Price Target Changed • May 09
Price target decreased by 7.8% to ₹1,588 Down from ₹1,721, the current price target is an average from 19 analysts. New target price is 12% above last closing price of ₹1,420. Stock is down 35% over the past year. The company is forecast to post earnings per share of ₹20.25 for next year compared to ₹15.63 last year. Declared Dividend • May 08
Dividend of ₹10.00 announced Dividend of ₹10.00 is the same as last year. Ex-date: 7th August 2026 Payment date: 11th September 2026 Dividend yield will be 0.7%, which is higher than the industry average of 0.3%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 83% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 07
United Breweries Limited announces Annual dividend, payable on September 11, 2026 United Breweries Limited announced Annual dividend of INR 10.0000 per share payable on September 11, 2026, ex-date on August 07, 2026 and record date on August 07, 2026. Announcement • May 06
United Breweries Limited, Annual General Meeting, Aug 12, 2026 United Breweries Limited, Annual General Meeting, Aug 12, 2026, at 13:00 Indian Standard Time. Reported Earnings • May 06
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: ₹15.63 (down from ₹16.71 in FY 2025). Revenue: ₹175.1b (up 96% from FY 2025). Net income: ₹4.13b (down 6.5% from FY 2025). Profit margin: 2.4% (down from 5.0% in FY 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is expected to decline by 21% p.a. on average during the next 2 years, while revenues in the Beverage industry in India are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Apr 06
United Breweries Limited to Report Fiscal Year 2026 Results on May 05, 2026 United Breweries Limited announced that they will report fiscal year 2026 results at 3:30 PM, Indian Standard Time on May 05, 2026 Reported Earnings • Feb 11
Third quarter 2026 earnings: EPS exceeds analyst expectations Third quarter 2026 results: EPS: ₹3.06 (up from ₹1.45 in 3Q 2025). Revenue: ₹39.5b (up 97% from 3Q 2025). Net income: ₹810.0m (up 111% from 3Q 2025). Profit margin: 2.1% (up from 1.9% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 91%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Beverage industry in India. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jan 08
United Breweries Limited to Report Q3, 2026 Results on Feb 10, 2026 United Breweries Limited announced that they will report Q3, 2026 results on Feb 10, 2026 Announcement • Jan 07
United Breweries Limited Announces the Launch of Kingfisher Smooth United Breweries Limited announced the launch of Kingfisher Smooth, a strategic innovation that expands the Kingfisher portfolio within India's mainstream strong beer segment. Designed for younger legal-age consumers who enjoy strong beers, it offers an unprecedented strong and smooth drinking experience. Kingfisher Smooth is now available across Rajasthan, one of India's strong beer-consuming states, offering a more sessionable and approachable experience. Brewed using imported hops and containing no added sugar, it delivers a smooth, balanced taste while retaining the strength consumers expect. Kingfisher Smooth will be available across leading retail outlets in Rajasthan and will be priced at INR 100 for a 330 ml bottle, INR 145 for a 500 ml can, and INR 185 for a 650 ml bottle. Reported Earnings • Oct 30
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: EPS: ₹1.76 (down from ₹5.00 in 2Q 2025). Revenue: ₹37.5b (up 77% from 2Q 2025). Net income: ₹465.2m (down 65% from 2Q 2025). Profit margin: 1.2% (down from 6.2% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 55%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Beverage industry in India. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Announcement • Sep 26
United Breweries Limited to Report Q2, 2026 Results on Oct 29, 2025 United Breweries Limited announced that they will report Q2, 2026 results on Oct 29, 2025 Upcoming Dividend • Jul 24
Upcoming dividend of ₹10.00 per share Eligible shareholders must have bought the stock before 31 July 2025. Payment date: 04 September 2025. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.2%). In line with average of industry peers (0.4%). Reported Earnings • Jul 23
