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Varun Beverages Ltd.
NSE: VBL · Fast Moving Consumer Goods
₹438.00+1.08%06 Nov 2026
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Instant answers about Varun Beverages Ltd. — computed from its filings, no language modelMarket cap₹1,48,153 cr
Current price₹438.00
High / Low₹544 / ₹382
P/E42.7
P/B6.81
Book value₹64.4
ROE16.0%
ROCE19.0%
Debt / equity0.16
Dividend yield0.34%
EPS (TTM)₹10.27
Face value₹2
Price & valuation
split & bonus adjusted · pick a metric and rangeAnnual performance
annual · ₹ crore · line = operating margin| Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,228 | 7,248 | 6,556 | 8,958 | 13,391 | 16,321 | 20,481 | 22,226 |
| EBITDA | 1,007 | 1,448 | 1,202 | 1,655 | 2,788 | 3,609 | 4,711 | 5,049 |
| Operating margin | 19.3% | 20.0% | 18.3% | 18.5% | 20.8% | 22.1% | 23.0% | 22.7% |
| Interest | 213 | 310 | 281 | 185 | 186 | 268 | 450 | 170 |
| Depreciation | 385 | 489 | 529 | 531 | 617 | 681 | 947 | 1,216 |
| Profit before tax | 431 | 692 | 362 | 1,007 | 2,024 | 2,740 | 3,435 | 4,016 |
| Tax | 134 | 224 | 5 | 261 | 474 | 638 | 799 | 948 |
| Net profit | 293 | 469 | 329 | 694 | 1,497 | 2,056 | 2,595 | 3,036 |
| EPS ₹ | 16.04 | 16.83 | 11.40 | 16.03 | 23.05 | 15.83 | 7.95 | 8.98 |
| Operating cash flow | — | — | — | 1,231 | 1,790 | 2,391 | 3,381 | 3,509 |
| Capex | — | — | — | 835 | 1,801 | 3,264 | 3,779 | 2,739 |
| Dividend paid | — | — | — | 108 | 162 | 227 | 325 | 507 |
| Total assets | 6,031 | 8,388 | 8,458 | 9,582 | 11,618 | 15,187 | 23,144 | 25,565 |
| Equity | 1,998 | 3,328 | 3,524 | 4,080 | 5,102 | 6,936 | 16,610 | 19,579 |
Quarterly performance
last 32 quarters · ₹ crore| JUN '18 | SEP '18 | DEC '18 | SEP '19 | DEC '19 | MAR '20 | JUN '20 | SEP '20 | DEC '20 | MAR '21 | JUN '21 | SEP '21 | DEC '21 | MAR '22 | JUN '22 | SEP '22 | DEC '22 | MAR '23 | JUN '23 | SEP '23 | DEC '23 | MAR '24 | JUN '24 | SEP '24 | DEC '24 | MAR '25 | JUN '25 | SEP '25 | DEC '25 | MAR '26 | JUN '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,097 | 1,204 | 804 | 1,777 | 1,240 | 1,699 | 1,666 | 1,840 | 1,351 | 2,270 | 2,483 | 2,440 | 1,765 | 2,867 | 5,018 | 3,248 | 2,257 | 3,953 | 5,700 | 3,938 | 2,731 | 4,398 | 7,334 | 4,932 | 3,818 | 5,680 | 7,163 | 5,048 | 4,335 | 6,722 | 8,651 | 6,816 |
| Operating profit | 575 | 211 | 48 | 326 | 116 | 271 | 378 | 381 | 172 | 382 | 571 | 495 | 208 | 531 | 1,251 | 699 | 308 | 798 | 1,511 | 882 | 418 | 989 | 1,991 | 1,151 | 580 | 1,264 | 1,999 | 1,147 | 639 | 1,529 | 2,343 | 1,427 |
