United Breweries cash flow

Latest FY26

Cash from operations: ₹435cr+85.0% on FY25
Capital spending: ₹512cr+98.1% on FY25
Free cash flow: −₹76.8cr−₹23.3 cr in FY25
Cash from financing: ₹91.5cr−57.9% on FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Sep 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus

Changes in working capital
Adjustments to reconcile profit — non-cash items						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	—	272	233	212	211
	—	0.0	0.0	0.0	33.1
	—	68.1	12.1	6.7	4.4
	—	−21.0	−18.8	−45.4	−33.4
	—	0.0	5.9	0.0	0.0
	—	2.0	0.6	0.1	−1.5
	—	−2.1	11.1	8.6	7.0
	—	−74.0	0.0	−0.4	−1.4
	—	−534	−248	59.1	−492
	—	−86.5	−559	−919	−161
	—	−14.3	−3.5	0.0	3.0
	—	0.0	0.0	2.2	0.0
	—	−62.2	−32.9	−103	−276
	—	−16.1	0.0	0.0	0.0
	—	325	196	234	84.3
	—	35.3	102	51.2	219
	—	195	123	159	6.8
Cash from operating activities
	656	562	605	551	417
	—	87.1	−178	−335	−397
	—	649	427	216	20.2
	—	214	192	139	140
	—	435	235	77.3	−120
Cash from investing activities
	—	512	258	192	156
	—	79.1	0.1	0.8	2.0
	—	0.0	0.0	0.1	0.3
	—	0.0	0.0	1.7	6.2
	—	0.1	0.0	0.6	5.8
	—	22.0	17.4	43.9	33.5
	—	1.5	1.3	0.0	0.0
	—	−409	−239	−148	−121
Cash from financing activities
	—	600	497	77.4	0.0
	—	205	9.5	7.3	10.0
	—	54.6	6.1	1.9	4.5
	—	249	265	199	278
	—	91.5	217	−130	−292
	—	117	213	−201	−533
	—	0.8	0.0	0.0	863
	—	118	213	−201	330
	—	—	—	129	330
Reference items
	906	806	841	696	616
	4.8%	4.6%	4.3%	3.8%	3.7%
	−76.8	−76.8	−23.3	−114	−276
	—	424	513	−38.6	—
	−₹2.90	−₹2.90	−₹0.88	−₹4.32	−₹10.43
	—	1.05×	0.53×	0.19×	−0.39×
	—	214	192	139	140
	—	54.6	6.1	1.9	4.5

Open the chart

From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

UBL₹1,191.70

United Breweries Ltd.

· FMCG & Retail

₹ CrorePeersUNITDSPR AWL GODFRYPHLP RADICO PATANJALI DABUR COLPAL MARICOMcap ₹31,509 Cr

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In ₹ Crore except Per Share 12 Months Ending	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/09/2026
Adjustments to Reconcile Profit — Non-cash Items
+ Depreciation & Amortisation	210.6	211.9	233.0	272.0	—
+ Impairment Loss / (Reversal)	33.1	0.0	0.0	0.0	—
+ Finance Costs	4.4	6.7	12.1	68.1	—
+ Interest Income	-33.4	-45.4	-18.8	-21.0	—
+ Share-based Payments	0.0	0.0	5.9	0.0	—
+ Unrealised FX (Gain) / Loss	-1.5	0.1	0.6	2.0	—
+ Other Non-cash Items	7.0	8.6	11.1	-2.1	—
+ Other — Cash Effects are Investing / Financing	-1.4	-0.4	0.0	-74.0	—
Changes in Working Capital
+ Inventories	-492.0	59.1	-247.7	-533.9	—
+ Trade Receivables — Current	-161.3	-918.8	-558.6	-86.5	—
+ Other Financial Assets — Current	3.0	0.0	-3.5	-14.3	—
+ Other Financial Assets — Non-current	0.0	2.2	0.0	0.0	—
+ Other Current Assets	-275.6	-103.1	-32.9	-62.2	—
+ Other Bank Balances	0.0	0.0	0.0	-16.1	—
+ Trade Payables — Current	84.3	233.8	195.7	325.1	—
+ Other Financial Liabilities — Current	218.9	51.2	102.3	35.3	—
+ Other Current Liabilities	6.8	158.9	122.5	194.8	—
Cash from Operating Activities
Profit Before Tax (per I/S)	417.3	551.1	605.1	562.3	655.8
+ Total Adjustments (incl. Working Capital)	-397.1	-335.1	-178.1	87.1	—
Cash from Operations (pre-tax)	20.2	216.1	427.0	649.4	—
+ Income Taxes Paid	139.7	138.8	191.9	214.4	—
Cash from Operating Activities	-119.6	77.3	235.1	435.0	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	156.3	191.5	258.3	511.7	—
+ Disp of Fixed Assets	2.0	0.8	0.1	79.1	—
+ Disp of Investment Property	0.3	0.1	0.0	0.0	—
+ Acq of Other Long-term Assets	6.2	1.7	0.0	0.0	—
+ Disp of Other Long-term Assets	5.8	0.6	0.0	0.1	—
+ Interest Received — Investing	33.5	43.9	17.4	22.0	—
+ Other Inflows / (Outflows) — Investing	0.0	0.0	1.3	1.5	—
Cash from Investing Activities	-120.8	-147.8	-239.4	-409.1	—
Cash from Financing Activities
+ Proceeds from Borrowings	0.0	77.4	497.4	600.4	—
+ Payment of Lease Liabilities	10.0	7.3	9.5	205.4	—
+ Interest Paid	4.5	1.9	6.1	54.6	—
+ Dividends Paid	277.9	198.5	264.6	248.9	—
Cash from Financing Activities	-292.3	-130.2	217.1	91.5	—
Net Changes in Cash (pre-FX)	-532.7	-200.7	212.8	117.4	—
+ Effect of FX Rate Changes on Cash	862.6	0.0	0.0	0.8	—
Net Changes in Cash	329.9	-200.7	212.8	118.2	—
Closing Cash	329.9	129.2	—	—	—
Reference Items
EBITDA	616.2	696.2	840.8	805.5	906.4
EBITDA Margin %	3.70	3.79	4.33	4.61	4.80
Free Cash Flow (CFO − Capex)	-275.9	-114.2	-23.3	-76.8	-76.8
Free Cash Flow to Equity	—	-38.6	513.2	424.0	—
Free Cash Flow per Basic Share	-10.43	-4.32	-0.88	-2.90	-2.90
Cash Flow to Net Income	-0.39	0.19	0.53	1.05	—
Cash Paid for Taxes	139.7	138.8	191.9	214.4	—
Cash Paid for Interest	4.5	1.9	6.1	54.6	—

As filed, sign as filed: a payment tagged as a positive magnitude in the filing stays positive here, so read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown — depth follows the filer, so a thin statement means a thin filing. Total Adjustments is the filer's own grand total of the reconciliation and spans BOTH the non-cash items and the working-capital block; Profit Before Tax plus it equals Cash from Operations (pre-tax). It can be reported when its components are not, so it is never a sum of the rows above it. No consensus estimates → no Est columns. Click any row to chart it.

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Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.