# United Breweries (UBL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/ubl

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,189.5
- Change: -0.62%
- As of: 2026-11-06
- 1D return: -0.62%
- 5D return: +0.78%
- 1M return: +2.30%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

UBL (₹1,189.50) exhibits a mixed technical profile as of 2026-11-06, characterized by short-term resilience within a broader downtrend. On the daily chart, price holds above the 20-period EMA and SMA, supported by an ADX of 31.03 indicating established trend strength, yet remains below the 50-period and 200-period moving averages and the Supertrend, which is bearish. This divergence suggests a corrective bounce rather than a confirmed reversal. The weekly timeframe reinforces the bearish bias with price below all major averages and a bearish Supertrend, while the monthly view shows a bullish Supertrend but price below key moving averages. Participation has been elevated recently; on 2026-10-28, extreme volume (ratio 22.3) accompanied a +4.7% move, followed by high-participation indecision on 2026-10-30. Price sits in the lower-middle of its 20-day range (+32.3%) and near the lower end of its 252-day range (+8.7%). Immediate resistance lies at ₹1,211.80 (pivot, +1.87%), while support is found at ₹1,177.20 (-1.03%). The stock carries significant risk with a current drawdown of -46.9% and annualized volatility of +22.9%. A sustained break above ₹1,211.80 with volume confirmation would be required to challenge the prevailing weekly bearish structure.

- Trend Divergence: Daily indicators show short-term strength (price above 20-EMA/SMA, ADX 31.03), but weekly and monthly structures remain bearish with price below key moving averages and Supertrend signals conflicting across horizons.
- Key Levels: Resistance at ₹1,211.80 (+1.87%) acts as the immediate pivot; support is tight at ₹1,177.20 (-1.03%). A break above ₹1,211.80 is needed to validate further upside.
- Participation & Volatility: Recent sessions showed extreme volume spikes (e.g., 22.3x ratio on 2026-10-28) and high participation without clear directional follow-through, indicating active but indecisive trading.
- Risk Context: The stock trades near the lower end of its yearly range (+8.7% from low) with a substantial current drawdown of -46.9% and high annualized volatility (+22.9%), warranting caution.

- Outside Bar
- Doji
- Inside Bar
- Bearish Engulfing Reversal

### News Context

In the seven-day window ending 5 November 2026, United Breweries (UBL) is navigating a dual dynamic of strong consumer demand for premium products and significant operational headwinds in specific state markets. On 4 November, media reports highlighted that UBL’s September quarter earnings showed a sharp decline in lower-priced spirit sales, contrasting with buoyant performance in the prestige segment. This underscores a structural shift toward premiumization within India’s liquor market.

Simultaneously, regulatory and payment delays in Telangana continue to impact brewers. On 1 November, it was reported that Anheuser-Busch InBev set aside $30 million for unpaid dues from the Telangana government, citing extended delays. UBL had previously halted supplies to the Telangana Beverages Corporation due to operating losses and overdue payments, indicating persistent cash-flow risks in state-controlled alcohol markets.

On the valuation front, Nuvama Institutional Equities named UBL as a top pick for the next 12 months on 3 November, citing superior volume growth compared to peers in the alcoholic beverage sector. This external view contrasts with the near-term operational challenges, suggesting analysts see long-term growth potential despite current market frictions.

- {'date': '2026-11-04', 'point': 'Premiumization Trend: Media reports indicate UBL’s September quarter saw a sharp decline in lower-priced spirit sales alongside buoyant prestige segment performance, reflecting a broader industry divergence between premium and budget segments.'}
- {'date': '2026-11-01', 'point': 'Telangana Payment Delays: UBL previously halted supplies to Telangana Beverages Corporation due to operating losses and overdue payments. Industry context shows peer AB InBev set aside $30 million for similar unpaid state dues, highlighting ongoing liquidity risks in state-controlled markets.'}
- {'date': '2026-11-03', 'point': 'Analyst Sentiment: Nuvama Institutional Equities listed UBL as a top stock pick for the next 12 months, attributing this to superior volume growth relative to peers in the alcoholic beverage sector.'}

- [India raises a toast to premium pours, snubs budget liquor | Company Business News](https://www.livemint.com/companies/news/premium-liquor-radico-khaitan-united-breweries-allied-tilaknagar-earnings-11793691334064.html)
- [ITC, United Breweries and Asian Paints among top picks for next 12 months: Nuvama’s Abneesh Roy](https://www.cnbctv18.com/market/itc-united-breweries-asian-paints-pidilite-hul-trent-radico-khaitan-fmcg-nuvama-alpha-article-20025617.htm)
- [AB InBev sets aside $30 million for unpaid Telangana dues as delayed payments squeeze brewers](https://economictimes.indiatimes.com/industry/cons-products/liquor/ab-inbev-sets-aside-30-million-for-unpaid-telangana-dues-as-delayed-payments-squeeze-brewers/articleshow/135436067.cms)

