United Breweries Ltd(UBL)

NSE: UBLBSE: 532478

₹ 1,143.85-3.28%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 30,244 crNext results: 27 Oct 2026Website: www.unitedbreweries.comUpdated: 24 Oct 2026

About

United Breweries Limited (UBL) is India's largest beer company, run as a pure-play beer business that took 100% of its revenue from beer. It reported revenue of Rs 17463.49 Cr in FY26. UBL holds a national market share of about 48 - 49%, which makes it the dominant brewer in India.^[1][2]

Business segments

Beer was UBL's only reported segment in FY25, with revenue of Rs 19,403.26 Cr, or 100% of revenue.^[2]
In FY24, revenue including excise was Rs 18,152.87 Cr from India and Rs 219.37 Cr from outside India.^[3]

Brands and portfolio

Kingfisher Strong anchors the mainstream portfolio. Kingfisher Strong Smooth launched in January 2026 in Rajasthan and Karnataka, aimed at younger consumers in the strong-beer segment.^[4]
The premium portfolio includes Kingfisher Ultra, Kingfisher Ultramax, Amstel Grande, Heineken and Heineken Silver. Heineken Silver grew ~28% in Q1 FY27.^[5]
Economy brands London Pilsner (launched in Odisha) and Kalyani Black Label (launched in West Bengal) serve states where buyers are sensitive to price.^[6]

Manufacturing network

As of FY24, UBL owned 21 plants, of which two, at Patna (Bihar) and Cherthala (Kerala), were not in operation.^[3]
UBL closed its Punjab brewery in Q1 FY27 and moved to a contract brewing partnership with ABB in Punjab. The transition is complete.^[5]
A can line in Telangana was commissioned in Q1 FY27, described as one of UBL's fastest-ever commissionings.^[5]
The Mangalore brewery was closed in Q2 FY26 as part of network footprint optimisation.^[6]

Key operating numbers

In Q1 FY27, sell-in volume grew 9% YoY and sell-out (consumer offtake) grew 13% YoY, in line with the industry. The gap reflects a deliberate 20% cut in in-market inventory vs a year earlier.^[5]
Premium volumes grew ~17% in Q1 FY27, excluding deliberate market pullbacks. Premium salience was ~10 - 11% of revenue in Q1 FY27.^[5]
National market share was 48 - 49% in FY25, up ~90 bps YoY. Premium market share rose ~180 - 200 bps in FY25.^[4]
Gross margin was 41.0% in Q1 FY27 (-155 bps YoY). The Middle East conflict hit packaging, logistics and FX by ~300 bps, about half of which was mitigated.^[5]
The new bottle infusion rate was 36.7% YTD FY26, the sixth or seventh straight quarter of improvement in bottle returns.^[4]
In FY24, a 1% change in barley prices moved profit before tax by Rs 516 lakhs.^[3]

Pricing and revenue management

Price changes were made in 22 states, all live from July 2026, for a weighted average price increase of 2.5 - 3%, alongside trade-spend optimisation and price laddering.^[5]
Net sales realisation rose ~5% in Q3 FY26. Price increases in Telangana, Rajasthan and UP and a favourable state mix from Maharashtra and Karnataka contributed roughly equally.^[4]

Distribution and exports

As of Q1 FY27, UBL had 50,000+ branded visi-coolers in retail outlets, up from ~15,000 stores before the programme. Placement continues to favour Tier 2/3 cities.^[5]
Exports made up 1.19% of total turnover in FY24, and the company aims to expand its brands' global presence.^[3]

Expansion and capex

A greenfield brewery in Uttar Pradesh is under construction, with the first significant capex spend recorded in Q2 FY26. Three capex projects were active in FY26 - 27.^[6]
A multi-year cost and productivity programme over 2026 - 2028 targets 3 - 6% gross savings. It covers brewery network optimisation, portfolio simplification and cost efficiency.^[4]

Regulatory and market environment

Karnataka's ABV-based (AIB) tax reform drove 55% beer category growth in its first month. The Maharashtra category grew 35% in H1 FY26, and Jharkhand retail liberalisation drove 55% category growth in H1 FY26.^[5]

Recent developments

Heineken Silver launched in Assam on October 9, 2026, extending the premium lager's rollout across Indian states.^[7]

Market Cap

₹30,244 Cr

High / Low

₹1,846 / 1,140

Stock P/E

76.5

Price / Book

6.7

Book Value

₹171

EPS

₹15.6

No. of Shares

26.44 Cr

ROCE

10.7%

ROE

9.3%

OPM

3.3%

Debt / Equity

0.26

Sales

₹17,463 Cr

Net Profit

₹413 Cr

Promoter holding

70.8%

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United Breweries Ltd(UBL)

About

Business segments

Brands and portfolio

Manufacturing network

Key operating numbers

Pricing and revenue management

Distribution and exports

Expansion and capex

Regulatory and market environment

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

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Company data

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