| Operating margin | 27.4% | 17.5% | 5.9% | 18.3% | 9.3% | 16.0% | 22.7% | 20.7% | 12.7% | 16.8% | 23.0% | 20.3% | 11.8% | 18.5% | 24.9% | 21.5% | 13.6% | 20.2% | 26.5% | 22.4% | 15.3% | 22.5% | 27.2% | 23.3% | 15.2% | 22.3% | 27.9% | 22.7% | 14.7% | 22.7% | 27.1% | 20.9% |
| Other income | 0 | 1 | 13 | 2 | 36 | 25 | 3 | 3 | 6 | 6 | 24 | 37 | 1 | 9 | 10 | 11 | 9 | 10 | 42 | 19 | 9 | 8 | 44 | 24 | 45 | 28 | 77 | 148 | 99 | 44 | 104 | 120 |
| Interest | 52 | 47 | 54 | 87 | 79 | 87 | 74 | 58 | 62 | 58 | 47 | 43 | 37 | 47 | 46 | 45 | 47 | 63 | 69 | 62 | 74 | 94 | 129 | 119 | 109 | 41 | 37 | 45 | 47 | 49 | 57 | 72 |
| Depreciation | 100 | 100 | 94 | 127 | 137 | 135 | 124 | 135 | 135 | 135 | 129 | 138 | 129 | 131 | 153 | 153 | 180 | 172 | 172 | 171 | 166 | 188 | 242 | 257 | 261 | 273 | 306 | 308 | 330 | 357 | 409 | 420 |
| Profit before tax | 423 | 65 | -87 | 113 | -64 | 8 | 182 | 192 | -19 | 195 | 420 | 350 | 42 | 361 | 1,062 | 511 | 90 | 573 | 1,311 | 667 | 188 | 716 | 1,664 | 800 | 255 | 978 | 1,733 | 943 | 361 | 1,167 | 1,981 | 1,055 |
| Tax | 117 | 21 | -16 | 34 | -10 | -52 | 39 | 30 | -12 | 58 | 101 | 93 | 9 | 90 | 260 | 116 | 8 | 135 | 306 | 153 | 44 | 168 | 401 | 171 | 58 | 246 | 407 | 196 | 99 | 284 | 452 | 222 |
| Net profit | 303 | 42 | -72 | 81 | -59 | 55 | 141 | 153 | -20 | 129 | 308 | 240 | 16 | 254 | 787 | 381 | 75 | 429 | 994 | 501 | 132 | 537 | 1,253 | 620 | 185 | 726 | 1,317 | 741 | 252 | 872 | 1,521 | 828 |
| EPS ₹ | 16.62 | 2.31 | -3.92 | 2.91 | -2.05 | 1.90 | 4.88 | 5.30 | -0.68 | 4.48 | 7.12 | 5.55 | 0.38 | 5.87 | 12.12 | 5.87 | 1.15 | 6.61 | 7.65 | 3.86 | 1.02 | 4.14 | 9.64 | 1.91 | 0.56 | 2.15 | 3.89 | 2.19 | 0.74 | 2.58 | 4.50 | 2.45 |
| Revenue YoY | — | — | — | 47.5% | 54.1% | — | — | 3.5% | 9.0% | 33.6% | 49.1% | 32.7% | 30.6% | 26.3% | 102.1% | 33.1% | 27.9% | 37.8% | 13.6% | 21.2% | 21.0% | 11.3% | 28.7% | 25.3% | 39.8% | 29.2% | -2.3% | 2.3% | 13.5% | 18.3% | 20.8% | 35.0% |
| Profit YoY | — | — | — | 91.0% | — | — | — | 89.6% | — | 135.3% | 118.9% | 56.9% | — | 96.7% | 155.5% | 58.7% | 353.3% | 68.8% | 26.2% | 31.5% | 76.5% | 25.2% | 26.0% | 23.7% | 40.3% | 35.2% | 5.1% | 19.6% | 36.0% | 20.1% | 15.5% | 11.7% |
Earlier results (standalone, Dec '16 – Mar '18)
₹ crore · from BSE, before the NSE XBRL filings beginVarun Beverages Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.
