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Varun Beverages

₹436.5 -0.9 | 0.2%

Last updated: 15:59

Consolidated Standalone

Last updated: 15:59

Varun Beverages Overview

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 n...Read More

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Varun Beverages Key Financials

Market Cap ₹147628 Cr.

Stock P/E 48.2

P/B 7.5

Current Price ₹436.5

Book Value ₹ 57.9

Face Value 2

52W High ₹568.5

Dividend Yield 0.23%

52W Low ₹ 426.1

Edit Ratio

Varun Beverages Share Price

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Volume
Price

Varun Beverages Quarterly Price

Quarterly Monthly
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Varun Beverages Peer Comparison

Varun Beverages Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 3938 2731 4398 7334 4932 3818 5680 7163 5048 4335
Other Income 19 9 8 44 24 45 28 77 148 99
Total Income 3956 2740 4406 7378 4956 3862 5708 7240 5196 4434
Total Expenditure 3056 2313 3409 5342 3781 3238 4416 5164 3900 3696
Operating Profit 901 427 997 2035 1175 625 1292 2076 1295 738
Interest 63 74 94 129 119 109 41 37 45 47
Depreciation 171 166 188 242 257 261 273 306 308 330
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 667 188 716 1664 800 255 978 1733 943 361
Provision for Tax 153 44 168 401 171 58 246 407 196 99
Profit After Tax 514 144 548 1262 629 196 732 1327 747 263
Adjustments -13 -12 -11 -10 -9 -11 -5 -10 -6 -11
Profit After Adjustments 501 132 537 1253 620 185 726 1317 741 252
Adjusted Earnings Per Share 1.5 0.4 1.7 3.9 1.9 0.5 2.1 3.9 2.2 0.7

Varun Beverages Profit & Loss

#(Fig in Cr.) Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 TTM
Net Sales 3394 3861 4004 5105 7130 6450 8823 13173 16043 20008 21685 22226
Other Income 40 36 13 22 43 37 68 39 79 121 352 352
Total Income 3434 3897 4016 5127 7172 6487 8891 13212 16122 20129 22038 22578
Total Expenditure 2756 3063 3165 4088 5667 5236 7146 10367 12410 15264 16610 17176
Operating Profit 678 834 851 1039 1505 1251 1745 2845 3712 4865 5428 5401
Interest 170 435 215 223 324 294 207 204 292 483 196 170
Depreciation 317 322 347 385 489 529 531 617 681 947 1216 1217
Exceptional Income / Expenses 0 0 0 0 0 -67 0 0 0 0 0 0
Profit Before Tax 191 79 291 434 696 363 1007 2024 2739 3433 4010 4015
Provision for Tax 79 31 77 134 224 5 261 474 638 799 948 948
Profit After Tax 112 48 214 300 472 357 746 1550 2102 2634 3062 3069
Adjustments 1 -6 -4 -7 -3 -28 -52 -53 -46 -40 -26 -32
Profit After Adjustments 113 42 210 293 469 329 694 1497 2056 2595 3036 3036
Adjusted Earnings Per Share 0.5 0.1 0.7 1 1.4 1 2.1 4.6 6.3 7.7 9 8.9

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 8% 18% 27% 20%
Operating Profit CAGR 12% 24% 34% 23%
PAT CAGR 16% 25% 54% 39%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -9% 18% 38% NA%
ROE Average 17% 25% 26% 23%
ROCE Average 21% 25% 24% 18%

Varun Beverages Balance Sheet

#(Fig in Cr.) Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
Shareholder's Funds 674 1694 1769 1999 3328 3524 4080 5102 6936 16610 19579
Minority's Interest 0 -13 -1 8 31 65 117 113 148 130 162
Borrowings 1580 1218 1691 1980 2355 1980 1813 1727 3189 841 540
Other Non-Current Liabilities 823 198 227 271 441 444 549 707 760 1020 1185
Total Current Liabilities 1354 1728 1589 1741 2220 2435 3020 3969 4153 4524 4074
Total Liabilities 4431 4824 5276 5998 8376 8447 9579 11618 15187 23124 25541
Fixed Assets 3496 3715 3981 4387 6479 6409 6311 6932 8409 13402 16759
Other Non-Current Assets 205 256 326 470 225 239 723 1282 2542 1859 886
Total Current Assets 730 853 930 1141 1672 1800 2546 3404 4236 7864 7889
Total Assets 4431 4824 5276 5998 8376 8447 9579 11618 15187 23124 25541

Varun Beverages Cash Flow

#(Fig in Cr.) Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
Opening Cash & Cash Equivalents 5 24 33 65 43 138 105 151 154 242 2266
Cash Flow from Operating Activities 555 826 620 1000 1308 1012 1231 1790 2391 3381 3509
Cash Flow from Investing Activities -300 -1048 -745 -873 -2319 -471 -1011 -1705 -3290 -4317 -2735
Cash Flow from Financing Activities -236 230 159 -84 1107 -574 -178 -18 985 2954 -1266
Net Cash Inflow / Outflow 19 8 33 42 96 -33 43 67 86 2018 -492
Closing Cash & Cash Equivalent 24 33 65 43 138 105 151 154 242 2266 1784

