Subsequently, the company reported a PAT of |164 crore (vs PAT before exceptional items of |160 crore in Q4FY21) and came above I-direct estimate of | 91 crore. PAT after exceptional item stood at | 98 crore What should investors do? The company saw highest ever volume in March, 2022 and expects the momentum to continue in Q1FY23 (peak season for breweries). Also, UBL is expected to see normalised peak quarter after a span of three years. Although near term challenges remain (barley prices which make up for 15% input costs for UBL, is up 70% YoY, high single digit inflation in glass), the management...

United Breweries Ltd. has an average target of 2164.67 from 3 brokers.

United Breweries Ltd.

01 Feb 2022

1797.80

0.07%

United Breweries

Buy: United Breweries Ltd.

Recommendation Target

ICICI Securities Limited

However, PAT grew 39% to | 100 crore, as EBITDA was supported by lower depreciation, interest expense and higher other income What should investors do? UBL's market share has grown from 51-52% prepandemic to 53-54% currently. An | 800 crore bank balance, strong supply chain (has weathered pandemic better than other players and, hence, ~200 bps market share growth), strong return ratios (RoIC above 25% in FY24E) and a long premiumisation leg to play on (currently premiumisation at mere high single digit),...

United Breweries Ltd. is trading below all available SMAs

United Breweries Ltd.

31 Jan 2022

1797.80

0.07%

On-trade impact to be an overhang; rising commodity costs to weigh on earnings

Sell: United Breweries Ltd.

Target

Motilal Oswal

estimates; however, sales were lower than expectations because of a higher-than-anticipated impact of restrictions in key cities towards the end of the quarter as well as a sequentially weaker mix. Commodity costs are on a rising trend and on-trade being impacted in 4Q...

Number of FII/FPI investors decreased from 334 to 322 in Jun 2025 qtr

United Breweries Ltd.

31 Oct 2021

1797.80

0.07%

United Breweries

Hold: United Breweries Ltd.

Recommendation Target

ICICI Securities Limited

With the recent run-up in the stock and revival in the beer sector still a few quarters away, we maintain our HOLD stance Target Price & Valuation: We value the stock at | 1700 i.e. 64x P/E on FY23E EPS....

United Breweries Ltd. has an average target of 2164.67 from 3 brokers.

United Breweries Ltd.

27 Sep 2021

1797.80

0.07%

United Breweries

Sell: United Breweries Ltd.

Recommendation Target

ICICI Securities Limited

UBL and the beer industry in general, has been facing unfavourable macro-climate since 3 years (Q1 disruption). With still stressed beer sales, UBL would have to shore up further debt (|115 cr LTD in FY21) to deposit the penalty. The scenario if undertaken, is expected to create near and medium term challenges for the company. UBL can however, appeal to the Supreme Court of India within 60 days...

Number of FII/FPI investors decreased from 334 to 322 in Jun 2025 qtr

United Breweries Ltd.

24 Sep 2021

1797.80

0.07%

CCI penalty a significant sentiment dampener

Sell: United Breweries Ltd.

Target

Motilal Oswal

The penalty comes on the back of a detailed probe ordered four years ago with regard to alleged cartelization and price fixing by all the three major Beer players that came to light when AB InBev (after its global acquisition of SABMiller) came to acquire the business of SABMiller India. The period of cartelization is considered to be from CY07 to at least 10th Oct'18, with CIPL joining in from CY12, and the All India Brewers Association (AIBA) serving as a platform facilitating such cartelization since CY13. The companies were found to have exchanged commercially sensitive...

United Breweries Ltd. has an average target of 2164.67 from 3 brokers.

Is United Breweries Ltd. worth buying?

206 Votes:

Buy 76.21%

Sell 16.5%

Hold 7.28%

RESEARCH REPORTS

Neutral SEE REPORTS >

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Buy SEE REPORTS >

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