UBL
United Breweries Limited
United Breweries Limited (UBL) financial statements and selected valuation metrics through 30 June 2026.
Fast Moving Consumer Goods›Fast Moving Consumer Goods›Beverages›Breweries & Distilleries
unitedbreweries.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹1201.60
Market cap
31,775 Cr
Stock P/E
80.3
P/B
7.03
Dividend yield
0.8%
ROE (FY26)
9.1%
ROCE (FY26)
11.1%
Operating margin (FY26)
3.1%
Debt / equity (FY26)
0.26
OCF / EBITDA (FY26)
54.0%
OCF / EBITDA (3Y)
31.9%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
United Breweries makes and sells beer in India under the Kingfisher brand and, as part of the HEINEKEN Company, the Heineken brand; it describes itself as India's largest beer manufacturer (September 2026 press release).
Company snapshot
3rdBy market cap
Ranked among 15 companies in Breweries & Distilleries.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 100.0% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Beer | 100.0% | 14,979 Cr | 815 Cr | — |
| Non-alcoholic beverages | 0.0% | 2 Cr | -11 Cr | — |
What we see
Positives
- ✓Debt-to-equity of 0.26x — the company is largely funded by its own money, not borrowed funds.
Concerns
- ✗Net margin is very thin at 2.4% — little room for error if costs rise.
2 more signals from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,193 Cr | 4,155 Cr | 4,789 Cr | 5,811 Cr | 4,744 Cr | 4,427 Cr | 4,427 Cr | 5,381 Cr | 3,737 Cr | 3,937 Cr | 4,408 Cr | 5,919 Cr |
| Operating expenses (approx.) | 4,009 Cr | 4,009 Cr | 4,646 Cr | 5,526 Cr | 4,516 Cr | 4,285 Cr | 4,240 Cr | 5,070 Cr | 3,608 Cr | 3,711 Cr | 4,269 Cr | 5,637 Cr |
| EBITDA | 184 Cr | 146 Cr | 143 Cr | 285 Cr | 227 Cr | 141 Cr | 187 Cr | 311 Cr | 130 Cr | 226 Cr | 139 Cr | 283 Cr |
| OPM % | 4.4% | 3.5% | 3.0% | 4.9% | 4.8% | 3.2% | 4.2% | 5.8% | 3.5% | 5.7% | 3.2% | 4.8% |
| Other income | 12 Cr | 25 Cr | 26 Cr | 7 Cr | 10 Cr | 10 Cr | 8 Cr | 11 Cr | 15 Cr | 11 Cr | 8 Cr | 51 Cr |
| Interest | 1 Cr | 2 Cr | 2 Cr | 2 Cr | 2 Cr | 3 Cr | 6 Cr | 11 Cr | 15 Cr | 17 Cr | 29 Cr | 23 Cr |
| Depreciation | 51 Cr | 52 Cr | 58 Cr | 58 Cr | 57 Cr | 61 Cr | 57 Cr | 63 Cr | 64 Cr | 69 Cr | 76 Cr | 86 Cr |
| Profit before tax | 144 Cr | 117 Cr | 110 Cr | 233 Cr | 178 Cr | 61 Cr | 132 Cr | 248 Cr | 66 Cr | 132 Cr | 116 Cr | 224 Cr |
| Tax % | 25.6% | 26.6% | 25.7% | 25.5% | 25.8% | 37.2% | 26.0% | 25.8% | 29.6% | 38.7% | 12.4% | 25.9% |
| Net profit | 107 Cr | 86 Cr | 82 Cr | 174 Cr | 132 Cr | 39 Cr | 98 Cr | 184 Cr | 46 Cr | 81 Cr | 102 Cr | 166 Cr |