Varun Beverages Ratios

# Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
Earnings Per Share (Rs) 0.5 0.14 0.68 0.95 1.44 1.01 2.14 4.61 6.33 7.67 8.98
CEPS(Rs) 1.9 1.2 1.82 2.22 2.96 2.73 3.93 6.67 8.57 10.59 12.65
DPS(Rs) 0 0 0.15 0.15 0.22 0.22 0.33 0.7 1 1 1.5
Book NAV/Share(Rs) 0.99 5.5 5.74 6.48 10.25 10.85 12.56 15.7 21.33 49.06 57.84
Core EBITDA Margin(%) 16.35 17.61 18.56 16.47 16.94 15.85 18.01 20.38 21.81 22.34 21.96
EBIT Margin(%) 9.24 11.34 11.19 10.63 11.82 8.57 13.04 16.18 18.2 18.44 18.19
Pre Tax Margin(%) 4.88 1.75 6.44 7.02 8.07 4.73 10.81 14.69 16.45 16.17 17.34
PAT Margin (%) 2.86 1.06 4.74 4.86 5.47 4.66 8.01 11.26 12.62 12.41 13.25
Cash Profit Margin (%) 10.99 8.17 12.41 11.09 11.13 11.57 13.72 15.74 16.71 16.87 18.51
ROA(%) 2.89 1.04 4.24 5.32 6.57 4.25 8.28 14.63 15.68 13.75 12.58
ROE(%) 60.84 5.01 12.37 15.92 17.73 10.43 19.62 33.77 34.95 22.4 16.94
ROCE(%) 13.09 15.44 12.13 14.23 17.67 9.73 17.14 27.47 28.97 25.18 20.73
Receivable days 9.12 9.23 11.38 8.22 6.36 9.87 9.08 6.9 7.22 10.36 16.54
Inventory Days 33.36 36.83 37.53 30.06 30.87 43.13 46.59 45.61 45.42 42.47 45.34
Payable days 38.83 48.22 46.94 41.29 45.04 65.31 55.33 44.77 39 47.52 55.63
PER(x) 0 164.11 56.59 49.1 43.58 80.33 55.31 57.37 78.14 83.21 54.56
Price/Book(x) 0 4.11 6.72 7.19 6.14 7.5 9.41 16.85 23.19 13.01 8.47
Dividend Yield(%) 0 0 0.38 0.32 0.35 0.27 0.28 0.26 0.2 0.16 0.31
EV/Net Sales(x) 0.77 2.36 3.61 3.35 3.32 4.57 4.69 6.78 10.31 10.79 7.64
EV/Core EBITDA(x) 3.84 10.92 16.99 16.46 15.74 23.54 23.72 31.39 44.55 44.36 30.52
Net Sales Growth(%) 35.64 13.76 3.69 27.52 39.65 -9.53 36.79 49.3 21.78 24.72 8.39
EBIT Growth(%) 88.75 42.5 -1.66 29.88 55.43 -35.7 84.98 83.52 36.06 29.2 7.4
PAT Growth(%) 631.22 -57.01 345.59 40.08 57.47 -24.34 108.82 107.78 35.59 25.33 16.24
EPS Growth(%) 660.79 -72.5 395.35 39.29 51.98 -29.85 110.96 115.76 37.29 21.22 17.01
Debt/Equity(x) 3.08 1.31 1.5 1.41 1.03 0.91 0.82 0.72 0.75 0.14 0.1
Current Ratio(x) 0.54 0.49 0.59 0.66 0.75 0.74 0.84 0.86 1.02 1.74 1.94
Quick Ratio(x) 0.23 0.21 0.31 0.32 0.36 0.36 0.36 0.36 0.5 1.12 1.21
Interest Cover(x) 2.12 1.18 2.36 2.95 3.15 2.23 5.86 10.92 10.39 8.11 21.46
Total Debt/Mcap(x) 0 0.32 0.22 0.2 0.17 0.12 0.09 0.04 0.03 0.01 0.01

Varun Beverages Shareholding Pattern

# Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Promoter 63.1 63.09 62.91 62.66 62.66 60.2 60.23 59.82 59.44 59.44
FII 27.54 26.57 25.77 25.32 24.18 25.26 22.98 21.85 21.93 20.31
DII 3.37 3.59 4.16 4.55 4.98 7.01 9.2 10.52 11.78 13.55
Public 6 6.75 7.16 7.47 8.18 7.52 7.59 7.8 6.84 6.7
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Varun Beverages News

Varun Beverages Pros & Cons

Pros

  • Company has delivered good profit growth of 53% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25%
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Debtor days have increased from 47.52 to 55.63days.
  • Stock is trading at 7.5 times its book value.

* The pros and cons are machine generated.

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