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Sensex
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Varun Beverages Ltd.

Consumer Food

Rating :
58/99

BSE: 540180 | NSE: VBL

NSE BSE
434.80
25-Sep-2026
  • Open
  • High
  • Low
  • Previous Close
  •  428.3
  •  436.6
  •  428.3
  •  431.25
  • Volume
  • Traded Value (lacs)
  • 52 Week High
  • 52 Week Low
  •  5365431
  •  2322802494.65
  •  555.8
  •  381

Stock Summary

  • Market Cap(Crs)
  • Stock P:E
  • Face Value
  • 1,47,020.13
  • 43.42
  • 2
  • Enterprise Value(Crs)
  • Dividend Yield
  • Price:Book Value
  • 1,47,393.10
  • 0.35%
  • 6.75

Shareholding Pattern

  • Promoter
  • Corporate
  • Public
  • 59.43%
  • 0.75%
  • 4.93%
  • FII
  • DII
  • Others
  • 19.03%
  • 13.78%
  • 2.08%

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 18.84
  • 19.70
  • 10.57

EBITDA CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 20.32
  • 24.80
  • 6.92

PAT CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 53.29
  • 34.34
  • 13.88

P:E (Median)

  • 8 Years
  • 5 Years
  • 3 Years
  • 58.73
  • 60.36
  • 63.61

P:BV (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 11.59
  • 14.36
  • 14.68

EV:EBITDA (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 28.98
  • 34.62
  • 37.95

Earnings Forecasts:

(Updated: 27-09-2026)
Description
2026
2027
2028
2029
Adj EPS
10.1
11.63
13.09
14.14
P/E Ratio
43.05
37.39
33.22
30.75
Revenue
25641.1
28557
31945.9
33558.6
EBITDA
5891.57
6638.37
7450.88
8484.52
Net Income
3425.38
3943.03
4502.09
4926.63
ROA
17.86
18.66
19.16
18.24
P/B Ratio
6.68
5.88
5.17
4.31
ROE
16.54
16.97
16.8
16.51
FCFF
2542.5
3273.82
3513.33
4050.49
FCFF Yield
1.73
2.23
2.4
2.76
Net Debt
-1014.9
-3942.02
-6823.63
-8311.2
BVPS
65.09
73.92
84.04
100.93

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone
Description
Jun 26
Jun 25
Var%
Mar 26
Mar 25
Var%
Dec 25
Dec 24
Var%
Sep 25
Sep 24
Var%
Net Sales
8,650.57
7,163.02
20.77%
6,721.54
5,680.03
18.34%
4,334.80
3,817.62
13.55%
5,047.74
4,932.06
2.35%
Expenses
6,307.53
5,164.25
22.14%
5,192.61
4,416.06
17.58%
3,695.54
3,237.64
14.14%
3,900.37
3,780.94
3.16%
EBITDA
2,343.04
1,998.77
17.22%
1,528.93
1,263.96
20.96%
639.26
579.97
10.22%
1,147.38
1,151.12
-0.32%
EBIDTM
27.09%
27.90%
22.75%
22.25%
14.75%
15.19%
22.73%
23.34%
Other Income
104.38
77.16
35.28%
43.53
28.06
55.13%
99.11
44.64
122.02%
148.03
24.25
510.43%
Interest
56.92
36.55
55.73%
48.52
41.12
18.00%
46.69
109.00
-57.17%
45.21
118.53
-61.86%
Depreciation
409.03
306.15
33.60%
356.79
272.51
30.93%
330.20
260.78
26.62%
307.60
256.61
19.87%
PBT
1,981.46
1,733.23
14.32%
1,167.14
978.38
19.29%
361.47
254.82
41.85%
942.59
800.23
17.79%
Tax
451.82
406.56
11.13%
284.48
246.45
15.43%
98.88
58.49
69.05%
195.72
171.31
14.25%
PAT
1,529.64
1,326.68
15.30%
882.66
731.94
20.59%
262.59
196.33
33.75%
746.87
628.92
18.75%
PATM
17.68%
18.52%
13.13%
12.89%
6.06%
5.14%
14.80%
12.75%
EPS
4.50
3.89
15.68%
2.58
2.15
20.00%
0.74
0.55
34.55%
2.19
1.91
14.66%

Annual Results

Consolidated Figures in Rs. Crores /

Standalone
Description
TTM
Dec 25
Dec 24
Dec 23
Dec 22
Dec 21
Dec 20
Dec 19
Dec 18
Dec 17
Dec 16
Net Sales
24,754.65
21,685.38
20,007.65
16,042.58
13,173.14
8,823.23
6,450.14
7,129.58
5,105.26
4,003.54
3,861.18
Net Sales Growth
14.64%
8.39%
24.72%
21.78%
49.30%
36.79%
-9.53%
39.65%
27.52%
3.69%
 
