Key Metrics 
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DeciZen 
10 Yrs X-Ray 
Profit & Loss 
Valuation 
Analyst Note 
Balance Sheet 
Cash Flow 
Financial Ratio 
Qtr. Results 
News 
About
United Breweries Ltd (UBL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532478 NSE: UBL Breweries & Distilleries | Mid Cap | United Breweries Share Price
₹1,396.15 -35.25 (-2.46%)
As on 23-Jul'26 16:59
United Breweries Ltd (UBL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532478 NSE: UBL Breweries & Distilleries | Mid Cap | United Breweries Share Price
₹1,396.15 -35.25 (-2.46%)
As on 23-Jul'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹37,847 Cr.
Current Price
₹1,396.2
52-Week Low / High
₹1,277 / 2,106
TTM EPS
₹15.6
TTM Sales
₹9,240 Cr.
Book Value per Share
₹170.8
P/E Ratio
91.60
Lower than its 5-year historical median
Industry PE
60.1
Price to Book (P/B)
8.38
Lower than its 5-year historical median
Price to Sales (P/S)
4.10
Higher than its 5-year historical median
EV/EBITDA
45.20
Lower than its 5-year historical median
Dividend Yield
0.72%
Profitability Efficiency
Return on Equity (ROE)
9.32%
Underperforms industry median
Return on Capital Employed (ROCE)
11.92%
Underperforms industry median
Return on Assets (ROA)
4.57%
Operating Profit Margin
8.8%
Net Profit Margin
4.47%
Gross Profit Margin
4.5%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
3.64%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-4.2%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-6.56%
Asset Quality
Promoter Holding
70.83%
Pledged shares (%) of Promoter's holding (%)
12.40%
Reserves
₹4,490 Cr.
Equity
₹26.4 Cr.
Face Value
₹1
All Time Low / High
₹6.97 / 2299.40
Check Before You Invest
Quality
Very GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is United Breweries Ltd a good quality company?
United Breweries Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does United Breweries Ltd performance compare with that of its Peers?
Revenue growth of United Breweries Ltd vs industry peers?
United Breweries Ltd revenue CAGR is 6.49%, compared to the industry median CAGR of 6.49%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of United Breweries Ltd?
Promoters hold 70.83% of the United Breweries Ltd, with 12.40% of their stake pledged, indicating high pledge risk.
Stock return of United Breweries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 6.1% based on the current price.
DeciZen - make an informed investing decision on United Breweries
Decision Maker
Consolidated basis
1. Right Stock
10 Year X-ray Pro
Long Term Prospect
2. Right Price
3. Right Time ⓘ
#Likely Future 5 Year CAGR.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
United Breweries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 13.8% | 22.1% | 28.5% | 16.7% | 5.1% | 13.1% | 10.7% | 13.6% | 13.4% | 11.9% | - |
