United Breweries makes Kingfisher, Kingfisher Ultra, Heineken-licensed brands and other beers, mainly in India, where it is one of the largest brewers by volume and a licensee of Heineken's brands there. Its advantage is distribution and brand scale in a market where beer is still under-penetrated per capita and where the premium segment, which carries higher gross margins, keeps taking share from mass lager. Revenue growth of 7.1% and a 42.1% gross margin are the numbers to test against the company's stated premiumisation push and the cost of barley, aluminium and packaging, which set the pace of margin expansion. The stock trades at 79.1 times trailing earnings but 43.6 times forward, so the market is pricing a sharp earnings recovery from a 6.4% operating margin, and that gap is the central question for any deeper look. The one thing to pull first is the operating margin trajectory over the last eight quarters.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:53 CEST | ACCE price target | ₹1031 | first publication | ₹1183 |
Answered from United Breweries Limited fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| UBL.NS United Breweries Limited | ₹1142.60 | - | - | 79.1x | - | 67 | 32 |
| 2531.T Takara Holdings Inc. | ¥2693.50 | - | - | 47.3x | 2.8% | 51 | 51 |
| RBREW.CO Royal Unibrew A/S | kr 433.80 | kr 507 | 14% below | 13.3x | 26.2% | 77 | 56 |
| SAM Boston Beer Company Inc. (The) Common Stock | $202.28 | $266 | 24% below | - | -8.6% | 52 | 39 |
| CCU Compania Cervecerias Unidas S.A. Common Stock | $10.43 | $10 | 3% above | 17.5x | 7.9% | 46 | 44 |
| 2501.T Sapporo Breweries Limited | ¥2014.50 | - | - | 91.9x | 2.4% | 55 | 55 |
| CCU.SN Compania Cervecerias Unidas SA | CLP 5185.00 | - | - | 18.8x | 7.9% | 46 | 47 |
Where UBL.NS ranks against its sector peers on each metric.