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: ₹6.95 (up from ₹6.56 in 1Q 2025). Revenue: ₹53.9b (up 118% from 1Q 2025). Net income: ₹1.84b (up 5.9% from 1Q 2025). Profit margin: 3.4% (down from 7.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Beverage industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Jul 03
United Breweries Limited Launches Amstel Grande in the State of Karnataka United Breweries Limited has now also launched its iconic premium beer, Amstel Grande, in Karnataka. This expansion marks a key development in India's premium beer market, combining UBL's brewing excellence with Amstel's 150-year heritage, further elevating the beer experience for consumers in the region. Amstel Grande promises to offer Indian consumers an unparalleled beer experience. The beer is slow brewed and matured longer, allowing its flavors to fully develop, resulting in a rich, smooth taste. Crafted using the finest quality barley, unique Dutch yeast, and carefully selected hops, each sip of Amstel Grande is a testament to the brand's commitment to quality. With no added sugar and perfected through extensive global and local testing, it achieved top scores in consumer research, setting a new standard in premium beer. Amstel Grande is now available in Karnataka, competitively priced at INR 170 for a 330ml bottle, INR 195 for 500ml can and INR 250 for a 650ml bottle and is accessible at leading outlets across the state. Announcement • Jun 25
United Breweries Limited to Report Q1, 2026 Results on Jul 22, 2025 United Breweries Limited announced that they will report Q1, 2026 results on Jul 22, 2025 Reported Earnings • May 10
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹16.71 (up from ₹15.51 in FY 2024). Revenue: ₹194.4b (up 139% from FY 2024). Net income: ₹4.42b (up 7.7% from FY 2024). Profit margin: 2.3% (down from 5.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.0%. Revenue is expected to decline by 20% p.a. on average during the next 3 years, while revenues in the Beverage industry in India are expected to grow by 12%. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • May 10
United Breweries Limited Announces Board Changes United Breweries Limited at its board meeting held on May 7, 2025 approved resignation of Mr. Wiggert Deelen, Senior Director - Supply Chain, due to a change in his role with effect from the close of business hours of August 15, 2025. Appointment of Mr. Xavier Jadin, Senior Director - Supply Chain, in place of Mr. Wiggert Deelen with effect from July 01, 2025. Xavier has held several key Supply Chain leadership roles across HEINEKEN, including his most recent position as Director for the Caribbean, Panama, Ecuador, and Peru, where he drove operational excellence, cost reduction, and regional strategy execution. He previously led Supply Chain at BRANA (Haiti) and Brassivoire (Ivory Coast) and began his HEINEKEN journey in France after years of experience across Africa. In his new role at UBL, Xavier will lead end-to-end Supply Chain operations, focusing on efficiency, quality, safety, capability building, and sustainable growth. Declared Dividend • May 09
Dividend of ₹10.00 announced Dividend of ₹10.00 is the same as last year. Ex-date: 31st July 2025 Payment date: 4th September 2025 Dividend yield will be 0.5%, which is higher than the industry average of 0.3%. Sustainability & Growth Dividend is covered by earnings (64% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 27% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 123% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 08
United Breweries Limited to Report Fiscal Year 2025 Results on May 07, 2025 United Breweries Limited announced that they will report fiscal year 2025 results on May 07, 2025 Reported Earnings • Feb 14
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: ₹1.45 (down from ₹3.23 in 3Q 2024). Revenue: ₹44.4b (up 143% from 3Q 2024). Net income: ₹384.0m (down 55% from 3Q 2024). Profit margin: 0.9% (down from 4.7% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 65%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Beverage industry in India. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 17
United Brewies Limited Announces Launch of Kingfisher Mango Berry Twist Flavoured Beer and Kingfisher Lemon Masala Flavoured Beer United Brewies Limited announced that Kingfisher Mango Berry Twist Flavoured Beer and Kingfisher Lemon Masala Flavoured Beer, will be available in the Union Territory of Daman and the State of Goa, from January 2025. Date of Launch: January 17, 2025; Category of the Product: Premium Strong Beer. The current launch is focused on catering to the domestic market only. Announcement • Jan 13
