UBL

United Breweries share price & financials

Price
₹1,339.7
Market cap
₹35.7k Cr
Sector
Fast Moving Consumer Goods
Calls analysed
3
Latest concall · Q1 FY27 · call held 05 Aug 2026

United Breweries Limited Q1 FY27

EBITDA Margin 10.9% Gross Margin 41%

What went well

  • Industry growth at approximately 13% and sell-out volumes increased in line with this, indicating strong market demand.
  • EBITDA margin improved materially to 10.9% in Q1 FY27 from 6.5% in the previous quarter, despite significant cost shocks.
  • The premium portfolio became accretive for the first time, with premium volumes increasing approximately 17% and Heineken Silver growing approximately 28%.

What to watch

  • Gross margin was down approximately 155 basis points year-over-year to 41%, primarily due to a ~300 bps impact from the Middle East conflict.
  • Working capital grew by 38% versus the same quarter last year, reflecting external headwinds.
Read the full call →

What United Breweries Limited does

United Breweries Limited brews, bottles and markets beer across India, operating a network of breweries and route-to-market distribution that reaches retail outlets nationwide. It earns by selling beer across mainstream and premium price segments, with premiumization (Kingfisher Ultra, Ultra Max, Heineken Silver) a core growth lever. The company is expanding brewing capacity with a new greenfield brewery in Uttar Pradesh while rationalizing its existing brewery network, including the announced closure of its Mangalore brewery, and is investing in trade infrastructure such as visi-coolers to support cold-chain retail availability.

Segments

  • Beer
Trade visi-cooler placements
37,000 stores
Greenfield brewery under construction
Uttar Pradesh
Geographic footprint
Breweries and beer distribution across multiple Indian states including Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Odisha, West Bengal, Telangana and Uttar Pradesh
Brewery network rationalization
Mangalore brewery closure announced as part of network optimization
Founded 1999Headquarters UB Tower, UB City, Vittal Mallya Road, Bengaluru, Karnataka, India Company website

Guidance record · Q1 FY27

what the last two calls moved 10 tracked 1 delivered 0 missed 9 open
  • EBITDA Margin delivered said Q2 FY26 Promised: double-digit Q1 FY27: Achieved. The company reported an EBITDA margin of 10.9% for Q1 FY27, meeting the double-digit target.
  • Volume Growth revised up said Q4 FY25 Promised: 5-7% Q1 FY27: Management guided for 'high single-digit' volume growth for FY27 and 'double-digit' growth in the coming quarters, a significant upgrade from the previous 5.5-6% guidance, supported by 13% industry and sell-out growth in Q1.
  • Maharashtra Next-Day Delivery on track said Q4 FY25 Promised: 95% (from 62%) Q1 FY27: While the specific 95% delivery metric was not mentioned, Maharashtra saw over 20% growth following policy interventions, and management highlighted improved go-to-market execution, suggesting the underlying strategy is successful.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 7.1%, net profit down 9.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,117 2,000 2,323 2,864 2,053 −3%2,073 +4%2,250 −3%3,067 +7%
EBITDA227 141 187 311 130 −43%226 +60%139 −26%283 −9%
Net profit132 39 98 184 46 −65%81 +108%102 +4%166 −10%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −30.2% 1Y

₹1.4k₹1.6k₹1.8kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 30 Oct 2025Q1 FY27 — 5 Aug 2026

1Y: ₹1,798.5 on 10 Sept 2025 → ₹1,256.1. High ₹1,840.3 (29 Oct 2025), low ₹1,252.5 (8 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
−1.5%
5 Aug
Q2 FY26
−2.8%
30 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 7.2% a year over 3 years, FY23 to FY26. Operating margin widened to 8.7%.

Year endingFY23FY24FY25FY26
Revenue₹7.5k Cr₹8.1k Cr₹8.9k Cr₹9.2k Cr
Operating profit₹616 Cr₹696 Cr₹840 Cr₹806 Cr
Operating margin8.2%8.6%9.4%8.7%
Interest₹5 Cr₹7 Cr₹13 Cr₹72 Cr
Depreciation₹211 Cr₹212 Cr₹233 Cr₹272 Cr
Net profit₹304 Cr₹411 Cr₹443 Cr₹413 Cr
Net margin4.1%5.1%5.0%4.5%
Cash from operations₹-120 Cr₹70 Cr₹214 Cr₹435 Cr
Free cash flow₹-274 Cr₹-121 Cr₹-45 Cr₹2 Cr
ROCE11.0%13.0%14.0%11.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹26 Cr₹26 Cr₹26 Cr₹26 Cr₹26 Cr₹26 Cr
Reserves₹3.6k Cr₹3.9k Cr₹3.9k Cr₹4.2k Cr₹4.3k Cr₹4.5k Cr
Borrowings₹262 Cr₹10 Cr₹16 Cr₹102 Cr₹777 Cr₹1.3k Cr
Other liabilities₹2.0k Cr₹2.0k Cr₹2.3k Cr₹2.8k Cr₹3.0k Cr₹3.9k Cr
Total liabilities₹5.9k Cr₹5.9k Cr₹6.3k Cr₹7.1k Cr₹8.2k Cr₹9.7k Cr
Fixed assets₹1.9k Cr₹1.9k Cr₹1.9k Cr₹1.8k Cr₹1.8k Cr₹2.0k Cr
Capital work in progress₹129 Cr₹110 Cr₹77 Cr₹173 Cr₹436 Cr₹512 Cr
Investments₹6 Cr₹8 Cr₹8 Cr₹8 Cr₹8 Cr₹8 Cr
Other assets₹3.8k Cr₹3.9k Cr₹4.3k Cr₹5.1k Cr₹5.9k Cr₹7.1k Cr
Total assets₹5.9k Cr₹5.9k Cr₹6.3k Cr₹7.1k Cr₹8.2k Cr₹9.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −1.86 pp while DIIs added +1.42 pp. The shareholder count grew 32% to 93,908.

