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United Breweries Q2 FY27 Share Price & Earnings Call Analysis

₹1,191.70-0.49% today
Market cap
₹31,499 Cr
P/E
91.13
ROE
7.69%
PEG
59.18
Price to sales
3.33
Debt to equity
0.29
52W high / low
₹1,840 / ₹1,136
Sales growth (5Y)
16.84%
EBITDA margin
8.23%
Net profit margin
3.70%
Promoter holding
70.84%
Sales (last year)
₹9,442 Cr

United Breweries Limited (UBL) is engaged in the business of manufacture and sale of beer and non-alcoholic beverages. [1]

Guidance scorecard · Q2 FY27 call

What United Breweries Ltd's management guided
and where it ranks in Beverages

#6of 9 in
Beverages
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • United Breweries expects continued category growth momentum, driven by policy reforms and increased consumer demand.
  • Aspiration for premium segment sales to grow from around 10-11% to nearly 20% of total revenue.
  • Anticipation of double-digit volume growth in upcoming quarters (Q2, Q3, Q4) barring major policy roadblocks.
  • Long-term goal of double-digit revenue growth with share growth and strong premiumization momentum.
  • Focus on expanding product innovation, including Kingfisher Strong Smooth and Heineken Silver.
  • Plans to expand brewery capacity through greenfield and brownfield projects, supporting growth in key states.

2 more points from United Breweries Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what United Breweries Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • United Breweries Limited is investing in both greenfield and brownfield brewery expansions.
  • A new greenfield brewery is planned in Uttar Pradesh, currently served by contract breweries.
  • Two new can lines have been added as part of brownfield expansions, one in Maharashtra and one in Telangana.
  • The Telangana can line was commissioned recently and began production quickly.
  • The company balances own breweries and contract breweries for flexibility and capital efficiency.
  • Expansion decisions are based on market potential, policy stability, and portfolio needs.

2 more points from United Breweries Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what United Breweries Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • Industry growth and market reforms.
  • Volume growth and premiumization.
  • Pricing interventions across states.
  • Cost efficiency and productivity initiatives.

2 more points from United Breweries Ltd's call on the order book

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Full Q1 FY27 analysis
Full Beverages ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Beverages
on management's own guidance

  1. Varun BeveragesGood growth
    2
  2. Strong growth
    1
  3. FratelliVineyardGood growth
    3
See all potential multibaggersWhere does United Breweries Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Beverages companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹5,815 Cr41.4
2Varun Beverages20–40%Flat₹1.46L Cr43.0
3FratelliVineyard20–40%Flat₹537 Cr—
410–20%Up 2%+₹19,866 Cr89.0
510–20%Up 2%+₹13,672 Cr60.5
6United Breweries LtdThis stock10–20%Flat₹31,771 Cr91.9

Sign up free to see every company in the sector ranking and track United Breweries Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Beverages ranking

Financials of United Breweries Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

United Breweries Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +70.84%70.84%70.84%70.84%70.84%70.84%70.84%70.84%70.84%70.84%70.84%70.84%
FIIs +6.71%6.63%6.43%6.26%6.43%6.92%6.73%6.26%5.50%4.94%4.87%5.36%
DIIs +16.06%16.12%16.38%16.62%16.52%16.17%16.37%16.68%17.45%18.08%17.79%17.27%
Government +1.16%1.16%1.16%1.16%1.16%1.16%1.16%1.16%1.16%1.16%1.16%1.16%
Public +5.22%5.25%5.19%5.13%5.06%4.93%4.92%5.07%5.07%4.99%5.37%5.37%
No. of Shareholders65,41866,91467,86866,79468,48368,80271,17778,87781,33279,46493,90895,495

Financials of United Breweries Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +1,8901,8242,1332,4752,1172,0002,3232,8642,0532,0732,2503,0672,537
Expenses +1,7061,6781,9912,1901,8901,8592,1362,5531,9231,8472,1112,7842,278
Operating Profit184146143285227141187311130226139283259
OPM %10%8%7%12%11%7%8%11%6%11%6%9%10%
Other Income +122526710-1681115-8825141
Interest1222236111517292328
Depreciation51525858576157636469768689
Profit before tax1441171102331786113224866132116224183
Tax %26%27%26%26%26%37%26%26%30%39%12%26%26%
Net Profit +107868217413239981844681102166135
EPS in Rs4.063.233.076.565.001.453.696.951.763.063.856.295.12

Financials of United Breweries Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +4,6884,8334,7295,6196,4756,5094,2435,8387,5008,1238,9159,2409,927
Expenses +4,0664,1364,0874,7165,3375,6333,8625,1426,8847,4268,0748,4349,021
Operating Profit6226976429031,138876381697616696841806906
OPM %13%14%14%16%18%13%9%12%8%9%9%9%9%
Other Income +378252133294330167410100167
Interest738159483131231557137297
Depreciation208244287260260285232217211212233272320
Profit before tax379455348608879569169494417551605562656
Tax %31%34%34%35%36%25%33%26%27%25%27%26%
Net Profit +260299230395563428114366305411442413484
EPS in Rs9.8311.288.6814.9121.2916.184.2813.8211.5015.5116.7115.6318.32
Dividend Payout %10%10%13%13%12%15%12%76%65%64%60%64%

Financials of United Breweries Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital26262626262626262626262626
Reserves1,8242,1212,3082,6643,1573,4943,5563,9093,9384,1524,3374,4964,534
Borrowings +83680659431221125226210161026201,3171,119
Other Liabilities +1,1981,4131,5501,7211,9891,7782,0082,0042,3002,7733,2393,8543,794
Total Liabilities3,8854,3664,4794,7235,3845,5515,8525,9496,2807,0538,2239,6939,474
Fixed Assets +1,8361,8221,7501,7301,7771,9261,9491,9131,8511,7761,7492,0502,143
CWIP90611377219019912911077173253512520
Investments0000006888888
Other Assets +1,9592,4832,5912,9213,4173,4253,7683,9184,3445,0976,2137,1236,803
Total Assets3,8854,3664,4794,7235,3845,5515,8525,9496,2807,0538,2239,6939,474

Financials of United Breweries Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +841539544563643508620900-12070214435
Cash from Investing Activity +-329-245-234-197-430-402-152-160-121-148-238-408
Cash from Financing Activity +-572-297-301-364-196-95-88-287-292-12223792
Net Cash Flow-60-3931710380453-533-201213118
Free Cash Flow434296309362206104471727-274-121-452
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit158%100%107%90%91%80%184%148%3%30%48%81%

Financials of United Breweries Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days75841009785761207868104117116
Inventory Days283330333271326312561302321298327432
Days Payable173200204175186156311206161207296361
Cash Conversion Cycle184214229193225232370174228196148187
Working Capital Days232134534850623149625025
ROCE %16%18%14%22%28%17%5%13%11%13%14%11%

Guidance history

How United Breweries Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned——
Q3 FY26 call →0–10%Up 0–2%Planned——
Q2 FY26 call →0–10%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

10out of 100

Momentum score · price trend

10 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−35.2%16%
Last 6 months−18.3%21%
Last 3 months−17.0%24%

The price is 46.6% below its all-time high of ₹2,232.7 (1 Feb 2025). Stocks more than 20% below their peak have their score halved, so 20 became 10.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For United Breweries Ltd: 0.4 × 16 + 0.4 × 21 + 0.2 × 24 = 20, halved to 10 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What United Breweries Ltd's management said in earlier quarters

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