Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
United Breweries Ltd.
NSE: UBLConsumer DefensiveBeverages - Brewers
- Last close
- ₹1,142.60
- Day change
- −₹40.00 (−3.38%)vs
- Market cap
- ₹31,908 crIndian rupees
- Research updated
- 1 report
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About United Breweries
United Breweries Ltd. is a prominent Indian company engaged in the brewing and beverage industry. As a leading entity, it is renowned for its flagship brand, Kingfisher, one of the most recognized beer brands in India and increasingly popular in international markets. The company's primary function is to produce and market various alcoholic and non-alcoholic beverages, serving a broad spectrum of consumer tastes and preferences. United Breweries Ltd. plays a pivotal role in influencing the brewing sector by leveraging state-of-the-art production technologies and robust distribution networks. Active since the early 20th century, the company has been instrumental in shaping consumer beverage trends in its home country, making it a significant participant in the fast-moving consumer goods sector. Its operations are integral to the food and beverage industry, contributing significantly to the economy and providing employment while maintaining high quality and sustainability standards in production.
- Sector
- Consumer Defensive
- Industry
- Beverages - Brewers
- Listing
- NSE: UBL
- Next results
- Chief executive
- Mr. Vivek Gupta
- Employees
- 2,964
- Headquarters
- Bengaluru, India
- ISIN
- INE686F01025
- Website
- unitedbreweries.com
Public research · Report of
Business model & financial foundation
United Breweries (NSE: UBL), Beer and alcoholic beverages: revenue of ₹9,240 crore in FY26 (+3.6% on FY25), an EBITDA margin of 8.7%, net profit of ₹413.2 crore and net debt of ₹852.7 crore.
- Revenue, FY26 (₹ crore)
- 9,240
- consolidated
- Revenue growth, FY26
- +3.6%
- on FY25
- EBITDA margin, FY26
- 8.7%
- EBITDA (Operating EBITDA excluding other income and exceptional items) / revenue
- Net profit, FY26 (₹ crore)
- 413.2
- to owners
- Return on equity, FY26
- 9.3%
- on average equity
- Net debt, FY26 (₹ crore)
- 852.7
- Company-definition net debt: net cash negative
- Market capitalisation (₹ crore)
- 32,450
- at the close of 15 Oct 2026
Company profile
India's leading brewer sells Kingfisher and Heineken portfolio products through state-controlled and private distribution networks. Owned breweries and contract manufacturers support nationwide supply; excise regulation constrains pricing and interstate movement. Premium localisation and state-mix discipline are central to profitability, while receivables, capex and litigation constrain cash conversion.
| Item | Value |
|---|---|
| Legal name | United Breweries Limited |
| Exchange and ticker | NSE: UBL; BSE: 532478 |
| ISIN | INE686F01025 |
| CIN | L36999KA1999PLC025195 |
| Sector | Consumer Defensive |
| Industry | Beer and alcoholic beverages |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2025-08-08) |
| Market capitalisation | ₹32,450 crore (15 Oct 2026) |
| Shares outstanding | 26.44 crore shares (FY26) |
| Price | ₹1,207 (close, 15 Oct 2026) |
| 52-week range | ₹1,140 - ₹1,844 (to 15 Oct 2026) |
| Website | https://www.unitedbreweries.com |
Corporate structure and shareholding
Parent: Heineken N.V..
| Entity | Holding | Business |
|---|---|---|
| Maltex Malsters Limited | 51% | Malt manufacturing |
Kingfisher East Bengal Football Team is an immaterial associate excluded from reported share of profit; no material consolidation change identified.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 70.83% | 70.83% | 70.83% | 70.83% |
| Promoter holding pledged | 12.40% | 12.40% | 12.40% | 12.40% |
| Foreign institutions | 5.50% | 4.94% | 4.87% | 5.36% |
| Domestic institutions | 17.41% | 18.05% | 17.76% | 17.25% |
| of which mutual funds | 16.37% | 16.94% | 17.01% | 16.33% |
| Other | 6.26% | 6.18% | 6.53% | 6.56% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
UBL (NSE: UBL) is a branded brewer, with owned and contract-brewed supply across regulated state markets. Sales are net of excise; consolidated scope includes Maltex Malsters. FY26 beer sold 207 million cases and production17.70mhl are distinct definitions, not interchangeable. Kingfisher/Heineken portfolios monetise consumer demand but pricing, interstate movement and payment cycles are state-dependent. One operating segment is reported; brand and state profitability is not an audited segment split.
