United Breweries Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: April 9, 2025, 9:00 pm

Market Cap	52,914 Cr.
Current Price	2,002
High / Low	2,300/1,801
Stock P/E	121
Book Value	160
Dividend Yield	0.50 %
ROCE	13.5 %
ROE	10.1 %
Face Value	1.00
PEG Ratio	3.99

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for United Breweries Ltd

Competitors of United Breweries Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
United Spirits Ltd	94,875 Cr.	1,305	1,314/866	66.8	97.9	0.69 %	28.7 %	21.7 %	2.00
United Breweries Ltd	52,914 Cr.	2,002	2,300/1,801	121	160	0.50 %	13.5 %	10.1 %	1.00
Tilaknagar Industries Ltd	4,439 Cr.	229	457/200	23.2	38.5	0.22 %	22.0 %	24.6 %	10.0
Som Distilleries & Breweries Ltd	2,330 Cr.	119	149/95.6	23.1	31.5	0.00 %	19.4 %	18.4 %	2.00
Radico Khaitan Ltd	31,034 Cr.	2,321	2,638/1,429	99.7	187	0.13 %	13.2 %	11.3 %	2.00
Industry Average	19,261.50 Cr	931.40		55.31	216.27	0.29%	17.17%	15.77%	6.70

All Competitor Stocks of United Breweries Ltd

Quarterly Result

Metric	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Sales	1,583	1,709	2,439	1,682	1,613	1,766	2,275	1,890	1,824	2,133	2,475	2,117	2,000
Expenses	1,409	1,448	2,173	1,463	1,536	1,712	2,052	1,706	1,678	1,991	2,190	1,890	1,859
Operating Profit	174	261	266	219	77	54	223	184	146	143	285	227	141
OPM %	11%	15%	11%	13%	5%	3%	10%	10%	8%	7%	12%	11%	7%
Other Income	6	13	10	14	-20	12	10	12	25	26	7	10	-16
Interest	4	2	1	1	2	1	2	1	2	2	2	2	3
Depreciation	53	53	58	52	50	51	51	51	52	58	58	57	61
Profit before tax	124	219	218	181	5	13	180	144	117	110	233	178	61
Tax %	26%	25%	26%	26%	135%	27%	24%	26%	27%	26%	26%	26%	37%
Net Profit	91	164	162	134	-2	10	136	107	86	82	174	132	39
EPS in Rs	3.43	6.18	6.13	5.07	-0.07	0.37	5.15	4.06	3.23	3.07	6.56	5.00	1.45

Last Updated: February 27, 2025, 11:27 pm

Below is a detailed analysis of the quarterly data for United Breweries Ltd based on the most recent figures (Dec 2024) and their trends compared to the previous period:

For Sales, as of Dec 2024, the value is 2,000.00 Cr.. The value appears to be declining and may need further review. It has decreased from 2,117.00 Cr. (Sep 2024) to 2,000.00 Cr., marking a decrease of 117.00 Cr..
For Expenses, as of Dec 2024, the value is 1,859.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 1,890.00 Cr. (Sep 2024) to 1,859.00 Cr., marking a decrease of 31.00 Cr..
For Operating Profit, as of Dec 2024, the value is 141.00 Cr.. The value appears to be declining and may need further review. It has decreased from 227.00 Cr. (Sep 2024) to 141.00 Cr., marking a decrease of 86.00 Cr..
For OPM %, as of Dec 2024, the value is 7.00%. The value appears to be declining and may need further review. It has decreased from 11.00% (Sep 2024) to 7.00%, marking a decrease of 4.00%.
For Other Income, as of Dec 2024, the value is -16.00 Cr.. The value appears to be declining and may need further review. It has decreased from 10.00 Cr. (Sep 2024) to -16.00 Cr., marking a decrease of 26.00 Cr..
For Interest, as of Dec 2024, the value is 3.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 2.00 Cr. (Sep 2024) to 3.00 Cr., marking an increase of 1.00 Cr..
For Depreciation, as of Dec 2024, the value is 61.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 57.00 Cr. (Sep 2024) to 61.00 Cr., marking an increase of 4.00 Cr..
For Profit before tax, as of Dec 2024, the value is 61.00 Cr.. The value appears to be declining and may need further review. It has decreased from 178.00 Cr. (Sep 2024) to 61.00 Cr., marking a decrease of 117.00 Cr..
For Tax %, as of Dec 2024, the value is 37.00%. The value appears to be increasing, which may not be favorable. It has increased from 26.00% (Sep 2024) to 37.00%, marking an increase of 11.00%.
For Net Profit, as of Dec 2024, the value is 39.00 Cr.. The value appears to be declining and may need further review. It has decreased from 132.00 Cr. (Sep 2024) to 39.00 Cr., marking a decrease of 93.00 Cr..
For EPS in Rs, as of Dec 2024, the value is 1.45. The value appears to be declining and may need further review. It has decreased from 5.00 (Sep 2024) to 1.45, marking a decrease of 3.55.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 6, 2025, 2:30 pm

