United Breweries logo

United Breweries share price

NSE: UBLBSE: 532478BeveragesMid Cap

United Breweries Limited · Face value ₹1 · Listed Oct 2002 on BSE, Jul 2008 on NSE
Last close ₹1,197.60up ₹54.00 (4.72%)BSE ₹1,199.75

Share price at the NSE close on 28 Oct 2026. Previous close ₹1,143.60.

28 Oct: open ₹1,211.00, high ₹1,317.40, low ₹1,173.00

52-week range of traded prices to 28 Oct 2026
₹1,128.60Low, 26 Oct 2026₹1,844.00High, 29 Oct 2025
Market cap
₹31,665 Cr228th largest listed
P/E
65.37
P/E without one-offs
73.79
P/B
6.94
Dividend yield
0.84%
ROE
10.9%
ROE without one-offs
9.6%
ROCE
10.6%
Debt to equity
0.22
Volume, NSE
48,31,65216.2% delivered

United Breweries share price chart

Daily closes since Jan 2007, BSE closes Jan 2007 to Jul 2008, adjusted for splits and bonuses

−34.7%over a year · Nifty FMCG −23.6% · Nifty 500 −8.8%

Results20-session average 4,56,146 shares a day, 53.1% delivered

About United Breweries

United Breweries Limited is a Bengaluru-headquartered beer manufacturer in India and part of The HEINEKEN Company.1 It sells its beer to state governments and state-owned corporations, and to distributors in the open market.2 Besides beer, it makes packaged drinking water, soda and non-alcoholic drinks.1

Its brands include Kingfisher, Kingfisher Ultra, Heineken, Heineken Silver, Amstel, UB Export, London Pilsner, Bullet, Kalyani Black Label and Heineken 0.0.3 The range spans mass premium, premium and super-premium beer, made in the company's own breweries and by contract manufacturers across India.4

Its history goes back to 15 Mar 1915, when Thomas Leishman brought several breweries together to form United Breweries Limited in Madras.5 The present company was incorporated in 1999.6 HEINEKEN became its promoter in 2009, when it acquired control of Scottish & Newcastle, and took majority control in 2021 through a block deal (a large single trade of shares) that raised the HEINEKEN group's holding from 46.52% to 61.52%.78

United Breweries key points

Results

  • In the quarter to Sep 2026, standalone net sales (the company alone, without subsidiaries) rose 24% to ₹2,536 crore, EBITDA (earnings before interest, tax, depreciation and amortisation) rose 108%, including ₹36 crore of one-off interest income, and profit after tax rose 190% to ₹136 crore.91011
  • In the half year to Sep 2026, standalone net sales rose 14% to ₹5,601 crore and profit after tax was ₹302 crore.1213
  • In the year to Mar 2026, standalone net revenue was ₹9,233 crore (gross turnover ₹17,45,621 lakh), EBITDA ₹850 crore and profit after tax ₹413 crore, down 6.35%. The board proposed a dividend of ₹10 a share, about 64% of profit after tax.141516
  • Sell-in volume (beer sold to the trade) rose 16% in the quarter to Sep 2026, with premium volume up 38%. In the year to Mar 2026, volume grew 3% and the premium segment close to 21%.1718

Revenue mix

  • Beer made up 98.99% of the company's turnover in the year to Mar 2026.19
  • On its earnings call of 5 Aug 2026, the company said premium beer is almost 10% to 11% of its revenue, and that premium margins became accretive (above its average margin) for the first time in the quarter to Jun 2026.2021

Regions and markets

  • Volume growth by region, quarter to Sep 202622
    Itemquarter to Sep 2026
    South+24%
    West+21%
    North+10%
    East+7%
  • Exports were 1.28% of turnover in the year to Mar 2026. The company sells in 28 states, 8 union territories and 50 other countries.2324

Plants and capacity

  • As of 31 Mar 2026, the company owned 21 manufacturing plants; 3 of them, at Naubatpur, Cherthala and Mangalore, were not operating.25
  • On 17 Jul 2026, the company commissioned a new canning line at its Nizam Brewery in Telangana, part of a ₹90 crore investment, taking the brewery's capacity from 0.5 million to 0.9 million hectolitres.26
  • On its earnings call of 5 Aug 2026, the company said it closed its Punjab brewery in the quarter to Jun 2026.27