| Peer | Why the dossier compares them |
|---|---|
| United Spirits (UNITDSPR) | National branded alcohol, state regulation and premiumisation; spirits rather than beer. |
| Radico Khaitan (RADICO) | Domestic branded spirits and premiumisation with owned manufacturing. |
| Som Distilleries and Breweries | Listed beer exposure; smaller regional network and governance risk differ. |
| Associated Alcohols and Breweries (ASALCBR) | Manufacturing and regulated state distribution; spirits and contract production. |
| Globus Spirits (GLOBUSSPR) | Alcohol manufacturing, input exposure; bulk alcohol mix limits comparability. |
| Allied Blenders and Distillers (ABDL) | National consumer alcohol distribution and brand investment; spirits mix. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net operating revenue excluding excise duty | 5,605 | 7,331 | 8,123 | 8,915 | 9,240 |
| Cost of revenue (vendor classification) * | 3,039 | 4,429 | 4,835 | 5,069 | 5,373 |
| Other operating costs (vendor classification) * | 1,535 | 1,831 | 1,915 | 3,266 | 2,235 |
| EBITDA (vendor classification) * | 728.7 | 664.1 | 769.4 | 876.7 | 847.1 |
| Operating EBIT excluding other income and exceptional items | 509.1 | 421.7 | 484.3 | 607.8 | 533.5 |
| Finance costs as reported | 14.6 | 4.43 | 6.89 | 12.9 | 71.7 |
| Profit before tax after exceptional items | 494.4 | 417.3 | 551.1 | 605.1 | 562.3 |
| Total current and deferred tax expense | 128.4 | 112.6 | 140.3 | 162.7 | 148.9 |
| Profit after tax including non-controlling interests | 366.1 | 304.7 | 410.9 | 442.4 | 413.4 |
| Diluted EPS attributable to parent shareholders (₹) | 13.82 | 11.50 | 15.51 | 16.71 | 15.63 |
| Materials, traded goods and inventory change | 4,652 | 5,069 | 5,170 | ||
| Employee benefits plus contract employee expense | 647.4 | 718.5 | 762.2 | ||
| Operating EBITDA excluding other income and exceptional items | 696.2 | 840.8 | 805.5 | ||
| Revenue from operations gross of excise duty | 18,380 | 19,409 | 17,463 | ||
| Excise duty on sale of products | 10,257 | 10,493 | 8,224 | ||
| Cost of materials consumed | 4,568 | 4,937 | 4,997 | ||
| Purchase of traded goods | 118.3 | 181.7 | 304.8 | ||
| Change in finished goods, WIP and stock in trade | -33.5 | -50.0 | -132.5 | ||
| Employee benefits expense excluding contract employees | 452.1 | 521.8 | 563.7 | ||
| Contract employee expense | 195.3 | 196.7 | 198.5 | ||
| Other expenses as reported | 2,127 | 2,287 | 2,503 | ||
| Other income excluding exceptional items | 73.7 | 35.9 | 45.2 | ||
| Depreciation and amortisation | 211.9 | 233.0 | 272.0 | ||
| Exceptional items: gain positive, expense negative | 0.00 | -25.8 | 55.3 | ||
| Current tax expense | 148.8 | 177.3 | 163.7 | ||
| Deferred tax: credit negative | -8.51 | -14.6 | -14.8 | ||
| PAT attributable to owners of the parent | 410.0 | 441.7 | 413.2 | ||
| Profit attributable to non-controlling interests | 0.83 | 0.72 | 0.22 | ||
| Recognized share of associate profit or loss | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 3,939 | 3,970 | 4,184 | 4,370 | 4,528 |
