Varun Beverages

    VBL
    FMCG
    ₹416.50
    price as of 11/9/2026, 5:45:25 pm

    Market cap ₹1.41 L Cr

    P/E
    41.57
    Day range
    ₹403.00 – ₹417.15
    52-week range
    ₹381.00 – ₹555.80
    Volume
    97.18 L
    Open
    ₹406.80
    Prev close
    ₹410.50
    Promoters pledged 2.0% of their shares
    52-week range, adjusted for splits and bonuses
    ₹381₹555.8
    23 Mar 202617 Jun 2026
    Index membership & F&O
    NIFTY NEXT 50NIFTY 100NIFTY 200NIFTY 500NIFTY FMCGF&O lot 1,275

    Price history

    6M change -3.42%RSI (14) 44.5 NeutralSMA 20 · 50 overlaid

    Price & delivery on the exchange

    NSE bhavcopy to 11 Sept 2026 · delivery 56.9% today vs 54.5% average · BSE close ₹416.25

    1 Apr23 Apr15 May5 Jun24 Jun15 Jul3 Aug21 Aug11 Sept₹350₹400₹450₹500₹5500%25%50%75%100%
    • Delivery
    • NSE close
    • BSE close

    High delivery with a rising price suggests buyers holding rather than trading the move.

    Futures & options

    NSE F&O close, 11 Sept 2026 · options expiring 29 Sept 2026

    Long build-up
    Near-month future
    ₹416.8
    Change
    +1.40%
    Basis over spot
    +₹0.31
    Futures OI (shares)
    7.09 Cr
    OI change
    +3.97%
    Put-call ratio
    0.54
    Max pain
    ₹420
    Resistance (call OI)
    ₹430
    Support (put OI)
    ₹410
    Lot size
    1,275

    Open interest by strike

    Calls open above (resistance) and puts below (support), in shares

    340360380400420440460480500540020.0 L40.0 L60.0 L80.0 Lspot
    • Call OI
    • Put OI

    Futures open interest and price

    Near-month future, day by day since collection began

    The daily history builds from each close.

    Key metrics

    P/E (TTM)
    40.8
    EPS (TTM)
    ₹10.01
    ROE (FY25)
    16.9%
    ROCE (latest year)
    20%
    Dividend yield
    0.37%

    Charts & trends

    From company filings. Amounts in ₹ crore.

    Revenue 3Y CAGR
    +18.1%
    Profit 3Y CAGR
    +25.5%
    Revenue YoY (Jun 2026)
    +20.4%
    Profit YoY (Jun 2026)
    +15.1%
    Operating margin
    28.0%
    Net margin
    18.0%

    Revenue, profit & margin - quarterly

    Bars in ₹ crore (a loss shows red); line is operating margin

    Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025Jun 20260 Cr2.5K Cr5.0K Cr7.5K Cr10.0K Cr0%7%14%21%28%
    • Revenue
    • Net profit
    • Operating margin

    Who owns the company

    Shareholding as of Jun 2026

    • Promoter
    • FII
    • DII
    • Public
    • Government

    Cash flows

    Where cash came from and went, by fiscal year (₹ crore)

    Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025-5.0K Cr-2.5K Cr0 Cr2.5K Cr5.0K Cr
    • Operating
    • Investing
    • Financing
    • Free cash flow

    Return on equity

    Net profit over shareholders' equity, by fiscal year

    FY16FY17FY18FY19FY20FY21FY22FY23FY24FY250%9%18%27%36%15%

    Equity vs debt

    Shareholders' equity against borrowings (₹ crore); line is debt-to-equity

    Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 20250 Cr5.0K Cr10.0K Cr15.0K Cr20.0K Cr0.0x0.4x0.8x1.2x1.6x
    • Equity
    • Debt
    • Debt / equity