Metric	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	3,899	4,230	4,688	4,833	4,729	5,619	6,475	6,509	4,243	5,838	7,500	8,123	8,725
Expenses	3,421	3,632	4,066	4,136	4,087	4,716	5,337	5,633	3,862	5,142	6,884	7,426	7,929
Operating Profit	478	597	622	697	642	903	1,138	876	381	697	616	696	797
OPM %	12%	14%	13%	14%	14%	16%	18%	13%	9%	12%	8%	9%	9%
Other Income	38	15	37	82	52	13	32	9	43	30	16	74	29
Interest	80	80	73	81	59	48	31	31	23	15	5	7	9
Depreciation	170	198	208	244	287	260	260	285	232	217	211	212	234
Profit before tax	266	335	379	455	348	608	879	569	169	494	417	551	583
Tax %	35%	32%	31%	34%	34%	35%	36%	25%	33%	26%	27%	25%
Net Profit	173	226	260	299	230	395	563	428	114	366	305	411	426
EPS in Rs	6.51	8.55	9.83	11.28	8.68	14.91	21.29	16.18	4.28	13.82	11.50	15.51	16.08
Dividend Payout %	11%	11%	10%	10%	13%	13%	12%	15%	12%	76%	65%	64%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	30.64%	15.04%	15.00%	-23.08%	71.74%	42.53%	-23.98%	-73.36%	221.05%	-16.67%	34.75%
Change in YoY Net Profit Growth (%)	0.00%	-15.59%	-0.04%	-38.08%	94.82%	-29.21%	-66.51%	-49.39%	294.42%	-237.72%	51.42%

United Breweries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	7%
5 Years:	5%
3 Years:	24%
TTM:	13%

Compounded Profit Growth
10 Years:	6%
5 Years:	-6%
3 Years:	52%
TTM:	30%

Stock Price CAGR
10 Years:	6%
5 Years:	16%
3 Years:	8%
1 Year:	9%

Return on Equity
10 Years:	11%
5 Years:	9%
3 Years:	9%
Last Year:	10%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 6:38 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	26	26	26	26	26	26	26	26	26	26	26	26	26
Reserves	1,411	1,606	1,824	2,121	2,308	2,664	3,157	3,494	3,556	3,909	3,938	4,152	4,199
Borrowings	1,375	1,306	836	806	594	312	211	252	262	10	16	102	127
Other Liabilities	928	959	1,198	1,413	1,550	1,721	1,989	1,778	2,008	2,004	2,300	2,773	2,717
Total Liabilities	3,740	3,898	3,885	4,366	4,479	4,723	5,384	5,551	5,852	5,949	6,280	7,053	7,069
Fixed Assets	1,619	1,632	1,836	1,822	1,750	1,730	1,777	1,926	1,949	1,913	1,851	1,776	1,746
CWIP	114	82	90	61	137	72	190	199	129	110	77	173	182
Investments	0	0	0	0	0	0	0	0	6	8	8	8	8
Other Assets	2,007	2,183	1,959	2,483	2,591	2,921	3,417	3,425	3,768	3,918	4,344	5,097	5,133
Total Assets	3,740	3,898	3,885	4,366	4,479	4,723	5,384	5,551	5,852	5,949	6,280	7,053	7,069