United Breweries Limited to Report Q3, 2025 Results on Feb 13, 2025 United Breweries Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Announcement • Dec 13
United Breweries Limited Appoints Ranjan Ramdas Pai as Director (Non-Executive Independent Director) United Breweries Limited passed through the Postal Ballot on December 13, 2024, approved the appointment of Mr. Ranjan Ramdas Pai as Director (Non-Executive Independent Director). Announcement • Dec 04
United Breweries Limited Launches Amstel Grande in West Bengal United Breweries Limited has launched its iconic premium beer, Amstel Grande, in West Bengal. This marks the beginning of a new chapter in India's premium beer segment, blending UBL's brewing expertise with Amstel's 150-year heritage from Amsterdam. Amstel Grande promises to offer Indian consumers an unparalleled beer experience, due to its secret ingredient: time. The beer is slow brewed and matured longer, allowing its flavors to fully develop, resulting in a rich, smooth taste. Crafted using the finest quality barley, unique Dutch yeast, and carefully selected hops, each sip of Amstel Grande is a testament to the brand's unwavering commitment to quality. With no added sugar and perfected through extensive global and local testing, it achieved top scores in consumer research, setting a new standard in premium beer. Since 1870, Amstel has embodied the art of brewing, starting with two friends' dream of a better beer in Amsterdam. Now, as one of Heineken's iconic brands enjoyed in over 100 countries, Amstel brings its rich heritage to India with Amstel Grande. This premium brew reflects Amstel's commitment to quality and its philosophy of being `Brewed for Bonding,' creating moments for connection and celebration among friends. Developed locally in India, this launch meets the demand for a premium strong beer with global appeal and international quality, globally inspired, locally brewed. The packaging, designed with premium beer enthusiasts in mind, reflects the beer's Amsterdam roots with illustrations of iconic Dutch architecture and scenic canals, capturing the charm of Amsterdam in every bottle. Amstel Grande is now available in West Bengal, competitively priced at INR 110 for a 330ml bottle and INR 210 for a 650ml bottle, and is accessible at leading outlets across the state. Announcement • Nov 07
United Breweries Limited Announces the Launch of Amstel Grande in the Premium Strong Category United Breweries Limited informed that `Amstel Grande' in the Premium Strong category, will be available in the State of Maharashtra with effect from November 07, 2024. Reported Earnings • Oct 25
Second quarter 2025 earnings released: EPS: ₹5.00 (vs ₹4.06 in 2Q 2024) Second quarter 2025 results: EPS: ₹5.00 (up from ₹4.06 in 2Q 2024). Revenue: ₹47.5b (up 152% from 2Q 2024). Net income: ₹1.32b (up 23% from 2Q 2024). Profit margin: 2.8% (down from 5.7% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Beverage industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 6% per year. Announcement • Sep 23
United Breweries Limited to Report Q2, 2025 Results on Oct 24, 2024 United Breweries Limited announced that they will report Q2, 2025 results on Oct 24, 2024 Announcement • Sep 14
United Breweries Limited Announces Board Changes United Breweries Limited appointed Radovan Sikorsky (DIN:09684447) as Director (designated as Non-Executive Non-Independent Director) and (ii) Ms. Yolanda Talamo (DIN:10704805) as Director (designated as Non-Executive Non-Independent Director) each by passing of Ordinary Resolutions by way of Postal Ballot through remote voting by electronic means (`remote
e-voting'). Announcement • Aug 01
United Breweries Limited Announces Resignation of Directors United Breweries Limited announced that Ms. Kiran Mazumdar Shaw, has stepped down as the Director (designated as `Independent Director') of the Company, with effect from the conclusion of the 25th Annual General Meeting held on August 01, 2024, in view of the fact that her second and last tenure as an Independent Director would be concluding on September 03, 2024. Mr. Christiaan August J Van Steenbergen, has stepped down as Director (designated as `Non- Executive Non-Independent Director') of the Company, with effect from the conclusion of the 25th Annual General Meeting held on, August 01, 2024, citing pre-occupation and personal commitments. Upcoming Dividend • Jul 18
