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VBL · NSE · Other Beverages

Varun Beverages Ltd

What the numbers mean, from its filings and the exchange. Data as of 12 Oct 2026.
Large Cap · AMFI list Jan-Jun 2026 · Vendor sector: Consumer Defensive
cheap low confidence No valuation within 120 days; P/E 44.1 vs peers 46.0 (6th of 14); P/B 8.8 vs peers 10.8 (4th of 14).
Statements through FY2025Prices adjusted for corporate actionsNot yet reviewed by the adversarial model

What is Varun Beverages's share price today?

Varun Beverages last traded at ₹433.30 on the NSE, as of 12 Oct 2026, 11:00 pm IST, down 1.8% on the day, down 0.3% over a year. Its 52-week range is ₹381 to ₹556. The live price is in the app.

₹433.30 −1.8% today
−0.3% over 1 year · NSE, as of 12 Oct 2026, 11:00 pm IST
60 month-end closes, 31 Oct 2021 to 30 Sep 2026, adjusted for splits and bonuses
52-week range30% of the way up
Low ₹381High ₹556

What is Varun Beverages's market cap?

Varun Beverages's market capitalisation is about ₹1.49 lakh crore: what it would cost to buy every share at today's price. That makes it the 62nd largest large cap company we cover.

₹1.5 L Cr Large Cap62nd largest large cap company
Large Cap means the 100 largest listed companies, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →

Key facts

From the exchange
Symbol
NSE: VBL
ISIN
INE200M01039
Cap bucket
Large Cap, 62nd largest by market cap
Industry (NSE)
Fast Moving Consumer Goods › Beverages › Other Beverages
Listed since
2016
Futures and options
Traded

Is Varun Beverages overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 44.1 vs peers 46.0 (6th of 14); P/B 8.8 vs peers 10.8 (4th of 14).

Valuation

Latest price and trailing 12 months
P/E 44.06
vs peers 46.0 · 6th of 14
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B 8.83
vs peers 10.8 · 4th of 14
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap ₹1.49 lakh Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield 0.3%
vs peers 1.2% · 11th of 11
Last year's dividends as a share of today's price. Learn more →
PEG (vendor) 29.37
vs peers 9.9 · 8th of 10
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth 1.77
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
3 models could be judged
Skipped — Fair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored

Our valuation range

🔒 Pro
Value range, implied growth at today's price, and the nine models behind it: in the app.

Is Varun Beverages a quality business?

Quality score 36.9, 11th of 14 in its peer set; CLEAN on 28 of 30 flags judged.

Quality and risk

Data as of 12 Oct 2026
Business quality Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score 36.9
vs peers 48.6 · 11th of 14
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level CLEAN
28 of 30 flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →

Profitability

ROE 15.2%
vs peers 27.3% · 13th of 14
Return on equity: profit as a share of shareholders' money. Learn more →
ROCE 19.4%
vs peers 28.5% · 12th of 14
Return on capital employed: operating profit as a share of all the capital in the business, debt and equity. Learn more →
Profit margin 13.8%
vs peers 13.9% · 8th of 14
Profit after everything, as a share of revenue. Learn more →
EPS ₹9.05
Trailing 12 months
Profit for each share over the last 12 months.

Scorecard

🔒 Pro
Health scores and red flags with their values and history: in the app.
See the scorecard →
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Has Varun Beverages made money for shareholders?

Mixed: −0.3% over one year and +29.3% a year over five years.

Shareholder returns

1-year return −0.3%
Price only
What the share price did over the last 12 months. Learn more →
5-year return +29.3% a year
Price only
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer No
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →

Returns

3Y and 5Y are yearly averages
1W
+0.3%
1M
+7.7%
3M
−6.0%
6M
+2.4%
1Y
−0.3%
3Y
+5.9%
5Y
+29.3%

Does Varun Beverages pay a dividend?

