United Breweries share price
NSE: UBLBSE: 532478BeveragesMid Cap
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
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹31,665 Cr228th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 65.37
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹55 crore of one-off items, the largest of them in the quarter to Mar 2026.
- 73.79
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 6.94
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.84%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 10.9%
- ROE without one-offsReturn on equity without one-off items. Core profit, the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹55 crore of one-off items, the largest of them in the quarter to Mar 2026.
- 9.6%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 10.6%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.22
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 48,31,65216.2% 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
Regions and markets
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
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. Exchange filing, 1 Sep 2026, page 3
- 2. Annual report, 20 Jul 2026, page 66
- 3. Annual report, 20 Jul 2026, page 4
- 4. Annual report, 20 Jul 2026, page 5
- 5. Annual report, 20 Jul 2026, page 8
- 6. Annual report, 20 Jul 2026, page 66
- 7. Annual report, 20 Jul 2026, page 8
- 8. Annual report, 20 Jul 2026, page 103
- 9. Investor presentation, 27 Oct 2026, page 6
- 10. Investor presentation, 27 Oct 2026, page 3
- 11. Investor presentation, 27 Oct 2026, page 6
- 12. Investor presentation, 27 Oct 2026, page 7
- 13. Investor presentation, 27 Oct 2026, page 9
- 14. Annual report, 20 Jul 2026, page 16
- 15. Annual report, 20 Jul 2026, page 53
- 16. Annual report, 20 Jul 2026, page 53
- 17. Investor presentation, 27 Oct 2026, page 3
- 18. Annual report, 20 Jul 2026, page 53
- 19. Annual report, 20 Jul 2026, page 66
- 20. Earnings call, 5 Aug 2026, page 16
- 21. Earnings call, 5 Aug 2026, page 3
- 22. Investor presentation, 27 Oct 2026, page 8
- 23. Annual report, 20 Jul 2026, page 66
- 24. Annual report, 20 Jul 2026, page 66
- 25. Annual report, 20 Jul 2026, page 7
- 26. Exchange filing, 17 Jul 2026, page 2
- 27. Earnings call, 5 Aug 2026, page 4
- 28. Annual report, 20 Jul 2026, page 69
- 29. Annual report, 20 Jul 2026, page 69
- 30. Annual report, 20 Jul 2026, page 11
- 31. Annual report, 20 Jul 2026, page 20
- 32. Exchange filing, 1 Sep 2026, page 2
- 33. Annual report, 20 Jul 2026, page 14
- 34. Annual report, 20 Jul 2026, page 53
- 35. Earnings call, 5 Aug 2026, page 7
- 36. Earnings call, 5 Aug 2026, page 10
- 37. Earnings call, 5 Aug 2026, page 3
- 38. Earnings call, 5 Aug 2026, page 16
- 39. Annual report, 20 Jul 2026, page 62
- 40. Exchange filing, 29 Sep 2026, page 1
- 41. Exchange filing, 29 Sep 2026, page 2
- 42. Exchange filing, 29 Sep 2026, page 3
- 43. Exchange filing, 2 Jul 2026, page 1
- 44. Exchange filing, 2 Jul 2026, page 2
- 45. Exchange filing, 2 Jul 2026, page 2
- 46. Exchange filing, 12 May 2026, page 1
- 47. Exchange filing, 12 May 2026, page 2
- 48. Exchange filing, 12 May 2026, page 2
Results
Consolidated; ₹ crore.United Breweries quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +5.1%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +32.2%
Quarter to Sep 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹4,623 Crdown 21.90%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹135 Crdown 18.93%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 2.9%
Revenue by quarter
Net profit by quarter, a loss in red