Upcoming dividend of ₹10.00 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 31 August 2024. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.1%). In line with average of industry peers (0.4%). Reported Earnings • Jul 11
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ₹15.51 (up from ₹11.50 in FY 2023). Revenue: ₹81.2b (up 8.3% from FY 2023). Net income: ₹4.10b (up 35% from FY 2023). Profit margin: 5.0% (up from 4.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Beverage industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 14% per year. Announcement • Jul 01
United Breweries Limited Announces Resignation of Monojit Mukherjee, Director - Corporate Affairs, Senior Management Personnel United Breweries Limited announced that Mr. Monojit Mukherjee, Director - Corporate Affairs, Senior Management Personnel of United Breweries Limited had resigned from the services of the Company due to personal reasons and to pursue other opportunities with effect from the close of business hours of June 30, 2024. Reason for change: Resignation vide intimation dated April 01, 2024. With effect from close of business hours of Sunday, June 30, 2024. Announcement • Jun 08
United Breweries Limited Introduces Queenfisher Premium Lager Beer in Maharashtra United Breweries Limited announced the launch of Queenfisher Premium Lager Beer: The Queen of Good Times, from the House of Kingfisher, in Maharashtra. Encouraged by the overwhelmingly positive response from consumers in Goa, Assam, and Meghalaya, UBL is thrilled to extend this celebration of nurturing sisterhood bonds to new markets. Queenfisher's packaging embodies inclusivity and celebrates the spirit of sisterhood. It features silhouettes of diverse women against a vibrant purple backdrop, with the iconic bird uplifted and crowned, honoring the women in its lives. Rooted in the ethos of Kingfisher, Queenfisher provides a safe space for meaningful and honest conversations, recognizing the harsher judgments women often face in society. Initially launched in March in Goa, the new lager beer garnered significant interest among consumers. The launch event also unveiled the iconic calendar, now known as The Galendar captures real-life stories of women, photographed by Avani Rai. Each page includes a QR code that, when scanned, reveals unique moments of sisterhood through films directed by Kopal Naithani. The 500 ml Queenfisher Premium Lager Beer cans are readily available at leading outlets across Maharashtra. Declared Dividend • May 09
Dividend of ₹10.00 announced Shareholders will receive a dividend of ₹10.00. Ex-date: 25th July 2024 Payment date: 31st August 2024 Dividend yield will be 0.5%, which is higher than the industry average of 0.3%. Sustainability & Growth Dividend is covered by earnings (65% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 27% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 116% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 09
United Breweries Limited, Annual General Meeting, Aug 01, 2024 United Breweries Limited, Annual General Meeting, Aug 01, 2024, at 13:00 Indian Standard Time. Reported Earnings • May 08
Full year 2024 earnings released: EPS: ₹15.51 (vs ₹11.50 in FY 2023) Full year 2024 results: EPS: ₹15.51 (up from ₹11.50 in FY 2023). Revenue: ₹184.5b (up 146% from FY 2023). Net income: ₹4.10b (up 35% from FY 2023). Profit margin: 2.2% (down from 4.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 30% p.a. on average during the next 3 years, while revenues in the Beverage industry in India are expected to grow by 13%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 08