Full years
| Dec '17† | |
|---|---|
| Revenue | 3,473 |
| Operating profit | 705 |
| Operating margin | 20.3% |
| Other income | 65 |
| Interest | 192 |
| Depreciation | 274 |
| Profit before tax | 304 |
| Tax | 69 |
| Net profit | 236 |
Quarters
| DEC '16† | MAR '17† | JUN '17† | SEP '17† | DEC '17† | MAR '18† | |
|---|---|---|---|---|---|---|
| Revenue | 248 | 852 | 1,623 | 669 | 330 | 898 |
| Operating profit | -13 | 132 | 415 | 151 | 7 | 164 |
| Operating margin | -5.2% | 15.5% | 25.6% | 22.5% | 2.1% | 18.3% |
| Other income | 30 | 9 | 24 | 32 | 0 | 9 |
| Interest | 38 | 46 | 45 | 47 | 53 | 55 |
| Depreciation | 78 | 62 | 73 | 69 | 70 | 73 |
| Profit before tax | -99 | 33 | 321 | 66 | -116 | 45 |
| Tax | -30 | 6 | 93 | 16 | -47 | 12 |
| Net profit | -69 | 27 | 228 | 50 | -69 | 34 |
| EPS ₹ | -3.93 | 1.47 | 12.48 | 2.75 | -3.78 | 1.83 |
| Revenue YoY | — | — | — | — | 33.2% | 5.4% |
| Profit YoY | — | — | — | — | — | 24.9% |
Returns & margins
trailing-twelve-month, per quarter| JUN '20 | SEP '20 | DEC '20 | MAR '21 | JUN '21 | SEP '21 | DEC '21 | MAR '22 | JUN '22 | SEP '22 | DEC '22 | MAR '23 | JUN '23 | SEP '23 | DEC '23 | MAR '24 | JUN '24 | SEP '24 | DEC '24 | MAR '25 | JUN '25 | SEP '25 | DEC '25 | MAR '26 | JUN '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.5% | 8.7% | 9.3% | 11.4% | 16.2% | 18.7% | 17.0% | 20.1% | 27.0% | 29.9% | 29.3% | 32.8% | 29.0% | 30.8% | 29.6% | 31.2% | 28.2% | 29.6% | 15.6% | 16.8% | 15.5% | 16.2% | 15.5% | 16.3% | 15.6% | 16.0% |
| ROCE | 9.2% | 10.0% | 10.4% | 12.9% | 16.3% | 18.6% | 18.3% | 20.7% | 27.7% | 30.0% | 25.1% | 27.7% | 26.5% | 28.2% | 24.3% | 25.7% | 23.4% | 24.7% | 20.0% | 21.1% | 19.9% | 20.2% | 18.9% | 19.8% | 18.4% | 19.0% |
| Net margin | 3.4% | 4.5% | 5.0% | 5.7% | 7.2% | 7.7% | 7.7% | 8.6% | 10.7% | 11.2% | 11.2% | 11.6% | 12.4% | 12.6% | 12.6% | 12.9% | 13.2% | 13.1% | 12.7% | 12.8% | 13.2% | 13.7% | 13.7% | 13.7% | 13.7% | 13.1% |
| EBITDA margin | 17.1% | 17.8% | 18.3% | 18.4% | 19.0% | 19.0% | 18.5% | 18.9% | 20.5% | 20.8% | 20.8% | 21.1% | 21.9% | 22.1% | 22.1% | 22.7% | 23.3% | 23.5% | 23.0% | 22.9% | 23.1% | 23.0% | 22.7% | 22.8% | 22.9% | 22.4% |
| Debt / equity | 0.85 | 0.85 | 0.76 | 0.76 | 0.76 | 0.76 | 0.60 | 0.60 | 0.49 | 0.49 | 0.72 | 0.72 | 0.57 | 0.57 | 0.78 | 0.78 | 0.79 | 0.79 | 0.17 | 0.17 | 0.12 | 0.12 | 0.13 | 0.13 | 0.16 | 0.16 |
| Interest coverage | 1.73 | 2.06 | 2.29 | 3.18 | 4.50 | 5.52 | 6.45 | 7.75 | 11.47 | 12.23 | 11.87 | 12.08 | 12.06 | 11.92 | 11.22 | 10.63 | 10.01 | 9.11 | 8.63 | 10.29 | 13.34 | 17.86 | 24.68 | 24.76 | 23.56 | 21.40 |
