Varun Beverages
Market cap ₹1.38 L Cr
- P/E
- 40.80
- Day range
- ₹388.05 – ₹409.80
- 52-week range
- ₹381.00 – ₹555.80
- Volume
- 74.16 L
- Open
- ₹396.50
- Prev close
- ₹395.10
Latest results · Q1 FY27(consolidated)Revenue ₹8,651 Cr+20.8%Profit ₹1,525 Cr+15.1%Margin 17.6%YoY vs the same quarter last year
No red flags in exchange filings: no rising pledge, promoter selling, surveillance or critical filing on record.
VBL in NSE indices and F&O
F&O margin for one lot of VBL (1,275 shares)Research profile
Composite 48 / 100Factor percentiles
Derived metrics
- Earn. yield
- 2.5%
- Graham no.
- ₹116.00
- vs Graham
- -71.6%
- ROE ÷ P/B
- 2.5%
- 12-1 mom.
- -2.6%
- Return / vol
- -0.36
- Magic Formula
- #336
- Piotroski
- 2/6
- FCF yield
- 0.6%
- PEG
- 2.71
Appears in 11 scans
Percentiles rank this stock against the other tracked stocks and change as they do. Scans describe where figures sit today. Hover a label for its definition. Not investment advice.
Peer comparison
All 44 in FMCG| Company | M-cap | P/E | P/B | ROE | ROCE | OPM | D/E | Sales YoY |
|---|---|---|---|---|---|---|---|---|
| Hindustan UnileverHINDUNILVR | ₹4.27 L Cr | 40.78 | 8.77 | 30.7% | 28.0% | 23.0% | 0.03 | +10.1% |
| ITCITC | ₹3.26 L Cr | 16.45 | 4.46 | 29.5% | 39.0% | 27.0% | 0.03 | -11.1% |
| Nestle IndiaNESTLEIND | ₹2.26 L Cr | 55.48 | 39.17 | 76.3% | 85.0% | 24.0% | 0.08 | +20.3% |
| Varun BeveragesVBL | ₹1.38 L Cr | 40.80 | 6.82 | 16.9% | 20.0% | 28.0% | 0.13 | +20.4% |
| Britannia IndustriesBRITANNIA | ₹1.10 L Cr | 42.36 | 21.41 | 53.6% | 56.0% | 17.0% | 0.27 | +8.2% |
| MaricoMARICO | ₹1.00 L Cr | 53.24 | 23.64 | 44.3% | 47.0% | 21.0% | 0.13 | +22.9% |
| Tata Consumer ProductsTATACONSUM | ₹92,685 Cr | 56.69 | 4.38 | 7.4% | 9.0% | 14.0% | 0.13 | +11.9% |
| United SpiritsUNITDSPR | ₹87,976 Cr | 52.17 | 10.18 | 21.6% | 26.0% | 16.0% | 0.05 | -10.4% |
| Sector median | ₹14,774 Cr | 32.32 | 5.64 | 18.0% | 19.0% | 16.5% | 0.13 | +11.9% |
Sector as classified in the tracked universe; medians use every tracked FMCG company, and P/E only profitable ones. Tinted figures beat the median.
Latest news
Updated 9d agoHeadlines about Varun Beverages from the last two weeks in the financial press. Stories belong to their publishers; Parasram India does not endorse them.
Key metrics
- P/E (TTM)
- 39.5
- EPS (TTM)
- ₹10.01
- Price / Book
- 7.05
- ROE (FY25)
- 16.9%
- ROCE (latest year)
- 20%
- Dividend yield
- 0.38%
Moving averages (NSE)
- 20-day
- ₹428.93
- Price below
- 50-day
- ₹424.36
- Price below
- 200-day
- ₹461.49
- Price below
Charts & trends
From company filings. Amounts in ₹ crore.
Revenue, profit & margin - quarterly
₹ crore; a loss shows red. Operating margin below, same periods.
- Revenue
- Net profit
Operating margin
Who owns the company
% of equity by quarter, latest Sept 2026
- Promoter
- FII
- DII
- Public
- Government
Cash flows
Where cash came from and went, by fiscal year (₹ crore)
- Operating
- Investing
- Financing
- Free cash flow
Return on equity
Net profit over shareholders' equity, by fiscal year
Equity vs debt
Shareholders' equity against borrowings (₹ crore); the ratio below, same years.