### Fundamentals

United Breweries (UBL) is navigating a complex transition in FY2026-27. While the company achieved strong top-line growth with TTM sales reaching ₹9,927 crore and Q1 revenue of ₹5,970 crore, profitability has faced headwinds. Q1 net profit declined sequentially to ₹166 crore from previous highs, driven by rising interest costs (₹97 crore TTM) and higher depreciation (₹89 crore in Sep 2026). Earnings quality remains robust, evidenced by Cash Flow from Operations surging to ₹435 crore in Mar 2026 and a CFO/EBITDA conversion ratio improving to 81%. However, balance-sheet efficiency is deteriorating; inventory days spiked to 432 days in Mar 2026, and borrowings increased significantly to ₹1,119 crore as of Sep 2026. The stock’s long-term underperformance (Stock Price CAGR -7% over 5 years) contrasts with steady promoter holding at 70.84%.

- Revenue Growth vs. Margin Pressure: TTM sales grew 7% to ₹9,927 crore, but Q1 net profit fell sequentially to ₹166 crore due to higher interest expenses (₹97 crore TTM) and depreciation.
- Earnings Quality Strong: Cash from Operating Activity more than doubled to ₹435 crore in FY2026, with CFO/EBITDA conversion improving sharply to 81% from 48% in FY2025.
- Working Capital Deterioration: Inventory days rose to 432 days in Mar 2026, and trade receivables increased to ₹2,756 crore as of Sep 2026, signaling potential liquidity friction despite cash reserves growing to ₹489 crore.
- Leverage Increase: Borrowings rose to ₹1,119 crore as of Sep 2026 (from ₹620 crore in Mar 2025), while CWIP remained elevated at ₹520 crore, indicating ongoing capital intensity.

### Bull Case

United Breweries (UBL) presents a conditional upside case anchored by structural shifts in consumer demand and institutional recognition of its operational resilience. Despite a bearish daily technical trend and significant year-to-date price declines, the company is capitalizing on India’s liquor market divergence, where premium spirits and beer are driving growth while budget segments face pressure. This strategic alignment was highlighted by Nuvama Institutional Equities, which named UBL as a top pick for the next 12 months, citing superior volume growth compared to peers in the alcoholic beverage sector. Additionally, the monthly technical trend remains bullish with an ADX of 21.64 and a positive Supertrend direction, suggesting underlying longer-term momentum that contrasts with short-term volatility. Investors monitoring this stock should watch for sustained premiumization trends and whether the brokerage’s volume growth thesis translates into continued market share gains against competitors facing budget-segment headwinds.

- Nuvama Institutional Equities identified United Breweries as a top 12-month pick, highlighting superior volume growth relative to peers in the alcoholic beverage sector.
- The company benefits from a market divergence favoring premium spirits and beer over budget segments, supporting revenue quality despite broader sector pressures.
- Monthly technical indicators show a bullish Supertrend direction and an ADX of 21.64, contrasting with the bearish daily trend and indicating potential longer-term stability.

- [India raises a toast to premium pours, snubs budget liquor | Company Business News](https://www.livemint.com/companies/news/premium-liquor-radico-khaitan-united-breweries-allied-tilaknagar-earnings-11793691334064.html)
- [ITC, United Breweries and Asian Paints among top picks for next 12 months: Nuvama’s Abneesh Roy](https://www.cnbctv18.com/market/itc-united-breweries-asian-paints-pidilite-hul-trent-radico-khaitan-fmcg-nuvama-alpha-article-20025617.htm)
- [AB InBev sets aside $30 million for unpaid Telangana dues as delayed payments squeeze brewers](https://economictimes.indiatimes.com/industry/cons-products/liquor/ab-inbev-sets-aside-30-million-for-unpaid-telangana-dues-as-delayed-payments-squeeze-brewers/articleshow/135436067.cms)
- [United Breweries Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/UBLSJR_02112026154510_IntimationFinanciaEarningCallTranscript28102026.pdf)
- [UNITED BREWERIES LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2772_WebXMLFile_20261102_155226850.xml)
- [United Breweries Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/UBLSJR_29102026103011_FinancialResultsNewspapers.pdf)
- [United Breweries Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/UBLSJR_28102026174058_IntimationAudioVideolink.pdf)
- [UNITED BREWERIES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2772_WebXMLFile_20261028_180330939.xml)
- [Financial Results |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/UBLSJR_27102026211040_OutcomeUnauditedFinancialResults.pdf)
- [United Breweries Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/UBLSJR_27102026214128_IntimationInvestorCallPresentation.pdf)

### Bear Case

United Breweries faces significant near-term operational and market headwinds. State-level regulatory friction is evident in Telangana, where the company halted supplies to the state-owned Beverages Corporation due to operating losses and overdue payments, mirroring provisions set aside by peers like AB InBev for similar delayed government dues. This highlights cash-flow risks in state-controlled alcohol markets. Concurrently, the stock has experienced a severe technical deterioration, with a year-to-date return of -26.0% and a maximum drawdown of -49.3%. Daily and weekly trends are bearish, with the price trading below key moving averages. While premium segments show resilience, budget liquor sales face pressure, constraining volume growth potential across the broader portfolio.

