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United Breweries Ltd (UBL) Q4 & FY25 Results Analysis: Brewing Growth with Consistency

Created by Piyush Patel_ in Company Update 10 Jun 2025

United Breweries Ltd (UBL), India's market leader in beer, delivered a resilient performance for Q4FY25 and FY25, marked by consistent volume growth, premiumization success, and improving margins despite regulatory challenges in certain states.

🌟 Key Performance Highlights

Metric	Q4FY25	Q4FY24	YoY Growth	FY25	FY24	YoY Growth
Net Sales (in ₹ Cr)	2,321	2,132	+9%	8,907	8,115	+10%
Gross Profit (in ₹ Cr)	977	889	+10%	3,831	3,454	+11%
EBIT (in ₹ Cr)	137	111	+24%	642	556	+15%
PAT (in ₹ Cr)	97	81	+20%	441	409	+8%
EPS (₹)	3.69	3.06	+21%	16.69	15.48	+8%
Gross Margin (%)	42.1	41.7	+37 bps	43.0	42.6	+44 bps
EBIT Margin (%)	5.9	5.2	+70 bps	7.2	6.9	+30 bps
PAT Margin (%)	4.2	3.8	+40 bps	5.0	5.0	Stable

📊 Volume Growth and Segment Analysis

Q4FY25 Volume Growth: +5% YoY
Premium Volume Growth: +24% YoY
FY25 Total Volume: +6% YoY
FY25 Premium Volume: +32% YoY

Segment Revenue (FY25):

Beer: ₹19,403 Cr (99.7%)
Non-Alcoholic Beverages: ₹53 Cr (0.3%)

📊 Financial Ratios Snapshot

Ratio	FY25	FY24
PE Ratio (CMP ₹2072)	124.15x	133.85x
Interest Coverage Ratio	49.38x	79.43x
Debt to Equity	0.023	0.021
Debt Ratio	0.12	0.122
Current Ratio	1.55	1.54
Price to Book Value (PBV)	1.26x	1.31x
Trade Receivables (₹ Cr)	2,861	2,314

💰 Cash Flow Analysis

Metric	FY25 (in ₹ Cr)	FY24 (in ₹ Cr)
Cash Flow from Operations (CFO)	423.5	206.3
Cash Flow from Investing (CFI)	-239.4	-147.8
Cash Flow from Financing (CFF)	212.8	-200.7
Net Cash Flow	212.7	-20.1
Free Cash Flow Estimate	184.1	58.5

🌐 Outlook and Strategy

UBL remains committed to expanding its premium product portfolio, optimizing distribution, and enhancing operational efficiencies. With favorable demographics and increasing disposable incomes, the beer industry is poised for structural growth.

The company's "Design to Win" initiative in Maharashtra and its tech-enabled distribution overhaul aim to deepen market penetration.

🔒 Disclosures & Legal Proceedings

The Competition Commission of India (CCI) penalty case is under review by the Supreme Court. A total deposit of ₹1503.7 Cr has been made.
The Bihar unit remains non-operational and involved in a legal land lease dispute.

Conclusion: UBL continues to strengthen its position through volume growth, premiumization, and better margins. Investors may watch for regulatory updates and sustained growth in premium segments as key drivers going forward.

Prepared for educational purposes. Past performance does not guarantee future returns.