| Asset turnover | 0.76 | 0.77 | 0.78 | 0.84 | 0.94 | 1.01 | 0.93 | 1.00 | 1.19 | 1.27 | 1.15 | 1.25 | 1.13 | 1.18 | 1.07 | 1.10 | 0.95 | 1.00 | 0.88 | 0.94 | 0.87 | 0.88 | 0.87 | 0.91 | 0.82 | 0.88 |
Balance sheet
equity vs borrowings over time · ₹ crore| DEC '18‡ | DEC '19‡ | DEC '20‡ | DEC '21‡ | JUN '22 | DEC '22 | JUN '23 | DEC '23 | JUN '24 | DEC '24 | JUN '25 | DEC '25 | JUN '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share capital | 183 | 289 | 289 | 433 | 650 | 650 | 650 | 650 | 650 | 676 | 676 | 676 | 676 |
| Other equity / reserves | 1,816 | 3,040 | 3,235 | 3,647 | 4,165 | 4,453 | 5,839 | 6,287 | 7,928 | 15,934 | 17,687 | 18,902 | 21,094 |
| Total equity | 1,998 | 3,328 | 3,524 | 4,080 | 4,815 | 5,102 | 6,489 | 6,936 | 8,578 | 16,610 | 18,363 | 19,579 | 21,771 |
| Borrowings | 2,358 | 2,823 | 2,693 | 2,442 | 2,357 | 3,695 | 3,726 | 5,431 | 6,761 | 2,826 | 2,138 | 2,508 | 3,484 |
| Current liabilities | 1,741 | 2,220 | 2,435 | 3,020 | 3,703 | 3,969 | 4,264 | 4,153 | 6,088 | 4,524 | 4,458 | 4,074 | 5,180 |
| Non-current liabilities | 2,284 | 2,809 | 2,435 | 2,365 | 1,504 | 2,434 | 2,532 | 3,949 | 4,546 | 1,880 | 1,751 | 1,750 | 3,078 |
| Total assets | 6,031 | 8,388 | 8,458 | 9,582 | 10,170 | 11,618 | 13,419 | 15,187 | 19,380 | 23,144 | 24,716 | 25,565 | 30,211 |
| Property, plant & equipment | 3,860 | 5,892 | 5,827 | 5,728 | 6,125 | 6,357 | 8,001 | 7,838 | 10,913 | 11,986 | 14,181 | 15,206 | 16,027 |
| Capital work-in-progress | 352 | 64 | 67 | 497 | 146 | 607 | 531 | 1,922 | 942 | 1,162 | 591 | 266 | 488 |
| Investments | 11 | 0 | 0 | 0 | 0 | 0 | 8 | 21 | 44 | 60 | 135 | 174 | 244 |
| Inventories | 578 | 882 | 929 | 1,448 | 1,795 | 1,994 | 2,091 | 2,151 | 2,796 | 2,791 | 3,073 | 2,952 | 3,990 |
| Receivables | 128 | 173 | 242 | 221 | 322 | 299 | 604 | 359 | 1,025 | 846 | 1,199 | 1,249 | 1,648 |
| Cash & equivalents | 43 | 138 | 105 | 151 | 165 | 154 | 207 | 242 | 212 | 2,266 | 1,974 | 1,784 | 2,126 |
Cash flow
annual · ₹ crore · line = free cash flow| Dec '15‡ | Dec '16‡ | Dec '18‡ | Dec '19‡ | Dec '20‡ | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 555 | 830 | 1,000 | 1,308 | 1,012 | 1,231 | 1,790 | 2,391 | 3,381 | 3,509 |
| Cash from investing | -300 | -1,068 | -873 | -2,319 | -471 | -1,011 | -1,705 | -3,290 | -4,317 | -2,735 |
| Cash from financing | -236 | 246 | -84 | 1,107 | -574 | -178 | -18 | 985 | 2,954 | -1,266 |
| Capex | 269 | 812 | 859 | 754 | 560 | 835 | 1,801 | 3,264 | 3,779 | 2,739 |
| Free cash flow | 286 | 18 | 141 | 554 | 452 | 397 | -11 | -873 | -398 | 770 |
| Dividends paid | — | — | 46 | 69 | 72 | 108 | 162 | 227 | 325 | 507 |
Where the assets sit
Jun '26 · ₹ croreFixed assets (PPE)₹16,027 cr53%
CWIP₹488 cr2%
Investments₹244 cr1%
Inventories₹3,990 cr13%
Receivables₹1,648 cr5%
