Varun Beverages

₹465.8 7.6 | 1.7%

WEBSITE BSE:540180 NSE : VBL 09 Jul, 16:10

Market Cap ₹157513 Cr.

Stock P/E 59.8

P/B 9.1

Current Price ₹465.8

Book Value ₹ 51.2

Face Value 2

52W High ₹682.8

Dividend Yield 0.21%

52W Low ₹ 419.4

Edit Ratio

Varun Beverages Research see more...

A strong player in the field of beverage industry - Varun Beverages Ltd

Overview Inc. Year: 1995Industry: Consumer Food

Varun Beverages Limited, together with its subsidiaries, operates as the franchisee of carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs) bought below trademarks owned via PepsiCo. The agency manufactures, bottles, distributes, and sells a range of CSDs underneath the Pepsi, Diet Pepsi, Seven-Up, Mirinda Orange, Mirinda Lemon, Mountain Dew, Seven-Up Nimbooz Masala Soda, Evervess Soda, Duke's Soda, Sting, Pepsi Black, Mountain Dew Ice, Slice Fizzy, and Teem manufacturers. It additionally produces and distributes NCBs beneath the name of Tropicana Slice, Tropicana Juices, Seven-Up Nimbooz, Gatorade, and Quaker Oats Milk logo names, as well as packaged consuming water beneath the Aquafina and Aquavess logo names. In addition, the corporation holds the franchise for Ole brand of PepsiCo products in Sri Lanka. It sells its merchandise to retail outlets at once and via vendors in India, as well as territories of Nepal, Sri Lanka, Morocco, Zambia, and Zimbabwe. The corporation was established in 1995 and is primarily based in Gurugram, India. Varun Beverages Ltd is a subsidiary of RJ Corp Ltd.

Varun Beverages Share Price

New

Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

Show Value Show %

Peer Comparison

Varun Beverages Quarterly Results

#(Fig in Cr.)	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Net Sales	2257	3953	5700	3938	2731	4398	7334	4932	3818	5680
Other Income	9	10	42	19	9	8	44	24	45	28
Total Income	2266	3963	5741	3956	2740	4406	7378	4956	3862	5708
Total Expenditure	1950	3155	4189	3056	2313	3409	5342	3781	3238	4416
Operating Profit	317	808	1553	901	427	997	2035	1175	625	1292
Interest	47	63	69	63	74	94	129	119	109	41
Depreciation	180	172	172	171	166	188	242	257	261	273
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	90	573	1311	667	188	716	1664	800	255	978
Provision for Tax	8	135	306	153	44	168	401	171	58	246
Profit After Tax	82	439	1006	514	144	548	1262	629	196	732
Adjustments	-7	-10	-12	-13	-12	-11	-10	-9	-11	-5
Profit After Adjustments	75	429	994	501	132	537	1253	620	185	726
Adjusted Earnings Per Share	0.2	1.3	3.1	1.5	0.4	1.7	3.9	1.9	0.5	2.1

Varun Beverages Profit & Loss

#(Fig in Cr.)	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	TTM
Net Sales	2502	3394	3861	4004	5105	7130	6450	8823	13173	16043	20008	21764
Other Income	15	40	36	13	22	43	37	68	39	79	121	141
Total Income	2517	3434	3897	4016	5127	7172	6487	8891	13212	16122	20129	21904
Total Expenditure	2116	2756	3063	3165	4088	5667	5236	7146	10367	12410	15264	16777
Operating Profit	401	678	834	851	1039	1505	1251	1745	2845	3712	4865	5127
Interest	187	170	435	215	223	324	294	207	204	292	483	398
Depreciation	210	317	322	347	385	489	529	531	617	681	947	1033
Exceptional Income / Expenses	0	0	0	0	0	0	-67	0	0	0	0	0
Profit Before Tax	4	191	79	291	434	696	363	1007	2024	2739	3433	3697
Provision for Tax	25	79	31	77	134	224	5	261	474	638	799	876
Profit After Tax	-21	112	48	214	300	472	357	746	1550	2102	2634	2819
Adjustments	1	1	-6	-4	-7	-3	-28	-52	-53	-46	-40	-35
Profit After Adjustments	-20	113	42	210	293	469	329	694	1497	2056	2595	2784
Adjusted Earnings Per Share	-0.1	0.5	0.1	0.7	1	1.4	1	2.1	4.6	6.3	7.7	8.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	25%	31%	23%	23%
Operating Profit CAGR	31%	41%	26%	28%
PAT CAGR	25%	52%	41%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-28%	40%	50%	NA%
ROE Average	22%	30%	24%	20%
ROCE Average	25%	27%	22%	17%