- Equity
- Debt
Debt to equity
Dividends per share
₹ by fiscal year of the ex-date; the latest year runs to date. Not adjusted for the split of 12 Sept 2024: earlier bars are per pre-split share.
Financial statements
| Line item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,871 | 2,668 | 4,317 | 7,197 | 4,805 | 3,689 | 5,567 | 7,017 | 4,897 | 4,204 | 6,574 | 8,451 |
| Expenses | 2,989 | 2,249 | 3,329 | 5,206 | 3,654 | 3,110 | 4,304 | 5,020 | 3,751 | 3,568 | 5,049 | 6,112 |
| Operating Profit | 882 | 418 | 989 | 1,991 | 1,151 | 579 | 1,263 | 1,998 | 1,146 | 637 | 1,525 | 2,339 |
| OPM % | 23% | 16% | 23% | 28% | 24% | 16% | 23% | 28% | 23% | 15% | 23% | 28% |
| Other Income | 19 | 9 | 8 | 44 | 24 | 45 | 28 | 77 | 148 | 99 | 44 | 104 |
| Interest | 62 | 74 | 94 | 129 | 119 | 109 | 41 | 37 | 45 | 47 | 49 | 57 |
| Depreciation | 171 | 166 | 188 | 242 | 257 | 261 | 273 | 306 | 308 | 330 | 357 | 409 |
| Profit before tax | 667 | 188 | 716 | 1,663 | 800 | 254 | 978 | 1,732 | 941 | 359 | 1,163 | 1,977 |
| Tax % | 23% | 24% | 23% | 24% | 21% | 23% | 25% | 23% | 21% | 28% | 24% | 23% |
| Net Profit | 514 | 144 | 548 | 1,262 | 629 | 196 | 731 | 1,325 | 745 | 260 | 879 | 1,525 |
| EPS in Rs | ₹1.54 | ₹0.41 | ₹1.65 | ₹3.86 | ₹1.91 | ₹0.55 | ₹2.15 | ₹3.89 | ₹2.19 | ₹0.74 | ₹2.58 | ₹4.50 |
From company filings, updated 25 Oct 2026. Consolidated figures where the company reports them. Information only, not investment advice.
Working-capital cycle
+7 days since Dec 2020
-12 days since Dec 2020
-15 days since Dec 2020
+10 days since Dec 2020
+78 days since Dec 2020
Strengths, risks & growth
Varun Beverages Ltd has been associated with PepsiCo since the 1990s and is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world. The company produces and distributes a wide range of carbonated soft drinks, non-carbonated drinks and packaged water sold under trademarks owned by PepsiCo. PepsiCo brands produced and sold by the company include Pepsi, Seven-up, Mirinda Orange, Mountain Dew, Tropicana Juices and many more. [1]
Strengths
- Company has delivered good profit growth of 50.2% CAGR over last 5 years
- Company's median sales growth is 23.2% of last 10 years
Risks
- Promoter holding has decreased over last 3 years: -3.66%
Compounded Sales Growth
- 10 Years
- +20%
- 5 Years
- +27%
- 3 Years
- +18%
- TTM
- +14%
Compounded Profit Growth
- 10 Years
- +40%
- 5 Years
- +50%
- 3 Years
- +24%
- TTM
- +19%
Stock Price CAGR
- 10 Years
- —
- 5 Years
- +29%
- 3 Years
- +4%
- 1 Year
- -14%
Return on Equity
- 10 Years
- +21%
- 5 Years
- +22%
- 3 Years
- +21%
- Last Year
- +16%
Strengths and risks are a machine-generated checklist, not advice; growth is compounded annually over each period.
