āagman

Not investment advice. Data and computed figures, for information only.

United Breweries Ltd

NSE: UBL
₹1,203.60
−₹3.20 (−0.27%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹30,888 Cr
CMP
₹1,203.60
52-wk High / Low
₹1,844 / 1,140
P/E
89.4
P/B
6.8
Book Value
₹171.0
Div Yield
0.86%
ROCE
11.0%
ROE
7.7%
Face Value
₹1
D/E
0.29

Price−32.4% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
4
/ 9
4 of 9 F-score tests passed
Graham Number
₹245
√(22.5 × EPS × book value per share)
ROIC
6.7%
vs 13.1% sector median
Cash flow to profit
1.05
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−163
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
1.8%
ROE × earnings retention ratio
ROE stability
0.8
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −0.07DII −0.29
Latest quarter vs the previous one
Cash-accrual divergence
−0.2%
of assets
Low = accruals track cash flow
Strengths
+Annualised volatility of 23.0% is in the low band (≤25%)
Watch-outs
−Latest ROCE of 11% trails the sector median of 19%
−Borrowings are up 63.4% since FY2016 (806 to 1317)
−Price trades below its 200-day moving average (0.8x)
−Price is 34.7% below its 52-week high
−Promoter holding fell by 1.9pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2,2751,8901,8242,1332,4752,1172,0002,3232,8642,0532,0732,2503,067
Expenses2,0521,7061,6781,9912,1901,8901,8592,1362,5531,9231,8472,1112,784
Operating Profit223184146143285227141187311130226139283
OPM %9.8%9.7%8.0%6.7%11.5%10.7%7.0%8.0%10.9%6.3%10.9%6.2%9.2%
Other Income10122526710−1681115−88251
Interest212222361115172923
Depreciation51515258585761576364697686
Profit before tax1801441171102331786113224866132116224
Net Profit136107868217413239981844681102166
EPS (₹)5.154.063.233.076.565.001.453.696.951.763.063.856.29

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,6884,8334,7295,6196,4756,5094,2435,8387,5008,1238,9159,2409,442
Expenses4,0664,1364,0874,7165,3375,6333,8625,1426,8847,4268,0748,4348,665
Operating Profit6226976429031,138876381697616696841806777
OPM %13.3%14.4%13.6%16.1%17.6%13.5%9.0%11.9%8.2%8.6%9.4%8.7%8.2%
Other Income378252133294330167410100140
Interest738159483131231557137284
Depreciation208244287260260285232217211212233272295
Profit before tax379455348608879569169494417551605562539
Net Profit260299230395563428114366305411442413396
EPS (₹)9.8311.288.6814.9121.2916.184.2813.8211.5015.5116.7115.6314.96

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 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—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity290841539544563643508620900−12070214435
Cash from Investing Activity−158−329−245−234−197−430−402−152−160−121−148−238−408
Cash from Financing Activity−172−572−297−301−364−196−95−88−287−292−12223792
Net Cash Flow−40−60−3931710380453−533−201213118

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %14.016.018.014.022.028.017.05.013.011.013.014.011.0
ROE %————————————7.7
EPS (₹)8.559.8311.288.6814.9121.2916.184.2813.8211.5015.5116.7115.63
Book Value (₹)————————————171.0
Face Value (₹)————————————1
P/E————————————89.4
Div Yield %————————————0.86
NPM %5.35.56.14.87.08.76.62.76.24.15.05.04.4
OPM %14.013.014.014.016.018.013.09.012.08.09.09.09.0
D/E0.800.450.380.250.120.070.070.070.000.000.020.140.29
P/B————————————6.8

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+7.0%
5 years+17.0%
3 years+7.0%
TTM+1.0%
Compounded profit growth
10 years+2.0%
5 years+24.0%
3 years+2.0%
TTM−26.0%
Stock price CAGR
10 years+2.0%
5 years−7.0%
3 years−10.0%
Last year−34.0%
Return on equity
10 years10.0%
5 years9.0%
3 years9.0%
Last year8.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters73.87%73.87%73.35%57.72%57.72%57.72%72.71%72.72%70.84%70.84%70.84%70.84%
FIIs15.83%15.83%16.84%16.40%10.42%9.75%8.70%6.43%6.63%6.92%4.94%4.87%
DIIs4.55%4.55%3.75%3.83%9.42%10.16%11.92%14.41%16.12%16.17%18.08%17.79%
Government0.09%0.09%0.62%16.15%16.15%16.15%1.16%1.16%1.16%1.16%1.16%1.16%
Public5.66%5.66%5.45%5.90%6.29%6.22%5.51%5.27%5.25%4.93%4.99%5.37%
No. of shareholders33,86733,86732,12535,91044,12560,19866,55963,47566,91468,80279,46493,908
Change since Jun 2023 (pp)
Promoters −3.03FIIs −10.96DIIs +13.24Public −0.29

Documents

As of 11 Oct 2026
Announcements
General Update - Intimation Of Product LaunchCompliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Announcement Under Regulation 30 (LODR)-Updates-Outcome Of The Tax LitigationBoard Meeting Intimation for Intimation Of Meeting Of The Board Of United Breweries LimitedAnnouncement Under Regulation 30 (LODR) - Updates
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026RecordingMay 2026PPTFeb 2026PPTOct 2025TranscriptOct 2025PPTOct 2025RecordingJul 2025PPTJul 2025Recording

Corporate actions

As of 7 Aug 2026
7 Aug 2026DIVIDENDDividend - Rs 10 Per Share—
31 Jul 2025DIVIDENDDividend - Rs 10 Per Share—
25 Jul 2024DIVIDENDDividend - Rs 10 Per Share—
3 Aug 2023DIVIDENDAnnual General Meeting/Dividend - Rs 7.50 Per Sh—
2 Aug 2022DIVIDENDAnnual General Meeting/Dividend - Rs 10.50 Per Sh—
1 Jul 2021DIVIDEND Annual General Meeting/Dividend - Rs 0.50 Per Share—
18 Aug 2020DIVIDEND Annual General Meeting/Dividend - Rs 2.50 Per Share—
13 Aug 2019DIVIDEND Annual General Meeting/Dividend - Rs 2.50 Per Share—
7 Sep 2018DIVIDEND Annual General Meeting/Dividend- Rs 2/- Per Share—
14 Sep 2017DIVIDEND Annual General Meeting/Dividend - Rs 1.15 Per Share—
30 Aug 2016DIVIDEND Annual General Meeting/Dividend Rs 1.15 Per Share—
14 Sep 2015DIVIDEND Annual General Meeting/ Dividend - Re 1/- Per Share—
1 Sep 2014DIVIDENDAnnual General Meeting / Dividend - Re 0.90/- Per Share—
6 Sep 2013DIVIDENDAnnual General Meeting And Dividend Re.0.70 Per Share—
21 Sep 2012DIVIDENDAnnual General Meeting/Dividend Re 0.70 Per Share—
16 Dec 2011DIVIDENDAnnual General Meeting / Dividend Re 0.60 Per Share—
17 Aug 2010DIVIDENDAnnual General Meeting And Dividend Re.0.36 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman