MarketFriction

Varun Beverages Ltd

NSE VBL · BSE 540180 · Other Beverages
₹425.30 -1.55%
NSE close2026-10-01
52 week range381.00 - 555.80
Market cap₹1,45,447 Cr.
P/E43.0
Nifty Next 50Nifty 100Nifty 200Nifty 500Nifty FMCGNifty India Consumption No price band Delivery 55.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 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 Rs1.540.411.653.861.910.552.153.892.190.742.584.50
Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025TTM
Sales3,3943,8614,0045,1057,1306,4508,82313,17316,04320,00821,68524,126
Expenses2,7523,0523,1654,0695,6675,2357,12910,31012,32615,18916,61618,480
Operating Profit6428108381,0361,4621,2151,6942,8633,7174,8185,0705,646
OPM %19%21%21%20%21%19%19%22%23%24%23%23%
Other Income362714647-3051-18-545352395
Interest170435215223324294207204292483196197
Depreciation3173223473854895295316176819471,2161,404
Profit before tax191792914346963631,0072,0242,7393,4334,0104,440
Tax %41%39%26%31%32%1%26%23%23%23%24%
Net Profit113482143004723577461,5502,1022,6343,0623,409
EPS in Rs0.500.140.680.951.441.012.144.616.337.678.9810.01
Dividend Payout %0%0%22%16%15%22%16%15%16%13%17%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth20%27%18%14%
Compounded Profit Growth40%50%24%19%
Stock Price CAGR%29%4%-3%
Return on Equity21%22%21%16%
Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Equity Capital134134182183183289289433650650676676
Reserves9911,5111,5871,8163,0403,2353,6474,4536,28715,93418,902
Borrowings2,6152,5272,2152,6542,8083,4173,2163,3873,8845,4312,8262,508
Other Liabilities5331,6809158521,1921,6301,7072,1132,6322,8193,6883,454
Total Liabilities3,2924,4314,8245,2765,9988,3768,4479,57911,61815,18723,12425,541
Fixed Assets2,3553,4963,7163,9814,3876,4796,4096,3116,9328,40913,40216,759
CWIP25389614535264674976071,9221,167271
Investments3043781100002160174
Other Assets6088941,0061,1411,2471,8331,9722,7724,0794,8358,4968,337
Total Assets3,2924,4314,8245,2765,9988,3768,4479,57911,61815,18723,12425,541
Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from Operating Activity4315558266201,0001,3081,0121,2311,7902,3913,3813,509
Cash from Investing Activity-500-300-1,048-746-937-2,320-472-1,008-1,769-3,288-4,311-2,725
Cash from Financing Activity58-236230159-841,107-574-178-189852,954-1,266
Net Cash Flow-1119832-2295-33464882,024-482
Free Cash Flow2112904510319157547641640-803-359797
CFO/OP114%94%109%81%104%98%90%80%76%82%85%87%
Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Debtor Days1411121499149881521
Inventory Days77901038894100123131116106114111
Days Payable483958385254686448376453
Cash Conversion Cycle436258645255697676776679
Working Capital Days-99-73-89-65-50-37-47-34-24-91631
ROCE %7%12%16%12%15%18%11%17%27%29%25%20%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters63.09%63.09%62.91%62.67%62.67%60.20%60.23%59.82%59.44%59.44%59.43%59.43%
FIIs27.55%26.58%25.79%25.32%24.18%25.27%22.98%21.86%21.93%20.31%19.51%19.03%
DIIs3.36%3.58%4.16%4.54%4.97%7.00%9.19%10.52%11.78%13.56%14.35%15.16%
Government0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.04%0.05%
Public6.01%6.74%7.16%7.46%8.19%7.52%7.59%7.80%6.84%6.69%6.66%6.33%
No. of Shareholders3,75,5344,40,2784,89,8875,09,6076,98,7597,42,4888,73,9159,68,4199,02,8818,72,9338,77,6048,13,548

Fundamentals

Market Cap₹ 1,45,447 Cr.
Current Price₹ 430
Stock P/E43.0
Book Value₹ 57.9
ROCE19.7 %
ROE16.2 %
Dividend Yield0.35 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)14%
Compounded Profit Growth (TTM)19%
Consolidated figures.
Valuation
Market capRs 143,836 Cr
Enterprise valueRs 144,346 Cr
P/E (TTM)42.48x
Price to book7.35x
Price to sales5.96x
EV / EBITDA23.89x
EV / EBIT31.13x
EV / sales5.98x
Price to cash flow40.99x
Earnings yield2.35%
Dividend yield0.35%
P/E, 3-year average56.35x
P/B, 3-year average10.24x
P/E, 5-year average37.58x
P/B, 5-year average7.07x
Profitability
Operating margin (excl. other income)23.38%
Operating margin (incl. other income)25.00%
EBITDA margin25.04%
Pre-tax margin18.40%
Net profit margin14.03%
Net margin, latest quarter18.00%
ROE16.78%
ROCE20.26%
ROA12.48%
ROE, 3-year average24.32%
ROCE, 3-year average24.42%
ROA, 3-year average13.79%
ROE, 5-year average24.77%
ROCE, 5-year average23.49%
ROA, 5-year average12.64%
ROIC (approx.)17.63%
Tax rate23.63%
Other income / net worth1.80%
Growth
Sales growth (latest year)8.39%
Profit growth (latest year)17.03%
Sales CAGR, 3 years18.08%
Sales CAGR, 5 years27.44%
Profit CAGR, 3 years26.57%
Profit CAGR, 5 years55.97%
Sales growth QoQ28.55%
Profit growth QoQ74.33%
Sales growth YoY (latest quarter)20.43%
Profit growth YoY (latest quarter)15.47%
Per share
EPS (TTM)Rs 10.01
EPS (latest year)Rs 8.98
EPS (latest quarter)Rs 4.50
EPS, 3-year averageRs 10.83
EPS, 5-year averageRs 14.31
Book value per shareRs 57.89
Sales per shareRs 71.34
Cash flow per shareRs 10.38
Free cash flow per shareRs 2.36
Dividend per share (latest year)Rs 1.50
Dividend per share, 3-year averageRs 1.67
Dividend per share, 5-year averageRs 2.20
Dividends
Dividend payout16.71%
Dividend payout, 3-year average15.18%
Dividend payout, 5-year average15.26%
Efficiency
Asset turnover0.85x
Fixed asset turnover1.29x
Inventory turnover3.73x
Inventory days98 days
Debtor days21 days
Debtors turnover17.36x
Creditor days53 days
Cash conversion cycle79 days
Working capital days31 days
Leverage
Total debtRs 2,508 Cr
Cash and bankRs 1,998 Cr
Net debtRs 510 Cr
Debt to equity0.13x
Net debt / EBITDA0.08x
Interest coverage23.50x
Current ratio (filing 2026-06-30)2.03x
Quick ratio (filing 2026-06-30)1.26x
Trade payables (filing 2026-06-30)Rs 2,019 Cr
Owners' fund to total sources76.66%
Debt to assets9.82%
Cash flow
Cash from Operating Activity (latest year)Rs 3,509 Cr
Cash from Investing Activity (latest year)Rs -2,725 Cr
Cash from Financing Activity (latest year)Rs -1,266 Cr
Net Cash Flow (latest year)Rs -482 Cr
Free cash flow (latest year)Rs 797 Cr
FCFE (approx.: FCF + change in debt)Rs 479 Cr
Cash from ops / profit, 5 years1.22x
Sales to cash flow6.18x
Statement figures
Net sales (TTM)Rs 24,126 Cr
Net sales (latest year)Rs 21,685 Cr
Sales (latest quarter)Rs 8,451 Cr
Operating profit excl. other income (latest year)Rs 5,070 Cr
Operating profit (latest quarter)Rs 2,339 Cr
Other income (TTM)Rs 395 Cr
EBITDA (TTM)Rs 6,041 Cr
PBDT (TTM)Rs 5,844 Cr
Profit before tax (TTM)Rs 4,440 Cr
Tax (latest year)Rs 948 Cr
Net profit (TTM)Rs 3,386 Cr
Net profit (latest year)Rs 3,036 Cr
Net profit (latest quarter)Rs 1,521 Cr
Depreciation (TTM)Rs 1,404 Cr
Depreciation (latest quarter)Rs 409 Cr
Interest (TTM)Rs 197 Cr
Cost of goods sold (latest year)Rs 11,021 Cr
Total expenditure (latest year)Rs 16,616 Cr
Total income (latest year)Rs 22,038 Cr
Share capitalRs 676 Cr
ReservesRs 18,902 Cr
Shareholders' fundsRs 19,579 Cr
Total assetsRs 25,541 Cr
Net blockRs 16,759 Cr
Capital work in progressRs 271 Cr
InvestmentsRs 174 Cr
ReceivablesRs 1,249 Cr
InventoryRs 2,952 Cr
Other liabilitiesRs 3,454 Cr
Shares outstanding (crore)338.20
Ownership
Promoter holding59.43% (-0.39 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 42.5 is at the 3th percentile of its own 9.7-year range (median 74.8, low 33.9, high 326.6).
P/B 7.35 is at the 17th percentile (median 9.56).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodVBLNifty 50Difference
1 week-1.4%-2.8% +1.4 pts
1 month+4.8%-6.8% +11.6 pts
3 months-17.5%-7.6% -9.9 pts
6 months+10.7%+0.4% +10.3 pts
1 year-5.9%-9.9% +4.0 pts
2 years-35.0%-13.6% -21.4 pts
3 years+12.4%+14.2% -1.7 pts
5 years+250.4%+27.9% +222.6 pts
301 mutual fund schemes hold about ₹12,173 Cr. Over three months 66 bought more and 188 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Large Cap Fundd1.78%981 -4%
Nippon India Growth Mid Cap Fund1.72%901 +46%
SBI Flexicap Fund1.78%415 -8%
Mirae Asset Large Cap Fund0.88%341 +4%
Kotak Arbitrage Fund(M0.44%331 -34%
Nippon India Focused Fund3.25%281 +2%
Tata Large & Mid Cap Fund3.65%280 -2%
SBI Arbitrage Fund0.57%271 +13%
Nippon India ELSS Tax Saver Fund1.66%244 +31%
Aditya Birla SL ELSS Tax Saver Fund1.67%242 -1%
Nippon India Large Cap Fund0.44%238 +13%
Canara Rob Large and Mid Cap Fund0.84%221 -8%
ICICI Pru Nifty Next 50 Index Fund2.15%218 -8%
Invesco India Contra Fund1.04%216 -7%
Nippon India Multi Asset Allocation Fund0.98%176 -4%
Canara Rob Large Cap Fund0.98%167 -20%
SBI Multicap Fund0.67%164 +100%
UTI Nifty Next 50 Index Fund2.16%163 -8%
ICICI Pru Arbitrage Fund0.46%159 +33%
SBI Multi Asset Allocation Fund(A0.73%153 +100%
Tata Arbitrage Fund0.61%152 +3%
Axis Large Cap Fund0.47%146 -40%
Axis Large & Mid Cap Fund0.84%145 -9%
360 ONE Focused Fund2.09%142 -14%
Canara Rob Flexi Cap Fund1.04%142 -20%

Red flags

F-score 6 of 8
lookRegulator order or action Regulator order or action 2026-01-23: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2021-08-05Ravindra Dhariwal (Trustee of VaruImmediate relativesell16,857Rs 1.32 CrMarket Sale
2021-05-21Varun JaipuriaPromoterssell638,287Rs 63.51 CrMarket Sale
2021-05-21Varun JaipuriaPromoterssell1,050,000Rs 104.48 CrMarket Sale
2021-02-26Ravi Kant JaipuriaPromotersother53,881,805Rs 5619.60 CrInter-se-Transfer
2021-02-26Ravi Kant Jaipuria and Sons (HUF)Promotersother53,881,805Rs 5619.60 CrInter-se-Transfer
2020-06-26Devyani JaipuriaPromoter Groupsell2Rs 0.00 CrMarket Sale
2020-06-26Devyani JaipuriaPromoter Groupsell11Rs 0.00 CrMarket Sale
2020-06-26Devyani JaipuriaPromoter Groupsell2Rs 0.00 CrMarket Sale
2020-06-26Devyani JaipuriaPromoter Groupsell4Rs 0.00 CrMarket Sale
2020-06-26Devyani JaipuriaPromoter Groupsell4Rs 0.00 CrMarket Sale
2020-06-26Devyani JaipuriaPromoter Groupsell20Rs 0.00 CrMarket Sale
2020-06-26Devyani JaipuriaPromoter Groupsell20Rs 0.00 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹8,451 Cr +20.4% vs Jun 2025. Net profit ₹1,525 Cr +15.1%.