United Breweries Limited Appoints Anand Kripalu as Chairman of the Board United Breweries Limited at its board meeting held February 08, 2024, has appointed Mr. Anand Kripalu, as Chairman of the Board of the Company with immediate effect. Mr. Anand Kripalu is currently a Non-Executive Independent Director & Chairperson of Stakeholders Relationship/Share Transfer Committee and Member of the Audit Committee of the Company. Anand is presently MD & Global CEO of Blackstone backed EPL Limited (formerly Essel Propack Ltd), the global leader in laminated tubes. Till recently, he was MD & CEO of United Spirits Ltd. (Diageo India) and a member of Diageo's Global Executive. He was also Chairman of the IPL franchise, Royal Challengers Bangalore. Earlier, he was President, India and South East Asia at Mondelez International, President Asia and MD of Cadbury India, and a member of Cadbury's global leadership team. Prior to that he worked at Unilever for 22 years. Anand has a Bachelor's Degree in Electronics from the Indian Institute of Technology, Madras and an MBA from the Indian Institute of Management, Kolkata. He has received the Distinguished Alumnus Award from both IIT Madras and IIM Kolkata. He completed the Advanced Management Programme from Wharton Business School and is currently on the board of IIM Jammu. He serves as an Independent Director on the Board of United Breweries Limited. Earlier, Anand chaired the CII National FMCG Committee and CIABC (Confederation of Indian Alcoholic Beverage Companies) and has been a member of the Managing Committee of the Bombay Chamber of Commerce and Industry. He also served on the board of Marico Ltd. for 10 years. He has been recently appointed as Non-Executive, Independent Director and Chairperson of Bundl Technologies Private Limited (Swiggy). Anand was recently honoured with the prestigious "Lifetime Achievement Award" at the 8 edition of the Indian Marketing Awards (IMA) by exchange4media. Announcement • Jan 24
United Breweries Limited to Report Q3, 2024 Results on Feb 08, 2024 United Breweries Limited announced that they will report Q3, 2024 results on Feb 08, 2024 Announcement • Dec 21
United Breweries Limited Announces Resignation of Amit Khera as Company Secretary and Compliance Officer, Effective February 14, 2024 United Breweries Limited announced that Mr. Amit Khera has on December 21, 2023 conveyed his decision to resign from the post of Company Secretary & Compliance Officer of the Company due to his personal reasons and other professional commitments. He will continue to discharge his duties as the Company Secretary & Compliance Officer of the Company, until the close of business hours on February 14, 2024 to facilitate smooth transition. Announcement • Nov 29
United Breweries Limited Unveils Heineken Silver Draught Beer in India United Breweries announced the much-anticipated launch of Heineken®? Silver Draught Beer in India. This marks a significant milestone as Heineken introduces its draught beer for the first time in the Indian market, aiming to provide consumers with a premium, smooth tasting beverage tailored for social occasions. Crafted by seasoned master brewers utilizing only natural ingredients, including Heineken's renowned unique A-yeast and 100% malt, Heineken®? SilverDRught Beer boasts the freshest and smoothest taste. This ensures an enhanced drinking experience, delivering unparalleled, perfectly balanced taste and freshness to the discerning consumer. The initial launch will see Heineken®? Silver DGught Beer exclusively available in premium bars and pubs across Mumbai, Thane, and Pune in Maharashtra, with plans to expand to Karnataka in the fiscal year 2024. At the Mumbai launch event, Franck Evers, certified Heineken Global Draught Master, not only showcased the art of the perfect pour but also spearheaded an intensive training program called Heineken® Star Serve for over 400 bar staff. With a wealth of expertise honed in more than 90 countries, Franck Evers serves as the maestro driving Heineken's unwavering commitment to delivering the ultimate draught beer experience to Indian consumers. Following this week's launch and training program, the Heineken® Star Serve program will continue with a comprehensive training initiative, introducing a unique pouring technique of 5 simple steps that ensures the highest quality Heineken draught drinking experience for consumers in India. An additional distinctive feature of Heineken® is the innovative practice of skimming the beer, marking a noteworthy 'innovation' in draught beer pouring within the Indian market. United Breweries Limited to bring Heineken® Silver Draught Beer to India, setting a new standard in the world of premium beer and continuing the legacy of Heineken's exceptional brewing heritage. Heineken® Silver Draught is available in premium pubs and bars. Heineken® Silver Draught will also be launched in other markets in the next few months. Price Target Changed • Oct 24