Shareholding pattern
| Holder | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 | Change |
|---|---|---|---|---|---|
| Promoter | 59.44% | 59.43% | 59.43% | 59.43% | 0.00 pp |
| FII | 20.31% | 19.51% | 19.03% | 17.53% | -1.50 pp |
| DII | 13.56% | 14.35% | 15.16% | 16.29% | +1.13 pp |
| Government | 0.00% | 0.04% | 0.05% | 0.05% | 0.00 pp |
| Public | 6.69% | 6.66% | 6.33% | 6.71% | +0.38 pp |
Filed with NSE for Sept 2026: promoters 59.43%, public 40.57% · XBRL filing
Analysts & fund holdings
Who holds the shares, quarter by quarter
Mutual funds 9.79% (+0.73 pp)- Promoters59.4%
- Foreign institutions17.5%
- Mutual funds9.8%
- Insurance5.0%
- Other domestic institutions1.6%
- Retail4.3%
- Others2.4%
| Fund | % of company | % of fund | 3-month change |
|---|---|---|---|
| SBI Large Cap Fund | 0.73% | 2.02% | -0.24 pp |
| Nippon India Growth Mid Cap Fund | 0.67% | 1.94% | +0.50 pp |
| SBI Flexicap Fund | 0.31% | 2.02% | -0.34 pp |
| SBI Arbitrage Fund | 0.24% | 0.76% | +0.14 pp |
| Kotak Arbitrage Fund | 0.24% | 0.46% | -0.34 pp |
Scorecard
- Performance
- Avg
- Valuation
- High
- Growth
- Avg
- Profitability
- High
- Entry point
- Good
- Red flags
- Low
Analyst coverage, holdings and scorecard from market data; not a recommendation by Parasram India.
Risk & trend
From 275 daily sessions to 23 Oct 2026.
Risk
- Volatility (1Y)
- 29.3%
- Downside volatility
- 28.2%
- Worst 5% of days
- 2.9%
- Average of that tail
- 3.9%
- Max drawdown (1Y)
- 27.4%
- Below its peak
- 27.4%
Against the market
- Beta vs Nifty 50
- 1.06
- Correlation
- 0.48
- Relative strength (3M)
- -8.6%
- ATR (14)
- 2.9%
Return
- Return 1M
- -8.1%
- Return 3M
- -13.9%
- Return 6M
- -20.2%
- Return 1Y
- -10.5%
- vs 200-day average
- -14.4%
Momentum
- RSI (14)
- 32.0
- MACD histogram
- -4.65
- Stochastic %K
- 15.9
- ADX (14)
- 23.3
- +DI / −DI
- 10.0 / 36.5
- Money flow index
- 38.0
Participation
- Delivery (20d avg)
- 58.6%
- vs its 60-day baseline
- +1.3 pts
- Volume vs 20-day
- -0.5σ
- Close vs day's VWAP
- +1.0%
- 52-week position
- 8 / 100
These describe what this stock's price has already done. They are not forecasts, signals or recommendations, and a dash means the figure was withheld for want of enough history rather than being zero.
Financial quality
From consolidated statements to 30 Jun 2026.
Piotroski F-Score
2 of 6 tested
- Return on assets positive — passed
- Operating cash flow positive — not testableno cash flow statement for this period
- Return on assets improving — failed
- Cash flow exceeds profit — not testableneeds cash flow and profit against assets
- Debt to assets falling — failed
- Current ratio improving — passed
- No new equity issued — not testableno share count is collected, and financing cash flow mixes equity with debt
- Operating margin improving — failed
- Asset turnover improving — failed
- Free cash flow
- ₹770 Cr
- FCF yield
- 0.6%
- Cash conversion
- 1.15
- Accruals ratio
- -0.017
- Net debt
- ₹1,358 Cr
- Net debt / equity
- 0.06
- EV / sales
- 5.63
- PEG
- 2.71
- Capex intensity
- 12.3%
- Revenue CAGR
- 72.8%
- Profit CAGR
- 294.7%
Computed from filed statements, not filed themselves. A dash means an input was absent, and the score counts only the criteria that could actually be tested.