| EPS (₹) | ₹4.06 | ₹3.23 | ₹3.07 | ₹6.56 | ₹5.00 | ₹1.45 | ₹3.69 | ₹6.95 | ₹1.76 | ₹3.06 | ₹3.85 | ₹6.29 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10,230 Cr | 12,431 Cr | 14,140 Cr | 14,651 Cr | 10,186 Cr | 13,124 Cr | 16,651 Cr | 18,380 Cr | 19,409 Cr | 17,463 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 9,588 Cr | 11,529 Cr | 13,001 Cr | 13,775 Cr | 9,805 Cr | 12,427 Cr | 16,035 Cr | 17,683 Cr | 18,568 Cr | 16,658 Cr | Sign in free for the trailing twelve months |
| EBITDA | 642 Cr | 902 Cr | 1,138 Cr | 876 Cr | 381 Cr | 697 Cr | 616 Cr | 696 Cr | 841 Cr | 806 Cr | Sign in free for the trailing twelve months |
| OPM % | 6.3% | 7.3% | 8.1% | 6.0% | 3.7% | 5.3% | 3.7% | 3.8% | 4.3% | 4.6% | Sign in free for the trailing twelve months |
| Other income | 52 Cr | 13 Cr | 32 Cr | 9 Cr | 50 Cr | 30 Cr | 49 Cr | 74 Cr | 36 Cr | 45 Cr | Sign in free for the trailing twelve months |
| Interest | 59 Cr | 48 Cr | 31 Cr | 31 Cr | 23 Cr | 15 Cr | 5 Cr | 7 Cr | 13 Cr | 72 Cr | Sign in free for the trailing twelve months |
| Depreciation | 287 Cr | 260 Cr | 260 Cr | 285 Cr | 232 Cr | 217 Cr | 211 Cr | 212 Cr | 233 Cr | 272 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 348 Cr | 608 Cr | 879 Cr | 569 Cr | 169 Cr | 494 Cr | 417 Cr | 551 Cr | 605 Cr | 562 Cr | Sign in free for the trailing twelve months |
| Tax % | 34.0% | 35.1% | 35.9% | 24.7% | 32.8% | 26.0% | 27.0% | 25.5% | 26.9% | 26.5% | Sign in free for the trailing twelve months |
| Net profit | 230 Cr | 395 Cr | 563 Cr | 428 Cr | 114 Cr | 366 Cr | 305 Cr | 411 Cr | 442 Cr | 413 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹8.70 | ₹14.93 | ₹21.30 | ₹16.18 | ₹4.28 | ₹13.82 | ₹11.50 | ₹15.51 | ₹16.71 | ₹15.63 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 58.3% | 3.7% | 91.2% | 48.3% | 59.8% | 60.2% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 26 Cr | 26 Cr | 26 Cr | 26 Cr | 26 Cr | 26 Cr | 26 Cr | 26 Cr | 26 Cr | 26 Cr |
| Reserves | 2,308 Cr | 2,664 Cr | 3,157 Cr | 3,494 Cr | 3,556 Cr | 3,909 Cr | 3,938 Cr | 4,152 Cr | 4,337 Cr | 4,496 Cr |
| Borrowings | 396 Cr | 258 Cr | 81 Cr | 169 Cr | 115 Cr | 6 Cr | — | 77 Cr | 620 Cr | 1,175 Cr |
| Other liabilities | 1,746 Cr | 1,772 Cr | 2,116 Cr | 1,858 Cr | 2,151 Cr | 2,004 Cr | 2,311 Cr | 2,792 Cr | 3,233 Cr | 3,989 Cr |
| Total liabilities | 4,479 Cr | 4,723 Cr | 5,384 Cr | 5,551 Cr | 5,852 Cr | 5,949 Cr | 6,280 Cr | 7,053 Cr | 8,223 Cr | 9,693 Cr |