Yes. Varun Beverages's dividend yield is 0.31% at the latest price; the last payout was ₹0.50 a share, ex-dividend 31 Jul 2026.

Dividends

Per share, by ex-dividend date
Dividend yield0.31%
The past 12 months' dividends as a share of today's price.
31 Jul 2026 · Interim 2₹0.50
30 Apr 2026 · Interim₹0.50
8 Apr 2026 · Final₹0.50
1 Aug 2025 · Interim 2₹0.50
7 May 2025 · Interim₹0.50
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.

Is Varun Beverages growing?

Revenue 3 years 18.6% a year; profit 3 years 26.6% a year; revenue 5 years 22.5% a year.

Growth

Statements through FY2025 (Dec-25)
Revenue 3 years 18.6% a year
vs peers 5.8% · 2nd of 12
Compound annual growth of revenue over three years. Learn more →
Profit 3 years 26.6% a year
vs peers 8.2% · 2nd of 12
Compound annual growth of net profit over three years. Learn more →
Revenue 5 years 22.5% a year
Compound annual growth of revenue over five years. Learn more →
Profit 5 years 37.3% a year
Compound annual growth of net profit over five years. Learn more →
EPS 3 years 24.9% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
EPS 5 years 54.7% a year
Growth in earnings per share over five years, so dilution counts against the company. Learn more →
P/E vs own history -29.1%
vs peers -19.7% · 4th of 11
Today's P/E against its own 5-year median; negative is cheaper than its history. Learn more →

How did Varun Beverages do last quarter?

Varun Beverages reported revenue of ₹8,451 Cr, up 8.4% on a year earlier and a net profit of ₹1,525 Cr, up 16.2% in the Jun 2026 quarter.

Latest quarter

Jun 2026
Revenue, latest quarter₹8,451 Cr
+8.4% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹1,525 Cr
+16.2% on a year earlier
What was left for shareholders after every cost and tax.

How does Varun Beverages compare with its peers?

Compared with 13 Fast Moving Consumer Goods (the sector, as the industry was too small); 6th of 14 on P/E; 11th of 14 on quality score.

Compared with 13 Fast Moving Consumer Goods (the sector, as the industry was too small)

13 companies

Varun Beverages against its peers

Largest 10 of 13 peers, by market cap
CompanyMarket capP/EP/BROEROCE1YQuality 🔒Rank 🔒
Varun Beverages Ltd₹1.5 L Cr44.18.815.2%19.4%−0.3%
Hindustan Unilever Ltd₹4.4 L Cr29.29.831.0%25.2%−25.5%
ITC Ltd₹3.3 L Cr16.85.229.4%38.0%−33.4%
Nestle India Ltd₹2.6 L Cr67.442.775.2%56.1%+12.2%
Britannia Industries Ltd₹1.2 L Cr44.628.260.1%60.6%−17.7%
Marico Ltd₹1.0 L Cr53.916.537.0%41.7%+10.2%
United Spirits Ltd₹99,356 Cr51.510.122.1%28.5%+3.8%
Tata Consumer Products Ltd₹94,516 Cr57.85.69.4%11.7%−14.5%
Godrej Consumer Products Ltd₹88,055 Cr46.012.818.7%20.2%−22.5%
Dabur India Ltd₹68,599 Cr34.89.719.9%24.7%−20.7%
Radico Khaitan Ltd₹60,965 Cr86.610.820.3%24.0%+51.8%
Peer median—46.010.827.3%28.5%−17.7%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.

Full peer comparison

🔒 Pro
Every peer, every figure, the ranks and the quality and forensic scores side by side: in the app.

Who owns Varun Beverages?

Varun Beverages is held by promoters 59.4%, foreign institutions 19.0%, domestic institutions 15.2%.

Shareholding pattern

Latest filing, percent of shares
Promoters59.4%
The founders and controlling group.
Foreign institutions19.0%
Overseas funds investing through the FPI route.
Domestic institutions15.2%
Indian insurers, banks, pension and mutual funds together.
Mutual funds9.1%
Indian mutual fund schemes; part of domestic institutions.
Retail and others4.1%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.