    Financial statements

    ₹ Crore
    Quarterly results, oldest period first, figures in rupees crore
    Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
    Sales3,8712,6684,3177,1974,8053,6895,5677,0174,8974,2046,5748,451
    Expenses2,9892,2493,3295,2063,6543,1104,3045,0203,7513,5685,0496,112
    Operating Profit8824189891,9911,1515791,2631,9981,1466371,5252,339
    OPM %23%16%23%28%24%16%23%28%23%15%23%28%
    Other Income199844244528771489944104
    Interest627494129119109413745474957
    Depreciation171166188242257261273306308330357409
    Profit before tax6671887161,6638002549781,7329413591,1631,977
    Tax %23%24%23%24%21%23%25%23%21%28%24%23%
    Net Profit5141445481,2626291967311,3257452608791,525
    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 11 Sept 2026. Consolidated figures where the company reports them.Information only, not investment advice.

    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

    • Stock is trading at 7.19 times its book value
    • Promoter holding has decreased over last 3 years: -4.18%

    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
    +27%
    3 Years
    +4%
    1 Year
    -12%

    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

    Percentage of shares held by each category at each quarter end
    HolderSept 2025Dec 2025Mar 2026Jun 2026Change
    Promoter59.44%59.44%59.43%59.43%0.00 pp
    FII21.93%20.31%19.51%19.03%-0.48 pp
    DII11.78%13.56%14.35%15.16%+0.81 pp
    Government0.00%0.00%0.04%0.05%+0.01 pp
    Public6.84%6.69%6.66%6.33%-0.33 pp

    Filed with NSE for Jun 2026: promoters 59.43%, public 40.57% · XBRL filing

    Analysts & fund holdings

    84%
    84% recommend buy
    25 analysts cover the stock
    Valuation vs Beverages
    P/E41.6 vs 35.9
    Sector P/B7.51
    Beta1.17

    Who holds the shares, quarter by quarter

    Mutual funds 9.06% (+0.76 pp)
    Mar 25
    Jun 25
    Sept 25
    Dec 25
    Mar 26
    Jun 26
    • Promoters59.4%
    • Foreign institutions19.0%
    • Mutual funds9.1%
    • Insurance4.7%
    • Other domestic institutions1.5%
    • Retail4.1%
    • Others2.2%
    Mutual funds holding the most
    Fund% of company% of fund3-month change
    SBI Large Cap Fund0.67%1.78%-0.48 pp
    Nippon India Growth Mid Cap Fund0.62%1.72%+0.29 pp
    SBI Flexicap Fund0.28%1.78%-0.57 pp
    Mirae Asset Large Cap Fund0.23%0.89%-0.52 pp
    Tata Large & Mid Cap Fund0.19%3.65%-0.85 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.

