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United Breweries Gets 'Reduce' From Dolat Capital Post Weak Q2 Earnings, Trims Target Price
Dolat Capital upgrades United Breweries by a notch to ‘Reduce’ from Sell rating due to price correction.
31 Oct 2025, 03:36 PM IST 
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United Breweries posted weak Q2 FY26 across parameters.
(Photo source: Company website)
The brokerage expects United Breweries' revenue/gross profit/Ebitda/adjusted proift after tax CAGR of 10/12/21/25% over FY25-28E, driven by low base and Oplev, following flat earnings for ~eight years. However, volume headwinds, weak and delayed recovery in margins and rich valuations are constraining factors to turn constructive.
