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United Breweries Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,421.61Overvalued by 10.25%vs CMP ₹1,584.00

P/E (99.7) × ROE (10.8%) × BV (₹164.00) × DY (0.63%)

₹500.19Overvalued by 68.42%vs CMP ₹1,584.00
MoS: -216.7% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,453.8523%Fair (-8.2%)
Graham NumberEarnings₹238.8516%Over (-84.9%)
Earnings PowerEarnings₹96.2011%Over (-93.9%)
DCFCash Flow₹157.6114%Over (-90%)
Net Asset ValueAssets₹164.247%Over (-89.6%)
EV/EBITDAEnterprise₹457.999%Over (-71.1%)
Earnings YieldEarnings₹154.607%Over (-90.2%)
ROCE CapitalReturns₹86.487%Over (-94.5%)
Revenue MultipleRevenue₹505.695%Over (-68.1%)
Consensus (9 models)₹500.19100%Overvalued
Key Drivers: Wide model spread (₹86–₹1,454) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 2.3%

*Investments are subject to market risks

Analyst Summary

United Breweries Ltd operates in the Beverages & Distilleries segment, NSE: UBL | BSE: 532478, current market price is ₹1,584.00, market cap is 41,887 Cr.. At a glance, stock P/E is 99.7, ROE is 10.8 %, ROCE is 13.9 %, book value is 164, dividend yield is 0.63 %. The latest intrinsic value estimate is ₹500.19, around 68.4% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹8,915 Cr versus the prior period change of 9.8%, while latest net profit is about ₹442 Cr with a prior-period change of 7.5%. The 52-week range shown on this page is 2,295/1,401, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisUnited 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 L3…

This summary is generated from the stock page data available for United Breweries Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

62
United Breweries Ltd scores 62/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health76/100 · Strong
ROCE 13.9% GoodROE 10.8% AverageD/E 0.03 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -1.42% (6mo) SellingDII holding up 1.28% MF buyingPromoter holding at 70.8% Stable
Earnings Quality60/100 · Moderate
OPM stable around 9% SteadyWorking capital: 50 days (improving) Efficient
Quarterly Momentum60/100 · Moderate
Revenue (4Q): +7% YoY GrowingProfit (4Q): -4% YoY DecliningOPM: 11.0% (up 4.0% YoY) Margin expansion
Industry Rank50/100 · Moderate
P/E 99.7 vs industry 75.7 In-lineROCE 13.9% vs industry 20.2% Average3Y sales CAGR: 15% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:52 am

Market Cap 41,887 Cr.
Current Price 1,584
Intrinsic Value₹500.19
High / Low 2,295/1,401
Stock P/E99.7
Book Value 164
Dividend Yield0.63 %
ROCE13.9 %
ROE10.8 %
Face Value 1.00
PEG Ratio43.96

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

View Share Price Target for United Breweries Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
United Breweries Ltd 41,887 Cr. 1,584 2,295/1,40199.7 1640.63 %13.9 %10.8 % 1.00
United Spirits Ltd 90,868 Cr. 1,249 1,645/1,21251.6 1160.96 %26.5 %19.7 % 2.00
Industry Average66,377.50 Cr1,416.5075.65140.000.80%20.20%15.25%1.50

All Competitor Stocks of United Breweries Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,6131,7662,2751,8901,8242,1332,4752,1172,0002,3232,8642,0532,073
Expenses 1,5361,7122,0521,7061,6781,9912,1901,8901,8592,1362,5531,9231,847
Operating Profit 7754223184146143285227141187311130226
OPM % 5%3%10%10%8%7%12%11%7%8%11%6%11%
Other Income -201210122526710-1681115-8
Interest 2121222236111517
Depreciation 50515151525858576157636469
Profit before tax 5131801441171102331786113224866132
Tax % 135%27%24%26%27%26%26%26%37%26%26%30%39%
Net Profit -210136107868217413239981844681
EPS in Rs -0.070.375.154.063.233.076.565.001.453.696.951.763.06

Last Updated: March 3, 2026, 2:02 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 7:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 4,2304,6884,8334,7295,6196,4756,5094,2435,8387,5008,1238,9159,313
Expenses 3,6324,0664,1364,0874,7165,3375,6333,8625,1426,8847,4268,0748,460
Operating Profit 5976226976429031,138876381697616696841853
OPM % 14%13%14%14%16%18%13%9%12%8%9%9%9%
Other Income 1537825213329433016741026
Interest 807381594831312315571349
Depreciation 198208244287260260285232217211212233253
Profit before tax 335379455348608879569169494417551605578
Tax % 32%31%34%34%35%36%25%33%26%27%25%27%
Net Profit 226260299230395563428114366305411442409
EPS in Rs 8.559.8311.288.6814.9121.2916.184.2813.8211.5015.5116.7115.46
Dividend Payout % 11%10%10%13%13%12%15%12%76%65%64%60%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)15.04%15.00%-23.08%71.74%42.53%-23.98%-73.36%221.05%-16.67%34.75%7.54%
Change in YoY Net Profit Growth (%)0.00%-0.04%-38.08%94.82%-29.21%-66.51%-49.39%294.42%-237.72%51.42%-27.21%

