cr | 10.3x | 1.6x | 16.3% | 20.0% | 6.1% | +8.6% | 0.96% |
| SDBL | ₹1,400 cr | – | 1.8x | -4.0% | -0.9% | 0.9% | +15.4% | 0.01% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-08-07 | Dividend | Dividend - Rs 10 Per Share |
| 2025-07-31 | Dividend | Dividend - Rs 10 Per Share |
| 2024-07-25 | Dividend | Dividend - Rs 10 Per Share |
| 2023-08-03 | Dividend | Annual General Meeting/Dividend - Rs 7.50 Per Sh |
| 2022-08-02 | Dividend | Annual General Meeting/Dividend - Rs 10.50 Per Sh |
| 2021-07-01 | Dividend | Annual General Meeting/Dividend - Rs 0.50 Per Share |
| 2020-08-18 | Dividend | Annual General Meeting/Dividend - Rs 2.50 Per Share |
| 2019-08-13 | Dividend | Annual General Meeting/Dividend - Rs 2.50 Per Share |
| 2018-09-07 | Dividend | Annual General Meeting/Dividend- Rs 2/- Per Share |
| 2017-09-14 | Dividend | Annual General Meeting/Dividend - Rs 1.15 Per Share |
| 2016-08-30 | Dividend | Annual General Meeting/Dividend Rs 1.15 Per Share |
| 2015-09-14 | Dividend | Annual General Meeting/ Dividend - Re 1/- Per Share |
| 2014-09-01 | Dividend | Annual General Meeting / Dividend - Re 0.90/- Per Share |
| 2013-09-06 | Dividend | Annual General Meeting And Dividend Re.0.70 Per Share |
| 2012-09-21 | Dividend | Annual General Meeting/Dividend Re 0.70 Per Share |
| 2011-12-16 | Dividend | Annual General Meeting / Dividend Re 0.60 Per Share |
| 2010-08-17 | Dividend | Annual General Meeting And Dividend Re.0.36 Per Share |
| 2009-09-07 | Other | Agm/Div-Rs.0.15 Per Share |
| 2008-10-01 | Dividend | Interim Dividend - 15% |
| 2008-09-05 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacture and Supply: Beer
| Sector | Fast Moving Consumer Goods |
| Industry | Breweries & Distilleries |
| Sub-industry | Breweries & Distilleries |
| Symbol | UBL |
| BSE code | 532478 |
| ISIN | INE686F01025 |
| Face value | ₹1.0 |
| Incorporated | 1999-05-13 |
| Website | www.unitedbreweries.com |
| Plants (India / abroad) | 21 / 5 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.