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United Breweries Limited (UBL) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹356B

UB United Breweries Limited UBL · NSE
Price₹1,345
Fair Value₹197.72
Upside-85.3%
Quality49/100
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Evidence: High Range ₹150.00 – ₹332.67

Fair value as of: Jul 3, 2026

From 17 valuation models · updated today

Share price +0.4% over the past month.

Price vs Fair Value (12 months)

₹2,036 ₹1,286 Fair Value ₹197.72 Jul 2025 Jul 2026

12‑month range ₹1,286 – ₹2,036 · fair‑value band ₹150.00 – ₹332.67 · the ₹1,345 price screens above the ₹197.72 fair value. As of Jul 3, 2026.

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Analysis

United Breweries Limited (UBL) currently trades at ₹1,345, while our model-based Fair Value estimate is ₹197.72 — implying the stock looks roughly 85.3% overvalued today. We read business quality at 49/100 (below-average quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium — the entry price still matters most (evidence: high).

Over the trailing twelve months, United Breweries Limited generated revenue of ₹92.4B at a net margin of 4.5%. Revenue declined 3.1% year over year. It earns a return on equity of 9.3%. Net debt stands at ₹7.4B. Fundamentals as of Jul 3, 2026

Key figures & financial health

Revenue (TTM) ₹92.4B
Revenue growth (YoY) -3.1%
Net margin 4.5%
Return on equity 9.3%
Free cash flow −₹932M FY2026
P/E ratio 86.2
More key figures
Operating margin 2.8%
EPS (TTM) ₹15.61
Dividend yield 0.7%
EPS growth (YoY) +4.3%
Net debt ₹7.4B FY2026

Figures from reported company fundamentals (EODHD) · as of Jul 3, 2026. TTM = trailing twelve months.

About the company

United Breweries Limited engages in manufacture, purchase, and sale of beer and non-alcoholic beverages in India and internationally. The company offers beer products under the Heineken Original, Heineken Silver, Kingfisher Premium, Kingfisher Strong, Kingfisher Ultra, Kingfisher Ultra Max, Kingfisher Ultra Witbier, Amstel Bier, Amstel Grande, Bullet, Bullet Super Strong, Cannon 10000, Zingaro, Kingfisher Storm, Kingfisher Blue, Kingfisher Flavour Mango and lemon, Kalyani Black Label, UB Export Lager, UB Export Strong, London Pilsner Premium, London Pilsner Premium Strong, and Queenfisher brands; and non-alcoholic products under the Kingfisher Premium Packaged Drinking Water, Kingfisher Strong Power Soda, Kingfisher Ultra-Premium Soda, and Heineken 0.0. It also licenses its brands; and offers contract manufacturing services. In addition, the company is involved in scrap sales. The company was founded in 1915 and is based in Bengaluru, India. United Breweries Limited operates as a …

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

United Breweries Limited reported revenue of ₹92.4B in FY2026 versus ₹56.0B in FY2022, a compound +13.3%/yr. Reported net income was ₹4.1B in FY2026, compounding +3.1%/yr from FY2022.

Revenue +13.3%/yr
FY22 ₹56.0B
FY23 ₹73.3B
FY24 ₹78.8B
FY25 ₹85.9B
FY26 ₹92.4B
Net income +3.1%/yr
FY22 ₹3.7B
FY23 ₹3.0B
FY24 ₹4.1B
FY25 ₹4.4B
FY26 ₹4.1B

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Similar stocks

6 more Beverages - Brewers stocks, each showing price versus our Fair Value estimate (as of Jul 3, 2026).

Stock Price Fair Value vs Fair Value
Ambev S.A ABEV 14,120 ARS 5,676 ARS -60%
Anheuser-Busch InBev SA 1ABI €72.28 €46.17 -36%
1NBA 1NBA €71.18 €62.02 -13%
Fomento Económico Mexicano, S.A. FEMSAUBD 213.28 MXN 429.71 MXN +101%
Heineken N.V HINKF $80.94 $70.01 -14%
Constellation Brands, Inc STZ $143.38 $177.43 +24%

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Frequently asked questions

Is United Breweries Limited (UBL) undervalued?
As of Jul 3, 2026, our model estimates a fair value of ₹197.72 versus a price of ₹1,345 — about −85% (overvalued). Model-based estimate, not financial advice.
What is the fair value of UBL?
Our model-based fair value for United Breweries Limited is ₹197.72 (as of Jul 3, 2026), built from audited fundamentals. The current price is ₹1,345.
What is the quality score of UBL?
United Breweries Limited has a Quality Score of 49/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of United Breweries Limited (UBL)?
United Breweries Limited reported trailing-twelve-month revenue of about ₹92.4B (latest available figure, as of Jul 3, 2026).
What is the net profit margin of UBL?
The net profit margin of United Breweries Limited is about 4.5%, meaning it keeps roughly 4.5% of revenue as net income. Based on the latest reported figures.
Does United Breweries Limited pay a dividend?
United Breweries Limited currently shows a dividend yield of about 0.74% relative to its recent price (as of Jul 3, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.