Varun Beverages Ltd (VBL)
₹457.20
Mkt cap
₹1.55L Cr
P/E ratio
48.60
P/B
7.90
Div yield
0.33%
ROE
16.20%
ROCE
19.70%
EPS (TTM)
₹9.41
Book value
₹58
52W range
382–544
Sector
Fast Moving Consumer Goods
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]
Health check
Constructive
ValuationFair
ProfitabilityStrong
GrowthHigh
TechnicalsNeutral
52-week range
−15.96% from high₹457
₹382+19.62% from low₹544
Current
₹457.20
Prev close
₹457.70
Day
−0.11%
Price performance
1D
−0.11%
1W
−2.31%
1M
−9.94%
3M
−6.78%
6M
−6.52%
1Y
−6.72%
YTD
−7.41%
Financials
FRevenue, profit & margin
P/E ratio
48.6×
VBL is 0% above the sector median of 48.6×
VBL48.6×
Sector median48.6×
| 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 | Trend | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,893 | 5,611 | 3,871 | 2,668 | 4,317 | 7,197 | 4,805 | 3,689 | 5,567 | 7,017 | 4,897 | 4,204 | 6,574 | |
| Expenses | 3,095 | 4,101 | 2,989 | 2,249 | 3,329 | 5,206 | 3,654 | 3,110 | 4,304 | 5,020 | 3,751 | 3,568 | 5,049 | |
| Operating Profit | 798 | 1,511 | 882 | 418 | 989 | 1,991 | 1,151 | 579 | 1,263 | 1,998 | 1,146 | 637 | 1,525 | |
| OPM % | 20% | 27% | 23% | 16% | 23% | 28% | 24% | 16% | 23% | 28% | 23% | 15% | 23% | |
| Other Income | 10 | 42 | 19 | 9 | 8 | 44 | 24 | 45 | 28 | 77 | 148 | 99 | 44 | |
| Interest | 63 | 69 | 62 | 74 | 94 | 129 | 119 | 109 | 41 | 37 | 45 | 47 | 49 | |
| Depreciation | 172 | 172 | 171 | 166 | 188 | 242 | 257 | 261 | 273 | 306 | 308 | 330 | 357 | |
| Profit before tax | 573 | 1,311 | 667 | 188 | 716 | 1,663 | 800 | 254 | 978 | 1,732 | 941 | 359 | 1,163 | |
| Tax % | 24% | 23% | 23% | 24% | 23% | 24% | 21% | 23% | 25% | 23% | 21% | 28% | 24% | |
| Net Profit | 439 | 1,005 | 514 | 144 | 548 | 1,262 | 629 | 196 | 731 | 1,325 | 745 | 260 | 879 | |
| EPS in Rs | 1.32 | 3.06 | 1.54 | 0.41 | 1.65 | 3.86 | 1.91 | 0.55 | 2.15 | 3.89 | 2.19 | 0.74 | 2.58 | |
| Raw PDF |
Earnings
EResults dates & reactionsNext results
28 Jul '26
Fresh quarters land in the Financials table above, tagged NSE until screener catches up.
Avg earnings-day move +3.17% · closed higher next day 4 of last 5
| Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | |
|---|---|---|---|---|---|
| Broadcast | 30 Apr '25◦ | 29 Jul '25◦ | 29 Oct '25 | 3 Feb '26◦ | 27 Apr '26 |
| Earnings day | +0.40% | +1.94% | +9.09% | −1.37% | +5.79% |
| +1 day | +3.14% | +2.04% | +6.85% | −3.10% | +5.73% |
| +5 days | −5.00% | −2.53% | +3.90% | +1.29% | +4.33% |
| +15 days | −6.43% | +1.00% | −0.58% | +1.05% | +4.96% |
| +30 days | −10.04% | −8.27% | +5.36% | −10.30% | +7.30% |
| Filing | XBRL | XBRL | XBRL | XBRL |
Corporate actions
CLast 6 months| Kind | Value | Ex-date | Record |
|---|---|---|---|
| dividend Interim Dividend - Re 0.50 Per Share | — | 30 Apr '26 | 1 May '26 |
| dividend Dividend - Re 0.50 Per Share | — | 8 Apr '26 | 8 Apr '26 |
Shareholding
Sas of Jun 202659.43%Promoter
Promoters59.43%
FIIs19.03%0.48
DIIs15.16%0.81
Public6.33%0.33
Government0.05%0.01
Ownership trend
Peers
P5 companiesValuation vs quality
P/E × ROCE · bubble = market cap| Name | CMP | P/E | Mkt Cap | Div Yld | NP Qtr | Qtr Profit Var | Sales Qtr | Qtr Sales Var | ROCE |
|---|---|---|---|---|---|---|---|---|---|
| Varun Beverages | ₹457.20 | 48.60 | 1,54,663 | 0.33% | 879 | +20.08% | 6,574 | +18.09% | 19.71% |
| Valencia Nutrit. | ₹47.00 | 85.55 | 93 | 0.00% | 0 | −81.22% | 4 | −39.54% | 2.56% |
| Orient Beverages | ₹183.55 | 10.32 | 40 | 0.00% | −1 | −1,183.33% | 44 | +8.91% | 12.17% |
| ANS Industries | ₹10.87 | 4.41 | 10 | 0.00% | 3 | +2,790.00% | 0 | — | −11.43% |
| Transglobe Foods | ₹451.25 | — | 7 | 0.00% | 0 | −7.69% | 0 | 0.00% | 5.88% |
| Median: 1 Co. | ₹457.20 | 48.60 | 1,54,663 | 0.33% | 879 | +20.08% | 6,574 | +18.09% | 19.71% |
Filings
DAnnual reports13
Concall transcripts89
TranscriptMay 2026PPTMay 2026RECMay 2026TranscriptFeb 2026PPTFeb 2026RECFeb 2026TranscriptNov 2025PPTNov 2025RECNov 2025TranscriptAug 2025PPTAug 2025RECAug 2025TranscriptMay 2025PPTMay 2025RECMay 2025TranscriptFeb 2025PPTFeb 2025RECFeb 2025TranscriptOct 2024PPTOct 2024RECOct 2024TranscriptAug 2024RECAug 2024PPTJul 2024
Credit ratings6
Announcements5
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2d - Pursuant to the provisions of Regulation 30(6) read with Part A of Schedule III of the SEBI (LODR) Regulations, 2015, we wish to inform you …Board Meeting Intimation for Unaudited Financial Results Of The Company For The Quarter And Half Year Ended 30 June 2026 And Declaration Of 2Nd Interim Dividend For The Financial Year 2026 21 Jul - Board meets July 28, 2026 to approve Q2/H1 results and consider second interim dividend.Announcement under Regulation 30 (LODR)-Change in Management 20 Jul - Varun Beverages appoints Sarabjeet Singh Gujral as CHRO and Srinivasan Sourirajan as Chief Manufacturing Officer from July 20, 2026.Announcement under Regulation 30 (LODR)-Change in Management 7 Jul - Chief Supply Chain Officer Sanjay Mukherjee resigned, effective July 7, 2026.Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 6 Jul - VBL Kenya to acquire DFIL Kenya’s dairy, juices and water business for USD 32 million by August 1, 2026.