Cost Of Goods Sold
10,747.28
9,715.42
8,904.72
7,404.89
6,261.15
4,034.66
2,763.94
3,219.43
2,244.10
1,810.06
1,737.88
Gross Profit
14,007.37
11,969.95
11,102.93
8,637.69
6,911.99
4,788.57
3,686.20
3,910.15
2,861.16
2,193.48
2,123.30
GP Margin
56.58%
55.20%
55.49%
53.84%
52.47%
54.27%
57.15%
54.84%
56.04%
54.79%
54.99%
Total Expenditure
19,096.05
16,609.60
15,264.11
12,409.60
10,367.07
7,146.32
5,235.64
5,667.26
4,088.43
3,165.22
3,063.01
Power & Fuel Cost
-
636.56
629.51
550.28
479.22
329.93
267.00
279.06
194.80
160.04
156.22
% Of Sales
-
2.94%
3.15%
3.43%
3.64%
3.74%
4.14%
3.91%
3.82%
4.00%
4.05%
Employee Cost
-
2,200.74
1,885.03
1,446.59
1,216.64
1,007.70
889.74
810.82
582.95
462.84
421.03
% Of Sales
-
10.15%
9.42%
9.02%
9.24%
11.42%
13.79%
11.37%
11.42%
11.56%
10.90%
Manufacturing Exp.
-
2,558.19
2,373.18
1,828.22
1,531.96
1,074.15
873.02
824.06
624.40
435.57
459.34
% Of Sales
-
11.80%
11.86%
11.40%
11.63%
12.17%
13.53%
11.56%
12.23%
10.88%
11.90%
General & Admin Exp.
-
673.88
618.95
503.78
371.91
344.48
259.82
258.91
172.74
141.13
147.72
% Of Sales
-
3.11%
3.09%
3.14%
2.82%
3.90%
4.03%
3.63%
3.38%
3.53%
3.83%
Selling & Distn. Exp.
-
770.55
669.55
509.55
418.00
316.32
157.36
167.51
153.64
115.28
111.36
% Of Sales
-
3.55%
3.35%
3.18%
3.17%
3.59%
2.44%
2.35%
3.01%
2.88%
2.88%
Miscellaneous Exp.
-
54.26
183.16
166.29
88.18
39.08
24.77
107.47
115.80
40.30
111.36
% Of Sales
-
0.25%
0.92%
1.04%
0.67%
0.44%
0.38%
1.51%
2.27%
1.01%
0.76%
EBITDA
5,658.61
5,075.78
4,743.54
3,632.98
2,806.07
1,676.91
1,214.50
1,462.32
1,016.83
838.32
798.17
EBITDA Margin
22.86%
23.41%
23.71%
22.65%
21.30%
19.01%
18.83%
20.51%
19.92%
20.94%
20.67%
Other Income
395.05
352.35
121.27
79.36
38.85
68.26
36.97
42.53
21.82
12.51
35.73
Interest
197.34
195.98
482.86
291.60
204.09
207.31
293.74
324.31
222.80
214.59
434.74
Depreciation
1,403.62
1,216.46
947.39
680.91
617.19
531.26
528.70
488.63
385.07
346.64
322.21
PBT
4,452.66
4,015.68
3,434.57
2,739.84
2,023.64
1,006.61
429.03
691.91
430.78
289.60
76.96
Tax
1,030.90
947.61
798.80
637.55
473.52
260.56
5.23
224.07
133.94
76.89
31.30
Tax Rate
23.15%
23.60%
23.26%
23.27%
23.40%
25.88%
1.44%
32.38%
31.09%
26.55%
40.67%
PAT
3,421.76
3,036.49
2,594.63
2,055.92
1,497.43
694.05
328.99
468.97
292.84
210.16
42.38
PAT before Minority Interest
3,398.62
3,062.04
2,634.28
2,101.81
1,550.11
746.05
357.27
472.20
299.86
214.06
48.04
Minority Interest
-23.14
-25.55
-39.65
-45.89
-52.68
-52.00
-28.28
-3.23
-7.02
-3.90
-5.66
PAT Margin
13.82%
14.00%
12.97%
12.82%
11.37%
7.87%
5.10%
6.58%
5.74%
5.25%
1.10%
PAT Growth
18.65%
17.03%
26.20%
37.30%
115.75%
110.96%
-29.85%
60.15%
39.34%
395.89%
 