United Breweries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:7%
5 Years:6%
3 Years:15%
TTM:12%
Compounded Profit Growth
10 Years:6%
5 Years:1%
3 Years:8%
TTM:4%
Stock Price CAGR
10 Years:8%
5 Years:10%
3 Years:3%
1 Year:-10%
Return on Equity
10 Years:11%
5 Years:9%
3 Years:10%
Last Year:11%

Last Updated: September 5, 2025, 1:50 pm

Balance Sheet

Last Updated: December 10, 2025, 3:36 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 26262626262626262626262626
Reserves 1,6061,8242,1212,3082,6643,1573,4943,5563,9093,9384,1524,3374,317
Borrowings 1,3068368065943122112522621016102620777
Other Liabilities 9591,1981,4131,5501,7211,9891,7782,0082,0042,3002,7733,2393,048
Total Liabilities 3,8983,8854,3664,4794,7235,3845,5515,8525,9496,2807,0538,2238,168
Fixed Assets 1,6321,8361,8221,7501,7301,7771,9261,9491,9131,8511,7761,7491,799
CWIP 8290611377219019912911077173253436
Investments 0000000688888
Other Assets 2,1831,9592,4832,5912,9213,4173,4253,7683,9184,3445,0976,2135,925
Total Assets 3,8983,8854,3664,4794,7235,3845,5515,8525,9496,2807,0538,2238,168

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 290841539544563643508620900-12070235
Cash from Investing Activity + -158-329-245-234-197-430-402-152-160-121-148-239
Cash from Financing Activity + -172-572-297-301-364-196-95-88-287-292-122217
Net Cash Flow -40-60-3931710380453-533-201213
Free Cash Flow 78434296309362206104471727-274-121-23
CFO/OP 65%158%100%107%90%91%80%184%148%3%30%51%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow596.00-214.00-109.0048.00591.00-210.00624.00119.00687.00600.00594.00221.00

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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 8375841009785761207868104117
Inventory Days 301283330333271326312561302321298327
Days Payable 116173200204175186156311206161207232
Cash Conversion Cycle 268184214229193225232370174228196211
Working Capital Days 242321345348506231496250
ROCE %14%16%18%14%22%28%17%5%13%11%13%14%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 72.72%72.72%71.00%70.84%70.84%70.84%70.84%70.84%70.84%70.84%70.84%70.84%
FIIs 6.43%6.31%6.70%6.71%6.63%6.43%6.26%6.43%6.92%6.73%6.26%5.50%
DIIs 14.41%14.65%15.97%16.06%16.12%16.38%16.62%16.52%16.17%16.37%16.68%17.45%
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 5.27%5.16%5.19%5.22%5.25%5.19%5.13%5.06%4.93%4.92%5.07%5.07%
No. of Shareholders 63,47569,38467,95465,41866,91467,86866,79468,48368,80271,17778,87781,332

