United Breweries Moat Analysis: Score & Risks
United Breweries Ltd.
A first-pass moat teardown of United Breweries Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.
First-pass narrow read — primary edge in Price Discretion. Provisional, single-pass evidence.
United Breweries Ltd. scores 5.23 on MoatSCORE 6.0 — a narrow moat in FMCG. This is a first-pass note: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“The Gross turnover of UBL grew by 3.6% mainly on account of increased duties imposed by the state governments and consequent cost of beer price increases in certain markets.”
“The industry's potential is yet to be fully unlocked owing to factors such as a relatively limited outlet universe, various government regulations and high taxation policies in most states across India.”
“UBL remains cost conscious at all levels of operations, and works with a high degree of agility and efficiency.”
“your Company with its powerful brands and market leading position is well poised to not only take advantage of the opportunity but also to shape the overall category”
“we have 50%, 60%, 70% market share in various states”
“Our coolers penetration is now around 37,000 stores. We have added 37,000 coolers, which used to be around 15,000.”
D8 rating: ADEQUATE. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.
The barrier gate — first-pass
Effective barrier 5 — below 6, so the band is capped narrow. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
Where this note fits. This company is one of 509 Indian companies we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the Moat Screener.
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