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Swing Capital

United Breweries Ltd

NSE: UBL BSE: 532478

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

₹1,353
52W: ₹1338 — ₹2135
PE 95.7 · Book ₹171 · +691% vs book
Market Cap₹35,774 Cr
Stock P/E95.7Price to Earnings
ROCE10.7%Return on Capital
ROE8.43%Return on Equity
Div. Yield0.74%Face Value ₹1

Strengths

  • +Company has been maintaining a healthy dividend payout of 62.8%
  • +Company's working capital requirements have reduced from 45.4 days to 24.4 days

Weaknesses

  • −Stock is trading at 7.92 times its book value
  • −Company has a low return on equity of 9.73% over last 3 years.
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters70.84%
FIIs4.94%
DIIs18.08%
Public4.99%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters70.84%70.84%70.84%70.84%70.84%70.84%70.84%70.84%
FIIs6.43%6.26%▼0.26.43%▲0.26.92%▲0.56.73%▼0.26.26%▼0.55.5%▼0.84.94%▼0.6
DIIs16.38%16.62%▲0.216.52%▼0.116.17%▼0.316.37%▲0.216.68%▲0.317.45%▲0.818.08%▲0.6
Public5.19%5.13%▼0.15.06%▼0.14.93%▼0.14.92%▼0.05.07%▲0.25.07%4.99%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,8232,1322,4732,1151,9982,3212,8622,0512,0712,248
Expenses1,6771,9902,1881,8881,8572,1352,5521,9211,8462,109
Operating Profit146142285227141186311130225139
OPM %8%7%12%11%7%8%11%6%11%6%
Net Profit858117313238971844781102
EPS ₹3.213.066.5551.453.686.951.783.063.85

AI Insights

Revenue Trend

Mar 2026 revenue at ₹9,233Cr, up 3.7% YoY. OPM at 9%.

Debt Position

Borrowings at ₹1,317Cr. Debt-to-equity ratio: 0.29x. Healthy balance sheet.

Capex Cycle

CWIP at ₹509Cr (25% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 18.08% (+3.43pp change). FIIs: 4.94% (-1.37pp change). Promoters hold 70.84%.

Margin & Efficiency

ROCE declining from 16% (Mar 2015) to 11% (Mar 2026). Working capital days: 24.

Valuation

PE 95.7x with 10.7% ROCE. Price is 691% above book value of ₹171. Dividend yield: 0.74%.

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