Customers and partners

  • In the year to Mar 2026, the company's top 10 dealers and distributors, which include government corporations, took 62.21% of its sales to dealers and distributors.2829

Expansion and capital spending

  • The company stated in its annual report for the year to Mar 2026 that it completed lease registration in November 2025 for a greenfield brewery (a new plant on fresh land) in Unnao district, Uttar Pradesh, with environmental clearance, to fill cans and bottles.3031
  • In its exchange filing of 1 Sep 2026, the company said a ₹110 crore canning line at its Ellora Brewery in Maharashtra, with a capacity of 40,000 cans per hour, was expected to start in September 2026, subject to approvals; its documents give no outcome.32
  • The company stated in its annual report for the year to Mar 2026 that it announced a partnership with Soufflet Malt to establish a malthouse (a plant turning barley into malt) in South Rajasthan, with a first-phase capacity of 110,000 tonnes a year.33
  • Capital spending on breweries and commercial assets was ₹51,106 lakh in the year to Mar 2026.34

What the company expects

  • On its earnings call of 5 Aug 2026, the company said its ambition for the current financial year is double-digit revenue growth, ahead of the beer category's growth.35
  • On its earnings call of 5 Aug 2026, the company said it now expects the full-year cost impact of the Middle East conflict at ₹350 crore to ₹400 crore, down from ₹400 crore to ₹500 crore.3637
  • On its earnings call of 5 Aug 2026, the company said it aims for premium beer to reach almost 20% of revenue.38

Litigation and regulatory matters

  • As of its annual report of 20 Jul 2026, the company's appeal against a ₹751.83 crore Competition Commission of India penalty was pending in the Supreme Court. The court stayed the penalty on 17 Feb 2023, subject to a further deposit of 10% of it.39
  • In its exchange filing of 29 Sep 2026, the company said the Income Tax Department issued penalty orders totalling ₹54,82,99,656 on issues still under appeal; it expects no material financial impact beyond a statutory pre-deposit (a deposit required to file an appeal).404142
  • In its exchange filing of 2 Jul 2026, the company said the Market Committee, Patiala, demanded market fee, rural development fund, penalty and interest on barley it bought and processed from April 2020 to March 2026, a demand it is challenging.434445
  • In its exchange filing of 12 May 2026, the company said the Maharashtra Sales Tax Tribunal reduced to nil a ₹275 crore tax demand for the year to Mar 2019, which an appeal had earlier cut to ₹7 crore.464748

Last updated

All 48 sources, each with its page
  1. 1. Exchange filing, 1 Sep 2026, page 3
  2. 2. Annual report, 20 Jul 2026, page 66
  3. 3. Annual report, 20 Jul 2026, page 4
  4. 4. Annual report, 20 Jul 2026, page 5
  5. 5. Annual report, 20 Jul 2026, page 8
  6. 6. Annual report, 20 Jul 2026, page 66
  7. 7. Annual report, 20 Jul 2026, page 8
  8. 8. Annual report, 20 Jul 2026, page 103
  9. 9. Investor presentation, 27 Oct 2026, page 6
  10. 10. Investor presentation, 27 Oct 2026, page 3
  11. 11. Investor presentation, 27 Oct 2026, page 6
  12. 12. Investor presentation, 27 Oct 2026, page 7
  13. 13. Investor presentation, 27 Oct 2026, page 9
  14. 14. Annual report, 20 Jul 2026, page 16
  15. 15. Annual report, 20 Jul 2026, page 53
  16. 16. Annual report, 20 Jul 2026, page 53
  17. 17. Investor presentation, 27 Oct 2026, page 3
  18. 18. Annual report, 20 Jul 2026, page 53
  19. 19. Annual report, 20 Jul 2026, page 66
  20. 20. Earnings call, 5 Aug 2026, page 16
  21. 21. Earnings call, 5 Aug 2026, page 3
  22. 22. Investor presentation, 27 Oct 2026, page 8
  23. 23. Annual report, 20 Jul 2026, page 66
  24. 24. Annual report, 20 Jul 2026, page 66
  25. 25. Annual report, 20 Jul 2026, page 7
  26. 26. Exchange filing, 17 Jul 2026, page 2
  27. 27. Earnings call, 5 Aug 2026, page 4
  28. 28. Annual report, 20 Jul 2026, page 69
  29. 29. Annual report, 20 Jul 2026, page 69
  30. 30. Annual report, 20 Jul 2026, page 11
  31. 31. Annual report, 20 Jul 2026, page 20
  32. 32. Exchange filing, 1 Sep 2026, page 2
  33. 33. Annual report, 20 Jul 2026, page 14
  34. 34. Annual report, 20 Jul 2026, page 53
  35. 35. Earnings call, 5 Aug 2026, page 7
  36. 36. Earnings call, 5 Aug 2026, page 10
  37. 37. Earnings call, 5 Aug 2026, page 3
  38. 38. Earnings call, 5 Aug 2026, page 16
  39. 39. Annual report, 20 Jul 2026, page 62
  40. 40. Exchange filing, 29 Sep 2026, page 1
  41. 41. Exchange filing, 29 Sep 2026, page 2
  42. 42. Exchange filing, 29 Sep 2026, page 3
  43. 43. Exchange filing, 2 Jul 2026, page 1
  44. 44. Exchange filing, 2 Jul 2026, page 2
  45. 45. Exchange filing, 2 Jul 2026, page 2
  46. 46. Exchange filing, 12 May 2026, page 1
  47. 47. Exchange filing, 12 May 2026, page 2
  48. 48. Exchange filing, 12 May 2026, page 2