Below is a detailed analysis of the balance sheet data for United Breweries Ltd based on the most recent figures (Sep 2024) and their trends compared to the previous period:

For Equity Capital, as of Sep 2024, the value is ₹26.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 26.00 Cr..
For Reserves, as of Sep 2024, the value is ₹4,199.00 Cr.. The value appears strong and on an upward trend. It has increased from 4,152.00 Cr. (Mar 2024) to ₹4,199.00 Cr., marking an increase of 47.00 Cr..
For Borrowings, as of Sep 2024, the value is ₹127.00 Cr.. The value appears to be increasing, which may not be favorable. Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has increased from 102.00 Cr. (Mar 2024) to ₹127.00 Cr., marking an increase of 25.00 Cr..
For Other Liabilities, as of Sep 2024, the value is ₹2,717.00 Cr.. The value appears to be improving (decreasing). It has decreased from 2,773.00 Cr. (Mar 2024) to ₹2,717.00 Cr., marking a decrease of 56.00 Cr..
For Total Liabilities, as of Sep 2024, the value is ₹7,069.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 7,053.00 Cr. (Mar 2024) to ₹7,069.00 Cr., marking an increase of 16.00 Cr..
For Fixed Assets, as of Sep 2024, the value is ₹1,746.00 Cr.. The value appears to be declining and may need further review. It has decreased from 1,776.00 Cr. (Mar 2024) to ₹1,746.00 Cr., marking a decrease of 30.00 Cr..
For CWIP, as of Sep 2024, the value is ₹182.00 Cr.. The value appears strong and on an upward trend. It has increased from 173.00 Cr. (Mar 2024) to ₹182.00 Cr., marking an increase of 9.00 Cr..
For Investments, as of Sep 2024, the value is ₹8.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 8.00 Cr..
For Other Assets, as of Sep 2024, the value is ₹5,133.00 Cr.. The value appears strong and on an upward trend. It has increased from 5,097.00 Cr. (Mar 2024) to ₹5,133.00 Cr., marking an increase of 36.00 Cr..
For Total Assets, as of Sep 2024, the value is ₹7,069.00 Cr.. The value appears strong and on an upward trend. It has increased from 7,053.00 Cr. (Mar 2024) to ₹7,069.00 Cr., marking an increase of 16.00 Cr..

Notably, the Reserves (4,199.00 Cr.) exceed the Borrowings (127.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	152	290	841	539	544	563	643	508	620	900	-120	70
Cash from Investing Activity +	-428	-158	-329	-245	-234	-197	-430	-402	-152	-160	-121	-148
Cash from Financing Activity +	211	-172	-572	-297	-301	-364	-196	-95	-88	-287	-292	-122
Net Cash Flow	-64	-40	-60	-3	9	3	17	10	380	453	-533	-201

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	477.00	596.00	-214.00	-109.00	48.00	591.00	-210.00	624.00	119.00	687.00	600.00	594.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	76	83	75	84	100	97	85	76	120	78	68	104
Inventory Days	304	301	283	330	333	271	326	312	561	302	321	298
Days Payable	148	116	173	200	204	175	186	156	311	206	161	207
Cash Conversion Cycle	232	268	184	214	229	193	225	232	370	174	228	196
Working Capital Days	73	67	38	37	50	57	49	59	74	31	50	65
ROCE %	13%	14%	16%	18%	14%	22%	28%	17%	5%	13%	11%	13%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoters	72.71%	72.71%	72.71%	72.71%	72.72%	72.72%	72.72%	72.72%	71.00%	70.84%	70.84%	70.84%
FIIs	9.78%	9.61%	8.70%	7.69%	6.93%	6.94%	6.43%	6.31%	6.70%	6.71%	6.63%	6.43%
DIIs	10.49%	10.90%	11.92%	13.01%	13.87%	13.91%	14.41%	14.65%	15.97%	16.06%	16.12%	16.38%
Government	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%
Public	5.86%	5.62%	5.51%	5.43%	5.32%	5.28%	5.27%	5.16%	5.19%	5.22%	5.25%	5.19%
No. of Shareholders	63,301	66,556	66,559	64,675	63,576	61,760	63,475	69,384	67,954	65,418	66,914	67,868

