Choice Institutional Equities has initiated coverage on United Breweries Limited with a Buy rating and Rs 1,480 target, forecasting 11.7% net revenue CAGR and 28% net income CAGR over FY26-FY29E driven by premium portfolio scale-up, realisation gains and operating leverage.

United Breweries Ltd said at its Capital Markets Day 2026 it is targeting mid-teens growth and margins in the teens, driven by India's underpenetrated beer market, accelerating premiumisation, state-level taxation and availability reforms, and productivity gains from technology, artificial intelligence and automation.

United Breweries Limited is India's beer market leader with about 50% share compared with Anheuser-Busch InBev's about 20% of the about 36.7 million hectolitres consumed annually, according to AB InBev's estimates cited in the article. AB InBev said it holds about 60% of the premium and super-premium segment where United Breweries Limited also competes, and noted about 20% of United Breweries Limited's beer sales are in cans versus about 40% for AB InBev and about 28% for the overall industry.