- Supply halt in Telangana: United Breweries stopped supplies to Telangana Beverages Corporation citing operating losses and overdue payments, indicating state-market liquidity risks.
- Severe underperformance: The stock is down -26.0% year-to-date and -34.1% over one year, with a current drawdown of -46.9% against a maximum drawdown of -49.3%.
- Bearish technical setup: Daily and weekly supertrends are bearish; the stock closed at ₹1,189.5 on 2026-11-06, trading below its 20-day SMA and EMA.
- Segment divergence: Premium spirits drive growth, but lower-priced spirit sales declined sharply in the September quarter, limiting total addressable volume expansion.

- [India raises a toast to premium pours, snubs budget liquor | Company Business News](https://www.livemint.com/companies/news/premium-liquor-radico-khaitan-united-breweries-allied-tilaknagar-earnings-11793691334064.html)
- [ITC, United Breweries and Asian Paints among top picks for next 12 months: Nuvama’s Abneesh Roy](https://www.cnbctv18.com/market/itc-united-breweries-asian-paints-pidilite-hul-trent-radico-khaitan-fmcg-nuvama-alpha-article-20025617.htm)
- [AB InBev sets aside $30 million for unpaid Telangana dues as delayed payments squeeze brewers](https://economictimes.indiatimes.com/industry/cons-products/liquor/ab-inbev-sets-aside-30-million-for-unpaid-telangana-dues-as-delayed-payments-squeeze-brewers/articleshow/135436067.cms)
- [United Breweries Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/UBLSJR_02112026154510_IntimationFinanciaEarningCallTranscript28102026.pdf)
- [UNITED BREWERIES LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2772_WebXMLFile_20261102_155226850.xml)
- [United Breweries Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/UBLSJR_29102026103011_FinancialResultsNewspapers.pdf)
- [United Breweries Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/UBLSJR_28102026174058_IntimationAudioVideolink.pdf)
- [UNITED BREWERIES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2772_WebXMLFile_20261028_180330939.xml)
- [Financial Results |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/UBLSJR_27102026211040_OutcomeUnauditedFinancialResults.pdf)
- [United Breweries Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/UBLSJR_27102026214128_IntimationInvestorCallPresentation.pdf)

### FAQs

**How is United Breweries performing in the premium versus budget liquor segments?**

United Breweries is benefiting from a market divergence favoring premium spirits and beer. In the September quarter, the company reported buoyant performance in the prestige segment, while lower-priced spirit sales declined sharply. This trend aligns with broader industry shifts where premium brands drive growth while budget segments face pressure.

**What are the key financial metrics and technical levels for UBL as of November 6, 2026?**

As of November 6, 2026, UBL closed at ₹1,189.50 with a market capitalization of approximately ₹31,647 crore. The stock has seen a year-to-date decline of -26.0% and a one-year return of -34.1%. Technical resistance sits near ₹1,211.80 (pivot) and ₹1,231.50 (high), while support levels are identified at ₹1,177.20 and ₹1,157.50.

**What risks does United Breweries face regarding state government payments?**

Delayed payments from state governments pose operational risks. While Anheuser-Busch InBev set aside $30 million for Telangana dues, United Breweries previously halted supplies to Telangana Beverages Corporation due to operating losses and overdue payments. Investors should monitor the resolution of these receivables and their impact on cash flow.

**Why is United Breweries considered a top pick by institutional analysts?**

Nuvama Institutional Equities named United Breweries a top pick for the next 12 months, citing superior volume growth compared to peers in the alcoholic beverage sector. This view coincides with anticipated favorable tax conditions ahead of the Union Budget, which may further support the sector's outlook.

- [India raises a toast to premium pours, snubs budget liquor | Company Business News](https://www.livemint.com/companies/news/premium-liquor-radico-khaitan-united-breweries-allied-tilaknagar-earnings-11793691334064.html)
- [ITC, United Breweries and Asian Paints among top picks for next 12 months: Nuvama’s Abneesh Roy](https://www.cnbctv18.com/market/itc-united-breweries-asian-paints-pidilite-hul-trent-radico-khaitan-fmcg-nuvama-alpha-article-20025617.htm)
- [AB InBev sets aside $30 million for unpaid Telangana dues as delayed payments squeeze brewers](https://economictimes.indiatimes.com/industry/cons-products/liquor/ab-inbev-sets-aside-30-million-for-unpaid-telangana-dues-as-delayed-payments-squeeze-brewers/articleshow/135436067.cms)
- [United Breweries Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/UBLSJR_02112026154510_IntimationFinanciaEarningCallTranscript28102026.pdf)
- [UNITED BREWERIES LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2772_WebXMLFile_20261102_155226850.xml)
- [United Breweries Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/UBLSJR_29102026103011_FinancialResultsNewspapers.pdf)
- [United Breweries Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/UBLSJR_28102026174058_IntimationAudioVideolink.pdf)
- [UNITED BREWERIES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2772_WebXMLFile_20261028_180330939.xml)
- [Financial Results |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/UBLSJR_27102026211040_OutcomeUnauditedFinancialResults.pdf)
- [United Breweries Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/UBLSJR_27102026214128_IntimationInvestorCallPresentation.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹1,211.8
- Risk regime: Higher Price Risk

### Support levels
- 1136
- 1177.1999999999998
- 1157.4999999999998

### Resistance levels
- 1363.65
- 1779.1
- 1817.5

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.62% |
| return_10 | +4.10% |
| return_1m | +0.95% |
| return_1y | -34.12% |
| return_20 | +2.30% |
| return_3m | -15.95% |
| return_5 | +0.78% |
| return_6m | -15.81% |
| return_since_start | -43.15% |
| return_ytd | -26.03% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -49.25% |
| annualized_volatility | +22.87% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# United Breweries Limited Q2 FY2026-27: Revenue up 24% year on year

United Breweries reported revenue from operations of ₹4,623 crore for the quarter ended 30 September 2026, up 23.7% year on year but down 21.9% from Q1 FY2026-27. Profit for the period was ₹135 crore, compared with ₹46 crore a year earlier; operating cash flow was ₹806 crore.

## Revenue and expenses

Revenue from operations was ₹4,623 crore, versus ₹5,919 crore in Q1 FY2026-27 and ₹3,737 crore in Q2 FY2025-26. Total expenses were ₹4,482 crore, down 22.0% sequentially and up 21.6% year on year. The similar sequential declines in revenue and expenses left the quarter’s pre-tax profit below the preceding quarter, while it remained substantially higher than a year earlier.

Total income, including other income of ₹41 crore, was ₹4,664 crore, compared with ₹5,970 crore in Q1 FY2026-27 and ₹3,752 crore in Q2 FY2025-26. In Q2, cost of materials consumed was ₹1,384 crore, employee benefit expense ₹207 crore, depreciation and amortisation ₹89 crore, and purchases of stock in trade ₹55 crore.

## Profitability and per-share earnings

Profit before tax was ₹183 crore, down from ₹224 crore in Q1 FY2026-27 and up from ₹66 crore in Q2 FY2025-26. Finance costs rose 22.9% sequentially to ₹28 crore from ₹23 crore. Tax expense was ₹48 crore, compared with ₹58 crore in the preceding quarter.

Profit for the period from continuing operations was ₹135 crore, versus ₹166 crore in Q1 FY2026-27 and ₹46 crore in Q2 FY2025-26. Profit attributable to owners of the parent was ₹135 crore. Basic EPS was ₹5.12, compared with ₹6.29 in Q1 FY2026-27 and ₹1.76 in Q2 FY2025-26.

## Cash generation and liquidity

Operating cash flow was ₹806 crore and free cash flow was ₹511 crore for the quarter. Cash and cash equivalents stood at ₹489 crore at 30 September 2026, up from ₹460 crore at 31 March 2026 and ₹169 crore at 30 September 2025. Other bank balances were ₹130 crore at quarter-end.

## Working capital, borrowings and balance sheet

At 30 September 2026, inventories were ₹1,988 crore and trade receivables were ₹2,756 crore, down from ₹2,150 crore and ₹2,944 crore, respectively, at 31 March 2026. Trade payables increased to ₹1,934 crore from ₹1,799 crore over the same period.

Total borrowings were ₹990 crore at quarter-end: ₹465 crore non-current and ₹525 crore current. At 31 March 2026, borrowings were ₹1,175 crore, all current. Equity attributable to owners of the parent was ₹4,561 crore. Total assets were ₹9,474 crore, compared with ₹9,693 crore at 31 March 2026.