| Financial debt including current and non-current lease liabilities | 9.74 | 15.6 | 102.0 | 620.0 | 1,317 |
| Cash and cash equivalents excluding other bank balances | 862.6 | 329.9 | 129.2 | 341.9 | 460.1 |
| Net trade receivables | 1,255 | 1,407 | 2,314 | 2,861 | 2,944 |
| Inventories | 935.8 | 1,428 | 1,369 | 1,616 | 2,150 |
| Trade payables including MSME and other creditors | 638.0 | 717.0 | 948.5 | 1,463 | 1,799 |
| Net property, plant and equipment including right-of-use assets | 46.3 | 50.9 | 1,760 | 1,735 | 2,038 |
| Capital work in progress excluding capital advances | 125.9 | 90.8 | 172.7 | 253.4 | 512.2 |
| Total assets | 5,949 | 6,280 | 7,053 | 8,223 | 9,693 |
| Current bank borrowings excluding leases | 77.4 | 574.9 | 1,175 | ||
| Current lease liabilities | 7.72 | 9.44 | 32.5 | ||
| Non-current lease liabilities | 16.9 | 35.7 | 108.8 | ||
| Other bank balances before liquidity restrictions | 85.1 | 93.7 | 111.5 | ||
| Company-definition net debt: net cash negative | -40.4 | 276.0 | 852.7 | ||
| Non-current investments: not all liquidity assets | 7.97 | 7.85 | 7.74 | ||
| Total liabilities excluding equity | 2,870 | 3,853 | 5,165 | ||
| Equity attributable to owners of parent | 4,178 | 4,364 | 4,522 | ||
| Equity attributable to non-controlling interests | 5.22 | 5.72 | 5.74 | ||
| Goodwill | 6.45 | 6.45 | 6.45 | ||
| Other intangible assets | 9.04 | 7.37 | 5.34 | ||
| Other non-current financial assets | 39.4 | 45.0 | 59.6 | ||
| Deferred tax assets net | 52.9 | 66.7 | 78.3 | ||
| Income tax assets net | 211.4 | 226.0 | 276.7 | ||
| Other non-current assets | 378.0 | 423.7 | 482.4 | ||
| Other current financial assets | 2.54 | 9.50 | 5.03 | ||
| Other current assets | 511.2 | 524.2 | 555.3 | ||
| Assets held for sale | 4.93 | 4.86 | 0.00 | ||
| Paid-up equity share capital rounded as reported | 26.4 | 26.4 | 26.4 | ||
| Other equity | 4,152 | 4,337 | 4,496 | ||
| Other non-current financial liabilities | 14.6 | 20.4 | 10.6 | ||
| Non-current provisions | 9.17 | 14.1 | 12.2 | ||
| Trade payables MSME | 125.7 | 126.9 | 134.8 | ||
| Trade payables other than MSME | 822.8 | 1,337 | 1,664 | ||
| Other current financial liabilities | 866.6 | 686.9 | 793.7 | ||
| Other current liabilities | 833.3 | 916.3 | 1,116 | ||
| Current provisions | 95.6 | 132.1 | 116.3 | ||
| Bank deposits eligible in company net debt definition | 13.3 | 2.07 | 3.76 | ||
| Restricted current bank balances for unpaid dividend | 71.8 | 91.6 | 107.3 | ||
| Restricted current bank balances for unspent CSR | 0.00 | 0.00 | 0.41 | ||
| Current portion of deposits with original maturity greater than12months | 7.27 | 3.78 | |||
| Non-current deposits with original maturity greater than12months | 1.51 | 4.27 | 4.62 | ||
| Margin money deposits towards bank guarantees | 0.98 | 0.94 | 0.94 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after taxes | 771.6 | -314.9 | 69.5 | 213.5 | 435.0 |