Promoters
70.8%
FIIs
4.9%
DIIs
17.8%
Government
1.2%
Public
5.4%

Since Jun 2025

  • FIIs −1.86 pp
  • DIIs +1.42 pp
  • Public +0.45 pp

How it drifted, 12 quarters

Over this window FIIs fell from 6.7% to 4.9% — −1.8 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 71.0%, FIIs 6.7%, DIIs 16.0%, Government 1.2%, Public 5.2%.Dec '23: Promoters 70.8%, FIIs 6.7%, DIIs 16.1%, Government 1.2%, Public 5.2%.Mar '24: Promoters 70.8%, FIIs 6.6%, DIIs 16.1%, Government 1.2%, Public 5.3%.Jun '24: Promoters 70.8%, FIIs 6.4%, DIIs 16.4%, Government 1.2%, Public 5.2%.Sep '24: Promoters 70.8%, FIIs 6.3%, DIIs 16.6%, Government 1.2%, Public 5.1%.Dec '24: Promoters 70.8%, FIIs 6.4%, DIIs 16.5%, Government 1.2%, Public 5.1%.Mar '25: Promoters 70.8%, FIIs 6.9%, DIIs 16.2%, Government 1.2%, Public 4.9%.Jun '25: Promoters 70.8%, FIIs 6.7%, DIIs 16.4%, Government 1.2%, Public 4.9%.Sep '25: Promoters 70.8%, FIIs 6.3%, DIIs 16.7%, Government 1.2%, Public 5.1%.Dec '25: Promoters 70.8%, FIIs 5.5%, DIIs 17.4%, Government 1.2%, Public 5.1%.Mar '26: Promoters 70.8%, FIIs 4.9%, DIIs 18.1%, Government 1.2%, Public 5.0%.Jun '26: Promoters 70.8%, FIIs 4.9%, DIIs 17.8%, Government 1.2%, Public 5.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of United Breweries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Scottish And Newcastle India Limited 34.04%unchanged
Heineken International B.V 24.27%unchanged
Vijay Mallya 8.08%unchanged
SBI Equity Hybrid Fund Mutual fund4.94%+0.29 pp
ICICI Prudential Bluechip Fund Mutual fund4.74%+0.28 pp
Nippon Life India Trustee Ltd- A/C Nippon India Growth Mid Cap Fund Mutual fund3.46%+0.70 pp
Heineken Uk Limited 3.21%unchanged
Kamsco Industries Private Limited 1.24%unchanged
Derive Trading And Resorts Private Limited 1.23%unchanged
Recovery Officer Drt 1 Chennai 1.16%unchanged
Kotak Mutual fund1.16%unchanged
Vittal Investments Private Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in UBL

Filings to Aug 2026

0 new, 6 added, 2 trimmed, 0 sold out — net +1.62 L shares (+0.7%).

Held by funds
₹3.3k Cr
20 schemes
Biggest holder
SBI Large and Midcap Fund
₹748 Cr · 1.8% of that fund
SchemeHoldingLast month
SBI Large and Midcap Fund SBI Mutual Fund₹748 Crheld
SBI Aggressive Hybrid Fund SBI Mutual Fund₹654 Crheld
SBI MultiCap Fund SBI Mutual Fund₹379 Crheld
Nippon India Multi Cap Fund Nippon India Mutual Fund₹356 Cr+2.00 L
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹323 Crheld
Nippon India Large Cap Fund Nippon India Mutual Fund₹253 Crheld
SBI ELSS Tax Saver Fund SBI Mutual Fund₹160 Crheld
Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund₹105 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

6 added, 2 trimmed — net +1.62 L shares (+0.7%)

Funds are sitting on
-18%
vs est. average cost
Held by funds
₹3.3k Cr
20 schemes · ≈ 9.4% of the company
Biggest holder
SBI Large and Midcap Fund
₹748 Cr · 1.8% of that fund
Longest holder
Nippon India Retirement Fund - Wealth Creation Scheme
6y 11m · since Oct '19

Shares held by these funds +96%

Aug '23 2.48 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1256, this stock must grow earnings at 49% every year for 7 years. Our analysis caps realistic growth at ~4%. At that growth it is worth ₹135 — downside of 89%.

Growth the price implies
48.9% a year
for 7 years, fading to 4%
It has actually compounded at
4.0% a year
net profit, FY23–FY26 · EPS 4.0%
The gap
0.4 pp
-89% downside if it only repeats history
Price today ₹1,256.1 Value at the reference growth ₹134.83

Change the assumptions yourself →

All earnings calls (3)

Read the Q1 FY27 call →

Learn to analyse United Breweries Limited

Guides on how to read this kind of business and the numbers that matter.