What do analysts say about Varun Beverages?

26 analysts cover Varun Beverages, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Analyst consensus

26 analysts
ConsensusBuy
The rating most covering analysts give the share.
Average target price🔒 In the app
The mean of the analysts' 12-month price targets.
Upside to target🔒 In the app
How far the target sits above or below today's price.
Share rating it a buy🔒 In the app
The share of covering analysts with a buy rating.

What does Varun Beverages do and what is it sensitive to?

Varun Beverages manufactures and distributes PepsiCo beverages (90%+ of sales volume) and own-brand beverages and snacks to consumers in India and 13 international markets through distributors, retailers, modern trade, and hospitality channels. Sensitive to: temperature and cooling cost inflation.

Business-model card

FY2025 · 20 verified
1Revenue
3Channels
1Regulators
1Reg. dependencies
6Sensitivities
2Costs
0Geographies

Varun Beverages manufactures and distributes PepsiCo beverages (90%+ of sales volume) and own-brand beverages and snacks to consumers in India and 13 international markets through distributors, retailers, modern trade, and hospitality channels. Revenue is earned through end-to-end execution spanning manufacturing, distribution, and retail point-of-sale presence via visi-coolers.

Revenue by segment

Year ended 31 December 2025 (Consolidated)
Within India65.0%
Outside India35.0%

Revenue engine

1 verified
India beverages and snacks revenue (65.0%)
Sale of goods to distributors and retailers in 26 states and 6 union territories; 38 manufacturing plants and 67 sales offices support demand delivery and market execution.

Customers & channels

3 verified
Primary distributor network
2,800+ primary distributors operate fleet of 10,000+ vehicles (2,000+ electric) to reach retail and horeca (hotel/restaurant/cafe) locations; company owns 2,600+ vehicles.
Visi-cooler retail point-of-sale
1.15 million+ installed visi-coolers (refrigerated display units) at retail outlets drive visibility and chilled product availability, reaching 4 million+ outlets.
Direct retail, modern trade, hospitality
End consumers serviced through distributors, retail shops, modern trade chains (supermarkets), hotels, and restaurants.

Regulators

1 verified
Ministry of Finance (Goods and Services Tax)
Governs GST rates on juice, packaged water, and other beverage categories, which directly affect retail prices and consumer affordability.

Regulatory dependencies

1 verified
GST rate on juice and packaged water beverages
Lower GST rates reduce retail prices and drive higher trial and repeat consumption, deepening market penetration in urban, semi-urban and rural segments; rate increases reduce affordability for price-sensitive consumers.

Sensitivities

6 verified
Temperature and cooling cost inflation
Higher temperatures reduce manufacturing efficiency, increase cooling and air-conditioning costs, and stress worker productivity; company mitigates via energy-efficient cooling systems and heat-resistant work practices.
Water availability and drought risk
Droughts and groundwater depletion reduce water supply and increase costs; production relies on significant water usage. Excessive rainfall and floods damage infrastructure and disrupt supply chains.
PET plastic and sugar commodity price volatility
Company requires continuous supply of PET resin (for bottles) and sugar; volatility in commodity prices directly increases input costs and affects margins.
3 more statements
Interest rate risk on variable-rate borrowings
Company holds variable-rate bank and other borrowings; 1% rise in rates reduces profit by ~₹52.74 million annually; company policy aims to minimize interest-rate cash flow risk on long-term financing.
Foreign exchange fluctuation (USD, GBP, AUD, EUR, ZAR)
International subsidiary operations generate and consume foreign currency cash flows; FX volatility affects reported consolidated earnings and balance sheet; company uses natural hedges.
Cyclones and extreme weather events
Rising frequency and intensity of cyclones and storms disrupt supply chains, damage manufacturing and distribution infrastructure, and force operational shutdowns; company strengthens resilient designs and diversifies supply sources.