## Key Takeaway

Revenue and profit were lower than in Q1 FY2026-27 but materially higher than in Q2 FY2025-26. Quarter-end cash also increased from March, while total borrowings declined and shifted from entirely current to a mix of current and non-current borrowings.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +70.83%
- FII holding: +4.87%
- DII holding: +17.79%
- Mutual fund holding: +17.01%
- Retail holding: +2.86%
- Promoter pledged: +0.00%

### Major reported shareholders

- SCOTTISH AND NEWCASTLE INDIA LIMITED — +34.04% (Bodies Corporate)
- HEINEKEN INTERNATIONAL B.V — +24.27% (Bodies Corporate)
- VIJAY MALLYA — +8.08%
- SBI EQUITY HYBRID FUND — +4.94%
- ICICI PRUDENTIAL BLUECHIP FUND — +4.74%
- NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA GROWTH FUND — +3.46%
- HEINEKEN UK LIMITED — +3.21% (Bodies Corporate)
- KAMSCO INDUSTRIES PRIVATE LIMITED — +1.24% (Bodies Corporate)
- DERIVE TRADING AND RESORTS PRIVATE LIMITED — +1.23%
- KOTAK — +1.16%

## Official filings

- 2026-11-02 — Generic Announcement: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/UBLSJR_02112026154510_IntimationFinanciaEarningCallTranscript28102026.pdf)
- 2026-11-02 — Generic Announcement: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2772_WebXMLFile_20261102_155226850.xml)
- 2026-10-29 — Generic Announcement: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/UBLSJR_29102026103011_FinancialResultsNewspapers.pdf)
- 2026-10-28 — Generic Announcement: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/UBLSJR_28102026174058_IntimationAudioVideolink.pdf)
- 2026-10-28 — Generic Announcement: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2772_WebXMLFile_20261028_180330939.xml)
- 2026-10-27 — Generic Announcement: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/UBLSJR_27102026211040_OutcomeUnauditedFinancialResults.pdf)
- 2026-10-27 — Earnings Presentation: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/UBLSJR_27102026214128_IntimationInvestorCallPresentation.pdf)
- 2026-10-27 — Financial Results Filing: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1747289_27102026100013_WEB.xml)
- 2026-10-27 — Financial Results Filing: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1747288_27102026100007_WEB.xml)
- 2026-10-22 — Regulatory Filing: UMIYA BUILDCON LIMITED — [Official attachment](https://nsearchives.nseindia.com/corporate/UBL_10222026205925_53929.zip)
- 2026-10-15 — Generic Announcement: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/UBLSJR_15102026163916_UBLRevisedInviteEarningCall15102026.pdf)
- 2026-10-15 — Generic Announcement: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2772_WebXMLFile_20261015_170901507.xml)
- 2026-10-14 — Generic Announcement: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/UBLSJR_14102026113914_IntimationInvestorEarningCall.pdf)
- 2026-10-14 — Generic Announcement: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2772_WebXMLFile_20261014_121105236.xml)
- 2026-10-13 — Shareholding Disclosure: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1736891_13102026033642_WEB.xml)
- 2026-10-09 — Generic Announcement: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/UBLSJR_09102026162210_DisclosureMaterialEventHeinekenSilver09102026.pdf)
- 2026-10-09 — Generic Announcement: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_2772_WebXMLFile_20261009_162913207.xml)
- 2026-10-08 — Generic Announcement: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/UBLSJR_08102026160717_Disclosure74September2026.pdf)
- 2026-10-06 — Litigation Disclosure: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/UBLSJR_06102026165437_OutcomeofLitigation06102026.pdf)
- 2026-10-06 — Litigation Disclosure: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_2772_WebXMLFile_20261006_173931171.xml)
- 2026-10-05 — Board Meeting Notice: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/UBLSJR_05102026164836_IntimationBoardMeetingSeptember2026.pdf)
- 2026-10-05 — Generic Announcement: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2772_WebXMLFile_20261005_165200546.xml)
- 2026-10-05 — Board Meeting Notice: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2772_WebXMLFile_20261005_165200546.xml)
- 2026-09-29 — Litigation Disclosure: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/UBLSJR_29092026184751_UBLDisclosureNewTaxLitigation29092026F.pdf)
- 2026-09-29 — Litigation Disclosure: United Breweries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_2772_WebXMLFile_20260929_185648405.xml)