Varun Beverages Balance Sheet

#(Fig in Cr.)	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Shareholder's Funds	343	674	1694	1769	1999	3328	3524	4080	5102	6936	16610
Minority's Interest	0	0	-13	-1	8	31	65	117	113	148	130
Borrowings	1630	1580	1218	1691	1980	2355	1980	1813	1727	3189	841
Other Non-Current Liabilities	115	823	198	227	271	441	444	549	707	760	1020
Total Current Liabilities	1204	1354	1728	1589	1741	2220	2435	3020	3969	4153	4524
Total Liabilities	3292	4431	4824	5276	5998	8376	8447	9579	11618	15187	23124
Fixed Assets	2355	3496	3715	3981	4387	6479	6409	6311	6932	8409	13402
Other Non-Current Assets	78	205	256	326	470	225	239	723	1282	2542	1859
Total Current Assets	859	730	853	930	1141	1672	1800	2546	3404	4236	7864
Total Assets	3292	4431	4824	5276	5998	8376	8447	9579	11618	15187	23124

Varun Beverages Cash Flow

#(Fig in Cr.)	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Opening Cash & Cash Equivalents	17	5	24	33	65	43	138	105	151	154	242
Cash Flow from Operating Activities	431	555	826	620	1000	1308	1012	1231	1790	2391	3381
Cash Flow from Investing Activities	-500	-300	-1048	-745	-873	-2319	-471	-1011	-1705	-3290	-4317
Cash Flow from Financing Activities	58	-236	230	159	-84	1107	-574	-178	-18	985	2954
Net Cash Inflow / Outflow	-11	19	8	33	42	96	-33	43	67	86	2018
Closing Cash & Cash Equivalent	5	24	33	65	43	138	105	151	154	242	2266