Cash & equivalents₹2,126 cr7%
Other assets₹5,689 cr19%
Peer comparison
largest in Fast Moving Consumer Goods · this company in bold| Company | Market cap ₹cr | Price | P/E | P/B | ROE |
|---|---|---|---|---|---|
| Hindustan Unilever Ltd. | 4,69,624 | 1,998.40 | 31.2 | 9.62 | 30.8% |
| ITC Ltd. | 3,54,801 | 283.15 | 18.8 | 4.97 | 26.4% |
| Nestle India Ltd. | 2,47,229 | 1,282.10 | 244.9 | 42.80 | 17.5% |
| Varun Beverages Ltd. | 1,48,153 | 438.00 | 42.7 | 6.81 | 16.0% |
| Marico Ltd. | 1,16,708 | 897.75 | 57.8 | 24.65 | 42.6% |
| Britannia Industries Ltd. | 1,15,271 | 4,785.00 | 43.2 | 27.13 | 62.9% |
| Tata Consumer Products Ltd. | 1,07,511 | 1,086.30 | 63.2 | 4.86 | 7.7% |
| United Spirits Ltd. | 1,02,805 | 1,418.00 | 55.6 | 11.34 | 20.4% |
| Godrej Consumer Products Ltd. | 87,083 | 851.00 | 41.2 | 6.90 | 16.8% |
| Dabur India Ltd. | 67,474 | 380.35 | 33.3 | 5.87 | 17.6% |
StoxGud checklist: Neutral setup · 6/10
- Price above 50-day average
- Price above 200-day average
- 50-day average above 200-day (uptrend)
- RSI in healthy 40–70 zone
- Positive 1-year return
- Return on equity above 15%
- Debt to equity below 1
- Revenue growing year on year
- Net profit margin above 10%
- P/E below industry median
A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.
Returns & technicals
1 month-0.6%
6 months-14.2%
1 year-11.6%
3Y CAGR+5.0%
5Y CAGR+26.8%
10Y CAGR+32.0%
50-day avg₹419.90
200-day avg₹457.36
RSI (14)53
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FAQs
What is the share price of Varun Beverages Ltd.?
Varun Beverages Ltd. (VBL) closed at ₹438.00 on NSE on 06 Nov 2026.
What is the market cap of Varun Beverages Ltd.?
₹1,48,153 crore at the latest close.
What is the P/E ratio of Varun Beverages Ltd.?
42.7, on trailing-twelve-month earnings from its filings.
How fast is Varun Beverages Ltd. growing?
Varun Beverages Ltd.: revenue has compounded at 18.4% a year over three years; net profit at 26.6% a year. Latest-quarter revenue is up 35.0% year on year, profit up 11.7%.
How profitable is Varun Beverages Ltd.?
On a trailing-twelve-month basis return on equity is 16.0%, return on capital employed 19.0%, operating margin 22.4%, net margin 13.1%.
How much debt does Varun Beverages Ltd. have?
Varun Beverages Ltd. is lightly geared: debt to equity is 0.16 with borrowings of ₹3,484 cr against cash of ₹2,126 cr (balance sheet of 2026-06-30). Operating profit covers interest 21.4 times.
Financials parsed from Varun Beverages Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from JUN '18, annual from Dec '18, balance sheet from Dec '18. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.
Varun Beverages Ltd. · advanced chart