Varun Beverages
NSE: VBLBSE: 540180
₹ 404.50▼ 11.5 (−2.76%)28 Oct, 03:28 pm IST
- Market cap
- ₹ 1,33,034 Cr.
- P/E
- 40.4x
- P/B
- 6.92x
- 52-week range
- 381 – 555.8
- ROE
- 16%
- ROCE
- 20%
- Dividend yield
- 0.4%
- Debt / equity
- 0.13
- Sector
- Beverages
- Industry
- Other Beverages
- Listed on
- NSE, BSE
About
Varun Beverages Limited is an India-based company, which is a franchisee of PepsiCo. It produces and distributes a range of carbonated soft drinks (CSDs), as well as non-carbonated beverages (NCBs), including packaged drinking water sold under trademarks owned by PepsiCo. PepsiCo CSD brands produced and sold by the Company include Pepsi, Pepsi Black, Mountain Dew, Sting, Seven-Up, Mirinda Orange, Seven-Up Nimbooz Masala Soda and Evervess. PepsiCo NCB brands produced and sold by it include Tropicana Slice, Tropicana Juices (100% and Delight), Seven-Up Nimbooz, Gatorade as well as packaged drinking water under the brand Aquafina. It is also engaged in co-manufacturing of Kurkure puffcorn in India.Its subsidiaries include Varun Beverages (Nepal) Private Limited, The Beverage Company Proprietary Limited, and Varun Beverages Lanka (Private) Limited, and others.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Other Beverages: 5 companies →Varun Beverages against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)40.4 against a typical 16.9: pricier than most peers (1st = cheapest).4th of 5
- Share price, 3 months−9.5% against a typical +3.8%.4th of 5
- Size₹ 1,33,033.5 Cr. market value against a typical ₹ 30.7 Cr. (1st = largest).1st of 5
Latest announcements
Exchange filings and their impact on the company.
- VBL to pay up to Rs 4.1 cr for 26% in a UP solar SPV for captive power - negligible near-term financial impact.
Varun Beverages said its Investment and Borrowing Committee on October 7, 2026 approved investing up to Rs 4.10 crore for up to 26% equity in Jager Renewables Private Limited. The SPV generates and supplies solar power in Uttar Pradesh and the stake will let VBL source solar power for captive consumption. The amount is tiny versus VBL's scale of over Rs 21,000 crore in sales, so it only marginally helps power costs and ESG with no meaningful near-term financial impact.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
Highest safety
Rated AAA by CRISILAAA
DefaultRiskyModerateSafeVery safe
- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| CRISIL | Crisil AAA | Stable | 21 Apr 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 21 Apr 2026 | Reaffirmed | Crisil AAA | — | CRISIL | ₹ 2,150.34 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 30 Oct 2026Upcoming | Financial Results/Dividend | Pursuant to the provisions of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Board of Directors of the Company will be held on Friday, October 30, 2026 inter-alia to consider and approve the following:(i) Unaudited Financial Results of the Company, both on Standalone and Consolidated basis, for the Quarter and Nine Months ended September 30, 2026. (ii) Declaration of 3rd interim dividend to the Equity Shareholders of the Company for the Financial Year 2026.In continuation to our letter dated September 25, 2026 regarding the closure of Trading Window from October 1, 2026 till 48 hours after public announcement of the Unaudited Financial Results for the Quarter and Nine Months ended September 30, 2026, we wish to inform you that the Trading Window will be closed till November 1, 2026.Further, please note that the Company is following 1st January to 31st December as its Financial Year in terms of Section 2(41) of the Companies Act, 2013 as approved by the Company Law Board. |
| 28 Jul 2026 | Financial Results/Dividend | Pursuant to the provisions of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Board of Directors of the Company will be held on Tuesday, July 28, 2026 inter-alia to consider and approve the following:(i) Unaudited Financial Results of the Company, both on Standalone and Consolidated basis, for the Quarter and Half Year ended June 30, 2026. (ii) Declaration of 2nd interim dividend to the Equity Shareholders of the Company for the Financial Year 2026.In continuation to our letter dated June 25, 2026 regarding the closure of Trading Window from July 1, 2026 till 48 hours after public announcement of the Unaudited Financial Results for the Quarter and Half Year ended June 30, 2026, we wish to inform you that the Trading Window will be closed till July 30, 2026.Further, please note that the Company is following 1st January to 31st December as its Financial Year in terms of Section 2(41) of the Companies Act, 2013 as approved by the Company Law Board. |
| 27 Apr 2026 | Financial Results/Dividend | Pursuant to the provisions of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Board of Directors of the Company will be held on Monday, April 27, 2026 inter-alia to consider and approve the following:(i) Unaudited Financial Results of the Company, both on Standalone and Consolidated basis, for the Quarter ended March 31, 2026. (ii) Declaration of interim dividend to the Equity Shareholders of the Company for the Financial Year 2026.In continuation to our letter dated March 24, 2026 regarding the closure of Trading Window from April 1, 2026 till 48 hours after public announcement of the Unaudited Financial Results for the Quarter ended March 31, 2026, we wish to inform you that the Trading Window will be closed till April 29, 2026.Further, please note that the Company is following 1st January to 31st December as its Financial Year in terms of Section 2(41) of the Companies Act, 2013 as approved by the Company Law Board. |
| 3 Feb 2026 | Financial Results/Dividend | Pursuant to the provisions of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Board of Directors of the Company will be held on Tuesday, February 3, 2026 inter-alia to consider and approve the following:(i) Audited Financial Results of the Company, both on Standalone and Consolidated basis, for the Quarter and Financial Year ended December 31, 2025. (ii) Proposal of recommendation of final dividend for the Financial Year ended December 31, 2025, subject to the approval of Equity Shareholders at the ensuing Annual General Meeting of the Company.In continuation to our letter dated December 26, 2025 regarding the closure of Trading Window from January 1, 2026 till 48 hours after public announcement of the Audited Financial Results for the Quarter and Financial Year ended December 31, 2025, we wish to inform you that the Trading Window will be closed till February 5, 2026.Further, please note that the Company is following 1st January to 31st December as its Financial Year in terms of Section 2(41) of the Companies Act, 2013 as approved by the Company Law Board. |
| 29 Oct 2025 | Financial Results | Pursuant to the provisions of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Board of Directors of the Company will be held on Wednesday, October 29, 2025 inter-alia to consider and approve the Unaudited Financial Results of the Company, both on Standalone and Consolidated basis, for the Quarter and Nine Months ended September 30, 2025. In continuation to our letter dated September 25, 2025 regarding the closure of Trading Window from October 1, 2025 till 48 hours after public announcement of the Unaudited Financial Results for the Quarter and Nine Months ended September 30, 2025, we wish to inform you that the Trading Window will be closed till October 31, 2025.Further, please note that the Company is following 1st January to 31st December as its Financial Year in terms of Section 2(41) of the Companies Act, 2013 as approved by the Company Law Board. |
| 29 Jul 2025 | Financial Results/Dividend | Pursuant to the provisions of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Board of Directors of the Company will be held on Tuesday, July 29, 2025 inter-alia to consider and approve the following:(i) Unaudited Financial Results of the Company, both on Standalone and Consolidated basis, for the Quarter and Half Year ended June 30, 2025. (ii) Declaration of 2nd interim dividend to the Equity Shareholders of the Company for the Financial Year 2025.In continuation to our letter dated June 26, 2025 regarding the closure of Trading Window from July 1, 2025 till 48 hours after public announcement of the Unaudited Financial Results for the Quarter and Half Year ended June 30, 2025, we wish to inform you that the Trading Window will be closed till July 31, 2025.Further, please note that the Company is following 1st January to 31st December as its Financial Year in terms of Section 2(41) of the Companies Act, 2013 as approved by the Company Law Board. |
| 30 Apr 2025 | Financial Results/Dividend | Pursuant to the provisions of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Board of Directors of the Company will be held on Wednesday, April 30, 2025 inter-alia, to consider and approve the Unaudited Financial Results of the Company, both on Standalone and Consolidated basis, for the Quarter ended March 31, 2025 and to consider declaration of interim dividend to the Equity Shareholders of the Company for the Financial Year 2025.In continuation to our letter dated March 25, 2025 regarding the closure of Trading Window from April 1, 2025 till 48 hours after public announcement of the Unaudited Financial Results for the Quarter ended March 31, 2025, we wish to inform you that the Trading Window will be closed till May 2, 2025.Further, please note that the Company is following 1st January to 31st December as its Financial Year in terms of Section 2(41) of the Companies Act, 2013 as approved by the Company Law Board. |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | 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 | 4.5 |
Growth and returns
Compounded yearly rates over each period.
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
- 32%
- 3 Years
- 6%
- TTM
- —
Return on Equity
- 10 Years
- 21%
- 5 Years
- 22%
- 3 Years
- 21%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
P/E 40.4xEPS (12 months) ₹ 10.01Median P/E 59x
P/E (times)EPS (₹)
Management
- Varun Jaipuria
- Executive Vice Chairman of the Board, Whole-Time Director, Promoter
- Pankaj Madan
- Chief Financial Officer
- Ravi Batra
- Chief Risk Officer, Group Company Secretary, Compliance Officer
- Rajinder Jeet Singh Bagga
- Whole-Time Director
- Raj Pal Gandhi
- Whole-Time Director
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