## News and market events

- 2026-11-04 — Mint: **India raises a toast to premium pours, snubs budget liquor | Company Business News** — India's liquor market is experiencing a divergence where premium spirits and beer are driving growth for companies like Radico Khaitan and United Breweries, while budget segments face pressure. This trend was evident in the September quarter earnings, with United Spirits reporting a sharp decline in lower-priced spirit sales despite buoyant prestige segment performance. — [Source](https://www.livemint.com/companies/news/premium-liquor-radico-khaitan-united-breweries-allied-tilaknagar-earnings-11793691334064.html)
- 2026-11-03 — CNBC-TV18: **ITC, United Breweries and Asian Paints among top picks for next 12 months: Nuvama’s Abneesh Roy** — Nuvama Institutional Equities named United Breweries, ITC, and Asian Paints as top stock picks for the next 12 months, upgrading ITC to a buy rating based on anticipated favorable tax conditions ahead of the Union Budget. The brokerage highlighted Marico’s diversification and growth triggers, Trent’s recovery from a tough cycle, and United Breweries’ superior volume growth compared to peers in the alcoholic beverage sector. Additionally, Asian Paints and Pidilite Industries are expected to benefit from price hikes and crude oil corrections, while Hindustan Unilever is noted for gaining market — [Source](https://www.cnbctv18.com/market/itc-united-breweries-asian-paints-pidilite-hul-trent-radico-khaitan-fmcg-nuvama-alpha-article-20025617.htm)
- 2026-11-01 — Economic Times: **AB InBev sets aside $30 million for unpaid Telangana dues as delayed payments squeeze brewers** — Anheuser-Busch InBev has set aside $30 million as a provision for outstanding payments from the Telangana government, citing extended delays in the state-controlled alcohol market. United Breweries had previously halted supplies to Telangana Beverages Corporation due to operating losses and overdue payments. — [Source](https://economictimes.indiatimes.com/industry/cons-products/liquor/ab-inbev-sets-aside-30-million-for-unpaid-telangana-dues-as-delayed-payments-squeeze-brewers/articleshow/135436067.cms)
- 2026-10-29 — Mint: **United Breweries shares: Up yesterday, down today - Why is the stock volatile? What lies ahead for it? Expert view** — United Breweries shares fell nearly 3% after gains as investors booked profits despite strong Q2FY27 results. Profit surged 191% year-on-year and revenue rose 23.7% while analysts see longer-term potential from volume growth and premiumisation.  — [Source](https://www.livemint.com/market/stock-market-news/united-breweries-shares-up-yesterday-down-today-why-is-the-stock-volatile-what-lies-ahead-for-it-expert-view-11793249636353.html)
- 2026-10-29 — Economic Times: **UB expects Q3 profit growth to moderate on rising costs** — United Breweries expects slower profit growth this quarter as raw material costs and marketing expenses increase. Regulatory delays are inhibiting price increases for nearly 30% of their operations, particularly in southern states. The company forecasts gross margins to decline slightly from the previous quarter's figures. United Breweries is prioritizing profitability over market share in specific regions amid intensified competition. — [Source](https://economictimes.indiatimes.com/markets/stocks/earnings/ub-expects-q3-profit-growth-to-moderate-on-rising-costs/articleshow/135286589.cms)
- 2026-10-28 — BUSINESSTODAY: **United Breweries shares zoom 15% on Q2 earnings, more upside likely?** — Shares of United Breweries Ltd zoomed 15% on Wednesday after the firm reported its Q2 earnings. — [Source](https://www.businesstoday.in/markets/stocks/story/united-breweries-shares-zoom-on-q2-earnings-more-upside-likely-564189-2026-10-28)
- 2026-10-28 — Economic Times: **United Breweries shares rally 14% after Q2FY27 profit jumps 191% YoY** — United Breweries shares surged by 14.44% as the company announced a staggering 191% jump in net profit, now at Rs 135 crore for the September quarter of FY27. Additionally, net sales increased by 24% to reach Rs 2,537 crore, driven by strong premium beer sales. However, despite this impressive performance, the stock has seen a decline of about 30% over the previous year. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/united-breweries-shares-rally-14-after-q2fy27-profit-jumps-191-yoy/articleshow/135253508.cms)
- 2026-10-28 — BUSINESS: **United Breweries surges 15% as premiumisation drives Q2 PAT higher by 190%** — United Breweries witnessed a 480 bps margin expansion to 11.9 per cent, reflecting strong operating leverage and disciplined cost management. — [Source](https://www.business-standard.com/markets/news/united-breweries-share-price-surges-15-as-premiumisation-drives-q2-pat-higher-by-190-126102800326_1.html)
