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India's largest beer maker (Kingfisher brand), majority owned by Heineken of the Netherlands.
India's largest beer maker (Kingfisher brand), majority owned by Heineken of the Netherlands.
Sells beer into a market where each state sets its own taxes, prices and distribution rules, so margins depend on how state governments allow price increases and how taxes change. Heineken controls it, and under that backing it brews and sells Heineken in India alongside Kingfisher.
Moat: wide (brand, distribution, scale). Kingfisher's iconic brand and India-wide brewing/distribution scale, reinforced by Heineken's backing, are hard to replicate.
Headquarters: Bengaluru, India · Founded: 1915 · Employees: 2,964
Size United Breweries (UBL.NS) is an India Consumer Staples company (Beverages: Alcoholic) with a market value of $3.33B, the 268th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,190 on 6 Nov 2026.
Performance Over six months the shares fell 16.7%, against +4.3% for the median peer and 0.0% for the India market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 7.4% over the last twelve months (peer median -4.5%); the operating margin is 5.9% (peer median 13.8%).
Valuation It trades at 65.9× forward earnings against a peer median of 21.9× (3rd most expensive of 21).
Capital Return on invested capital runs 3.9 points below its cost of capital (12.6% WACC).
Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹99.3B | ₹92.4B | ₹89.2B | ₹81.2B | ₹75.0B |
| Revenue growth | — | +4% | +10% | +8% | — |
| Gross profit | ₹32.5B | ₹25.3B | ₹24.1B | ₹21.3B | ₹19.7B |
| EBITDA | ₹9.06B | ₹8.27B | ₹8.51B | ₹7.03B | ₹6.24B |
| Net income | ₹4.84B | ₹4.13B | ₹4.42B | ₹4.10B | ₹3.04B |
| Free cash flow | n/a | -₹932M | -₹120M | -₹782M | -₹2.47B |
| Capital expenditure | n/a | ₹5.12B | ₹2.58B | ₹1.92B | ₹1.56B |
| Total debt | ₹11.2B | ₹13.2B | ₹6.20B | ₹1.02B | ₹156M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | UBL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.3% | +6.4% | 4th lowest of 21 |
| 6-month return | -16.7% | +4.3% | 5th lowest of 21 |
| Distance from 52-week high | -34.9% | -18.5% | 5th lowest of 21 |
| Revenue growth (TTM) | +7.4% | -4.5% | 4th highest of 21 |
| Operating margin | 5.9% | 13.8% | 6th lowest of 21 |
| Forward P/E | 65.9× | 21.9× | 3rd most expensive of 21 |
| ROIC minus cost of capital | -3.9 pp | -0.5 pp | 6th lowest of 21 |
| EV / EBITDA | 35.2× | 18.9× | 3rd most expensive of 11 |
| Net debt / EBITDA | 0.6× | 1.9× | 4th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| United Breweries UBL.NS | India | $3.33B | -17% | +7% | 6% | 65.9× | n/a | n/a |
| Royal Unibrew A/S RBREW.CO | Denmark | $3.37B | +11% | +3% | 14% | 13.3× | -7.1% | +16.5% |
| ZJLD 6979.HK | Hong Kong | $3.41B | -3% | -29% | 13% | 27.6× | n/a | n/a |
| Treasury Wine Estates TWE.AX | Australia | $3.56B | +52% | -12% | 17% | 18.4× | 9.3% | -0.4% |
| Remy Cointreau RCO.PA | France | $3.08B | +30% | -5% | 16% | 29.2× | 17.0% | -1.5% |
| Guangzhou Zhujiang Brewery 002461.SZ | China | $2.91B | -15% | +2% | 15% | 19.8× | -5.8% | +6.9% |
| Chongqing Brewery 600132.SS | China | $2.88B | -28% | -4% | 20% | 17.3× | -8.9% | +6.2% |
| Takara 2531.T | Japan | $3.84B | +75% | +9% | 4% | 34.6× | n/a | n/a |
| Beijing Yanjing Brewery 000729.SZ | China | $4.82B | -14% | +7% | 16% | 15.7× | -4.2% | +7.3% |
| Boston Beer SAM | United States | $2.24B | +12% | -4% | 5% | 21.0× | 6.5% | +2.5% |
| Allied Blenders and Distillers ABDL.NS | India | $2.10B | +24% | -20% | 11% | 63.5× | n/a | n/a |
| Sapporo Breweries 2501.T | Japan | $5.34B | +24% | -6% | 5% | 2.8× | 14.8% | +3.1% |
| Anhui Yingjia Distillery 603198.SS | China | $5.35B | +17% | 0% | 41% | 17.1× | 5.3% | +11.7% |
| Sichuan Swellfun 600779.SS | China | $2.06B | -13% | -30% | 20% | 46.3× | 16.6% | +0.1% |
| Compania Cervecerias Unidas S.A. Sponsored ADR CCU | United States | $2.02B | -9% | +6% | 7% | 13.7× | 0.4% | +5.5% |
| Radico Khaitan RADICO.NS | India | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% | +20.5% |
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | China | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% | +15.3% |
| Jiugui Liquor 000799.SZ | China | $1.70B | -18% | +19% | -3% | 271.1× | n/a | n/a |
| Anhui Kouzi Distillery 603589.SS | China | $1.65B | -22% | -19% | 13% | 22.9× | n/a | n/a |
| Hebei Hengshui Laobaigan Liquor 600559.SS | China | $1.64B | -12% | -17% | 11% | 30.7× | 14.2% | +2.4% |
| Shede Spirits 600702.SS | China | $1.61B | -24% | -10% | -1% | 53.4× | n/a | n/a |