Hold United Breweries: target of Rs 1580: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on United Breweries

United Breweries (UBL) is the biggest beer player in the domestic market (~52% market share), a sector largely dominated by MNCs (~85% of market). On-trade sales comprise ~25% of revenues (rest 75% off-trade) Heineken, one of the world’s largest beer companies, holds 72.7% stake in United Breweries

Outlook

With the recent sharp run-up in the stock (mainly due to acquisition of shares by the promoter), we change our recommendation to Hold We value the stock at Rs 1580 i.e. 57x P/E on FY23E EPS

For all recommendations report, click here

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