| Value Creation Index ⓘ | 0.2 | 1.0 | 1.5 | 0.5 | -0.6 | 0.2 | -0.1 | 0.2 | 0.2 | 0.1 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 4,729 | 5,619 | 6,475 | 6,509 | 4,243 | 5,838 | 7,500 | 8,123 | 8,915 | 9,240 | 9,240 |
| Sales YoY Gr. | - | 18.8% | 15.2% | 0.5% | -34.8% | 37.6% | 28.5% | 8.3% | 9.8% | 3.6% | - |
| Adj EPS ⓘ | 8.7 | 15 | 21.3 | 16.3 | 2.7 | 13.7 | 11.4 | 15.5 | 16.7 | 14.5 | 15.6 |
| YoY Gr. | - | 72.2% | 42.5% | -23.6% | -83.2% | 402.9% | -17.2% | 36% | 8.1% | -13.5% | - |
| BVPS (₹) ⓘ | 88.3 | 101.8 | 120.4 | 133.1 | 135.5 | 148.8 | 150 | 158 | 164.8 | 170.8 | 170.8 |
| Adj Net Profit ⓘ | 229 | 395 | 563 | 431 | 72.2 | 363 | 301 | 409 | 442 | 382 | 413 |
| Cash Flow from Ops. ⓘ | 544 | 563 | 643 | 508 | 620 | 900 | -120 | 69.5 | 214 | 435 | - |
| Debt/CF from Ops. ⓘ | 1.1 | 0.6 | 0.3 | 0.5 | 0.4 | 0 | 0 | 1.1 | 2.7 | 2.7 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 7.7% | 16.8% | 7.2% | 3.6% | ||||
| Adj EPS ⓘ | 5.8% | 39.6% | 8.3% | -13.5% | ||||
| BVPSⓘ | 7.6% | 4.7% | 4.4% | 3.6% | ||||
| Share Price | 6% | -0.7% | -2.8% | -30.8% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 10.2 | 15.7 | 19.2 | 12.9 | 2 | 9.7 | 7.6 | 10 | 10.4 | 8.6 | 9.2 |
| Op. Profit Mgn % ⓘ | 13.6 | 16.1 | 17.6 | 13.5 | 9 | 11.9 | 8.2 | 8.6 | 9.4 | 8.8 | 4.6 |
| Net Profit Mgn % ⓘ | 4.9 | 7 | 8.7 | 6.6 | 1.7 | 6.2 | 4 | 5 | 5 | 4.1 | 4.5 |
| Debt to Equity ⓘ | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0 | 0 | 0 | 0.1 | 0.3 | 0 |
| Working Cap Days ⓘ | 90 | 80 | 81 | 85 | 122 | 89 | 78 | 89 | 102 | 131 | 61 |
| Cash Conv. Cycle ⓘ | 29 | 23 | 23 | 23 | 30 | 17 | 17 | 21 | 18 | 25 | 14 |
Profit And Loss
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,729 | 5,619 | 6,475 | 6,509 | 4,243 | 5,838 | 7,500 | 8,123 | 8,915 | 9,240 |
| Operating Expenses ⓘ + | 4,087 | 4,717 | 5,337 | 5,633 | 3,862 | 5,142 | 6,884 | 7,426 | 8,074 | 8,434 |
| Operating Profit ⓘ | 642 | 902 | 1,138 | 876 | 381 | 697 | 616 | 696 | 841 | 806 |
| Operating Profit Margin (%) | 13.6% | 16.1% | 17.6% | 13.5% | 9.0% | 11.9% | 8.2% | 8.6% | 9.4% | 8.7% |
| Other Income ⓘ + | 52 | 13 | 32 | 9 | 50 | 30 | 49 | 74 | 36 | 45 |
| Interest ⓘ | 59 | 48 | 31 | 31 | 23 | 15 | 5 | 7 | 13 | 72 |
| Depreciation ⓘ | 287 | 260 | 260 | 285 | 232 | 217 | 211 | 212 | 233 | 272 |
| Profit Before Tax ⓘ | 348 | 608 | 879 | 569 | 169 | 494 | 417 | 551 | 605 | 562 |
| Tax ⓘ | 118 | 213 | 316 | 141 | 56 | 128 | 113 | 140 | 163 | 149 |
| Profit After Tax | 230 | 395 | 563 | 428 | 114 | 366 | 305 | 411 | 442 | 413 |
| PAT Margin (%) | 4.9% | 7.0% | 8.7% | 6.6% | 2.7% | 6.3% | 4.1% | 5.1% | 5.0% | 4.5% |
| Adjusted EPS (₹) | 8.7 | 14.9 | 21.3 | 16.2 | 4.3 | 13.8 | 11.5 | 15.5 | 16.7 | 15.6 |
| Dividend Payout Ratio (%) | 13.20% | 13.40% | 11.70% | 15.50% | 11.70% | 76% | 65.20% | 64.50% | 59.90% | 64% |
Valuation of United Breweries - Consolidated
Analyst's Notes
No data found!
