United Breweries Limited

NSEI:UBL Stock Report

Market Cap: ₹490.4b

United Breweries Valuation

Is UBL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of UBL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: UBL (₹1853.8) is trading above our estimate of fair value (₹287.38)

Significantly Below Fair Value: UBL is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for UBL?

Key metric: As UBL is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for UBL. This is calculated by dividing UBL's market cap by their current earnings.
What is UBL's PE Ratio?
PE Ratio103.8x
Earnings₹4.72b
Market Cap₹490.37b

Price to Earnings Ratio vs Peers

How does UBL's PE Ratio compare to its peers?

The above table shows the PE ratio for UBL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average67.4x
SDBL Som Distilleries & Breweries
22.4xn/a₹20.6b
RADICO Radico Khaitan
105.1x31.8%₹301.8b
UNITDSPR United Spirits
74.5x15.9%₹1.1t
PATANJALI Patanjali Foods
67.4x33.3%₹670.5b
UBL United Breweries
103.8x27.2%₹490.4b

Price-To-Earnings vs Peers: UBL is expensive based on its Price-To-Earnings Ratio (103.8x) compared to the peer average (67.4x).

Price to Earnings Ratio vs Industry

How does UBL's PE Ratio compare vs other companies in the IN Beverage Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
UBL 103.8xIndustry Avg. 18.7xNo. of Companies3PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: UBL is expensive based on its Price-To-Earnings Ratio (103.8x) compared to the Asian Beverage industry average (18.7x).

Price to Earnings Ratio vs Fair Ratio

What is UBL's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

UBL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio103.8x
Fair PE Ratio49.5x

Price-To-Earnings vs Fair Ratio: UBL is expensive based on its Price-To-Earnings Ratio (103.8x) compared to the estimated Fair Price-To-Earnings Ratio (49.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst UBL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹1,853.80
₹2,000.64
+7.9%
15.5%₹2,365.00₹1,289.00n/a14
Nov ’25₹1,936.30
₹2,000.64
+3.3%
15.5%₹2,365.00₹1,289.00n/a14
Oct ’25₹2,163.35
₹1,971.69
-8.9%
16.1%₹2,485.00₹1,289.00n/a13
Sep ’25₹2,050.45
₹1,938.31
-5.5%
16.8%₹2,485.00₹1,253.00n/a13
Aug ’25₹2,001.40
₹1,938.31
-3.2%
16.8%₹2,485.00₹1,253.00n/a13
Jul ’25₹2,009.60
₹1,909.50
-5.0%
16.1%₹2,425.00₹1,217.00n/a14
Jun ’25₹1,860.40
₹1,909.50
+2.6%
16.1%₹2,425.00₹1,217.00n/a14
May ’25₹2,037.90
₹1,805.21
-11.4%
12.8%₹2,155.00₹1,291.00n/a14
Apr ’25₹1,779.55
₹1,791.79
+0.7%
13.8%₹2,155.00₹1,253.00n/a14
Mar ’25₹1,698.90
₹1,775.77
+4.5%
14.0%₹2,155.00₹1,253.00n/a13
Feb ’25₹1,803.15
₹1,717.00
-4.8%
16.5%₹2,320.00₹1,289.00n/a13
Jan ’25₹1,792.70
₹1,657.00
-7.6%
13.3%₹2,125.00₹1,289.00n/a13
Dec ’24₹1,672.00
₹1,632.21
-2.4%
11.6%₹1,935.00₹1,289.00n/a14
Nov ’24₹1,606.50
₹1,632.21
+1.6%
11.6%₹1,935.00₹1,289.00₹1,936.3014
Oct ’24₹1,557.00
₹1,480.33
-4.9%
11.9%₹1,770.00₹1,200.00₹2,163.3512
Sep ’24₹1,546.45
₹1,512.62
-2.2%
13.4%₹1,900.00₹1,200.00₹2,050.4513
Aug ’24₹1,591.35
₹1,512.62
-4.9%
13.4%₹1,900.00₹1,200.00₹2,001.4013
Jul ’24₹1,511.95
₹1,503.08
-0.6%
12.0%₹1,900.00₹1,190.00₹2,009.6012
Jun ’24₹1,463.10
₹1,504.33
+2.8%
12.1%₹1,900.00₹1,190.00₹1,860.4012
May ’24₹1,479.50
₹1,655.92
+11.9%
9.7%₹1,900.00₹1,210.00₹2,037.9012
Apr ’24₹1,424.45
₹1,659.25
+16.5%
9.1%₹1,900.00₹1,250.00₹1,779.5512
Mar ’24₹1,464.20
₹1,670.85
+14.1%
9.0%₹1,900.00₹1,250.00₹1,698.9013
Feb ’24₹1,575.80
₹1,818.79
+15.4%
7.5%₹2,000.00₹1,450.00₹1,803.1514
Jan ’24₹1,699.80
₹1,816.29
+6.9%
8.0%₹2,000.00₹1,400.00₹1,792.7014
Dec ’23₹1,698.85
₹1,808.53
+6.5%
7.9%₹2,000.00₹1,400.00₹1,672.0015
Nov ’23₹1,690.20
₹1,800.93
+6.6%
8.0%₹2,000.00₹1,400.00₹1,606.5014

Analyst Forecast: Target price is less than 20% higher than the current share price.

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