| Free cash flow (vendor definition) * | 726.1 | -275.9 | -122.0 | -44.8 | -76.8 |
| Cash dividends paid: outflow negative | -13.4 | -277.9 | -198.5 | -244.8 | -248.9 |
| Cash purchases of PPE, CWIP, intangibles and capital advances/liabilities | -172.8 | -154.3 | -191.5 | -258.3 | -511.7 |
| Free cash flow: CFO less cash capex, excludes asset sales | -122.0 | -44.8 | -76.8 | ||
| Net cash used in investing activities | -147.8 | -237.8 | -409.1 | ||
| Net cash from or used in financing activities | -122.4 | 237.0 | 91.5 | ||
| Increase or decrease in cash before translation adjustment | -200.7 | 212.8 | 117.4 | ||
| Cash and cash equivalents at beginning of year | 329.9 | 129.2 | 341.9 | ||
| Cash and cash equivalents at end of year | 129.2 | 341.9 | 460.1 | ||
| FX translation effect on cash and cash equivalents | 0.00 | 0.00 | 0.75 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Exact issued parent equity shares outstanding | 26.44 | 26.44 | 26.44 | 26.44 | 26.44 |
| Consolidated EBITDA on company presentation convention | 769.9 | 876.7 | 850.7 | ||
| Debt minus CCE only: not company-definition net debt | -27.1 | 278.1 | 856.5 | ||
| Company net debt printed total before arithmetic conflict adjustment | 230.9 | 852.7 | |||
| Original FY25 annual-report CFO before later reclassification | 235.1 | ||||
| Original FY25 dividends incl transfer to earmarked unpaid-dividend accounts | -264.6 | ||||
| Original company net debt using contemporaneous eligible deposits | 268.7 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Net operating revenue excluding excise duty | 2,117 | 2,000 | 2,323 | 2,864 | 2,053 | 2,073 | 2,250 | 3,067 |
| Cost of revenue (vendor classification) * | 1,185 | 1,135 | 1,342 | 1,643 | 1,129 | 1,226 | 1,807 | |
| Other operating costs (vendor classification) * | 529.1 | 555.9 | 603.2 | 711.1 | 536.6 | 689.7 | 761.2 | |
| EBITDA (vendor classification) * | 237.6 | 151.6 | 194.7 | 322.0 | 236.8 | 147.3 | 333.3 | |
| Operating EBIT excluding other income and exceptional items | 170.1 | 80.1 | 129.9 | 248.0 | 65.6 | 156.8 | 63.2 | 196.8 |
| Finance costs as reported | 2.19 | 3.20 | 5.88 | 11.2 | 14.7 | 16.9 | 29.0 | 23.0 |
| Profit before tax after exceptional items | 178.3 | 61.3 | 132.1 | 247.9 | 65.8 | 132.3 | 116.3 | 224.5 |
| Total current and deferred tax expense | 46.0 | 22.8 | 34.3 | 63.9 | 19.5 | 51.1 | 14.5 | 58.2 |
| PAT including non-controlling interests | 132.3 | 38.5 | 97.8 | 184.0 | 46.3 | 81.2 | 101.9 | 166.3 |
| Diluted EPS attributable to parent shareholders (₹) | 5.00 | 1.45 | 3.69 | 6.95 | 1.76 | 3.06 | 3.85 | 6.29 |
| Revenue from operations gross of excise duty | 4,744 | 4,427 | 4,427 | 5,381 | 3,737 | 3,937 | 4,408 | 5,919 |
| Excise duty on sale of products | 2,627 | 2,426 | 2,104 | 2,516 | 1,684 | 1,864 | 2,158 | 2,853 |
| Cost of materials consumed | 1,189 | 1,132 | 1,258 | 1,543 | 1,080 | 1,262 | 1,113 | 1,640 |
| Purchase of traded goods | 53.9 | 33.2 | 58.1 | 80.3 | 84.6 | 83.2 | 56.7 | 42.8 |