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
SBI Equity Hybrid Fund	2,983,652	0.83	539.47	2,983,652	2025-04-06	0%
SBI Multicap Fund	2,700,000	3.33	488.19	2,983,652	2025-04-06	-9.51%
ICICI Prudential Bluechip Fund	2,620,641	0.95	473.84	2,983,652	2025-04-06	-12.17%
Kotak Flexicap Fund - Regular Plan	2,395,515	0.97	433.13	2,983,652	2025-04-06	-19.71%
Nippon India Growth Fund	1,700,000	1.26	307.38	2,983,652	2025-04-06	-43.02%
SBI Magnum Global Fund	1,700,000	4.72	307.38	2,983,652	2025-04-06	-43.02%
ICICI Prudential Balanced Advantage Fund	1,307,168	0.44	236.35	2,983,652	2025-04-06	-56.19%
SBI Flexi Cap Fund	1,291,895	1.16	233.59	2,983,652	2025-04-06	-56.7%
Franklin India Flexi Cap Fund	1,200,000	1.53	216.97	2,983,652	2025-04-06	-59.78%
ICICI Prudential Multi Asset Fund	1,170,253	0.64	211.59	2,983,652	2025-04-06	-60.78%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	1.00	1.00	1.00	1.00	1.00
Basic EPS (Rs.)	15.51	11.50	13.82	4.28	16.18
Diluted EPS (Rs.)	15.51	11.50	13.82	4.28	16.18
Cash EPS (Rs.)	23.55	19.49	22.06	13.08	26.98
Book Value[Excl.RevalReserv]/Share (Rs.)	158.23	150.13	148.99	135.63	133.27
Book Value[Incl.RevalReserv]/Share (Rs.)	158.23	150.13	148.99	135.63	133.27
Revenue From Operations / Share (Rs.)	307.21	283.66	220.82	160.48	246.19
PBDIT / Share (Rs.)	29.12	25.18	27.47	16.31	33.48
PBIT / Share (Rs.)	21.11	17.21	19.26	7.54	22.69
PBT / Share (Rs.)	20.84	15.78	18.70	6.41	21.52
Net Profit / Share (Rs.)	15.54	11.52	13.85	4.31	16.20
NP After MI And SOA / Share (Rs.)	15.51	11.50	13.82	4.28	16.18
PBDIT Margin (%)	9.47	8.87	12.44	10.16	13.59
PBIT Margin (%)	6.87	6.06	8.72	4.69	9.21
PBT Margin (%)	6.78	5.56	8.46	3.99	8.74
Net Profit Margin (%)	5.05	4.06	6.27	2.68	6.57
NP After MI And SOA Margin (%)	5.04	4.05	6.25	2.66	6.57
Return on Networth / Equity (%)	9.81	7.66	9.28	3.16	12.15
Return on Capital Employeed (%)	13.21	11.36	12.81	5.36	16.85
Return On Assets (%)	5.81	4.84	6.14	1.93	7.70
Long Term Debt / Equity (X)	0.00	0.00	0.00	0.03	0.00
Total Debt / Equity (X)	0.01	0.00	0.00	0.03	0.04
Asset Turnover Ratio (%)	1.22	1.23	0.98	0.74	1.19
Current Ratio (X)	1.56	1.62	1.71	1.55	1.49
Quick Ratio (X)	1.08	0.99	1.24	1.02	0.93
Inventory Turnover Ratio (X)	3.27	3.57	2.62	1.77	2.80
Dividend Payout Ratio (NP) (%)	48.36	91.33	3.61	58.38	15.45
Dividend Payout Ratio (CP) (%)	31.88	53.95	2.26	19.14	9.27
Earning Retention Ratio (%)	51.64	8.67	96.39	41.62	84.55
Cash Earning Retention Ratio (%)	68.12	46.05	97.74	80.86	90.73
Interest Coverage Ratio (X)	111.75	143.46	49.15	19.03	28.44
Interest Coverage Ratio (Post Tax) (X)	60.63	73.80	25.77	6.34	14.76
Enterprise Value (Cr.)	45671.76	37283.68	38458.33	32477.78	24357.79
EV / Net Operating Revenue (X)	5.62	4.97	6.59	7.65	3.74
EV / EBITDA (X)	59.32	56.01	52.94	75.30	27.52
MarketCap / Net Operating Revenue (X)	5.64	5.02	6.74	7.74	3.73
Retention Ratios (%)	51.63	8.66	96.38	41.61	84.54
Price / BV (X)	10.96	9.50	10.00	9.16	6.89
Price / Net Operating Revenue (X)	5.64	5.02	6.74	7.74	3.73
EarningsYield	0.01	0.01	0.01	0.00	0.01

