Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of United Breweries Ltd
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,766 | 2,275 | 1,890 | 1,824 | 2,133 | 2,475 | 2,117 | 2,000 | 2,323 | 2,864 | 2,053 | 2,073 | 2,250 |
| Expenses + | 1,712 | 2,052 | 1,706 | 1,678 | 1,991 | 2,190 | 1,890 | 1,859 | 2,136 | 2,553 | 1,923 | 1,847 | 2,111 |
| Operating Profit | 54 | 223 | 184 | 146 | 143 | 285 | 227 | 141 | 187 | 311 | 130 | 226 | 139 |
| OPM % | 3% | 10% | 10% | 8% | 7% | 12% | 11% | 7% | 8% | 11% | 6% | 11% | 6% |
| Other Income + | 12 | 10 | 12 | 25 | 26 | 7 | 10 | -16 | 8 | 11 | 15 | -8 | 82 |
| Interest | 1 | 2 | 1 | 2 | 2 | 2 | 2 | 3 | 6 | 11 | 15 | 17 | 29 |
| Depreciation | 51 | 51 | 51 | 52 | 58 | 58 | 57 | 61 | 57 | 63 | 64 | 69 | 76 |
| Profit before tax | 13 | 180 | 144 | 117 | 110 | 233 | 178 | 61 | 132 | 248 | 66 | 132 | 116 |
| Tax % | 27% | 24% | 26% | 27% | 26% | 26% | 26% | 37% | 26% | 26% | 30% | 39% | 12% |
| Net Profit + | 10 | 136 | 107 | 86 | 82 | 174 | 132 | 39 | 98 | 184 | 46 | 81 | 102 |
| EPS in Rs | 0.37 | 5.15 | 4.06 | 3.23 | 3.07 | 6.56 | 5.00 | 1.45 | 3.69 | 6.95 | 1.76 | 3.06 | 3.85 |
Financials of United Breweries Ltd
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 4,688 | 4,833 | 4,729 | 5,619 | 6,475 | 6,509 | 4,243 | 5,838 | 7,500 | 8,123 | 8,915 | 9,240 |
| Expenses + | 4,066 | 4,136 | 4,087 | 4,716 | 5,337 | 5,633 | 3,862 | 5,142 | 6,884 | 7,426 | 8,074 | 8,434 |
| Operating Profit | 622 | 697 | 642 | 903 | 1,138 | 876 | 381 | 697 | 616 | 696 | 841 | 806 |
| OPM % | 13% | 14% | 14% | 16% | 18% | 13% | 9% | 12% | 8% | 9% | 9% | 9% |
| Other Income + | 37 | 82 | 52 | 13 | 32 | 9 | 43 | 30 | 16 | 74 | 10 | 100 |
| Interest | 73 | 81 | 59 | 48 | 31 | 31 | 23 | 15 | 5 | 7 | 13 | 72 |
| Depreciation | 208 | 244 | 287 | 260 | 260 | 285 | 232 | 217 | 211 | 212 | 233 | 272 |
| Profit before tax | 379 | 455 | 348 | 608 | 879 | 569 | 169 | 494 | 417 | 551 | 605 | 562 |
| Tax % | 31% | 34% | 34% | 35% | 36% | 25% | 33% | 26% | 27% | 25% | 27% | 26% |
| Net Profit + | 260 | 299 | 230 | 395 | 563 | 428 | 114 | 366 | 305 | 411 | 442 | 413 |
| EPS in Rs | 9.83 | 11.28 | 8.68 | 14.91 | 21.29 | 16.18 | 4.28 | 13.82 | 11.50 | 15.51 | 16.71 | 15.63 |
| Dividend Payout % | 10% | 10% | 13% | 13% | 12% | 15% | 12% | 76% | 65% | 64% | 60% | 64% |
Financials of United Breweries Ltd
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 |
| Reserves | 1,824 | 2,121 | 2,308 | 2,664 | 3,157 | 3,494 | 3,556 | 3,909 | 3,938 | 4,152 | 4,337 | 4,496 |
| Borrowings + | 836 | 806 | 594 | 312 | 211 | 252 | 262 | 10 | 16 | 102 | 620 | 1,317 |
| Other Liabilities + | 1,198 | 1,413 | 1,550 | 1,721 | 1,989 | 1,778 | 2,008 | 2,004 | 2,300 | 2,773 | 3,239 | 3,854 |
| Total Liabilities | 3,885 | 4,366 | 4,479 | 4,723 | 5,384 | 5,551 | 5,852 | 5,949 | 6,280 | 7,053 | 8,223 | 9,693 |
| Fixed Assets + | 1,836 | 1,822 | 1,750 | 1,730 | 1,777 | 1,926 | 1,949 | 1,913 | 1,851 | 1,776 | 1,749 | 2,050 |
| CWIP | 90 | 61 | 137 | 72 | 190 | 199 | 129 | 110 | 77 | 173 | 253 | 512 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 8 | 8 | 8 | 8 | 8 |
| Other Assets + | 1,959 | 2,483 | 2,591 | 2,921 | 3,417 | 3,425 | 3,768 | 3,918 | 4,344 | 5,097 | 6,213 | 7,123 |
| Total Assets | 3,885 | 4,366 | 4,479 | 4,723 | 5,384 | 5,551 | 5,852 | 5,949 | 6,280 | 7,053 | 8,223 | 9,693 |
Financials of United Breweries Ltd
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 841 | 539 | 544 | 563 | 643 | 508 | 620 | 900 | -120 | 70 | 235 | 435 |
| Cash from Investing Activity + | -329 | -245 | -234 | -197 | -430 | -402 | -152 | -160 | -121 | -148 | -239 | -409 |
| Cash from Financing Activity + | -572 | -297 | -301 | -364 | -196 | -95 | -88 | -287 | -292 | -122 | 217 | 92 |
| Net Cash Flow | -60 | -3 | 9 | 3 | 17 | 10 | 380 | 453 | -533 | -201 | 213 | 117 |
| Free Cash Flow | 434 | 296 | 309 | 362 | 206 | 104 | 471 | 727 | -274 | -121 | -23 | 2 |
| CFO/OP | 158% | 100% | 107% | 90% | 91% | 80% | 184% | 148% | 3% | 30% | 51% | 81% |
Financials of United Breweries Ltd
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 75 | 84 | 100 | 97 | 85 | 76 | 120 | 78 | 68 | 104 | 117 | 116 |
| Inventory Days | 283 | 330 | 333 | 271 | 326 | 312 | 561 | 302 | 321 | 298 | 327 | 152 |
| Days Payable | 173 | 200 | 204 | 175 | 186 | 156 | 311 | 206 | 161 | 207 | 232 | 127 |
| Cash Conversion Cycle | 184 | 214 | 229 | 193 | 225 | 232 | 370 | 174 | 228 | 196 | 211 | 141 |
| Working Capital Days | 23 | 21 | 34 | 53 | 48 | 50 | 62 | 31 | 49 | 62 | 50 | 25 |
| ROCE % | 16% | 18% | 14% | 22% | 28% | 17% | 5% | 13% | 11% | 13% | 14% | 11% |