Results

Consolidated; ₹ crore.United Breweries quarterly results

Revenue growth, 12 months
+5.1%
Net profit growth, 12 months
+32.2%

Quarter to Sep 2026, against the quarter before

Revenue
₹4,623 Crdown 21.90%
Net profit
₹135 Crdown 18.93%
Net margin
2.9%

Revenue by quarter

₹4,427 CrDec 24₹4,427 CrMar 25₹5,381 CrJun 25₹3,737 CrSep 25₹3,937 CrDec 25₹4,408 CrMar 26₹5,919 CrJun 26₹4,623 CrSep 26
Peak revenue ₹5,919 Cr, quarter to Jun 2026; lowest ₹3,737 Cr, quarter to Sep 2025

Net profit by quarter, a loss in red

₹39 CrDec 24₹98 CrMar 25₹184 CrJun 25₹46 CrSep 25₹81 CrDec 25₹102 CrMar 26₹166 CrJun 26₹135 CrSep 26
₹ croreDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue4,4274,4275,3813,7373,9374,4085,9194,623
Net profit39981844681102166135
Net margin0.9%2.2%3.4%1.2%2.1%2.3%2.8%2.9%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

In the year to Mar 2026 the company reports one business segment, Manufacture and Supply of Beer, which carries all its revenue.

Valuation

Today, against the company's own history.United Breweries PE ratio and valuation

Price to earnings

At or below today's level on 21% of 2,271 trading days over the last 10 years.

LowestHighest
Its median105.36Industry median30.57
Price to book

At or below today's level on 1% of 1,951 trading days since Nov 2018.

LowestHighest
Its median10.75Industry median1.83
Dividend yield

At or below today's level on 99% of 2,431 trading days over the last 10 years.

LowestHighest
Its median0.23%Industry median0.72%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year−22.3%−6.5%−17.6%0.6%
3 years+3.2%+10.8%−7.3%0.6%
5 years+5.0%+29.6%−19.4%0.6%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 1, 3 and 5 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the years to Mar 2023 and Mar 2026.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.United Breweries shareholding pattern

Shareholding by group

  • Promoters70.83%
  • Foreign institutions5.36%
  • Indian institutions17.28%
  • Governments1.16%
  • Individuals and others5.38%
Holder
SCOTTISH AND NEWCASTLE INDIA LIMITEDPromoter34.04%
HEINEKEN INTERNATIONAL B.VPromoter24.27%
VIJAY MALLYAPromoter8.08%
HEINEKEN UK LIMITEDPromoter3.21%
KAMSCO INDUSTRIES PRIVATE LIMITEDPromoter1.24%
DERIVE TRADING AND RESORTS PRIVATE LIMITEDCompanies1.23%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Promoters have pledged 12.40% of their shares. Since Jun 2026: promoters unchanged, foreign institutions +0.48 pts, Indian institutions −0.50 pts, mutual funds −0.68 pts.