After reviewing the key financial ratios for United Breweries Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 1.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 1.00.
For Basic EPS (Rs.), as of Mar 24, the value is 15.51. This value is within the healthy range. It has increased from 11.50 (Mar 23) to 15.51, marking an increase of 4.01.
For Diluted EPS (Rs.), as of Mar 24, the value is 15.51. This value is within the healthy range. It has increased from 11.50 (Mar 23) to 15.51, marking an increase of 4.01.
For Cash EPS (Rs.), as of Mar 24, the value is 23.55. This value is within the healthy range. It has increased from 19.49 (Mar 23) to 23.55, marking an increase of 4.06.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 158.23. It has increased from 150.13 (Mar 23) to 158.23, marking an increase of 8.10.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 158.23. It has increased from 150.13 (Mar 23) to 158.23, marking an increase of 8.10.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 307.21. It has increased from 283.66 (Mar 23) to 307.21, marking an increase of 23.55.
For PBDIT / Share (Rs.), as of Mar 24, the value is 29.12. This value is within the healthy range. It has increased from 25.18 (Mar 23) to 29.12, marking an increase of 3.94.
For PBIT / Share (Rs.), as of Mar 24, the value is 21.11. This value is within the healthy range. It has increased from 17.21 (Mar 23) to 21.11, marking an increase of 3.90.
For PBT / Share (Rs.), as of Mar 24, the value is 20.84. This value is within the healthy range. It has increased from 15.78 (Mar 23) to 20.84, marking an increase of 5.06.
For Net Profit / Share (Rs.), as of Mar 24, the value is 15.54. This value is within the healthy range. It has increased from 11.52 (Mar 23) to 15.54, marking an increase of 4.02.
For NP After MI And SOA / Share (Rs.), as of Mar 24, the value is 15.51. This value is within the healthy range. It has increased from 11.50 (Mar 23) to 15.51, marking an increase of 4.01.
For PBDIT Margin (%), as of Mar 24, the value is 9.47. This value is below the healthy minimum of 10. It has increased from 8.87 (Mar 23) to 9.47, marking an increase of 0.60.
For PBIT Margin (%), as of Mar 24, the value is 6.87. This value is below the healthy minimum of 10. It has increased from 6.06 (Mar 23) to 6.87, marking an increase of 0.81.
For PBT Margin (%), as of Mar 24, the value is 6.78. This value is below the healthy minimum of 10. It has increased from 5.56 (Mar 23) to 6.78, marking an increase of 1.22.
For Net Profit Margin (%), as of Mar 24, the value is 5.05. This value is within the healthy range. It has increased from 4.06 (Mar 23) to 5.05, marking an increase of 0.99.
For NP After MI And SOA Margin (%), as of Mar 24, the value is 5.04. This value is below the healthy minimum of 8. It has increased from 4.05 (Mar 23) to 5.04, marking an increase of 0.99.
For Return on Networth / Equity (%), as of Mar 24, the value is 9.81. This value is below the healthy minimum of 15. It has increased from 7.66 (Mar 23) to 9.81, marking an increase of 2.15.
For Return on Capital Employeed (%), as of Mar 24, the value is 13.21. This value is within the healthy range. It has increased from 11.36 (Mar 23) to 13.21, marking an increase of 1.85.
For Return On Assets (%), as of Mar 24, the value is 5.81. This value is within the healthy range. It has increased from 4.84 (Mar 23) to 5.81, marking an increase of 0.97.
For Long Term Debt / Equity (X), as of Mar 24, the value is 0.00. This value is below the healthy minimum of 0.2. There is no change compared to the previous period (Mar 23) which recorded 0.00.