| ₹ crore | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,427what Revenue, Dec 2024, includes. This period's revenue includes excise duty of ₹2,426 crore, a tax on the goods the company makes that it collects and pays to the government. | 4,427what Revenue, Mar 2025, includes. This period's revenue includes excise duty of ₹2,104 crore, a tax on the goods the company makes that it collects and pays to the government. | 5,381what Revenue, Jun 2025, includes. This period's revenue includes excise duty of ₹2,516 crore, a tax on the goods the company makes that it collects and pays to the government. | 3,737what Revenue, Sep 2025, includes. This period's revenue includes excise duty of ₹1,684 crore, a tax on the goods the company makes that it collects and pays to the government. | 3,937what Revenue, Dec 2025, includes. This period's revenue includes excise duty of ₹1,864 crore, a tax on the goods the company makes that it collects and pays to the government. | 4,408what Revenue, Mar 2026, includes. This period's revenue includes excise duty of ₹2,158 crore, a tax on the goods the company makes that it collects and pays to the government. | 5,919what Revenue, Jun 2026, includes. This period's revenue includes excise duty of ₹2,853 crore, a tax on the goods the company makes that it collects and pays to the government. | 4,623what Revenue, Sep 2026, includes. This period's revenue includes excise duty of ₹2,086 crore, a tax on the goods the company makes that it collects and pays to the government. |
| Net profit | 39 | 98 | 184 | 46 | 81 | 102 | 166 | 135 |
| Net margin | 0.9% | 2.2% | 3.4% | 1.2% | 2.1% | 2.3% | 2.8% | 2.9% |
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹17,463 Crdown 10.02%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹413 Crdown 6.56%
- Net margin
- 2.4%
Revenue by year
Net profit by year, a loss in red
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 10,230 | 12,431what Revenue, Mar 2018, includes. This period's revenue includes excise duty of ₹6,812 crore, a tax on the goods the company makes that it collects and pays to the government. | 14,140 | 14,651what Revenue, Mar 2020, includes. This period's revenue includes excise duty of ₹8,142 crore, a tax on the goods the company makes that it collects and pays to the government. | 10,186what Revenue, Mar 2021, includes. This period's revenue includes excise duty of ₹5,943 crore, a tax on the goods the company makes that it collects and pays to the government. | – | 16,651what Revenue, Mar 2023, includes. This period's revenue includes excise duty of ₹9,151 crore, a tax on the goods the company makes that it collects and pays to the government. | 18,380what Revenue, Mar 2024, includes. This period's revenue includes excise duty of ₹10,257 crore, a tax on the goods the company makes that it collects and pays to the government. | 19,409what Revenue, Mar 2025, includes. This period's revenue includes excise duty of ₹10,493 crore, a tax on the goods the company makes that it collects and pays to the government. | 17,463what Revenue, Mar 2026, includes. This period's revenue includes excise duty of ₹8,224 crore, a tax on the goods the company makes that it collects and pays to the government. |
| Net profit | 230 | 395 | 563 | 428 | 114 | – | 305 | 411 | 442 | 413 |
| Net margin | 2.2% | 3.2% | 4.0% | 2.9% | 1.1% | – | 1.8% | 2.2% | 2.3% | 2.4% |
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
At or below today's level on 21% of 2,271 trading days over the last 10 years.
At or below today's level on 1% of 1,951 trading days since Nov 2018.
At or below today's level on 99% of 2,431 trading days over the last 10 years.
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend 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% |
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
- AddedAdded. Funds that held more shares than at the end of the month before.
- 40
- CutCut. Funds that held fewer shares than at the end of the month before.