Mutual fund holdings

105 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 66 of the 76 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.All 105 funds holding United Breweries

Added
40
Cut
36
Held unchanged
28
Sold out
2
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

United Breweries competitors and peers

Breweries & Distilleries, 29 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to United Breweries in market cap.FMCG companies

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
United Spirits logoUnited SpiritsUNITDSPR89,27548.329.85+0.3%+12.8%21.2%21.6%1.39%
Radico Khaitan logoRadico KhaitanRADICO55,40669.5815.10+14.3%+74.0%24.0%27.9%0.22%
Allied Blenders and Distillers logoAllied Blenders and DistillersABDL19,64186.0811.97−3.4%−11.2%14.3%15.5%0.77%
Tilaknagar Industries logoTilaknagar IndustriesTI12,483–4.19+98.9%−113.0%−1.9%7.1%0.20%
Piccadily Agro Industries logoPiccadily Agro IndustriesPICCADIL5,59639.826.21+29.7%+30.5%17.8%14.7%0.18%
Globus Spirits logoGlobus SpiritsGLOBUSSPR2,32623.13–+6.4%+298.5%9.6%11.3%0.88%
India Glycols logoIndia GlycolsINDIAGLYCO2,222––+11.4%+29.8%––0.46%
GM Breweries logoGM BreweriesGMBREW1,84210.641.62+23.3%+20.9%16.3%17.2%1.12%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

Dividends

Per share, by the year it was paid for, and the latest payments.United Breweries dividend history

Dividend per share, ₹, restated for later splits and bonuses

1.2Mar 172Mar 182.5Mar 192.5Mar 200.5Mar 2111Mar 227.5Mar 2310Mar 2410Mar 2510Mar 26
Highest ₹10.50 a share, year to Mar 2022.
Ex-dateTypePer share
7 Aug 2026Final₹10.00
31 Jul 2025Final₹10.00
25 Jul 2024Final₹10.00
3 Aug 2023Final₹7.50
2 Aug 2022Final₹10.50
1 Jul 2021Final₹0.50
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.United Breweries announcements

United Breweries share price by year

Each calendar year to 2025.United Breweries share price history

YearClose at year endChangeHighest closeLowest close
20251,621.70−20.4%2,238.901,588.20
20242,037.00+14.1%2,180.901,661.20
20231,785.15+5.0%1,785.151,369.55
20221,699.80+7.2%1,783.551,301.30
20211,586.05+33.7%1,778.601,084.15
20201,186.35−6.6%1,343.00802.50
20191,270.05−7.8%1,485.751,201.05
20181,377.00+27.6%1,444.85941.85
20171,079.00+38.4%1,147.85731.75
2016779.55−17.7%962.30710.10
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
27 Oct 20261,132.001,151.001,130.001,143.601,140.2376,80639.9%
26 Oct 20261,142.601,155.901,128.601,136.201,137.9162,56433.1%
23 Oct 20261,188.001,188.001,140.001,142.601,148.421,20,20151.0%
22 Oct 20261,179.801,192.301,166.501,182.601,181.7191,51245.3%
21 Oct 20261,204.801,205.301,168.801,179.801,179.982,14,46665.2%
19 Oct 20261,200.001,208.901,191.501,204.801,204.425,57,50089.7%
16 Oct 20261,203.601,209.701,198.601,201.601,202.6471,66854.2%
15 Oct 20261,209.001,229.001,192.501,203.601,209.1677,77245.6%
14 Oct 20261,196.401,228.001,192.101,206.801,211.542,35,39755.8%
Prices in ₹ per share as traded, not adjusted.

Company details

Chairperson
Anand Kripalu
At the end of the quarter to Sep 2026
Managing director and CEO
Vivek Gupta
At the end of the quarter to Sep 2026
NSE symbol
UBL
BSE code
532478
ISIN
INE686F01025
Industry
Beverages
CIN
L36999KA1999PLC025195
Corporate identity number, the registrar of companies' code for it
Incorporated
1999
Registered office
UB Tower, UB City, #24 Vittal Mallya Road, Bengaluru 560001, Karnataka
Share registrar
Integrated Registry Management Services Pvt. Ltd (Integrated Enterprises (India) Ltd)
Keeps the register of shareholders and handles transfers and dividend payments