Cost inputs

2 verified
PET resin and sugar raw materials
PET plastic resin and sugar are commodity inputs subject to price volatility and supply-chain sourcing; major input cost drivers affecting gross margins.
Salaries, wages and employee benefits
3,500+ sales employees plus manufacturing and distribution workforce; FY2025 total salaries, wages and bonus cost ₹20,102.06 million.
Each statement is checked word for word against the FY2025 annual report; the passages are in the app.

What changed recently?

Q1 FY2027 results filed (28 Jul 2026).

Change log

6 entries · newest first
  1. Results filedQ1 FY2027 results filed.
  2. Results filedQ4 FY2026 results filed.
  3. Results filedQ3 FY2026 results filed.
  4. Results filedQ2 FY2026 results filed.
  5. Results filedQ1 FY2026 results filed.
  6. Results filedQ4 FY2025 results filed.
Get alerts →Sign in to be told when any of these change.

What this page does not tell you

What could not be judged, and why. Never empty.
  • Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored.
  • FlagsCLEAN on 28 of 30 flags judged; no red flag; 2 could not be judged.
  • Data gapsBusiness quality: not available yet.

What this page rests on

✓10 years of annual statements, through FY2025 (Dec-25)✓10 quarters of results✓119 months of month-end prices, adjusted for bonuses and splits○no valuation of ours yet✓business-model card FY2025 · 20 verified

Questions people ask

What is Varun Beverages's share price today?

Varun Beverages last traded at ₹433.30 on the NSE, as of 12 Oct 2026, 11:00 pm IST, down 1.8% on the day, down 0.3% over a year. Its 52-week range is ₹381 to ₹556. The live price is in the app.

What is Varun Beverages's market cap?

Varun Beverages's market capitalisation is about ₹1.49 lakh crore: what it would cost to buy every share at today's price. That makes it the 62nd largest large cap company we cover.

Is Varun Beverages Ltd a large cap, mid cap or small cap?

Varun Beverages Ltd (VBL) is a large cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.

What is Varun Beverages Ltd's P/E ratio?

44.06, vs peers 46.0 · 6th of 14. Price divided by last year's earnings per share: how many years of today's profit you pay for.

Is Varun Beverages Ltd overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 44.1 vs peers 46.0 (6th of 14); P/B 8.8 vs peers 10.8 (4th of 14).

How does Varun Beverages Ltd make money?

Varun Beverages manufactures and distributes PepsiCo beverages (90%+ of sales volume) and own-brand beverages and snacks to consumers in India and 13 international markets through distributors, retailers, modern trade, and hospitality channels. Revenue is earned through end-to-end execution spanning manufacturing, distribution, and retail point-of-sale presence via visi-coolers.

Who are Varun Beverages Ltd's peers?

Compared with 13 Fast Moving Consumer Goods (the sector, as the industry was too small): Hindustan Unilever Ltd, ITC Ltd, Nestle India Ltd, Britannia Industries Ltd, Marico Ltd and 8 more. The app shows how they compare on every figure.

Is this investment advice?

No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.

How did Varun Beverages do last quarter?

Varun Beverages reported revenue of ₹8,451 Cr, up 8.4% on a year earlier and a net profit of ₹1,525 Cr, up 16.2% in the Jun 2026 quarter.

Who owns Varun Beverages?

Varun Beverages is held by promoters 59.4%, foreign institutions 19.0%, domestic institutions 15.2%.

Does Varun Beverages pay a dividend?

Yes. Varun Beverages's dividend yield is 0.31% at the latest price; the last payout was ₹0.50 a share, ex-dividend 31 Jul 2026.

What do analysts say about Varun Beverages?

26 analysts cover Varun Beverages, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Everything on Varun Beverages, and 6,621 other companies, with 212 filters and the full peer tables

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