Price target increased by 9.2% to ₹1,632 Up from ₹1,495, the current price target is an average from 14 analysts. New target price is approximately in line with last closing price of ₹1,629. Stock is up 0.8% over the past year. The company is forecast to post earnings per share of ₹18.33 for next year compared to ₹11.50 last year. Reported Earnings • Oct 21
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: ₹4.06 (down from ₹5.07 in 2Q 2023). Revenue: ₹18.9b (up 12% from 2Q 2023). Net income: ₹1.07b (down 20% from 2Q 2023). Profit margin: 5.7% (down from 8.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Beverage industry in India. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Oct 12
United Breweries Limited to Report Q2, 2024 Results on Oct 19, 2023 United Breweries Limited announced that they will report Q2, 2024 results on Oct 19, 2023 Announcement • Aug 12
United Breweries Limited Declares Dividend for the Financial Year Ended March 31, 2023 United Breweries Limited announced that at its AGM held on August 10, 2023, declared a dividend at INR 7.50 per Equity Share of INR 1 each, for the financial year ended March 31, 2023. Upcoming Dividend • Jul 27
Upcoming dividend of ₹7.50 per share at 0.5% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 09 September 2023. Payout ratio is a comfortable 65% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.3%). Reported Earnings • Jul 21
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₹11.50 (down from ₹13.82 in FY 2022). Revenue: ₹75.0b (up 28% from FY 2022). Net income: ₹3.04b (down 17% from FY 2022). Profit margin: 4.1% (down from 6.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Beverage industry in India. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Jul 14
United Breweries Limited to Report Q1, 2024 Results on Jul 28, 2023 United Breweries Limited announced that they will report Q1, 2024 results on Jul 28, 2023 Announcement • Jun 06
United Breweries Limited Proposes Dividend or the Financial Year 2022-2023, Payable on or Before September 09, 2023 United Breweries Limited proposed Dividend @ INR 7.50 per Equity Share of INR 1/- each (i.e.,750%) to the shareholders of the Company for the financial year 2022-2023 recommended by the Board of Directors at its meeting held on May 04, 2023 shall be paid on or before September 09, 2023 post its declaration at the AGM to be held on August 10, 2023. Price Target Changed • May 09
Price target decreased by 7.5% to ₹1,531 Down from ₹1,656, the current price target is an average from 12 analysts. New target price is 10% above last closing price of ₹1,386. Stock is down 4.9% over the past year. The company is forecast to post earnings per share of ₹18.13 for next year compared to ₹11.50 last year. Announcement • May 06
United Breweries Limited Recommends Dividend for the Financial Year Ended March 31, 2023 United Breweries Limited at its board meeting held on May 4, 2023, recommended a dividend of INR 7.50 per equity share of INR 1 each (750%) to the shareholders of the Company for the financial year ended March 31, 2023, subject To Approve the same by the members at the upcoming 24th Annual General Meeting (AGM) of the Company scheduled to be held on August 10, 2023. Reported Earnings • May 05
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₹11.50 (down from ₹13.82 in FY 2022). Revenue: ₹167.0b (up 186% from FY 2022). Net income: ₹3.04b (down 17% from FY 2022). Profit margin: 1.8% (down from 6.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is expected to decline by 27% p.a. on average during the next 3 years, while revenues in the Beverage industry in Asia are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • May 05
United Breweries Limited, Annual General Meeting, Aug 10, 2023 United Breweries Limited, Annual General Meeting, Aug 10, 2023. Agenda: To consider the dividend. Announcement • Feb 18
United Breweries Limited Announces Resignation of Rishi Pardal as Managing Director United Breweries Limited informed that the Board of Directors of the Company at their meeting held on February 17, 2023 took on record the resignation of Mr. Rishi Pardal as Managing Director. Mr. Rishi Pardal has tendered his resignation on February 16, 2023, and accordingly his 6 months' notice period commences. The Board has commenced a search for a new Managing Director & CEO for the Company. 