- 2026-10-28 — Mint: **United Breweries shares soar 15% as Q2 profit triples - Check Q2 results 2026 highlights for Heineken, Kingfisher maker** — United Breweries shares surged 15% after its September-quarter net profit nearly tripled year on year to ₹134.81 crore. Revenue rose 24%, while EBITDA increased 108%, supported by volume growth, premiumisation and cost efficiencies. — [Source](https://www.livemint.com/market/stock-market-news/united-breweries-shares-soar-15-as-q2-profit-triples-check-q2-results-2026-highlights-for-heineken-kingfisher-maker-11793160835059.html)
- 2026-10-27 — Mint: **United Breweries Q2 results: Profit jumps 190%, revenue rises 24% as premium beer volumes surge; Kingfisher sales up 44%** — United Breweries reported a 190% year-on-year rise in September-quarter net profit to ₹134.81 crore, while revenue grew 23.7% to ₹4,623 crore.  — [Source](https://www.livemint.com/market/stock-market-news/united-breweries-q2-results-profit-jumps-190-revenue-rises-24-as-premium-beer-volumes-surge-kingfisher-sales-up-44-11793120558435.html)
- 2026-10-27 — Mint: **Nifty FMCG down 22% in 2026; Diwali shopping opportunity for investors? Experts decode support levels and recovery bets** — The Nifty FMCG index has sharply underperformed Nifty 50, with 13 sector stocks posting negative annual returns. Rising commodity costs, changing consumer preferences and slower growth expectations are squeezing the sector. Experts are watching key support levels for signs of stabilisation. — [Source](https://www.livemint.com/market/stock-market-news/nifty-fmcg-down-22-in-2026-diwali-shopping-opportunity-for-investors-experts-decode-support-levels-and-recovery-bets-11793095230786.html)
- 2026-10-15 — CNBC-TV18: **Vijay Mallya’s personal guarantee does not give banks claim over UBL shares, says Karnataka HC** — The court noted that lenders had recovered assets worth ₹14,131.6 crore against a claim of ₹6,203 crore, plus interest, and made unusually sharp observations about Mallya’s lifestyle and personal indulgence. — [Source](https://www.cnbctv18.com/business/vijay-mallyas-personal-guarantee-does-not-give-banks-claim-over-ubl-shares-says-karnataka-hc-20013001.htm)
- 2026-10-15 — The Hindu: **Why claim for more even after recovering ₹14,131 cr. vs. ₹6,203-cr. Kingfisher Airlines debt? Karnataka HC asks bank consortium** — Karnataka HC questions banks’ lingering claims after recovering ₹14,131 crore from Mallya, noting his lifestyle hindered closure on Kingfisher debt. — [Source](https://www.thehindu.com/news/national/karnataka/why-claiming-for-more-even-after-recovering-14131-crore-against-6203-crore-kingfisher-airlines-debt-karnataka-hc-questions-consortium-of-banks/article71588442.ece)
- 2026-10-12 — Times of India: **UB eyes beer exports from Bengal to NE, overseas** — United Breweries seeks review of West Bengal excise policy to boost Heineken output, expand Kolkata brewery, and explore exports to NE India and overseas. — [Source](https://timesofindia.indiatimes.com/city/kolkata/ub-eyes-beer-exports-from-bengal-to-ne-overseas/articleshow/134896133.cms)
- 2026-10-01 — BUSINESSTODAY: **Marico, Radico Khaitan, United Breweries, HUL, Tata Consumer: Brokerage shares top BUYs; here are Q2 expectations** — Marico, Radico Khaitan, United Breweries, HUL, Tata Consumer, Marico shares, Radico Khaitan shares, United Breweries shares, HUL shares, Tata Consumer shares, Marico Q2 expectations, Radico Khaitan Q2 expectations, United Breweries Q2 expectations, HUL Q2 expectations, Tata Consumer Q2 expectations — [Source](https://www.businesstoday.in/markets/stocks/story/marico-radico-khaitan-united-breweries-hul-tata-consumer-brokerage-shares-top-buys-here-are-q2-expectations-559012-2026-10-01)
- 2026-09-29 — BUSINESS: **Volumes spurt at Honasa Consumer Ltd counter** — Honasa Consumer Ltd registered volume of 8.18 lakh shares by 10:45 IST on BSE, a 18 fold spurt over two-week average daily volume of 45447 shares — [Source](https://www.business-standard.com/markets/capital-market-news/volumes-spurt-at-honasa-consumer-ltd-counter-126092900330_1.html)
- 2026-09-28 — Economic Times: **Rs 4 lakh crore loss! Why India's storied consumer stocks are languishing near the bottom in 2026** — In India, major consumer stocks have suffered a staggering drop, with market values plummeting by nearly Rs 4 lakh crore. Even with an uptick in demand, FMCG firms like ITC and Hindustan Unilever are facing profound losses in market cap this year. Rising input costs, despite signs of consumption recovery, are tightening margins. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/rs-4-lakh-crore-loss-why-indias-storied-consumer-stocks-are-languishing-near-the-bottom-in-2026/articleshow/134531609.cms)