Corporate actions
- dividendNot available — not reported in this filing
Interim Dividend - Re 0.50 Per Share
31 Jul 2026ex-date - dividendNot available — not reported in this filing
Interim Dividend - Re 0.50 Per Share
30 Apr 2026ex-date - dividendNot available — not reported in this filing
Dividend - Re 0.50 Per Share
8 Apr 2026ex-date - dividendNot available — not reported in this filing
Interim Dividend - Re 0.50 Per Share
1 Aug 2025ex-date - dividendNot available — not reported in this filing
Interim Dividend - Re 0.50 Per Share
7 May 2025ex-date - dividendNot available — not reported in this filing
Dividend - Re 0.50 Per Share
4 Apr 2025ex-date - splitNot available — not reported in this filing
Face Value Split (Sub-Division) - From Rs 5/- Per Share To Rs 2/- Per Share
12 Sept 2024ex-date - dividend₹1.25
Interim Dividend - Rs 1.25 Per Sh
9 Aug 2024ex-date - dividend₹1.25
Dividend - Rs 1.25 Per Share
4 Apr 2024ex-date - otherNot available — not reported in this filing
Annual General Meeting
26 Mar 2024ex-date - dividend₹1.25
Interim Dividend - Rs 1.25 Per Share
14 Aug 2023ex-date - splitNot available — not reported in this filing
Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 5/- Per Share
15 Jun 2023ex-date - dividendNot available — not reported in this filing
Dividend - Re 1 Per Share
12 Apr 2023ex-date - otherNot available — not reported in this filing
Annual General Meeting
17 Mar 2023ex-date - dividend₹2.50
Interim Dividend - Rs 2.50 Per Share
11 Aug 2022ex-date - bonusNot available — not reported in this filing
Bonus 1:2
6 Jun 2022ex-date - otherNot available — not reported in this filing
Annual General Meeting
29 Mar 2022ex-date - dividend₹2.50
Interim Dividend - Rs 2.50 Per Share
11 Aug 2021ex-date - bonusNot available — not reported in this filing
Bonus 1:2
10 Jun 2021ex-date - otherNot available — not reported in this filing
Annual General Meeting
26 Mar 2021ex-date
Company announcements
The Investment and Borrowing Committee of the Board of Directors at their meeting held today approved to invest upto 26% of Equity Share Capital of Jager Renewables Private Limited as per ....
Update on the disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 related to Crickley.
Intimation regarding Closure of Trading Window.
Intimation of change in Senior Management Personnel of the Company
Intimation for execution of an Exclusive Distribution Agreement by Varun Beverages (Zimbabwe) (Private) Limited, subsidiary company as per details attached
We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in ....
We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in ....
Press Release to be issued in Kenya by VBL Industries (Kenya) Limited, wholly-owned subsidiary of our Company.
The Share Allotment Committee today approved the allotment of 29,750 Equity Shares of face value of Rs. 2 each upon exercise of stock options vested under the Employees Stock Option Scheme ....
We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in ....
Update on incorporation of KIVA Spirits and Company Limited as per details enclosed.
The Board of Directors at their meeting held today inter-alia approved: (i) to incorporate a wholly-owned subsidiary company in India, (ii) appointment of Mr. Prathmesh Mishra as CEO & ....
Update on merger of Twizza Proprietary Limited (step down subsidiary) with The Beverage Company Proprietary Limited (subsidiary company) as per details in enclosed disclosure.
Intimation of ESG Rating
We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in ....
Filed with BSE (scrip 540180); the last 45 days. Documents open at bseindia.com.
SEBI filings & orders
From SEBI's website. An order may concern the company, its officers or trading in its shares, and may be under appeal - read the order itself. Personal identifiers are withheld.
Regulatory orders
- Settlement order
Settlement Order in respect of Fenton Investments Private Limited and Arvind Singhania in the matter of Varun Beverages Limited
1 Aug 2022Read on SEBI - Settlement order
Settlement Order in respect of Spank Management Services Private Limited and Patanjali Govind Keswani in the matter of Varun Beverages Limited
25 Jul 2022Read on SEBI - Settlement order
Settlement Order in the matter of Varun Beverages Limited
21 Jun 2022Read on SEBI - Adjudication order
Adjudication Order in respect of Sudin Naik Gaunkar in the matter of Varun Beverages Limited
20 Apr 2022Read on SEBI - Adjudication order
Adjudication Order in respect of Madhusudan Parikh in the matter of Varun Beverages Limited
13 Apr 2022Read on SEBI
Documents
Annual reports
Earnings calls
- Aug 2026TranscriptSlidesRecording
- May 2026TranscriptSlidesRecording
- Feb 2026TranscriptSlidesRecording
- Nov 2025TranscriptSlidesRecording
- Aug 2025TranscriptSlidesRecording
- May 2025TranscriptSlidesRecording
Credit ratings
- Rating update · 21 Apr from crisil
- Rating update · 18 Feb 2025 from crisil
- Rating update · 27 Dec 2023 from crisil
- Rating update · 29 Sep 2023 from crisil
- Rating update · 1 Jul 2022 from crisil
- Rating update · 26 May 2022 from crisil
Documents open at BSE or the rating agency that issued them.
Sourced from the company's NSE XBRL filing dated 28 Jul 2026 (unaudited). View the source filing. Figures are as filed and are not investment advice.
Varun Beverages: common questions
Answered from the figures on this page.