| Fixed assets (net) | 1,697 Cr | 1,680 Cr | 1,726 Cr | 1,878 Cr | 1,922 Cr | 1,890 Cr | 1,832 Cr | 1,760 Cr | 1,735 Cr | 2,038 Cr |
| CWIP | 137 Cr | 72 Cr | 190 Cr | 199 Cr | 129 Cr | 110 Cr | 77 Cr | 173 Cr | 253 Cr | 512 Cr |
| Investments | 0.09 Cr | 0.16 Cr | 0.27 Cr | 0.27 Cr | 6 Cr | 8 Cr | 8 Cr | 8 Cr | 8 Cr | 8 Cr |
| Inventories | 751 Cr | 808 Cr | 1,032 Cr | 1,094 Cr | 1,137 Cr | 936 Cr | 1,428 Cr | 1,369 Cr | 1,616 Cr | 2,150 Cr |
| Trade receivables | 1,295 Cr | 1,499 Cr | 1,511 Cr | 1,350 Cr | 1,395 Cr | 1,255 Cr | 1,407 Cr | 2,314 Cr | 2,861 Cr | 2,944 Cr |
| Cash & bank | 13 Cr | 15 Cr | 19 Cr | 29 Cr | 410 Cr | 863 Cr | 330 Cr | 129 Cr | 342 Cr | 460 Cr |
| Other assets | 586 Cr | 649 Cr | 906 Cr | 1,000 Cr | 854 Cr | 888 Cr | 1,198 Cr | 1,301 Cr | 1,407 Cr | 1,581 Cr |
| Total assets | 4,479 Cr | 4,723 Cr | 5,384 Cr | 5,551 Cr | 5,852 Cr | 5,949 Cr | 6,280 Cr | 7,053 Cr | 8,223 Cr | 9,693 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 544 Cr | 563 Cr | 643 Cr | 508 Cr | 620 Cr | 900 Cr | -120 Cr | 77 Cr | 235 Cr | 435 Cr |
| Cash from investing | -234 Cr | -197 Cr | -430 Cr | -402 Cr | -152 Cr | -160 Cr | -121 Cr | -148 Cr | -239 Cr | -409 Cr |
| Cash from financing | -301 Cr | -364 Cr | -196 Cr | -95 Cr | -88 Cr | -287 Cr | -292 Cr | -130 Cr | 217 Cr | 92 Cr |
| Net cash flow | 9 Cr | 3 Cr | 17 Cr | 10 Cr | 380 Cr | 453 Cr | -533 Cr | -201 Cr | 213 Cr | 118 Cr |
| Free cash flow (OCF − Capex) | 308 Cr | 362 Cr | 205 Cr | 104 Cr | 420 Cr | 726 Cr | -276 Cr | -114 Cr | -23 Cr | -77 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 14.9% | 22.2% | 27.9% | 16.2% | 5.2% | 12.9% | 10.6% | 13.1% | 12.4% | 11.1% |
| ROE % | 9.8% | 14.6% | 17.7% | 12.1% | 3.2% | 9.3% | 7.7% | 9.8% | 10.1% | 9.1% |
| Debtor days | 46 | 44 | 39 | 34 | 50 | 35 | 31 | 46 | 54 | 61 |
| Inventory days | 125 | 118 | 129 | 135 | 211 | 126 | 123 | 109 | 119 | 157 |
| Days payable | 76 | 76 | 74 | 67 | 114 | 86 | 62 | 76 | 85 | 131 |
| Cash conversion cycle | 95 | 86 | 94 | 101 | 146 | 75 | 92 | 80 | 88 | 87 |
| OCF / EBITDA % | 84.7% | 62.5% | 56.5% | 58.0% | 162.8% | 129.1% | -19.4% | 11.1% | 28.0% | 54.0% |
| OCF / EBITDA % (3 years) | — | — | 65.3% | 58.8% | 73.9% | 103.8% | 82.7% | 42.7% | 9.0% | 31.9% |
| Debt / equity | 0.17 | 0.10 | 0.03 | 0.05 | 0.03 | 0.0015 | 0.00 | 0.02 | 0.14 | 0.26 |
| Current ratio | 1.24 | 1.47 | 1.43 | 1.48 | 1.55 | 1.71 | 1.62 | 1.56 | 1.50 | 1.24 |
| Net debt / EBITDA | 0.60 | 0.27 | 0.05 | 0.16 | -0.77 | -1.23 | -0.54 | -0.07 | 0.33 | 0.89 |