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United Breweries (UBL)₹1,226+1.92%Breweries & Distilleries
In the Sep 2026 quarter (consolidated), United Breweries reported sales of ₹2,534 Cr, up 23.5% from Sep 2025, and net profit of ₹135 Cr, up 193.2% year on year. For the year to Mar 2026, sales were ₹9,232 Cr and net profit ₹414 Cr.
Company filings, consolidated accounts; latest reported quarter Sep 2026
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,823 | 2,131 | 2,471 | 2,115 | 1,997 | 2,322 | 2,862 | 2,052 | 2,072 | 2,248 | 3,064 | 2,534 |
| Expenses | 1,676 | 1,988 | 2,185 | 1,887 | 1,854 | 2,131 | 2,548 | 1,919 | 1,843 | 2,108 | 2,778 | 2,274 |
| Operating Profit | 146 | 143 | 284 | 226 | 141 | 186 | 310 | 130 | 225 | 139 | 282 | 258 |
| OPM % | 8.0% | 7.0% | 12.0% | 11.0% | 7.0% | 8.0% | 11.0% | 6.0% | 11.0% | 6.0% | 9.0% | 10.0% |
| Other Income | 25.02 | 25.99 | 7.01 | 10.01 | −16.01 | 8.01 | 11.01 | 15.01 | −8.01 | 82.04 | 50.99 | 41.01 |
| Interest | 1.99 | 1.99 | 1.99 | 1.99 | 2.99 | 5.99 | 10.98 | 14.98 | 16.96 | 28.96 | 22.94 | 27.93 |
| Depreciation | 51.89 | 57.89 | 57.87 | 56.89 | 60.87 | 56.89 | 62.93 | 63.89 | 68.89 | 75.84 | 85.91 | 88.80 |
| Profit before tax | 117 | 110 | 232 | 177 | 60.82 | 132 | 247 | 65.81 | 132 | 116 | 223 | 182 |
| Tax % | 27.0% | 26.0% | 26.0% | 26.0% | 37.0% | 26.0% | 26.0% | 30.0% | 39.0% | 12.0% | 26.0% | 26.0% |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | −13.98 | 0.00 | 0.00 | 0.00 | −10.99 | 60.97 | 0.00 | 0.00 |
| Net Profit | 86.12 | 82.13 | 174 | 132 | 39.05 | 98.25 | 184 | 46.10 | 81.17 | 102 | 166 | 135 |
| EPS (Rs) | 3.22 | 3.06 | 6.55 | 4.99 | 1.44 | 3.68 | 6.93 | 1.75 | 3.05 | 3.84 | 6.27 | 5.11 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,825 | 4,727 | 5,608 | 6,466 | 6,500 | 4,235 | 5,835 | 7,488 | 8,116 | 8,909 | 9,232 | 9,919 |
| Expenses | 4,128 | 4,076 | 4,706 | 5,330 | 5,620 | 3,854 | 5,132 | 6,871 | 7,415 | 8,055 | 8,422 | 9,003 |
| Operating Profit | 695 | 640 | 900 | 1,134 | 873 | 380 | 695 | 614 | 694 | 839 | 804 | 904 |
| OPM % | 14.0% | 14.0% | 16.0% | 18.0% | 13.0% | 9.0% | 12.0% | 8.0% | 9.0% | 9.0% | 9.0% | 9.1% |
| Other Income | 81.97 | 52.04 | 12.99 | 32.01 | 9.01 | 43.04 | 29.99 | 16.01 | 73.97 | 10.01 | 100 | 166 |
| Interest | 80.79 | 58.85 | 47.93 | 30.96 | 30.93 | 22.97 | 14.96 | 4.99 | 6.98 | 12.97 | 71.91 | 96.79 |
| Depreciation | 243 | 286 | 259 | 260 | 284 | 231 | 217 | 211 | 212 | 233 | 271 | 319 |
| Profit before tax | 454 | 347 | 605 | 875 | 567 | 168 | 492 | 416 | 549 | 603 | 560 | 653 |
| Tax % | 34.0% | 34.0% | 35.0% | 36.0% | 25.0% | 33.0% | 26.0% | 27.0% | 25.0% | 27.0% | 26.0% | — |
| Exceptional items | 23.96 | 0.00 | 0.00 | 0.00 | 0.00 | −3.99 | 0.00 | −22.99 | 0.00 | −17.98 | 70.96 | 49.98 |
| Net Profit | 299 | 230 | 396 | 564 | 429 | 114 | 366 | 306 | 412 | 443 | 414 | 485 |
| EPS (Rs) | 11.25 | 8.65 | 14.86 | 21.25 | 16.13 | 4.27 | 13.79 | 11.47 | 15.47 | 16.68 | 15.59 | 18.27 |
| Dividend payout % | 10.0% | 13.0% | 13.0% | 12.0% | 15.0% | 12.0% | 76.0% | 65.0% | 64.0% | 60.0% | 64.0% | — |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 26.06 | 26.04 | 26.05 | 26.06 | 26.06 | 26.06 | 26.05 | 26.03 | 26.06 | 26.07 | 26.07 | 26.05 |