EPS
10.12
8.98
7.67
6.08
4.43
2.05
0.97
1.39
0.87
0.62
0.13

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Standalone
Description
Dec 25
Dec 24
Dec 23
Dec 22
Dec 21
Dec 20
Dec 19
Dec 18
Dec 17
Dec 16
Shareholder's Funds
19,578.70
16,609.83
6,936.50
5,102.38
4,079.91
3,524.00
3,328.42
1,998.50
1,769.43
1,693.60
Share Capital
676.40
676.30
649.61
649.55
433.03
288.69
288.69
182.64
182.59
182.31
Total Reserves
18,883.79
15,915.06
6,278.04
4,449.92
3,646.88
3,235.31
3,039.73
1,815.82
1,586.60
1,510.70
Non-Current Liabilities
1,725.82
1,860.22
3,949.32
2,434.00
2,362.54
2,423.63
2,796.19
2,250.86
1,918.76
1,416.20
Secured Loans
540.45
840.69
3,188.94
1,727.02
1,813.33
1,979.62
2,355.38
1,973.66
1,632.52
1,143.38
Unsecured Loans
0.00
0.00
0.00
0.00
0.00
0.00
0.00
6.41
58.85
74.98
Long Term Provisions
190.46
189.43
212.64
204.11
208.54
203.91
170.34
105.25
73.26
60.59
Current Liabilities
4,073.95
4,524.43
4,153.21
3,968.75
3,020.25
2,434.95
2,220.29
1,740.87
1,588.85
1,727.53
Trade Payables
1,401.30
1,560.43
758.25
824.26
711.75
511.38
477.66
316.80
190.95
274.59
Other Current Liabilities
1,337.54
1,537.86
2,270.21
2,412.04
1,616.32
1,172.64
1,230.30
997.90
1,020.95
1,019.30
Short Term Borrowings
1,272.29
1,286.61
1,003.21
627.70
628.49
713.86
467.15
377.65
353.37
411.13
Short Term Provisions
62.80
139.52
121.55
104.76
63.68
37.06
45.18
48.52
23.59
22.51
Total Liabilities
25,540.72
23,124.29
15,187.19
11,618.24
9,579.49
8,447.37
8,375.58
5,998.00
5,275.61
4,824.42
Net Block
16,758.93
13,401.74
8,409.17
6,932.22
6,310.77
6,408.62
6,479.04
4,386.97
3,980.52
3,715.49
Gross Block
23,600.15
18,801.84
12,445.09
10,441.42
9,409.89
9,032.83
8,744.53
6,171.64
5,634.54
5,158.93
Accumulated Depreciation
6,841.22
5,400.11
4,035.92
3,509.20
3,099.12
2,624.22
2,265.49
1,784.67
1,654.02
1,443.43
Non Current Assets
17,644.67
15,260.30
10,951.55
8,214.21
7,033.37
6,647.69
6,703.70
4,857.26
4,306.98
3,971.86
Capital Work in Progress
270.79
1,166.71
1,922.22
606.63
496.61
66.81
63.82
352.36
145.44
95.58
Non Current Investment
174.28
59.50
21.08
0.01
0.00
0.00
0.00
11.24
8.23
6.87
Long Term Loans & Adv.
432.43
622.36
591.16
671.74
222.11
168.72
156.13
102.78
169.03
150.93
Other Non Current Assets
8.25
9.99
7.92
3.62
3.87
3.54
4.71
3.90
3.77
2.98
Current Assets
7,889.40
7,863.97
4,235.63
3,404.03
2,546.11
1,799.68
1,671.88
1,140.75
930.13
852.56
Current Investments
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Inventories
2,951.79
2,791.23
2,150.53
1,993.88
1,448.09
928.80
881.51
578.40
438.89
489.93
Sundry Debtors
1,249.03
845.84
359.38
299.34
221.25
241.80
172.56
128.03
150.25
131.34
Cash & Bank
1,998.49
2,450.05
459.86
285.27
336.62
190.05
171.08
93.48
94.46
65.70
Other Current Assets
1,690.09
858.79
739.89
401.53
540.16
439.03
446.74
340.85
246.52
165.59
Short Term Loans & Adv.
504.62
918.05
525.96
424.01
288.89
246.38
212.85
191.58
146.30
141.13
Net Current Assets
3,815.46
3,339.55
82.42
-564.72
-474.13
-635.27
-548.41
-600.12
-658.72
-874.97
Total Assets
25,534.07
23,124.27
15,187.18
11,618.24
9,579.48
8,447.37
8,375.58
5,998.01
5,237.11
4,824.42

