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United Breweries Limited
(UBL)
Select Model
Select Model
Rating:57Neutral
Price Target:
₹1,450.00
▲(3.69% Upside)
Action:Reiterated
Date:08/09/26
The score is driven primarily by financial performance: stable earnings and a generally sound balance sheet are outweighed by persistently negative free cash flow and higher recent leverage, plus margin pressure. Technicals are moderately supportive with positive MACD and price above short-term averages, but weaker versus longer-term averages. Valuation is a notable headwind given the very high P/E and low dividend yield.
Positive Factors
Steady Revenue Expansion
A multi-year revenue expansion trend indicates sustained demand and increasing market reach. Although the latest year grew more slowly, continued scale across domestic and export beer markets supports the durability of the business model.
Negative Factors
Persistent Negative Free Cash Flow
Repeated negative free cash flow indicates that capital spending or working-capital needs are absorbing operating cash. If sustained, this can constrain internally funded expansion and increase reliance on debt or other external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady Revenue Expansion
A multi-year revenue expansion trend indicates sustained demand and increasing market reach. Although the latest year grew more slowly, continued scale across domestic and export beer markets supports the durability of the business model.
Read all positive factors
United Breweries Limited (UBL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹338.39B
Dividend Yield0.78%
Average Volume (3M)15.71K
Price to Earnings (P/E)85.5
Beta (1Y)0.32
Revenue Growth1.49%
EPS Growth-12.47%
CountryIN
Employees2,964
SectorGeneral
Sector StrengthN/A
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)14.96
Shares Outstanding264,405,150
10 Day Avg. Volume28,957
30 Day Avg. Volume15,711
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)17.32
Revenue Forecast (FY)₹102.76B
United Breweries Limited Business Overview & Revenue Model
Company Description
United Breweries Limited engages in manufacture, purchase, and sale of beer and non-alcoholic beverages in India and internationally. The company offers beer products under the Heineken Original, Heineken Silver, Kingfisher Premium, Kingfisher Str...
How the Company Makes Money
UBL primarily makes money by selling beer to distribution and retail channels across India and in select export markets. Its core revenue stream is the sale of branded beer (with Kingfisher as the flagship brand) across multiple price segments, ge...
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 | 94.42B | 92.40B | 85.93B | 78.76B | 73.31B | 56.05B |
| Gross Profit | 30.75B | 30.36B | 33.34B | 30.42B | 29.01B | 25.66B |
| EBITDA | 9.17B | 9.06B | 8.50B | 7.70B | 6.32B | 7.26B |
| Net Income | 3.96B | 4.13B | 4.42B | 4.10B | 3.04B | 3.65B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 96.93B | 82.23B | 70.53B | 62.80B | 59.49B |
| Cash, Cash Equivalents and Short-Term Investments | 4.64B | 5.77B | 4.43B | 1.42B | 3.37B | 8.71B |
| Total Debt | 0.00 | 13.17B | 6.20B | 1.02B | 156.20M | 97.40M |
| Total Liabilities | -45.28B | 51.65B | 38.53B | 28.70B | 23.11B | 20.10B |
| Stockholders Equity | 45.28B | 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
1398.40
Price Trends
1360.06
Negative
1366.33
Negative
1474.41
Negative
Market Momentum
-24.23
Positive
31.02
Neutral
8.12
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 1398.4 is above the 20-day moving average (MA) of 1340.21, above the 50-day MA of 1360.06, and below the 200-day MA of 1474.41, indicating a bearish trend. The MACD of -24.23 indicates Positive momentum. The RSI at 31.02 is Neutral, neither overbought nor oversold. The STOCH value of 8.12 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹1.07T | 63.05 | ― | 1.19% | 2.43% | 11.43% | |
71 Outperform | ₹170.65B | 76.73 | ― | 0.90% | -35.98% | -8.01% | |
69 Neutral | ₹602.92B | 85.52 | ― | 0.20% | 19.30% | 76.30% | |
57 Neutral | ₹338.39B | 85.49 | ― | 0.78% | 1.49% | -12.47% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹14.17B | 16.17 | ― | 0.28% | -5.25% | -10.44% | |
51 Neutral | ₹14.62B | -47.29 | ― | 0.17% | -33.51% | -130.05% |
* General Sector Average
IN:UBL
United Breweries Limited
1,288.75
-504.28
-28.12%
IN:ABDL
Allied Blenders and Distillers Limited
600.00
94.39
18.67%
IN:ASALCBR
Associated Alcohols & Breweries Ltd.
709.10
-298.70
-29.64%
IN:RADICO
Radico Khaitan Limited
4,443.10
1,688.11
61.27%
IN:SDBL
Som Distilleries & Breweries Ltd.
75.11
-59.54
-44.22%
IN:UNITDSPR
United Spirits Limited
1,435.00
154.79
12.09%
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.