Balance Sheet
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 2,334 | 2,690 | 3,184 | 3,520 | 3,582 | 3,935 | 3,965 | 4,178 | 4,358 | 4,516 | |
| Debt + | 396 | 258 | 81 | 169 | 108 | 0 | 0 | 77 | 575 | 1,175 | |
| Minority Interest | 3 | 3 | 3 | 3 | 4 | 4 | 5 | 5 | 6 | 6 | |
| Trade Payables | 460 | 522 | 590 | 545 | 629 | 638 | 717 | 948 | 1,463 | 1,799 | |
| Others Liabilities ⓘ | 1,286 | 1,251 | 1,526 | 1,461 | 1,562 | 1,466 | 1,669 | 1,940 | 1,931 | 2,282 | |
| Total Liabilities ⓘ | 4,479 | 4,723 | 5,384 | 5,699 | 5,885 | 6,043 | 6,356 | 7,149 | 8,333 | 9,778 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 1,750 | 1,730 | 1,777 | 1,926 | 1,949 | 1,913 | 1,888 | 1,813 | 1,786 | 2,087 | |
| CWIP ⓘ | 137 | 72 | 190 | 199 | 129 | 110 | 77 | 173 | 253 | 512 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 6 | 8 | 8 | 8 | 8 | 8 | |
| Inventories | 751 | 808 | 1,032 | 1,094 | 1,137 | 936 | 1,428 | 1,369 | 1,616 | 2,150 | |
| Trade Receivables | 1,295 | 1,499 | 1,511 | 1,350 | 1,395 | 1,255 | 1,407 | 2,314 | 2,861 | 2,944 | |
| Cash Equivalents | 24 | 24 | 46 | 79 | 469 | 910 | 395 | 214 | 436 | 572 | |
| Others Assets ⓘ | 521 | 590 | 827 | 1,051 | 800 | 911 | 1,152 | 1,259 | 1,373 | 1,505 | |
| Total Assets ⓘ | 4,479 | 4,723 | 5,384 | 5,699 | 5,885 | 6,043 | 6,356 | 7,149 | 8,333 | 9,778 | |
Cash Flow
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 544 | 563 | 643 | 508 | 620 | 900 | -120 | 70 | 214 | 435 |
| Cash Flow From Investing Activity ⓘ + | -234 | -197 | -430 | -402 | -152 | -160 | -121 | -148 | -238 | -409 |
| Cash Flow From Financing Activity ⓘ + | -301 | -364 | -196 | -95 | -88 | -287 | -292 | -122 | 237 | 92 |
| Net Cash Flow ⓘ | 9 | 3 | 17 | 10 | 380 | 453 | -533 | -201 | 213 | 117 |
Financial Ratio
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 10.26 | 15.71 | 19.18 | 12.78 | 3.21 | 9.74 | 7.71 | 10.09 | 10.37 | 9.32 |
| ROCE (%) | 13.83 | 22.1 | 28.46 | 16.74 | 5.05 | 13.11 | 10.68 | 13.58 | 13.44 | 11.92 |
| Asset Turnover Ratio | 2.31 | 2.7 | 2.8 | 2.64 | 1.76 | 2.2 | 2.69 | 2.72 | 2.51 | 1.93 |
| PAT to CFO Conversion(x) | 2.37 | 1.43 | 1.14 | 1.19 | 5.44 | 2.46 | -0.39 | 0.17 | 0.48 | 1.05 |
| Working Capital Days | ||||||||||
| Receivable Days | 43.10 | 41 | 38.80 | 35.60 | 49.20 | 36.90 | 29.20 | 37 | 48.70 | 60.70 |
| Inventory Days | 25.70 | 22.90 | 23.80 | 26.50 | 40 | 28.80 | 25.90 | 27.80 | 28.10 | 39.40 |
| Payable Days | 194.40 | 164.40 | 175.60 | 162.10 | 290 | 204.40 | 152.10 | 181.50 | 243.70 | 327.80 |
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 12.40 | 12.40 | 12.40 | 12.40 | 12.40 | 12.40 | 12.40 | 12.40 | 12.40 | 12.40 |
* Pledged shares as % of Promoter's holding (%)
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
United Breweries Ltd FAQs
The current trading price of United Breweries on 23-Jul-2026 16:59 is ₹1,396.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 22-Jul-2026 the market cap of United Breweries stood at ₹37,847 Cr
The latest P/E ratio of United Breweries as of 22-Jul-2026 is 91.60.