Varun Beverages Ratios

#	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Earnings Per Share (Rs)	-0.09	0.5	0.14	0.68	0.95	1.44	1.01	2.14	4.61	6.33	7.67
CEPS(Rs)	0.84	1.9	1.2	1.82	2.22	2.96	2.73	3.93	6.67	8.57	10.59
DPS(Rs)	0	0	0	0.15	0.15	0.22	0.22	0.33	0.7	1	1
Book NAV/Share(Rs)	0.63	0.99	5.5	5.74	6.48	10.25	10.85	12.56	15.7	21.33	49.06
Core EBITDA Margin(%)	13.75	16.35	17.61	18.56	19.45	16.94	15.85	18.01	20.38	21.81	22.34
EBIT Margin(%)	6.8	9.24	11.34	11.19	12.56	11.82	8.57	13.04	16.18	18.2	18.44
Pre Tax Margin(%)	0.13	4.88	1.75	6.44	8.3	8.07	4.73	10.81	14.69	16.45	16.17
PAT Margin (%)	-0.75	2.86	1.06	4.74	5.74	5.47	4.66	8.01	11.26	12.62	12.41
Cash Profit Margin (%)	6.72	10.99	8.17	12.41	13.1	11.13	11.57	13.72	15.74	16.71	16.87
ROA(%)	-0.67	2.89	1.04	4.24	5.32	6.57	4.25	8.28	14.63	15.68	13.75
ROE(%)	-13.21	60.84	5.01	12.37	15.92	17.73	10.43	19.62	33.77	34.95	22.4
ROCE(%)	7.21	13.09	15.44	12.13	14.23	17.67	9.73	17.14	27.47	28.97	25.18
Receivable days	10.55	9.12	9.23	11.38	9.71	6.36	9.87	9.08	6.9	7.22	10.36
Inventory Days	34.78	33.36	36.83	37.53	35.51	30.87	43.13	46.59	45.61	45.42	42.47
Payable days	42.41	38.83	48.22	46.94	41.29	45.04	65.31	55.33	44.77	39	47.52
PER(x)	0	0	164.06	56.59	49.09	43.58	80.33	55.31	57.37	78.14	83.21
Price/Book(x)	0	0	4.11	6.72	7.19	6.14	7.5	9.41	16.85	23.19	13.01
Dividend Yield(%)	0	0	0	0.38	0.32	0.35	0.27	0.28	0.26	0.2	0.16
EV/Net Sales(x)	1.08	0.77	2.36	3.61	3.35	3.32	4.57	4.69	6.78	10.31	10.79
EV/Core EBITDA(x)	6.77	3.84	10.92	16.99	16.46	15.74	23.54	23.72	31.39	44.55	44.36
Net Sales Growth(%)	18.31	35.64	13.76	3.69	27.52	39.65	-9.53	36.79	49.3	21.78	24.72
EBIT Growth(%)	52.22	88.75	42.5	-1.66	29.88	55.43	-35.7	84.98	83.52	36.06	29.2
PAT Growth(%)	47.89	631.22	-57.01	345.59	40.08	57.47	-24.34	108.82	107.78	35.59	25.33
EPS Growth(%)	49.01	660.83	-72.49	395.17	39.3	51.98	-29.85	110.96	115.75	37.29	21.22
Debt/Equity(x)	7.04	3.08	1.31	1.5	1.41	1.03	0.91	0.82	0.72	0.75	0.14
Current Ratio(x)	0.71	0.54	0.49	0.59	0.66	0.75	0.74	0.84	0.86	1.02	1.74
Quick Ratio(x)	0.47	0.23	0.21	0.31	0.32	0.36	0.36	0.36	0.36	0.5	1.12
Interest Cover(x)	1.02	2.12	1.18	2.36	2.95	3.15	2.23	5.86	10.92	10.39	8.11
Total Debt/Mcap(x)	0	0	0.32	0.22	0.2	0.17	0.12	0.09	0.04	0.03	0.01

Varun Beverages Shareholding Pattern

#	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Promoter	63.9	63.9	63.62	63.1	63.09	62.91	62.66	62.66	60.2	60.23
FII	26.45	26	26.7	27.54	26.57	25.77	25.32	24.18	25.26	22.98
DII	3.43	3.68	3.17	3.37	3.59	4.16	4.55	4.98	7.01	9.2
Public	6.22	6.42	6.51	6	6.75	7.16	7.47	8.18	7.52	7.59
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Promoter	41.5	41.51	82.65	81.97	81.97	81.75	81.43	203.57	203.57	203.71
FII	17.18	16.89	34.69	35.77	34.51	33.49	32.9	78.55	85.43	77.71
DII	2.23	2.39	4.12	4.38	4.67	5.4	5.91	16.17	23.72	31.12
Public	4.04	4.17	8.46	7.79	8.77	9.3	9.7	26.58	25.44	25.65
Others	0	0	0	0	0	0	0	0	0	0
Total	64.95	64.96	129.91	129.91	129.92	129.94	129.94	324.87	338.15	338.19

Pros

Company has delivered good profit growth of 41% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 30%
Company has reduced debt.
Company is almost debt free.

Cons

Debtor days have increased from 39 to 47.52days.
Stock is trading at 9.1 times its book value.

* 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.