Varun Beverages Ltd

Varun Beverages Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Varun Beverages Ltd

₹ 457 -0.40%
24 Jul - close price
varunbeverages.com BSE: 540180 NSE: VBL
About

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]

Key Points

Brand Portfolio:[1][2]
The company is a key player in the beverage industry and one of the largest franchisees of PepsiCo in the world (outside the USA). It produces and distributes a range of carbonated soft drinks (CSDs), as well as a selected non-carbonated beverage (NCBs), including packaged drinking water sold under trademarks owned by PepsiCo.

Website BSE NSE
  • Market Cap ₹ 1,54,663 Cr.
  • Current Price ₹ 457
  • High / Low ₹ 556 / 381
  • Stock P/E 55.5
  • Book Value ₹ 55.5
  • Dividend Yield 0.33 %
  • ROCE 19.1 %
  • ROE 14.6 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 55.4% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 17.3%

Cons

  • Stock is trading at 8.24 times its book value
  • Promoter holding has decreased over last 3 years: -4.18%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Fast Moving Consumer Goods Fast Moving Consumer Goods Beverages Other Beverages

Part of BSE 500 BSE Fast Moving Consumer Goods BSE 100 BSE 200 BSE Dollex 200

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
3,222 4,672 2,892 1,846 3,446 5,802 3,087 2,014 4,053 5,305 3,064 2,135 4,501
2,550 3,364 2,185 1,552 2,625 4,063 2,286 1,691 3,042 3,664 2,277 1,810 3,328
Operating Profit 672 1,308 707 294 821 1,739 801 323 1,010 1,641 787 325 1,172
OPM % 21% 28% 24% 16% 24% 30% 26% 16% 25% 31% 26% 15% 26%
19 46 31 51 33 67 100 154 60 90 150 214 74
Interest 57 62 56 67 84 103 99 64 8 4 8 13 4
Depreciation 136 129 128 125 139 167 157 154 165 180 172 185 199
Profit before tax 498 1,162 555 154 630 1,536 645 259 897 1,548 757 342 1,043
Tax % 25% 25% 25% 23% 26% 25% 24% 19% 24% 25% 24% 24% 24%
373 868 416 119 469 1,150 492 209 678 1,160 577 261 788
EPS in Rs 1.15 2.67 1.28 0.37 1.44 3.54 1.52 0.62 2.00 3.43 1.71 0.77 2.33
Raw PDF
Upcoming result date: 28 July 2026

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 TTM
2,019 2,864 2,980 3,063 3,862 5,616 4,876 6,596 10,596 12,633 14,349 14,557 15,005
1,696 2,284 2,277 2,338 2,996 4,411 4,016 5,394 8,371 9,572 10,585 10,792 11,079
Operating Profit 322 580 703 725 866 1,205 860 1,202 2,224 3,061 3,764 3,765 3,926
OPM % 16% 20% 24% 24% 22% 21% 18% 18% 21% 24% 26% 26% 26%
42 41 50 46 88 98 5 36 99 70 278 514 528
Interest 158 140 389 192 196 282 250 156 156 244 354 33 29
Depreciation 152 263 249 274 296 387 413 400 483 518 618 702 736
Profit before tax 55 219 114 304 463 634 203 682 1,684 2,368 3,070 3,543 3,689
Tax % 35% 31% 22% 23% 28% 29% -12% 28% 25% 25% 24% 24%
35 152 90 236 332 449 226 489 1,270 1,775 2,320 2,677 2,786
EPS in Rs 0.16 0.67 0.29 0.76 1.08 1.38 0.70 1.51 3.91 5.47 6.86 7.91 8.24
Dividend Payout % 0% 0% 0% 19% 14% 16% 32% 22% 18% 18% 15% 19%
Compounded Sales Growth
10 Years: 18%
5 Years: 24%
3 Years: 11%
TTM: 0%
Compounded Profit Growth
10 Years: 33%
5 Years: 55%
3 Years: 25%
TTM: 10%
Stock Price CAGR
10 Years: %
5 Years: 36%
3 Years: 12%
1 Year: -6%
Return on Equity
10 Years: 17%
5 Years: 19%
3 Years: 19%
Last Year: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
Equity Capital 134 134 182 183 183 289 289 433 650 650 676 676
Reserves 120 277 1,954 2,114 2,406 3,578 3,723 3,966 4,868 6,426 15,882 18,088
2,231 2,204 1,460 2,087 2,535 3,201 3,052 3,186 3,595 4,882 881 404
387 1,527 1,003 915 962 1,306 1,233 1,481 1,957 2,052 2,044 1,831
Total Liabilities 2,872 4,142 4,600 5,299 6,086 8,374 8,297 9,066 11,069 14,009 19,484 21,000
1,733 2,916 2,992 3,278 3,322 5,402 5,263 5,012 5,752 6,938 9,181 10,837
CWIP 17 32 69 12 339 59 39 478 540 1,576 960 141
Investments 523 304 501 627 774 908 1,352 1,352 1,354 1,450 2,096 3,770
599 889 1,039 1,381 1,651 2,005 1,642 2,224 3,423 4,045 7,247 6,252
Total Assets 2,872 4,142 4,600 5,299 6,086 8,374 8,297 9,066 11,069 14,009 19,484 21,000

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
378 510 752 500 742 1,067 720 868 1,559 1,953 2,967 2,577
-500 -360 -1,108 -809 -704 -2,229 -228 -725 -1,509 -2,770 -3,687 -2,057
116 -134 353 326 -67 1,193 -488 -155 -26 819 2,729 -979
Net Cash Flow -6 16 -4 16 -29 31 4 -12 23 2 2,009 -459
Free Cash Flow 204 278 98 175 243 437 395 249 224 -637 599 1,051
CFO/OP 119% 94% 107% 69% 86% 98% 89% 80% 85% 84% 96% 90%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
Debtor Days 6 6 6 11 13 8 13 7 5 6 5 7
Inventory Days 67 86 96 82 86 94 112 124 99 94 93 90
Days Payable 29 24 39 22 37 44 45 54 40 30 31 24
Cash Conversion Cycle 44 68 63 72 62 58 80 78 64 70 68 72
Working Capital Days -83 -55 -75 -56 -43 -33 -51 -39 -30 -12 28 56
ROCE % 9% 14% 16% 12% 14% 15% 7% 12% 23% 26% 24% 19%

Insights

In beta
Mar 2017 Sep 2018 Sep 2020 Sep 2021 Dec 2022 Dec 2023 Mar 2025 Mar 2026
Total Sales Volume
million cases

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Primary Distributors
number
Production Facilities
number
Visi-Coolers Installed
number
Realization per Case
Rs per case

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
63.09% 63.09% 62.91% 62.67% 62.67% 60.20% 60.23% 59.82% 59.44% 59.44% 59.43% 59.43%
27.55% 26.58% 25.79% 25.32% 24.18% 25.27% 22.98% 21.86% 21.93% 20.31% 19.51% 19.03%
3.36% 3.58% 4.16% 4.54% 4.97% 7.00% 9.19% 10.52% 11.78% 13.56% 14.35% 15.16%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.04% 0.05%
6.01% 6.74% 7.16% 7.46% 8.19% 7.52% 7.59% 7.80% 6.84% 6.69% 6.66% 6.33%
No. of Shareholders 3,75,5344,40,2784,89,8875,09,6076,98,7597,42,4888,73,9159,68,4199,02,8818,72,9338,77,6048,13,548

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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