United Breweries Ltd (UBL)

Fast Moving Consumer Goods · Alcoholic Beverages · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹1,311.05 ↓ 29.08% (1Y)

🎯 Key Takeaways

United Breweries Ltd (UBL) is in a phase of cautious recovery, marked by modest profit growth and strategic reinvestment amid margin pressure and legal headwinds. While revenue is expanding, profitability remains constrained, and the company is navigating regulatory and operational challenges in its core alcoholic beverages business.
Revenue grew 36.3% QoQ to ₹3,067 in Q1FY27.
⚠️ Margin pressure persists due to input cost inflation and operational inefficiencies, despite volume growth.

Market Cap

₹34,665

P/E Ratio

87.6

P/B Ratio

7.67

ROE

8.8%

ROCE

10.9%

Debt/Equity

0.26

Div Yield

0.76%

Promoter

70.8%

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📖 The Story

United Breweries Ltd (UBL) is in a phase of cautious recovery, marked by modest profit growth and strategic reinvestment amid margin pressure and legal headwinds. While revenue is expanding, profitability remains constrained, and the company is navigating regulatory and operational challenges in its core alcoholic beverages business.

📰 What's Happening

In Q1 FY27 (ended June 2026), UBL reported total income growth supported by 13% sell-out volume growth and 28% expansion in premium brands, though gross margins declined by 155 basis points. The Board approved unaudited results showing ₹166 crore net profit and proposed a ₹10 per share dividend (1000% payout) for FY26-27, pending AGM approval on August 12, 2026. Management highlighted the commissioning of a new canning line in Telangana as a key growth enabler. At the 27th AGM on August 12, 2026, shareholders approved the audited FY26-27 financials, reappointed directors, and authorized an increase in borrowing limits with a mortgage charge, signaling confidence in future capital deployment. Earlier, on July 22, 2026, UBL issued a revised invitation for its Q1 earnings call after correcting a registration link error, underscoring procedural rigor in investor communications.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	2,053	2,073	2,250	3,067
Operating Profit	66	157	63	197
OPM %	3.2%	7.6%	2.8%	6.4%
Net Profit	46	81	102	166
EPS	₹1.76	₹3.06	₹3.85	₹6.29

UBL's financial trajectory shows revenue growth accelerating from ₹2,053 crore in September 2025 to ₹3,067 crore in June 2026, indicating improving sales momentum. However, operating profit margins remain volatile, with OPM declining to 6.4% in June 2026 from a high of 7.6% in December 2025, reflecting persistent cost pressures. Net profit rose to ₹166 crore in Q1 FY27 from ₹102 crore in Q4 FY27, suggesting operational improvement, but this came after a sharp dip in Q3 FY27 (₹46 crore NP). The company is reinvesting in capacity expansion while managing legal contingencies, including a pending CCI penalty and Bihar land lease litigation.

🔮 Management Outlook & What's Next

Management has expressed confidence in premium volume growth and operational improvements, citing the commissioning of a new canning line in Telangana as a catalyst for future efficiency and scale. At the Q1 FY27 earnings call scheduled for August 5, 2026, CEO Vivek Gupta and CFO Jorn Elimar Kersten will discuss results and future strategy, with management expected to reiterate focus on premiumization and margin management despite near-term headwinds.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	26	26	26	26
Reserves	4,199	4,337	4,317	4,496
Borrowings	127	620	777	1,175
Total Liabilities	7,069	8,223	8,168	9,693
Fixed Assets	1,732	1,735	1,787	2,050
Investments	8	8	8	8
Total Assets	7,069	8,223	8,168	9,693

The balance sheet shows a stable capital structure with equity of ₹26 crore and reserves growing to ₹4,496 crore as of March 2026, indicating strong retained earnings. Borrowings increased to ₹1,175 crore from ₹777 crore in the prior quarter, reflecting higher capital expenditure or strategic financing. Total assets rose to ₹9,693 crore, suggesting ongoing investment in operations. The company is leveraging its strong equity base to fund expansion while maintaining a conservative debt-to-equity ratio of 0.26, though recent borrowing growth warrants monitoring for capital allocation efficiency.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+435
Investing	-409
Financing	+92
Net Cash Flow	+117

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	70.8%	70.8%	70.8%	70.8%
FII	6.3%	5.5%	4.9%	4.9%
DII	16.7%	17.4%	18.1%	17.8%
Public	2.6%	2.6%	2.5%	2.9%
# Shareholders	78,877	81,332	79,464	93,908

Institutional investor interest in UBL has declined slightly, with FII holdings decreasing from 6.26% in Q2 FY26 to 4.88% in Q1 FY27, while DII holdings remained relatively stable around 17-18%. Promoter holding remains steady at 70.83%, indicating no dilution or stake sale. The growing number of shareholders (93,908 in Q1 FY27) suggests rising retail participation. No pledging activity is reported, and the shareholder base remains stable, with no signs of significant institutional exit.

⚖️ Peer Comparison — Alcoholic Beverages

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
UNITDSPR	1.08 L Cr	55.9	26.1%	21.0%	0.00
RADICO	60,002	85.2	27.3%	21.2%	0.10
UBL	34,665	87.6	10.9%	8.8%	0.26
ABDL	17,279	78.9	17.1%	12.6%	0.69
TI	13,894	—	15.2%	-4.1%	0.05
INDIAGLYCO	7,696	23.3	12.3%	10.8%	0.54
PICCADIL	6,258	44.2	29.4%	31.6%	0.70
GLOBUSSPR	2,665	26.4	12.8%	10.3%	0.52
GMBREW	2,005	12.6	19.4%	14.8%	0.00
SDBL	1,507	—	-1.0%	-4.0%	0.23

🔗 Peer Stock Analyses

UNITDSPR RADICO ABDL TI INDIAGLYCO

⚠️ Risk Factors

1. Margin pressure persists due to input cost inflation and operational inefficiencies, despite volume growth. 2. Legal and regulatory risks include a pending CCI penalty and unresolved Bihar land lease litigation, which could impact operations or incur financial liabilities. 3. High dividend payout (1000% of face value) may strain liquidity if not supported by sustainable earnings. 4. Rising borrowing levels, though still modest, may increase financial risk if revenue growth slows or margins remain compressed.

📋 Recent Filings

🧠 Analyst's Read

UBL is navigating a critical phase where revenue expansion and premiumization efforts must translate into durable profitability to justify its valuation and support dividend commitments. Investors should monitor margin trends, resolution of legal matters, and management’s ability to execute capital projects efficiently in the coming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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