For Total Debt / Equity (X), as of Mar 24, the value is 0.01. This value is within the healthy range. It has increased from 0.00 (Mar 23) to 0.01, marking an increase of 0.01.
For Asset Turnover Ratio (%), as of Mar 24, the value is 1.22. It has decreased from 1.23 (Mar 23) to 1.22, marking a decrease of 0.01.
For Current Ratio (X), as of Mar 24, the value is 1.56. This value is within the healthy range. It has decreased from 1.62 (Mar 23) to 1.56, marking a decrease of 0.06.
For Quick Ratio (X), as of Mar 24, the value is 1.08. This value is within the healthy range. It has increased from 0.99 (Mar 23) to 1.08, marking an increase of 0.09.
For Inventory Turnover Ratio (X), as of Mar 24, the value is 3.27. This value is below the healthy minimum of 4. It has decreased from 3.57 (Mar 23) to 3.27, marking a decrease of 0.30.
For Dividend Payout Ratio (NP) (%), as of Mar 24, the value is 48.36. This value is within the healthy range. It has decreased from 91.33 (Mar 23) to 48.36, marking a decrease of 42.97.
For Dividend Payout Ratio (CP) (%), as of Mar 24, the value is 31.88. This value is within the healthy range. It has decreased from 53.95 (Mar 23) to 31.88, marking a decrease of 22.07.
For Earning Retention Ratio (%), as of Mar 24, the value is 51.64. This value is within the healthy range. It has increased from 8.67 (Mar 23) to 51.64, marking an increase of 42.97.
For Cash Earning Retention Ratio (%), as of Mar 24, the value is 68.12. This value is within the healthy range. It has increased from 46.05 (Mar 23) to 68.12, marking an increase of 22.07.
For Interest Coverage Ratio (X), as of Mar 24, the value is 111.75. This value is within the healthy range. It has decreased from 143.46 (Mar 23) to 111.75, marking a decrease of 31.71.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is 60.63. This value is within the healthy range. It has decreased from 73.80 (Mar 23) to 60.63, marking a decrease of 13.17.
For Enterprise Value (Cr.), as of Mar 24, the value is 45,671.76. It has increased from 37,283.68 (Mar 23) to 45,671.76, marking an increase of 8,388.08.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 5.62. This value exceeds the healthy maximum of 3. It has increased from 4.97 (Mar 23) to 5.62, marking an increase of 0.65.
For EV / EBITDA (X), as of Mar 24, the value is 59.32. This value exceeds the healthy maximum of 15. It has increased from 56.01 (Mar 23) to 59.32, marking an increase of 3.31.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 5.64. This value exceeds the healthy maximum of 3. It has increased from 5.02 (Mar 23) to 5.64, marking an increase of 0.62.
For Retention Ratios (%), as of Mar 24, the value is 51.63. This value is within the healthy range. It has increased from 8.66 (Mar 23) to 51.63, marking an increase of 42.97.
For Price / BV (X), as of Mar 24, the value is 10.96. This value exceeds the healthy maximum of 3. It has increased from 9.50 (Mar 23) to 10.96, marking an increase of 1.46.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 5.64. This value exceeds the healthy maximum of 3. It has increased from 5.02 (Mar 23) to 5.64, marking an increase of 0.62.
For EarningsYield, as of Mar 24, the value is 0.01. This value is below the healthy minimum of 5. There is no change compared to the previous period (Mar 23) which recorded 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of United Breweries Ltd as of April 10, 2025 is: 1,572.11

