Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Oct
Source: Bse
United Breweries Limited (UBL)
Large CapFMCG stocks · Large cap · NSE
United Breweries Limited operates in Alcoholic Beverages, within the FMCG sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 11:45 am ISTDetails
Quote21 Oct, 11:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result05 Aug, 02:17 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
27BearishSMA20 -6.8% / mo · MACD + · near 52W low · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 37
Sector RS: 14
Sector 3M: -11.3% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
UBLD candles · FIT view-19.8%TODAY · PROVISIONALLatest price ₹1184.00 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-1.7%
RSI
41
MACD hist
6.00
52W pos
6%
2026-10-21O ₹1204.80H ₹1205.30L ₹1168.80C ₹1184.00Vol 41,738 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
UBLNifty FMCGNifty 500
- UBL
- -10.8%
- Nifty 500
- -5.6%
- Nifty FMCG
- -10.5%
- Vs Nifty 500
- -5.2 pp
Chart stats
19 Oct 2026- From 52W high
- -34.7%
- 52W range position
- 9%
- ATR (14)
- 2.8%
- Volume vs 20D
- 2.76x
- Avg traded value
- ₹25.7 Cr
- 20D price channel
- ₹1,140.3 - ₹1,289.7
₹1,844
₹1,140.3 - ₹1,844
₹33.8
Latest completed session
20-session average
29.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED31
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +7.1% · PAT -9.8% YoY
Technical
Bearish27
Price trend and sector-relative-strength timing.
Valuation
Legacy model-75.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -10% YoY · margin compression · Rev +7% YoY · +36% QoQ
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,067 Cr | +7.1% | +36.3% |
| EBITDA | ₹283 Cr | -9.0% | +103.6% |
| Operating margin | 9.0% | -200 bps | +300 bps |
| PAT | ₹166 Cr | -9.8% | +62.8% |
| PAT margin | 5.4% | -101 bps | +88 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 92.00
- P/B
- 7.03
- EV/EBITDA
- 30.88
- Market Cap
- 31789.00Cr
Profitability
- ROE
- 7.69%
- ROCE
- 10.70%
- ROA
- 4.09%
- Dividend Y
- 0.83%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- 2.00%
Balance Sheet
- Debt/Equity
- 0.29
- Interest Coverage
- 9.25×
- Altman Z
- 5.74
- Book Value
- 171.00
Cash Flow
- FCF Yield
- 0.08%
- FCF Positive Y
- 9/5
- OCF
- 435.00 Cr
- EPS TTM
- 14.96
Shareholding
- Promoter Hold
- 70.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 9,240+3.6% vs prev
Net Profit
₹ CrLatest: 413-6.6% vs prev
Return on Equity
%Latest: 9.1-9.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 41.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~7.0% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
11
RS percentile
Stage 4 Downtrend
1M return
-3.7%
3M return
-10.8%
6M return
-19.7%
1Y return
-34.3%
RS 1D
+2
RS 20D
+5
Sector rank
#15
Industry rank
#6
Stage evidence
- Price is 11.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -4.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 69.25+1.30%
RS vs Nifty 50069
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth11/25
Quality0/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
31
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
31/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Growth contributes 11/25 to the score.