| Reserves | 1,821 | 2,117 | 2,303 | 2,656 | 3,152 | 3,487 | 3,548 | 3,902 | 3,931 | 4,144 | 4,329 | 4,483 |
| Borrowings | 834 | 805 | 593 | 311 | 210 | 251 | 261 | 9.97 | 15.97 | 102 | 619 | 1,314 |
| Other Liabilities | 1,201 | 1,418 | 1,554 | 1,725 | 1,986 | 1,777 | 2,010 | 2,003 | 2,297 | 2,767 | 3,230 | 3,851 |
| Total Liabilities | 3,884 | 4,365 | 4,477 | 4,718 | 5,375 | 5,543 | 5,845 | 5,942 | 6,270 | 7,039 | 8,205 | 9,674 |
| Fixed Assets | 1,841 | 1,828 | 1,755 | 1,736 | 1,781 | 1,931 | 1,955 | 1,920 | 1,857 | 1,781 | 1,754 | 2,056 |
| CWIP | 89.85 | 60.92 | 137 | 71.91 | 190 | 199 | 129 | 110 | 76.83 | 173 | 252 | 511 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.98 | 7.97 | 7.97 | 7.97 | 7.97 | 7.98 |
| Other Assets | 1,952 | 2,476 | 2,584 | 2,910 | 3,404 | 3,412 | 3,755 | 3,904 | 4,328 | 5,078 | 6,190 | 7,100 |
| Inventories | 560 | 689 | 753 | 810 | 1,034 | 1,098 | 1,140 | 938 | 1,431 | 1,373 | 1,619 | 2,156 |
| Trade receivables | 961 | 1,115 | 1,291 | 1,495 | 1,507 | 1,345 | 1,390 | 1,251 | 1,402 | 2,306 | 2,852 | 2,934 |
| Cash & equivalents | 13.03 | 14.04 | 24.05 | 24.07 | 46.13 | 79.16 | 470 | 912 | 396 | 214 | 437 | 574 |
| Total Assets | 3,884 | 4,365 | 4,477 | 4,718 | 5,375 | 5,543 | 5,845 | 5,942 | 6,270 | 7,039 | 8,205 | 9,674 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 839 | 538 | 544 | 562 | 642 | 508 | 619 | 899 | −120 | 69.90 | 214 | 434 |
| Cash from investing activity | −330 | −246 | −235 | −198 | −432 | −403 | −152 | −160 | −121 | −149 | −239 | −410 |
| Cash from financing activity | −570 | −296 | −300 | −363 | −195 | −94.73 | −87.76 | −286 | −291 | −122 | 236 | 91.70 |
| Net cash flow | −59.73 | −2.99 | 8.96 | 2.99 | 16.92 | 9.96 | 378 | 451 | −531 | −200 | 212 | 118 |
| Capex | 408 | 244 | 236 | 202 | 439 | 404 | 201 | 174 | 156 | 192 | 259 | 512 |
| Free cash flow | 434 | 296 | 309 | 362 | 206 | 104 | 471 | 727 | −274 | −121 | −44.98 | 1.99 |
| CFO / OP % | 158.0% | 100.0% | 107.0% | 90.0% | 91.0% | 80.0% | 184.0% | 148.0% | 3.0% | 30.0% | 48.0% | 81.0% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 76 | 85 | 101 | 98 | 86 | 77 | 121 | 79 | 69 | 105 | 118 | 117 |
| Inventory days | 282 | 329 | 332 | 270 | 325 | 311 | 560 | 301 | 320 | 297 | 326 | 431 |
| Days payable | 173 | 200 | 204 | 175 | 186 | 156 | 311 | 206 | 161 | 207 | 296 | 361 |
| Cash conversion cycle | 185 | 215 | 230 | 194 | 226 | 233 | 371 | 175 | 229 | 197 | 149 | 188 |
| Working capital days | 22 | 20 | 33 | 52 | 47 | 49 | 61 | 30 | 48 | 61 | 49 | 24 |
| ROCE % | 16.0% | 17.9% | 14.0% | 21.9% | 27.9% | 17.0% | 5.0% | 13.0% | 10.9% | 13.0% | 13.9% | 10.9% |
For the Sep 2026 quarter, United Breweries reported sales of ₹2,534 Cr, up 23.5% year on year and net profit of ₹135 Cr, up 193.2% year on year. The operating margin was 10.0%.
United Breweries' sales for the year to Mar 2026 were ₹9,232 Cr; over the last twelve months they were ₹9,919 Cr.
Net profit for the year to Mar 2026 was ₹414 Cr, and ₹485 Cr over the last twelve months. Earnings per share over the same trailing period were ₹18.27.
United Breweries reported borrowings of ₹1,314 Cr at Mar 2026, against cash and equivalents of ₹574 Cr.
Cash from operations was ₹434 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹1.99 Cr.