- 36
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 28
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 2
| Fund | |||
|---|---|---|---|
| 57,20,000 | 1.64% | ₹662.4 Cr | |
| 50,00,000 | 0.67% | ₹579.1 Cr | |
| 43,23,514 | 0.60% | ₹500.7 Cr | |
| 29,95,350 | 0.65% | ₹346.9 Cr | |
| 29,00,000 | 1.43% | ₹335.8 Cr | |
| 27,38,149 | 1.00% | ₹317.1 Cr | |
| 24,72,000 | 0.57% | ₹286.3 Cr | |
| 24,42,516 | 0.55% | ₹282.9 Cr | |
| 20,75,000 | 0.45% | ₹240.3 Cr | |
| 12,19,590 | 0.47% | ₹141.2 Cr |
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
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| 89,275 | 48.32 | 9.85 | +0.3% | +12.8% | 21.2% | 21.6% | 1.39% | |
| 55,406 | 69.58 | 15.10 | +14.3% | +74.0% | 24.0% | 27.9% | 0.22% | |
| 19,641 | 86.08 | 11.97 | −3.4% | −11.2% | 14.3% | 15.5% | 0.77% | |
| 12,483 | – | 4.19 | +98.9% | −113.0% | −1.9% | 7.1% | 0.20% | |
| 5,596 | 39.82 | 6.21 | +29.7% | +30.5% | 17.8% | 14.7% | 0.18% | |
| 2,326 | 23.13 | – | +6.4% | +298.5% | 9.6% | 11.3% | 0.88% | |
| 2,222 | – | – | +11.4% | +29.8% | – | – | 0.46% | |
| 1,842 | 10.64 | 1.62 | +23.3% | +20.9% | 16.3% | 17.2% | 1.12% |
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
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossary| Ex-date | Type | Per share |
|---|---|---|
| 7 Aug 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹10.00 |
| 31 Jul 2025 | Final | ₹10.00 |
| 25 Jul 2024 | Final | ₹10.00 |
| 3 Aug 2023 | Final | ₹7.50 |
| 2 Aug 2022 | Final | ₹10.50 |
| 1 Jul 2021 | Final | ₹0.50 |
Latest announcements
Routine notices left out.United Breweries announcements
Oct 2026
27 Oct · Results
15 Oct · Analysts
14 Oct · Analysts
9 Oct · Business
United Breweries share price by year
Each calendar year to 2025.United Breweries share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 1,621.70 | −20.4% | 2,238.90 | 1,588.20 |
| 2024 | 2,037.00 | +14.1% | 2,180.90 | 1,661.20 |
| 2023 | 1,785.15 | +5.0% | 1,785.15 | 1,369.55 |
| 2022 | 1,699.80 | +7.2% | 1,783.55 | 1,301.30 |
| 2021 | 1,586.05 | +33.7% | 1,778.60 | 1,084.15 |
| 2020 | 1,186.35 | −6.6% | 1,343.00 | 802.50 |
| 2019 | 1,270.05 | −7.8% | 1,485.75 | 1,201.05 |
| 2018 | 1,377.00 | +27.6% | 1,444.85 | 941.85 |
| 2017 | 1,079.00 | +38.4% | 1,147.85 | 731.75 |
| 2016 | 779.55 | −17.7% | 962.30 | 710.10 |
Recent sessions
The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 27 Oct 2026 | 1,132.00 | 1,151.00 | 1,130.00 | 1,143.60 | 1,140.23 | 76,806 | 39.9% |
| 26 Oct 2026 | 1,142.60 | 1,155.90 | 1,128.60 | 1,136.20 | 1,137.91 | 62,564 | 33.1% |
| 23 Oct 2026 | 1,188.00 | 1,188.00 | 1,140.00 | 1,142.60 | 1,148.42 | 1,20,201 | 51.0% |
| 22 Oct 2026 | 1,179.80 | 1,192.30 | 1,166.50 | 1,182.60 | 1,181.71 | 91,512 | 45.3% |
| 21 Oct 2026 | 1,204.80 | 1,205.30 | 1,168.80 | 1,179.80 | 1,179.98 | 2,14,466 | 65.2% |
| 19 Oct 2026 | 1,200.00 | 1,208.90 | 1,191.50 | 1,204.80 | 1,204.42 | 5,57,500 | 89.7% |
| 16 Oct 2026 | 1,203.60 | 1,209.70 | 1,198.60 | 1,201.60 | 1,202.64 | 71,668 | 54.2% |
| 15 Oct 2026 | 1,209.00 | 1,229.00 | 1,192.50 | 1,203.60 | 1,209.16 | 77,772 | 45.6% |
| 14 Oct 2026 | 1,196.40 | 1,228.00 | 1,192.10 | 1,206.80 | 1,211.54 | 2,35,397 | 55.8% |
Company details
- NSE symbol
- UBL
- BSE code
- 532478
- ISIN
- INE686F01025
- Industry
- Beverages
- Website
- www.unitedbreweries.com
- 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