United Breweries Limited (IN:UBL)
:UBL
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United Breweries Limited
(UBL)
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Rating:52Neutral
Price Target:
₹1,435.00
▼(-10.10% Downside)
Action:Reiterated
Date:05/09/26
The score is mainly supported by solid historical revenue growth and a generally sound balance sheet, but is materially weighed down by weak cash conversion (negative free cash flow), recent margin pressure, bearish technical positioning below key moving averages, and an elevated valuation with a low dividend yield.
Positive Factors
Revenue growth and scale
Consistent top-line expansion and historic step-up in volumes indicate durable market demand and distribution reach across India. Sustainable scale supports unit economics, bargaining with suppliers, and the ability to invest in capacity and brand, underpinning medium-term revenue resilience.
Negative Factors
Persistent negative free cash flow
Multi-year negative FCF signals that operating cash is insufficient to cover capital and working-capital needs. This limits internally funded growth, increases reliance on financing, and creates execution risk if external funding costs rise or capital access tightens.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and scale
Consistent top-line expansion and historic step-up in volumes indicate durable market demand and distribution reach across India. Sustainable scale supports unit economics, bargaining with suppliers, and the ability to invest in capacity and brand, underpinning medium-term revenue resilience.
Read all positive factors
United Breweries Limited (UBL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹356.68B
Dividend Yield0.62%
Average Volume (3M)11.54K
Price to Earnings (P/E)98.5
Beta (1Y)0.44
Revenue Growth3.64%
EPS Growth-6.45%
CountryIN
Employees2,875
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)13.85
Shares Outstanding264,405,150
10 Day Avg. Volume5,836
30 Day Avg. Volume11,538
Financial Highlights & Ratios
PEG Ratio-15.24
Price to Book (P/B)9.00
Price to Sales (P/S)4.41
P/FCF Ratio-436.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,415.00Price Target Upside-11.35% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)21.95
Revenue Forecast (FY)₹104.43B
United Breweries Limited Business Overview & Revenue Model
Company Description
United Breweries Limited manufactures, purchases, and sells beer and non-alcoholic beverages in India and internationally. It offers its products under the Kingfisher Premium, Kingfisher Strong, Kingfisher Ultra, Kingfisher Ultra Max, Kingfisher U...
How the Company Makes Money
UBL primarily makes money by selling beer under its brand portfolio to distribution partners and customers, generating revenue from the sale of packaged beer (e.g., bottles and cans) across multiple price segments. Its key revenue stream is the do...
United Breweries Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 89.18B | 92.40B | 85.93B | 78.76B | 73.31B | 56.05B |
| Gross Profit | 31.86B | 30.36B | 33.34B | 30.42B | 29.01B | 25.66B |
| EBITDA | 7.86B | 8.06B | 8.50B | 7.70B | 6.32B | 7.26B |
| Net Income | 3.66B | 4.13B | 4.42B | 4.10B | 3.04B | 3.65B |
Balance Sheet | ||||||
| Total Assets | 81.68B | 96.93B | 82.23B | 70.53B | 62.80B | 59.49B |
| Cash, Cash Equivalents and Short-Term Investments | 2.94B | 5.72B | 4.43B | 1.42B | 3.37B | 8.71B |
| Total Debt | 7.77B | 13.17B | 6.20B | 1.02B | 156.20M | 97.40M |
| Total Liabilities | 38.19B | 51.65B | 38.53B | 28.70B | 23.11B | 20.10B |
| Stockholders Equity | 43.43B | 45.22B | 43.64B | 41.78B | 39.65B | 39.35B |
Cash Flow | ||||||
| Free Cash Flow | 231.70M | -932.20M | -232.50M | -1.22B | -2.76B | 7.26B |
| Operating Cash Flow | 4.53B | 4.18B | 2.35B | 695.00M | -1.20B | 9.00B |
| Investing Cash Flow | -4.21B | -4.31B | -2.39B | -1.48B | -1.21B | -1.60B |
| Financing Cash Flow | -2.05B | 1.46B | 2.17B | -1.22B | -2.92B | -2.87B |
United Breweries Limited Technical Analysis
Negative
1596.20
Price Trends
1503.52
Negative
1531.43
Negative
1663.75
Negative
Market Momentum
-43.32
Positive
24.26
Positive
10.03
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:UBL, the sentiment is Negative. The current price of 1596.2 is above the 20-day moving average (MA) of 1418.51, above the 50-day MA of 1503.52, and below the 200-day MA of 1663.75, indicating a bearish trend. The MACD of -43.32 indicates Positive momentum. The RSI at 24.26 is Positive, neither overbought nor oversold. The STOCH value of 10.03 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:UBL.