Shareholding Pattern Chart

No. of Shareholders

United Breweries Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
ICICI Prudential Large & Mid Cap Fund 3,866,288 2.18 620.543,750,5442026-03-23 01:00:113.09%
SBI Large & Midcap Fund 3,800,000 1.57 609.93,418,7042026-03-23 01:00:1111.15%
ICICI Prudential Multi Asset Fund 3,634,197 0.7 583.293,471,8742026-03-24 01:56:104.68%
SBI Equity Hybrid Fund 2,983,652 0.58 478.882,983,6522025-04-22 15:16:470%
SBI Multicap Fund 2,900,000 2.03 465.452,820,2402026-03-24 02:10:402.83%
ICICI Prudential Large Cap Fund 2,339,694 0.48 375.52N/AN/AN/A
Kotak Flexicap Fund 2,075,000 0.59 333.04N/AN/AN/A
Nippon India Growth Mid Cap Fund 2,050,000 0.75 329.03N/AN/AN/A
Nippon India Multi Cap Fund 1,857,505 0.59 298.131,738,2022026-01-26 03:43:026.86%
Canara Robeco Large and Mid Cap Fund 1,560,790 1.01 250.51N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 16.7115.5111.5013.824.28
Diluted EPS (Rs.) 16.7115.5111.5013.824.28
Cash EPS (Rs.) 25.5423.5519.4922.0613.08
Book Value[Excl.RevalReserv]/Share (Rs.) 165.05158.23150.13148.99135.63
Book Value[Incl.RevalReserv]/Share (Rs.) 165.05158.23150.13148.99135.63
Revenue From Operations / Share (Rs.) 337.18307.21283.66220.82160.48
PBDIT / Share (Rs.) 33.1629.1225.1827.4716.31
PBIT / Share (Rs.) 24.3521.1117.2119.267.54
PBT / Share (Rs.) 22.8920.8415.7818.706.41
Net Profit / Share (Rs.) 16.7315.5411.5213.854.31
NP After MI And SOA / Share (Rs.) 16.7115.5111.5013.824.28
PBDIT Margin (%) 9.839.478.8712.4410.16
PBIT Margin (%) 7.226.876.068.724.69
PBT Margin (%) 6.786.785.568.463.99
Net Profit Margin (%) 4.965.054.066.272.68
NP After MI And SOA Margin (%) 4.955.044.056.252.66
Return on Networth / Equity (%) 10.129.817.669.283.16
Return on Capital Employeed (%) 14.4913.2111.3612.815.36
Return On Assets (%) 5.375.814.846.141.93
Long Term Debt / Equity (X) 0.000.000.000.000.03
Total Debt / Equity (X) 0.130.010.000.000.03
Asset Turnover Ratio (%) 1.171.221.230.980.74
Current Ratio (X) 1.441.561.621.711.55
Quick Ratio (X) 1.011.080.991.241.02
Inventory Turnover Ratio (X) 5.973.273.572.621.77
Dividend Payout Ratio (NP) (%) 59.8648.3691.333.6158.38
Dividend Payout Ratio (CP) (%) 39.1931.8853.952.2619.14
Earning Retention Ratio (%) 40.1451.648.6796.3941.62
Cash Earning Retention Ratio (%) 60.8168.1246.0597.7480.86
Interest Coverage Ratio (X) 68.17111.75143.4649.1519.03
Interest Coverage Ratio (Post Tax) (X) 37.4160.6373.8025.776.34
Enterprise Value (Cr.) 53037.5245671.7637283.6838458.3332477.78
EV / Net Operating Revenue (X) 5.955.624.976.597.65
EV / EBITDA (X) 60.5059.3256.0152.9475.30
MarketCap / Net Operating Revenue (X) 5.935.645.026.747.74
Retention Ratios (%) 40.1351.638.6696.3841.61
Price / BV (X) 12.1210.969.5010.009.16
Price / Net Operating Revenue (X) 5.935.645.026.747.74
EarningsYield 0.010.010.010.010.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

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. 8907.35 Cr. and Equity Capital is Rs. 26.44 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Beverages & DistilleriesUB TOWER, UB City, No 24, Vittal Mallya Road, Bengaluru Karnataka 560001Contact not found
Management
NamePosition Held
Mr. Anand KripaluChairman
Mr. Vivek GuptaManaging Director & CEO
Ms. Jorn Elimar KerstenDirector & CFO
Mr. Jan Cornelis van der LindenNon Exe.Non Ind.Director
Mr. Christiaan A J Van SteenbergenNon Exe.Non Ind.Director
Ms. Geetu Gidwani VermaInd. Non-Executive Director
Mr. Manu AnandInd. Non-Executive Director
Mr. Subramaniam SomasundaramInd. Non-Executive Director
Mr. Radovan SikorskyNon Exe.Non Ind.Director
Ms. Yolanda TalamoNon Exe.Non Ind.Director

FAQ

What is the intrinsic value of United Breweries Ltd and is it undervalued?

As of 24 April 2026, United Breweries Ltd's intrinsic value is ₹500.19, which is 68.42% lower than the current market price of ₹1,584.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (10.8 %), book value (₹164), dividend yield (0.63 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of United Breweries Ltd?

United Breweries Ltd is trading at ₹1,584.00 as of 24 April 2026, with a FY2026-2027 high of ₹2,295 and low of ₹1,401. The stock is currently near its 52-week low. Market cap stands at ₹41,887 Cr..

How does United Breweries Ltd's P/E ratio compare to its industry?

United Breweries Ltd has a P/E ratio of 99.7, which is above the industry average of 75.65. The premium over industry average may reflect growth expectations or speculative interest.

Is United Breweries Ltd financially healthy?

Key indicators for United Breweries Ltd: ROCE of 13.9 % is moderate. Dividend yield is 0.63 %.

Is United Breweries Ltd profitable and how is the profit trend?

United Breweries Ltd reported a net profit of ₹442 Cr in Mar 2025 on revenue of ₹8,915 Cr. Compared to ₹366 Cr in Mar 2022, the net profit shows an improving trend.

Does United Breweries Ltd pay dividends?

United Breweries Ltd has a dividend yield of 0.63 % at the current price of ₹1,584.00. The company pays dividends, though the yield is modest.

Last Updated: April 2, 2026, 3:52 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532478 | NSE: UBL
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in United Breweries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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