United Breweries Limited (UBL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-55.2%

₹533.93

vs ₹1,192.90 price

Levered DCF

₹242.74

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.3

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	98.53×	116.8×	114.74×	123.87×	107.78×	290.06×	56.79×	66.36×
P/B	9×	11.82×	11.26×	9.5×	10.01×	9.16×	6.9×	11.73×
P/S	4.41×	6×	5.97×	5.14×	7.03×	8.09×	3.88×	6.01×
EV / EBITDA	45.88×	60.9×	61.08×	59.07×	53.05×	77.09×	27.72×	32.1×
Gross margin	32.9%	38.8%	38.6%	39.6%	45.8%	48.0%	47.5%	49.5%
Operating margin	5.8%	7.1%	6.2%	5.5%	8.6%	4.5%	9.5%	14.5%
Net margin	4.5%	5.1%	5.2%	4.1%	6.5%	2.8%	6.8%	9.1%
Current ratio	1.24×	1.44×	1.56×	1.62×	1.71×	1.55×	1.49×	1.43×
Debt / equity	0.29×	0.14×	0.02×	0×	0×	0.07×	0.07×	0.07×
Interest coverage	7.44×	47.29×	70.37×	87.43×	32.79×	8.08×	19.2×	28.91×
Dividend yield	0.6%	0.5%	0.4%	0.7%	0.0%	0.2%	0.3%	0.1%
Payout ratio	60.3%	59.9%	48.4%	91.3%	3.6%	58.4%	18.7%	8.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.1%	10.1%	9.8%	7.7%	9.3%	3.2%	12.2%	17.7%
Return on invested capital	6.7%	8.8%	8.4%	7.4%	9.0%	3.2%	11.8%	16.9%
Return on assets	4.3%	5.4%	5.8%	4.8%	6.1%	1.9%	7.7%	10.5%
Free cash flow yield	-0.2%	-0.0%	-0.3%	-0.7%	1.8%	1.3%	0.4%	0.5%
Earnings yield	1.0%	0.9%	0.9%	0.8%	0.9%	0.3%	1.8%	1.5%
Enterprise value	₹415.7B	₹517.8B	₹470.2B	₹373.5B	₹385.3B	₹326.8B	₹245.2B	₹375.5B
Net debt / EBITDA	0.95×	0.22×	-0.04×	-0.5×	-1.17×	-0.35×	0.25×	0.16×
Cash conversion cycle (days)	137	154	139	129	118	213	140	140