- 2026-09-23 — BUSINESS: **HUL, Dabur India trade near Covid lows: Reasons, strategy decoded** — Analysts flag that over the years the market closed the valuation gap built for double-digit growth in these FMCG stocks, as earnings remained muted owing to tepid volume growth and high inflation. — [Source](https://www.business-standard.com/markets/news/hul-dabur-india-trade-near-covid-lows-reasons-strategy-decoded-126092300677_1.html)
- 2026-09-23 — BUSINESS: **Nifty above 23,400 level; FMCG shares advance** — At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 328.91 points or 0.44% to 74,857.99. The Nifty 50 index rose 104.55 points or 0.40% to 23,432.05. — [Source](https://www.business-standard.com/markets/capital-market-news/nifty-above-23-400-level-fmcg-shares-advance-126092300381_1.html)
- 2026-09-22 — BUSINESS: **Nifty trades below 23,400 level; FMCG share decline** — At 14:30 IST, the barometer index, the S&P BSE Sensex tanked 106.20 points or 0.14% to 74,745.21. The Nifty 50 index lost 21.35 points or 0.09% to 23,392.95. — [Source](https://www.business-standard.com/markets/capital-market-news/nifty-trades-below-23-400-level-fmcg-share-decline-126092200659_1.html)
- 2026-09-21 — Times of India: **UP excise exports jump 45.4% in Q1, share in national tally rises to 12.6% | Lucknow News - The Times of India** — UP excise exports rose 45.4% to $12.78M in Q1 2026-27, lifting its national share to 12.6% and ranking third; new units and policy drove growth. — [Source](https://timesofindia.indiatimes.com/city/lucknow/up-excise-exports-jump-45-4-in-q1-share-in-national-tally-rises-to-12-6/articleshow/134397179.cms)
- 2026-09-19 — The Hindu: **United Breweries: The froth has finally settled, time to accumulate** — United Breweries shares offer improved risk-reward with a significant valuation reset and strengthening beer demand; accumulation recommended. — [Source](https://www.thehindubusinessline.com/portfolio/united-breweries-the-froth-has-finally-settled-time-to-accumulate/article71475876.ece)
- 2026-09-14 — Mint: **India’s beer boom gets a premium twist as drinkers trade up | Company Business News** — Beer is closing the gap with spirits, with brewers seeing premium and super-premium brands as the next engine of growth. — [Source](https://www.livemint.com/companies/news/indias-beer-boom-gets-a-premium-twist-as-drinkers-trade-up-alcohol-market-spirits-11789236602300.html)
- 2026-09-11 — MONEYCONTROL: **Vijay Mallya continues to evade Indian law, recovery of assets doesn't absolve him: Enforcement Directorate to Bombay High Court** — Vijay Mallya, Enforcement Directorate, ED, Bombay High Court, money laundering case, PMLA, Kingfisher Airlines, SBI consortium, bank loan recovery, Vijay Mallya assets, Rs 14,131 crore assets, Rs 9,000 crore loans, United Breweries Holdings, UBHL, proclaimed offender, Prevention of Money Laundering Act — [Source](https://www.moneycontrol.com/news/business/vijay-mallya-continues-to-evade-indian-law-recovery-of-assets-doesn-t-absolve-him-enforcement-directorate-to-bombay-high-court-14028149.html)
- 2026-09-07 — Mint: **United Breweries raises the bar with a new growth recipe. Now it has to deliver** — United Breweries is betting on improving state mix, portfolio mix and productivity, instead of relying on volume-led operating leverage. Will the new plan work for the Heineken and Kingfisher owner? — [Source](https://www.livemint.com/market/mark-to-market/united-breweries-share-price-alcohol-market-india-ubl-stock-heineken-kingfisher-11788762180918.html)

## Business profile

**Strategic vision:** Brewing and distributing alcoholic and non-alcoholic beverages in India.

### Business segments
- **Alcoholic Beverages:** The company is primarily engaged in the brewing and distribution of beer, aiming to make beer the drink of choice through consumer-centricity and advocacy.
- **Non-Alcoholic Beverages:** Offers non-alcoholic alternatives to cater to evolving consumer preferences and occasions.

### Competitive strengths
- Portfolio of iconic beer brands
- Distribution network across India
- Alignment with The HEINEKEN Company's global strategy

## Related stocks

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- [Godfrey Phillips India Limited (FMCG)](https://faxioms.com/stocks/godfryphlp) — -0.22%
- [Patanjali Foods Limited (FMCG)](https://faxioms.com/stocks/patanjali) — +0.19%
- [Radico Khaitan Limited (FMCG)](https://faxioms.com/stocks/radico) — -0.22%
- [Britannia Industries Limited (FMCG)](https://faxioms.com/stocks/britannia) — -3.92%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/ubl
Markdown representation: https://faxioms.com/stocks/ubl?render=md