United Breweries Ltd.

NSE: UBL · Breweries & Distilleries

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52W Range₹1,129 – ₹1,819

Snapshot

Unlock United Breweries Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

United Breweries Limited is a prominent Indian company engaged in the manufacturing, purchase, and sale of beer and non-alcoholic beverages. Its extensive portfolio includes iconic brands such as Kingfisher and Heineken, catering to both domestic and international markets.

Business Model

The company generates revenue through the production and sale of beer and non-alcoholic beverages, alongside brand licensing and contract manufacturing services. It leverages a diverse portfolio of premium and mass-market brands to capture various consumer segments.

  • Founded:1915
  • Headquarters:Bengaluru, India

Growth Outlook

Growth is driven by the expansion of its premium brand portfolio and the strengthening of its international presence. The company continues to focus on market penetration through its established distribution network and diverse product offerings.

Key Risks

  • Regulatory and Excise Policy. The alcohol industry is subject to stringent and frequently changing state-level excise duties and regulations that can significantly impact profitability.
  • Raw Material Price Volatility. Fluctuations in the costs of key inputs such as barley, hops, and packaging materials like glass and aluminium can affect operating margins.
  • Intense Market Competition. The company faces significant competition from both domestic players and global beverage conglomerates vying for market share in the Indian beer segment.
  • Social and Health Trends. Shifting consumer preferences towards healthier lifestyles or non-alcoholic alternatives may impact traditional beer consumption patterns.

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Key Metrics

REVENUE

₹18,888 Cr

TTM · consolidated

+5.1%YoY

NET PROFIT

₹484 Cr

TTM · consolidated

+32.0%YoY

EPS

₹18.32

TTM · consolidated

+32.3%YoY

RETURN ON EQUITY

10.9%

TTM · consolidated

+2.5 ppYoY

RETURN ON CAPITAL EMPLOYED

15.6%

TTM · consolidated

+3.5 ppYoY

P/E

64.3×

Q2 FY27 · consolidated

64.3 vs 80.6x5Y avg

EV/EBITDA

31.1x

Q2 FY27 · consolidated

31.1 vs 42.5x5Y avg

EBITDA MARGIN

5.4%

TTM · consolidated

+0.9 ppYoY

NET PROFIT MARGIN

2.9%

Q2 FY27 · consolidated

+1.7 ppYoY

DEBT TO EQUITY

0.2x

Q2 FY27 · consolidated

+0.07xYoY

Peers · Breweries & Distilleries

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
United Breweries Ltd.UBL
₹31,150 Cr64.3×31.105.1%5.4%10.9%15.6%-34.5%
Radico Khaitan LtdRADICO
₹54,933 Cr68.9×43.3014.3%5.8%24.0%30.6%+30.9%
Allied Blenders & Distillers Ltd.ABDL
₹19,810 Cr86.8×36.27-3.4%7.5%13.5%25.0%+7.0%
Tilaknagar Industries Ltd.TI
₹11,690 Cr-152.6×22.79137.5%7.4%-2.7%4.8%-10.7%
Piccadily Agro Industries Ltd.PICCADIL
₹5,447 Cr38.5×23.9129.7%21.2%15.6%20.4%-18.7%
India Glycols LimitedINDIAGLYCO
₹2,181 Cr6.6×5.5411.4%6.5%12.2%12.2%-66.4%

As of Q2 FY27

Financials