Activity

Compare
CompanyMcap (Cr)P/EROCE
Valencia Nutrition Ltd1191092.56 %
Orient Beverages Ltd378.7512.1 %
ANS Industries Ltd2114.6-11.4 %
Transglobe Foods Ltd65.88 %
No bulk or block deals on record.
Ex-dateActionFactor
2026-07-31Interim Dividend - Re 0.50 Per Share
2026-04-30Interim Dividend - Re 0.50 Per Share
2026-04-08Dividend - Re 0.50 Per Share
2025-08-01Interim Dividend - Re 0.50 Per Share
2025-05-07Interim Dividend - Re 0.50 Per Share
2025-04-04Dividend - Re 0.50 Per Share
2024-09-12Face Value Split (Sub-Division) - From Rs 5/- Per Share To Rs 2/- Per Share0.4000
2024-08-09Interim Dividend - Rs 1.25 Per Sh
2024-04-04Dividend - Rs 1.25 Per Share
2024-03-26Annual General Meeting
2023-08-14Interim Dividend - Rs 1.25 Per Share
2023-06-15Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 5/- Per Share0.5000
2023-04-12Dividend - Re 1 Per Share
2023-03-17Annual General Meeting
2022-08-11Interim Dividend - Rs 2.50 Per Share
2022-06-06Bonus 1:20.6667
2022-03-29Annual General Meeting
2021-08-11 Interim Dividend - Rs 2.50 Per Share
2021-06-10 Bonus 1:20.6667
2021-03-26 Annual General Meeting
2020-08-14 Interim Dividend - Rs 2.50 Per Share
2020-06-17 Annual General Meeting
2020-03-30 Annual General Meeting
2019-08-26 Interim Dividend - Rs 2.50 Per Share
2019-07-25 Bonus 1:20.6667
2019-04-08 Annual General Meeting
2018-08-20 Interim Dividend- Rs 2.50 Per Share (Purpose Revised)
2018-04-06 Annual General Meeting
2017-08-16 Interim Dividend - Rs 2.50 Per Share
2017-04-07 Annual General Meeting
DateTypeWhat it says
2026-09-30General UpdatesUpdate on the Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 related to Crickley.
2026-09-30LitigationUpdate on the Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 related to Crickley.
2026-09-24ResignationResignation of Director/KMP/SMP
2026-09-24ResignationIntimation of change in Senior Management Personnel of the Company
2026-09-24Adoption of new line(s) of bIntimation for execution of an Exclusive Distribution Agreement by Varun Beverages (Zimbabwe) (Private) Limited, subsidiary of the Company as per deta...
2026-09-18Concall / analyst meetWe wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives ...
2026-09-15Concall / analyst meetWe wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives ...
2026-09-14Press ReleasePress Release to be issued in Kenya by VBL Industries (Kenya) Limited, wholly-owned subsidiary of our Company.
2026-09-11ESOPThe 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 u...
2026-09-09Concall / analyst meetWe wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives ...
2026-08-31General UpdatesUpdate on incorporation of KIVA Spirits and Company Limited as per details enclosed.
2026-08-25General UpdatesThe Board of Directors at their meeting held today inter-alia approved: (i) to incorporate a wholly-owned subsidiary company in India, (ii) appointmen...
2026-08-17General UpdatesIn continuation to our earlier disclosure dated July 2, 2026 wherein we had informed that the Board of Directors of The Beverage Company Proprietary L...
2026-08-11General UpdatesIntimation of ESG Rating
2026-08-10Concall / analyst meetWe wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives ...
2026-08-04Concall / analyst meetTranscript of Investors & Analysts Conference Call.
2026-08-04General UpdatesWe would like to inform you that Varun Beverages (Zimbabwe) (Private) Limited, subsidiary company, has incorporated a joint venture company in Zimbabw...
2026-08-01General UpdatesIn continuation to our earlier disclosure dated July 6, 2026 wherein we had informed that VBL Industries (Kenya) Limited ( VBL Kenya ), a wholly-owned...
2026-07-28Concall / analyst meetLink of Recording
2026-07-28Record DateThe Board of Directors at their meeting held today inter-alia considered and approved the payment of 2nd interim dividend of Rs. 0.50 (Fifty Paisa onl...
2026-07-28Press ReleaseA press release dated July 28, 2026, titled "Press Release".
2026-07-28Investor PresentationInvestor Presentation
2026-07-28Board meeting outcomeThe Board of Directors at their meeting held today inter-alia considered and approved the following:(i) The Unaudited Financial Results of the Company...
2026-07-22Concall / analyst meetPursuant to the provisions of Regulation 30(6) read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulati...
2026-07-20AppointmentAppointment of Senior Management Personnel of the Company as per enclosed intimation.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.79
Max pain (expiry 2026-10-27)430
Largest call open interest at440
Largest put open interest at430
Implied volatility, at the money28.6%
Underlying at snapshot425.30
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-29191,250
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-03-01NCLATRenu Shukla (partner) VS Varun Beverages Ltd.
2021-01-22NCLATRenu Shukla (partner) VS Varun Beverages Ltd.
2020-02-25NCLATRenu Shukla (partner) VS Varun Beverages Ltd.
2020-02-19CESTATVARUN BEVERAGES LTD ---VS.--- JAIPUR I..
2020-02-06NCLATRenu Shukla (partner) VS Varun Beverages Ltd.
2020-01-27CESTATVARUN BEVERAGES LIMITED ---VS.--- ALWAR
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Varun Beverages Ltd?

Varun Beverages Ltd (VBL) has a market capitalisation of Rs 1,45,447 Cr. at the 2026-10-01 close.

What is the P/E ratio of Varun Beverages Ltd?

Varun Beverages Ltd trades at a P/E of 43.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were Varun Beverages Ltd's latest quarterly results?

In the Jun 2026 quarter, Varun Beverages Ltd sales was Rs 8,451 Cr (+20.4% vs Jun 2025) and net profit was Rs 1,525 Cr.

What is the 52-week high and low of Varun Beverages Ltd?

The 52-week high is Rs 555.80 and the 52-week low is Rs 381.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03