The latest P/B ratio of United Breweries as of 22-Jul-2026 is 8.39.
The 52-week high of United Breweries is ₹2,106 and the 52-week low is ₹1,277.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of United Breweries is ₹9,233 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that United Breweries Ltd is a good quality company.
The key valuation ratios of United Breweries Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of United Breweries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About United Breweries Ltd
United Breweries (UBL), a part of HEINEKEN Company, is India's leading beer manufacturer, with a rich history dating back to 1915 which was started with 5 breweries in South India, the oldest of which, Castle Breweries, dates to 1857. UBL has established itself as a pioneer in the Indian beer industry, renowned for its innovative strategies and commitment to delivering ‘Good Times’. The company is renowned for its extensive product range, encompassing internationally recognized beers, non-alcoholic beverages, packaged drinking water, and soda.
The company’s presence is deeply rooted across India, supported by a robust network of breweries and bottling units. With huge share of the Indian beer market, the company has consistently set the benchmark for quality, innovation, and consumer satisfaction. The company continues to evolve with changing tastes and global trends, and it remains focused on delighting consumers and leading the way in India’s dynamic beverage landscape.
Business area of the company
The company is at the forefront of the brewing industry and it is known for its flagship Kingfisher brand and a growing portfolio of premium international beers, including those from the HEINEKEN family. The diverse portfolio includes well-known brands such as Kingfisher Strong, Kingfisher Premium, Kingfisher Ultra, Kingfisher Ultra Max, Kingfisher Ultra Witbier, Queenfisher Premium, Kingfisher Storm, Heineken, Heineken Silver, Amstel, and Heineken 0.0, along with Kingfisher Premium Water and Kingfisher Soda.
Products
Alcoholic Brands
- Heineken Original
- Heineken Silver
- Amstel Bier
- Amstel Grande Bier
- Kingfisher Premium
- Kingfisher Strong
- Kingfisher Ultra
- Kingfisher Ultra Max
- Kingfisher Ultra Witbier
- Kingfisher Storm
- Kingfisher Blue
- Kingfisher Flavour Mango
- Kingfisher Flavour Lemon
- Bullet Super Strong
- Cannon 10000
- Zingaro
- Kalyani Black Label
- UB Export Lager
- UB Export Strong
- London Pilsner Premium
- London Pilsner Premium Strong
- Queenfisher
Non-Alcoholic Brands
- Heineken 0.0
- Kingfisher Premium Packaged
- Drinking Water
- Kingfisher Strong Power Soda
- Kingfisher Ultra Premium Soda
Awards
2017
- UBl Chennai received the prestigious safety management award for the year 2017 from Govt. of Tamil Nadu.
- UBL Chamundi received two award first place from CII-EHS for 2017-18 and CII – Excellence in EHS with five star rating for 2017-18.
2018
- UBL Chennai & UBL Kuthambakkam were awarded 3-star ratings from the CII for Excellence in EHS.
- UBL Chamundi has been awarded a 4-star rating from the CII for Excellence in EHS.
- UBL Palakkad was awarded the 1st place by the Kerala State Pollution Control Board for Best Environment Initiatives in the large-scale Industries category.
2019
- UBL Palakkad was awarded for its good safety system practice by the Kerala State Factories & Boilers in large-scale industries for the year 2019.
- UBL Chamundi won the Platinum award the Platinum award at the 18th annual Genentech Safety function 2019.
- UBL Srikakulam was awarded a three-star rating in appreciation to EHS practices at the CII-SR EHS Excellence Awards 2019.
- UBL Mangalore won the Green Award - 2019 from the KSPCB.