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of April 10, 2025, United Breweries Ltd is Overvalued by 21.47% compared to the current share price 2,002.00

Intrinsic Value of United Breweries Ltd as of April 10, 2025 is: 2,048.57

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of April 10, 2025, United Breweries Ltd is Undervalued by 2.33% compared to the current share price 2,002.00

Last 5 Year EPS CAGR: 30.31%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 15.33%, which is a positive sign. The company has higher reserves (2,949.15 cr) compared to borrowings (477.62 cr), indicating strong financial stability. The company has shown consistent growth in sales (5.23 cr) and profit (465.62 cr) over the years.	The stock has a high average Working Capital Days of 54.17, which may not be favorable. The stock has a high average Cash Conversion Cycle of 228.75, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in United Breweries Ltd:
1. Net Profit Margin: 5.05%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 13.21% (Industry Average ROCE: 17.17%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 9.81% (Industry Average ROE: 15.77%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 60.63
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.08
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 121 (Industry average Stock P/E: 55.31)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.01
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

United Breweries Ltd. is a Public Limited Listed company incorporated on 13/05/1999 and has its registered office in the State of Karnataka, India. Company's Corporate Identification Number(CIN) is L36999KA1999PLC025195 and registration number is 025195. Currently Company is involved in the business activities of Manufacture of beer. Company's Total Operating Revenue is Rs. 8115.39 Cr. and Equity Capital is Rs. 26.44 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Beverages & Distilleries	UB TOWER, UB City, No 24, Vittal Mallya Road, Bengaluru Karnataka 560001	ublinvestor@ubmail.com http://www.unitedbreweries.com

Management
Name	Position Held
Mr. Anand Kripalu	Chairman
Mr. Vivek Gupta	Managing Director & CEO
Mr. Christiaan A J Van Steenbergen	Non Executive Director
Mr. Jan Cornelis van der Linden	Non Executive Director
Ms. Kiran Mazumdar Shaw	Independent Director
Ms. Geetu Gidwani Verma	Independent Director
Mr. Manu Anand	Independent Director
Mr. Subramaniam Somasundaram	Independent Director

FAQ

What is the intrinsic value of United Breweries Ltd?

United Breweries Ltd's intrinsic value (as of 10 April 2025) is ₹1572.11 — 21.47% lower the current market price of 2,002.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's 52,914 Cr. market cap, FY2025-2026 high/low of ₹2,300/1,801, reserves of 4,199 Cr, and liabilities of 7,069 Cr.

What is the Market Cap of United Breweries Ltd?

The Market Cap of United Breweries Ltd is 52,914 Cr..

What is the current Stock Price of United Breweries Ltd as on 10 April 2025?

The current stock price of United Breweries Ltd as on 10 April 2025 is 2,002.

What is the High / Low of United Breweries Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of United Breweries Ltd stocks is ₹2,300/1,801.

What is the Stock P/E of United Breweries Ltd?

The Stock P/E of United Breweries Ltd is 121.

What is the Book Value of United Breweries Ltd?

The Book Value of United Breweries Ltd is 160.

What is the Dividend Yield of United Breweries Ltd?

The Dividend Yield of United Breweries Ltd is 0.50 %.

What is the ROCE of United Breweries Ltd?

The ROCE of United Breweries Ltd is 13.5 %.

What is the ROE of United Breweries Ltd?

The ROE of United Breweries Ltd is 10.1 %.

What is the Face Value of United Breweries Ltd?

The Face Value of United Breweries Ltd is 1.00.