Cash Flow

Consolidated Figures in Rs. Crores /

Standalone
Description
Dec 25
Dec 24
Dec 23
Dec 22
Dec 21
Dec 20
Dec 19
Dec 18
Dec 17
Dec 16
Cash From Operating Activity
3,509.31
3,381.10
2,390.78
1,790.03
1,231.42
1,011.99
1,307.60
999.78
619.76
825.78
PBT
4,015.68
3,434.57
2,739.84
2,023.64
1,006.61
362.50
691.91
430.78
289.60
76.96
Adjustment
952.84
1,343.48
992.36
724.91
617.79
837.85
820.92
692.34
583.81
743.24
Changes in Working Capital
-571.05
-669.39
-673.48
-585.19
-268.75
-110.84
-85.12
-50.05
-196.54
63.65
Cash after chg. in Working capital
4,397.47
4,108.66
3,058.72
2,163.36
1,355.65
1,089.51
1,427.71
1,073.07
676.87
883.84
Interest Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Tax Paid
-888.15
-727.57
-667.94
-373.33
-124.23
-77.52
-120.11
-73.29
-57.11
-58.06
Other Direct Exp. Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Extra & Other Items
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Cash From Investing Activity
-2,734.94
-4,316.78
-3,289.87
-1,704.60
-1,010.64
-471.10
-2,319.25
-873.42
-745.27
-1,047.80
Net Fixed Assets
-1,510.57
-2,155.33
-2,614.98
-1,211.30
-541.19
-113.05
-2,151.84
-516.18
-410.19
-310.74
Net Investments
-1,674.45
-646.06
-95.63
-2.08
-0.08
-444.38
-133.28
-147.31
-126.66
-196.61
Others
450.08
-1,515.39
-579.26
-491.22
-469.37
86.33
-34.13
-209.93
-208.42
-540.45
Cash from Financing Activity
-1,266.46
2,953.54
984.90
-17.94
-177.68
-573.72
1,107.34
-84.39
158.63
230.23
Net Cash Inflow / Outflow
-492.09
2,017.85
85.81
67.49
43.10
-32.83
95.69
41.97
33.13
8.21
Opening Cash & Equivalents
2,266.28
242.21
154.33
150.75
104.56
137.97
42.94
64.95
32.50
24.29
Closing Cash & Equivalent
1,784.18
2,266.28
242.21
154.33
150.75
104.56
137.97
42.94
64.95
32.50

Financial Ratios

Consolidated /

Standalone
Description
Dec 25
Dec 24
Dec 23
Dec 22
Dec 21
Dec 20
Dec 19
Dec 18
Dec 17
Dec 16
Book Value (Rs.)
57.84
49.06
21.33
39.25
62.81
81.38
115.29
72.95
64.60
61.93
ROA
12.58%
13.75%
15.68%
14.63%
8.28%
4.25%
6.51%
5.27%
4.21%
0.99%
ROE
16.94%
22.40%
34.95%
33.77%
19.62%
10.43%
17.57%
15.76%
12.29%
4.76%
ROCE
20.73%
25.18%
28.97%
27.47%
17.13%
9.73%
17.59%
14.16%
12.10%
15.36%
Fixed Asset Turnover
1.09
1.36
1.46
1.39
1.01
0.86
1.16
0.89
0.84
0.93
Receivable days
16.54
10.36
7.22
6.90
9.08
9.87
6.36
9.71
11.38
9.23
Inventory Days
45.34
42.47
45.42
45.61
46.59
43.13
30.87
35.51
37.53
36.83
Payable days
55.63
47.52
39.00
44.77
55.33
32.77
24.40
21.80
24.92
25.83
Cash Conversion Cycle
6.24
5.31
13.63
7.74
0.34
20.23
12.83
23.43
23.99
20.23
Total Debt/Equity
0.10
0.14
0.75
0.72
0.82
0.91
1.03
1.41
1.50
1.31
Interest Cover
21.46
8.11
10.39
10.92
5.86
2.23
3.13
2.93
2.35
1.18

Annual Reports:

FY 2025
FY 2024
FY 2023
FY 2022
FY 2021
FY 2020
FY 2019
FY 2018
FY 2017
FY 2016

News Update:


  • Varun Beverages’ arm expands Kenyan portfolio with launch of two new brands
    15th Sep 2026, 09:22 AM

    BOLT UP is being positioned towards young, active consumers, while XTREME FIZZ will compete in the carbonated soft drinks category with a youthful brand proposition

    Read More
  • Varun Beverages gets nod to incorporate wholly-owned subsidiary
    25th Aug 2026, 17:40 PM

    The Board of Directors of the Company at its meeting held on August 25, 2026, has approved the same

    Read More
  • Varun Beverages - Quarterly Results
    29th Jul 2026, 00:00 AM

    Read More
  • Varun Beverages' arm to acquire DFIL Kenya business
    7th Jul 2026, 11:43 AM

    The transaction is expected to be completed on or before August 1, 2026

    Read More

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