| Change in finished goods, WIP and stock in trade | -57.4 | -30.8 | 25.3 | 19.5 | 7.19 | -215.6 | 56.4 | 123.5 |
| Employee benefits expense excluding contract employees | 127.6 | 122.1 | 140.6 | 139.4 | 137.2 | 143.6 | 143.4 | 159.0 |
| Contract employee expense | 47.6 | 46.1 | 50.8 | 60.0 | 49.1 | 37.3 | 52.1 | 57.4 |
| Other expenses as reported | 529.1 | 555.9 | 603.2 | 711.1 | 565.3 | 536.6 | 689.7 | 761.2 |
| Other income excluding exceptional items | 10.4 | 10.1 | 8.01 | 11.1 | 14.9 | 11.1 | 8.15 | 50.7 |
| Depreciation and amortisation | 57.2 | 61.3 | 56.8 | 62.9 | 64.1 | 69.0 | 76.0 | 85.8 |
| Exceptional items: gain positive, expense negative | 0.00 | -25.8 | 0.00 | 0.00 | 0.00 | -18.7 | 74.0 | 0.00 |
| Materials, traded goods and signed inventory change | 1,185 | 1,135 | 1,342 | 1,643 | 1,172 | 1,129 | 1,226 | 1,807 |
| Employee benefits plus contract employee expense | 175.2 | 168.2 | 191.4 | 199.4 | 186.4 | 180.9 | 195.5 | 216.4 |
| Operating EBITDA excluding other income and exceptional items | 227.2 | 141.5 | 186.7 | 310.9 | 129.7 | 225.8 | 139.2 | 282.6 |
| Current tax expense | 43.1 | 28.5 | 36.9 | 68.5 | 21.4 | 53.6 | 20.2 | 66.1 |
| Deferred tax expense: credit negative | 2.87 | -5.74 | -2.62 | -4.60 | -1.92 | -2.49 | -5.77 | -7.88 |
| PAT attributable to owners of the parent | 132.2 | 38.4 | 97.6 | 183.9 | 46.5 | 81.0 | 101.8 | 166.3 |
| Profit attributable to non-controlling interests | 0.16 | 0.12 | 0.19 | 0.16 | -0.18 | 0.15 | 0.09 | -0.05 |
| Recognized share of associate profit or loss | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 38.1% | 30.8% | 10.8% | 9.8% | 3.6% |
| EBITDA margin | 8.6% | 9.4% | 8.7% | ||
| Net margin | 5.0% | 5.0% | 4.5% | ||
| Return on equity | 10.1% | 10.3% | 9.3% | ||
| Return on capital employed | 13.1% | 10.6% | 11.7% | 13.1% | 9.8% |
| Return on assets | 6.2% | 5.8% | 4.6% | ||
| Net debt (₹ crore) | -40.4 | 276.0 | 852.7 | ||
| Net debt / EBITDA | -0.06x | 0.33x | 1.06x | ||
| Interest cover | 34.8x | 95.2x | 70.3x | 47.3x | 7.44x |
| Asset turnover | 0.95x | 1.20x | 1.22x | 1.17x | 1.03x |
| Receivable days | 82 | 70 | 104 | 117 | 116 |
| Inventory days (on revenue) | 61 | 71 | 62 | 66 | 85 |
| Payable days (on revenue) | 42 | 36 | 43 | 60 | 71 |
| Cash conversion | 0.17x | 0.48x | 1.05x | ||
| Capex intensity | 3.1% | 2.1% | 2.4% | 2.9% | 5.5% |
| Free cash flow (₹ crore) | 598.9 | -469.2 | -122.0 | -44.8 | -76.8 |
| Dividend payout | 48.4% | 55.4% | 60.3% | ||
| EPS, diluted (₹) | 13.82 | 11.50 | 15.51 | 16.71 | 15.63 |
| Book value per share (₹) | 149.0 | 150.1 | 158.2 | 165.3 | 171.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and exceptional items) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company-definition net debt: net cash negative.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and exceptional items).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS attributable to parent shareholders).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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