- Kingfisher Storm produced by its brewery at Srikakulam won the award “The Country’s Best” in World Beer Awards 2019, at United Kingdom.
- Brewery in Alwar, Rajasthan was bestowed with Bhamashah Award “Shiksha Bhushan” for the 5th consecutive year for exemplary work in the field of education under its CSR programme.
- Breweries in Tamilnadu received awards from Tiruvallur District Collector under “CSR MUMMARI SCHEME (Water Rejuvenation Project)” for its CSR activity.
2020-21
- Brewery at Sangareddy, Telangana received “EHS 3 star rating” award for 2020 and also received supplement award for Best Hygiene at Work Place Initiatives.
- Brewery at Palakkad recognized with EHS sectoral award under Manufacturing - Food Process Category and “EHS 5 star rating (top rating)” award from CII.
2021-22
- Brewery at Taloja, Mumbai was awarded with Platinum award (Innovative Kaizen Category) at 40th CII National Level Competition.
- Brewery at Chopanki, Rajasthan was awarded with 2 Gold awards at Challengers Trophy (Innovative Kaizen Category) organized by CII Institute of Quality.
- Brewery at Palakkad, Kerala was awarded with 1 Gold award at Challengers Trophy (Autonomous Management Category) organized by CII Institute of Quality.
2022-23
- Brewery at Ellora, Aurangabad were awarded Jury Champion Award and Platinum Award (Muda-Waste Kaizen Category) at 13th CII National 3M Competition and Champion Trophy for 2022.
- Brewery at Nelamangala, Karnataka was awarded Gold Award (Muri-Overburden Kaizen Category) at 13th CII National 3M Competition.
- Brewery at Empee, Chennai was awarded Gold Award (Innovation and Renovation Kaizen Category) at 44th CII National Kaizen Competition.
- Brewery at Balaji, Chennai was awarded Silver Award (Renovation Kaizen Category) at 44th CII National Kaizen Competition.
2023-24
- Brewery at Aravalli, received the Gold Status award in the 48th CII Kaizen competition in FY24 for reducing the landfill of boiler ash.
- UBL was awarded the ‘Company with the best CSR Impact’ at the 9th Dalmia Bharat CSRBOX CSR Impact Awards 2023. This is in recognition of the impact that was created within all our cocommunities through the effective implementation of impactful CSR initiatives on the ground.
- UBL was awarded the ‘Sustainability Impact Award 2023’ at the 2nd Edition Sustainability Summit & Awards 2023 by UBS Forums. This is in recognition of the sustainability strategy - BaBI and the progress against the ambitions of FY23.
- UBL was the first runner-up in the ‘Agriculture & Rural Development’ category at the 6th edition of CSR Journal Excellence Awards 2023. This is in recognition of the water conservation project in Sangareddy, Telangana, and Nelamangala, Karnataka.
2024-25
- Brewery at Palakkad received the Silver and Gold awards in the CII Kaizen competition in FY25 for productivity Improvement and Safety Improvement, respectively.
- Brewery at Ellora, Aurangabad received the Platinum and Gold awards for Elimination of Breakdown in EBI and discharge conveyor, and for stoppage of Bottles falling at the pasteuriser outfeed conveyor.
- Breweries at Chopanki, Rajasthan, and Dharuhera, Haryana received Gold awards towards Elimination of Breakdown in EBI and control on stop reduction at Case Packer and reduce risk at Bottle washer.
- Brewery at Khurda, Odisha received a Silver award in the CII competition on Digitalisation & Artificial Intelligence.
Milestones
- 1915: United Breweries (UB) forays into brewing with 5 breweries in South India.
- 1944: First bottled beer is created under the label 'Exports Beer'.
- 1948: Mr. Vittal Mallya becomes first Chairman.
- 1950: Bangalore is made headquarters.
- 1960: Kalyani Breweries is set up in Kalyani, West Bengal.
- 1965: Kesarwal Beverages is set up in Goa.
