Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · UNITED BREWERIES LTD · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
UNITED BREWERIES LTD
NSE: UBL · BSE: 532478
NSE: UBL · BSE: 532478
Fast Moving Consumer Goods › Fast Moving Consumer Goods › Beverages › Breweries & Distilleries
UNITED BREWERIES LTD
StateQ1 FY27 filed
Last close · 27 Oct 2026₹1,136.20
Market cap₹30.0k cr
TTM P/E · P/B · EV/EBITDA76.0 · 6.63 · 33.5
UNITED BREWERIES LTD is a Beverages company listed on NSE. The annual-report business brief for this company has not been generated yet; the numbers below are as filed.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 13,124 | 16,651 | 18,380 | 19,409 | 17,463 |
| EBITDA (ex other income) | 697 | 583 | 696 | 815 | 861 |
| margin % | 5.3 | 3.5 | 3.8 | 4.2 | 4.9 |
| Owners' profit | 365 | 304 | 410 | 442 | 413 |
| EPS, as reported (₹) | 13.82 | 11.50 | 15.51 | 16.71 | 15.63 |
| ROE % · ROCE % | 9.3 · 12.8 | 7.7 · 10.5 | 9.8 · 13.2 | 10.1 · 13.9 | 9.1 · 13.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.02 | 0.14 | 0.26 |
| Cash from operations | 900 | (120) | 77 | 235 | 435 |
| Capex | (174) | (156) | (192) | (258) | (512) |
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · UNITED BREWERIES LTD · 28 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,744 | 4,427 | 4,427 | 5,381 | 3,737 | 3,937 | 4,408 | 5,919 |
| Profit before tax | 178 | 61 | 132 | 248 | 66 | 132 | 116 | 224 |
| Net profit | 132 | 39 | 98 | 184 | 46 | 81 | 102 | 166 |
| EPS (₹) | 5.00 | 1.45 | 3.69 | 6.95 | 1.76 | 3.06 | 3.85 | 6.29 |
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Beer | 13,050 | 100.0 |
| Non-alcoholic beverages | 5 | 0.0 |
| Total, before eliminations | 13,055 | 100.0 |
Source: the filed segment block, four quarters summed.
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 92,075 | 47.9 | 10.28 | 34.1 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 57,457 | 68.8 | 17.33 | 56.8 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD ◆ | 30,041 | 76.0 | 6.63 | 34.0 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,356 | 88.4 | 11.48 | 36.1 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,041 | — | 4.04 | 66.2 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,540 | 39.1 | 6.15 | 25.1 | 15.3 | 17.5 | 18.3 | 17.3 |
| INDIA GLYCOLS LTD | 2,225 | 6.7 | 0.76 | 5.8 | 10.0 | 7.3 | 12.6 | 5.7 |
| GLOBUS SPIRITS LTD | 2,126 | 17.9 | 1.95 | 9.7 | 8.4 | 8.5 | 16.7 | 6.9 |
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 76.0 | 32.8 | 17 of 21 | 20% |
| P/B | 6.6 | 1.9 | 21 of 25 | 17% |
| ROCE | 12.1 | 3.7 | 10 of 26 | 64% |
| ROE | 9.1 | 5.6 | 11 of 25 | 58% |
| Debt / Equity | 0.3 | 0.5 | 9 of 25 | 67% |
| EBITDA margin | 5.6 | 6.4 | 15 of 23 | 36% |
| Revenue growth | 10.0 | 10.2 | 12 of 22 | 48% |
| Profit growth | (9.7) | 6.1 | 14 of 23 | 41% |
| Market cap | 30041 | 740 | 3 of 26 | 92% |
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · UNITED BREWERIES LTD · 28 October 2026Page 3 of 3
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 revenue up 24%, PAT up 191%; CCI and Bihar risks remain | results | medium | — | — |
| 27 Oct 2026 · Investor presentation filed for Q2 FY2027 results call | investor communications | medium | — | — |
| 27 Oct 2026 · UBL September quarter revenue rises 24%, profit jumps 191% | results | high | — | — |
| 15 Oct 2026 · UBL reschedules Q2 FY26-27 earnings call to 2 PM on October 28 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · UBL Q2 FY27 earnings call set for Oct 28 at 3 PM | board shareholder meetings | low | — | — |
| 9 Oct 2026 · UBL launches Heineken Silver in Assam, now in 11 markets | business updates | medium | — | — |
| 8 Oct 2026 · Routine compliance certificate for dematerialisation of shares, Q2 FY26 | compliance | minimal | — | — |
| 6 Oct 2026 · UBL receives Rs 100.83 cr tax refund for AY 2013-14 and AY 2020-21 | regulatory legal | high | — | — |
| 5 Oct 2026 · UBL board meeting on Oct 27 to approve Q2 FY27 results | results | low | — | — |
| 29 Sept 2026 · UBL gets income tax penalty orders worth about 54.83 crore across 7 assessment years | regulatory legal | high | — | — |
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in