Main drags
- Fair-value margin of safety is negative at -75.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
92.0
PB
7.0
EV/EBITDA
30.9
ROE
7.7%
ROCE
10.7%
FCF Yield
0.1%
Debt/Equity
0.3
MoS
-75.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
31
Previous: 31
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-75.9%
Previous: -79.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
31
31
31
31
31
31
31
31
31
31
31
31
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹239.91
-393.5% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹673.2
-75.9% MoS
PEG
6.05
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ABDL
Large
Allied Blenders and Distillers Limited
Beverages
match 85
45
93.2
14.3%
-108%
WATCHLIST
RADICO
Mid
Radico Khaitan Limited
Beverages
match 74
48
84.3
20.3%
-88%
FAIR VALUE
UNITDSPR
Large
United Spirits Limited
Beverages
match 71
45
54.2
21.4%
-17%
WATCHLIST
GLOBUSSPR
Small
Globus Spirits Limited
Beverages
match 60
26
24.7
8.8%
-446%
OVERVALUED
SDBL
Small
Som Distilleries & Breweries Limited
Beverages
match 60
25
—
2.3%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer evidence available
United Breweries Limited operates in Alcoholic Beverages, within the FMCG sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Management claims from the latest issuer document are tracked in the accountability section below.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Extracted source claims
demand outlooknot yet verifiable
We remain optimistic about the long-term growth potential of the beer category, driven by increasing disposable income, favorable demographics & premiumization.
Timeframe: long-termDirection: increaseConfidence: optimistic
"optimistic about the long-term growth potential of the beer category"
demand outlooknot yet verifiable
We remain optimistic about the long-term growth potential of the beer category, driven by increasing disposable income, favorable demographics & premiumization.
Timeframe: long-termDirection: increaseConfidence: optimistic
"optimistic about the long-term growth potential of the beer category"
macro expectationnot yet verifiable
Volatility in inflationary pressures will remain.
Timeframe: ongoingConfidence: certain
"volatility will remain"
macro expectationnot yet verifiable
Volatility in inflationary pressures will remain.
Timeframe: ongoingConfidence: certain
"volatility will remain"
margin outlooknot yet verifiable
We continue to focus on revenue management and cost initiatives to drive margin accretion.
Timeframe: ongoingDirection: increaseConfidence: high
"drive margin accretion"
margin outlookdelivered
We continue to focus on revenue management and cost initiatives to drive margin accretion.
Timeframe: ongoingDirection: increaseConfidence: high
"drive margin accretion"
Outcome check: OPM moved from 7.0% to average 11.5% (+4.5 pp).
market share expansionnot yet verifiable
Building further category growth while driving the share of premium in our portfolio remains a key focus.
Timeframe: ongoingDirection: increaseConfidence: high
"driving the share of premium in our portfolio remains a key focus"
market share expansionnot yet verifiable
Building further category growth while driving the share of premium in our portfolio remains a key focus.
Timeframe: ongoingDirection: increaseConfidence: high
"driving the share of premium in our portfolio remains a key focus"
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 1 checked claims. It ranks around the 72nd percentile of the scored universe and 30th percentile within FMCG. Main check: financial discipline is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
80 docs text-extracted · 36 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · FMCG: 30th pctile, median 79 · Large: 51st pctile, median 73
Evidence depth
Financial-only
80 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
1/4 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
52
watch · capital discipline
Results
56
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 70.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸9 years of positive FCF.
Trust risks
- ▸ROE is low at 7.7%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching United Breweries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Sep - UBL to commission ₹110 crore canning line at Ellora Brewery in September 2026, capacity 40,000 cans/hour.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Aug - Investor/analyst Capital Markets Day group meeting scheduled in Goa on September 3, 2026.
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) - Updates 29 Sep - Income tax NFAC levies ₹54.83 crore penalties for AYs 2013-14 to 2022-23; company will appeal.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) - Update 4 Sep - Bombay High Court dismissed Revenue appeal, eliminating ₹21.92 crore service tax demand.
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Sep - Investor Presentation Capital Market Day 2026 -Investor/Analyst Meeting
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Company Ir
Investor presentationAug 2026
Aug 2026 · PPT
Source: Company Ir
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 25 Aug - Heineken Silver launches in Kerala, Odisha and Madhya Pradesh from August 25, 2026.
Source: Bse
Concall transcript
Announcement under Regulation 30 (LODR)-Earnings Call Transcript 10 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Notice to Members - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) - Update 12 May - UBL won Maharashtra Sales Tax Tribunal appeal; ₹275 crore demand for FY2018-19 reduced to nil.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.