- 1974: High Range Breweries is set up in Cherthala in Kerala.
- 1974: UB brand is exported to Aden and Middle East.
- 1978: Punjab Breweries is set up in Ludhiana, Punjab.
- 1978: Kingfisher Premium is launched.
- 1981: Kingfisher canned beer is launched.
- 1982: Kingfisher Lager is launched in the UK & USA.
- 1983: Dr. Vijay Mallya becomes Chairman.
- 1993: Punjab Breweries, High Range Breweries, Kalyani Breweries & Kesarval Beverages get amalgamated into UB.
- 1994: Premier Breweries gets amalgamated into UB.
- 1996: Bombay Breweries is acquired.
- 1999: Kingfisher Strong is launched.
- 2000: Associated Breweries and Mangalore Breweries are acquired.
- 2001: Inertia Industries (name changed to Millennium Beer) gets acquired.
- 2001: Scheme of arrangement for separating brewery business into a new entity is introduced.
- 2002: Enters a Joint Venture with Scottish & Newcastle UK and McDowell Alcobev Ltd. (name since changed to Millennium Alcobev Pvt. Ltd. – MAPL).
- 2002: MAPL acquires GMR Beverages, Empee Breweries. GMR, Empee and Millennium Beer become subsidiaries of MAPL.
- 2005: UB enters into strategic alliance with Scottish & Newcastle. Scottish & Newcastle acquires equity shares of UB and becomes an equal promoter.
- 2005: Brewery business of Associated Breweries gets demerged into UB and Mangalore Breweries is amalgamated into UB. Associated Breweries continues to hold investments and remains a subsidiary of UB.
- 2006: Karnataka Breweries is acquired.
- 2006: Karnataka Breweries, London Pilsner Breweries and London Draft Pubs is amalgamated into UB.
- 2007: Greenfield breweries in Chopanki, Rajasthan and Khurda, Odisha commence operations.
- 2008: Kingfisher Blue is launched.
- 2009: Heineken NV acquires control over Scottish & Newcastle, and Heineken becomes promoter of UB.
- 2009: Kingfisher Ultra is launched.
- 2010: Greenfield brewery in Sangareddy District, Andhra Pradesh, commences operations.
- 2010: Heineken breweries in India come under the Management of UB.
- 2010: MAPL and four breweries of MAPL subsidiaries are amalgamated into UB.
- 2010: Associated Breweries and UB Nizam Breweries are amalgamated into UB.
- 2011: UB Ajanta Breweries and Chennai Breweries are amalgamated into UB.
- 2012: Greenfield Brewery in Nanjungud, Karnataka, commences operations.
- 2012: Heineken is brewed by UB in India.
- 2012: Scottish & Newcastle India is amalgamated into UB.
- 2014: UB acquires brewery assets i.e. land, building, plant and equipment in Shahjahanpur, Rajasthan.
- 2015: Greenfield Brewery in Naubatpur, Patna, Bihar commences operations.
- 2015: Kingfisher Ultra Max is launched.
- 2016: Kingfisher Buzz is launched.
- 2017: Kingfisher Storm is launched.
- 2018: Kingfisher Radler is launched.
- 2018: Kingfisher forays into the non-alcoholic segment.
- 2018: Completed a comprehensive 3600 machine guard audit for all the breweries to ensure high levels of safety when working on machines and moving parts.
- 2019: Ultra Max achieves one million cases.
- 2019: Kingfisher Ultra Draught is launched.
- 2020: UB Export signed Sandalwood superstar Rakshit Shetty.
- 2021: Heineken becomes a majority promoter shareholder of UBL.
- 2021: UBL becomes a subsidiary of Heineken.
- 2022: Heineken Silver is launched.
- 2023: Heineken Silver Draught Beer is launched.
- 2024: Queenfisher Premium Lager Beer is launched.
- 2024: Amstel Grande’ is launched.
- 2025: Kingfisher launches flavoured beer with Kingfisher Mango Berry Twist and Kingfisher Lemon Masala.
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