United Breweries Limited Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹16.84B | 121.41 | ― | ― | -6.60% | -6.25% | |
66 Neutral | ₹104.53B | -24.49 | ― | 0.21% | 30.79% | -30.63% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
60 Neutral | ₹21.14B | 11.08 | ― | 0.72% | 17.48% | 21.54% | |
56 Neutral | ₹15.53B | 14.04 | ― | 0.21% | -5.25% | 5.44% | |
56 Neutral | ₹13.49B | 45.84 | ― | 1.67% | -4.02% | -63.44% | |
52 Neutral | ₹356.68B | 98.53 | ― | 0.62% | 3.64% | -6.45% |
* Consumer Defensive Sector Average
IN:UBL
United Breweries Limited
1,331.25
-652.88
-32.91%
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United Breweries Limited Corporate Events
United Breweries Clears FY26 Results, Proposes Rs 10 Final Dividend
May 5, 2026
United Breweries’ board has approved the audited financial statements for the year ended March 31, 2026, alongside the fourth-quarter results, confirming continued profitability with full-year standalone profit of Rs. 41,316 lakh and revenue...
United Breweries Names Parul Malhotra as Chief Human Resources Officer
May 5, 2026
United Breweries Limited has announced a key senior management change, appointing Parul Malhotra as Chief Human Resources Officer, designated as Director – People, effective July 1, 2026. The decision, approved by the board on the recommenda...
United Breweries Sets AGM Date and Record Date for Proposed Dividend
May 5, 2026
United Breweries Limited has scheduled its 27th Annual General Meeting for August 12, 2026, to be held via video conferencing and other audio-visual means in line with regulatory guidance from the Ministry of Corporate Affairs and the Securities a...
United Breweries Announces Resignation of Chief Human Resources Officer
Apr 2, 2026
United Breweries Limited has announced a senior management change, with Chief Human Resources Officer and Director – People, Kavita Singh, resigning from her position. Her resignation will take effect from the close of business on April 30, ...
United Breweries expands Kingfisher Smooth strong beer into Maharashtra
Mar 31, 2026
United Breweries Limited has launched Kingfisher Smooth Strong Premium Beer in Maharashtra, expanding its presence in the mainstream strong beer segment ahead of the peak consumption season. Initially available in Mumbai and Pune from March 31, 20...
United Breweries Publishes Notice on Lost Share Certificate and Issues Regulatory Update
Mar 27, 2026
United Breweries Limited has notified the stock exchanges that it received a request from a shareholder, via its registrar and transfer agent, for issuance of a duplicate share certificate to replace an original share certificate reported as lost ...
United Breweries Secures Environmental Nod for Uttar Pradesh Brewery
Mar 18, 2026
United Breweries Limited has received environmental clearance from the State Environment Impact Assessment Authority of Uttar Pradesh for its proposed greenfield brewery in Unnao. The project, designed for a capacity of 1.3 million hectolitres per...
United Breweries, Soufflet Malt to Build Major Sustainable Malthouse in Rajasthan
Feb 20, 2026
Soufflet Malt, the world’s leading maltster, will build a state-of-the-art malthouse in South Rajasthan, India, in partnership with United Breweries Limited to supply high-quality malt for beers including Kingfisher and Heineken®. The f...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.