    Corporate actions

    • dividend
      Not available — not reported in this filing

      Interim Dividend - Re 0.50 Per Share

      31 Jul 2026
      ex-date
    • dividend
      Not available — not reported in this filing

      Interim Dividend - Re 0.50 Per Share

      30 Apr 2026
      ex-date
    • dividend
      Not available — not reported in this filing

      Dividend - Re 0.50 Per Share

      8 Apr 2026
      ex-date
    • dividend
      Not available — not reported in this filing

      Interim Dividend - Re 0.50 Per Share

      1 Aug 2025
      ex-date
    • dividend
      Not available — not reported in this filing

      Interim Dividend - Re 0.50 Per Share

      7 May 2025
      ex-date
    • dividend
      Not available — not reported in this filing

      Dividend - Re 0.50 Per Share

      4 Apr 2025
      ex-date
    • split
      Not available — not reported in this filing

      Face Value Split (Sub-Division) - From Rs 5/- Per Share To Rs 2/- Per Share

      12 Sept 2024
      ex-date
    • dividend
      ₹1.25

      Interim Dividend - Rs 1.25 Per Sh

      9 Aug 2024
      ex-date
    • dividend
      ₹1.25

      Dividend - Rs 1.25 Per Share

      4 Apr 2024
      ex-date
    • other
      Not available — not reported in this filing

      Annual General Meeting

      26 Mar 2024
      ex-date
    • dividend
      ₹1.25

      Interim Dividend - Rs 1.25 Per Share

      14 Aug 2023
      ex-date
    • split
      Not available — not reported in this filing

      Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 5/- Per Share

      15 Jun 2023
      ex-date
    • dividend
      Not available — not reported in this filing

      Dividend - Re 1 Per Share

      12 Apr 2023
      ex-date
    • other
      Not available — not reported in this filing

      Annual General Meeting

      17 Mar 2023
      ex-date
    • dividend
      ₹2.50

      Interim Dividend - Rs 2.50 Per Share

      11 Aug 2022
      ex-date
    • bonus
      Not available — not reported in this filing

      Bonus 1:2

      6 Jun 2022
      ex-date
    • other
      Not available — not reported in this filing

      Annual General Meeting

      29 Mar 2022
      ex-date
    • dividend
      ₹2.50

      Interim Dividend - Rs 2.50 Per Share

      11 Aug 2021
      ex-date
    • bonus
      Not available — not reported in this filing

      Bonus 1:2

      10 Jun 2021
      ex-date
    • other
      Not available — not reported in this filing

      Annual General Meeting

      26 Mar 2021
      ex-date

    Company announcements

    Company Update
    Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

    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 ....

    Company Update
    Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

    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 ....

    Company Update
    Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Update On Earlier Disclosure Dated August 25, 2026

    Update on incorporation of KIVA Spirits and Company Limited as per details enclosed.

    Company Update
    Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

    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 & ....

    Company Update
    Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Update On Earlier Disclosure Dated July 2, 2026

    Update on merger of Twizza Proprietary Limited (step down subsidiary) with The Beverage Company Proprietary Limited (subsidiary company) as per details in enclosed disclosure.

    Company Update
    Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

    Intimation of ESG Rating

    Company Update
    Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

    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 ....

    Company Update
    Announcement under Regulation 30 (LODR)-Earnings Call Transcript

    Transcript of Investors & Analysts Conference Call

    Company Update
    Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

    Varun Beverages (Zimbabwe) (Private) Limited, subsidiary company, has incorporated a joint venture company in Zimbabwe as per details in enclosed intimation.

    Company Update
    Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Completion Of Acquisition (Update On Earlier Disclosure Dated July 6, 2026)

    In continuation to our earlier disclosure dated 6 July 2026, VBL Industries (Kenya) Limited, wholly-owned subsidiary of our company today completed the acquisition as per details in enclosed ....

    Company Update
    Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

    Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, link of audio recording of Investors & Analysts Conference Call ....

    Corp. ActionPrice-sensitive
    Corporate Action-Board approves Dividend

    Board of Directors at their meeting held today inter-alia approved 2nd Interim Dividend for FY 2026

    Corp. Action
    Corporate Action - Record Date

    Record Date for 2nd Interim Dividend for FY 2026

    Company Update
    Announcement under Regulation 30 (LODR)-Press Release / Media Release

    Press Release

    Company Update
    Announcement under Regulation 30 (LODR)-Investor Presentation

    Presentation on Unaudited Financial Results (Standalone and Consolidated) for the Quarter and Half Year ended 30 June 2026

    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 2022
      Read 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 2022
      Read on SEBI
    • Settlement order

      Settlement Order in the matter of Varun Beverages Limited

      21 Jun 2022
      Read on SEBI
    • Adjudication order

      Adjudication Order in respect of Sudin Naik Gaunkar in the matter of Varun Beverages Limited

      20 Apr 2022
      Read on SEBI
    • Adjudication order

      Adjudication Order in respect of Madhusudan Parikh in the matter of Varun Beverages Limited

      13 Apr 2022
      Read on SEBI

    Documents

    Annual reports

    Earnings calls

    Credit ratings

    Documents open at BSE or the rating agency that issued them.

    Sourced from the company's NSE XBRL filing dated 10 Feb 2025 (unaudited). View the source filing. Figures are as filed and are not investment advice.