Varun Beverages Ltd.

•

₹ 430.1-1.87%

2026-08-21

varunbeverages.comBSE: 540180NSE: VBL

Market Cap₹ 1,46,376 Cr.

Current Price₹ 438

High / Low₹ 556 / 381

Stock P/E43.2

Book Value₹ 64

Price to Book8.47

Dividend Yield0.35 %

ROCE20.7 %

ROE16.9 %

Face Value₹ 2

Add ratio to table

ABOUT

KEY POINTS

PROS

Company has a healthy return on capital (ROCE) of 25.0%
Company has a good return on equity (ROE) track record: 3 Years ROE 24.8%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.19x)
Company comfortably covers its interest (21.5x coverage)
Stock looks reasonably valued - P/E of 43.2 is below its historical median
Company maintains a comfortable, low leverage position

CONS

Receivables are growing faster than sales - a possible quality concern
Recent results are weak - TTM profit is down 17.1% versus prior year
Promoter holding has decreased over last 2 years: -3.2pp
Stock is trading at 8.5x its book value
Rich enterprise valuation - EV/EBITDA of 30.5x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Fast Moving Consumer GoodsFMCGConsumer Food

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	NESTLEIND	1469.90	74.37	283442.92	0.82	9586.80	1382.67	63781.80	1157.04	98.35	23.86
2.	VBL	432.75	43.23	146376.17	0.35	1525.36	15.08	8650.57	20.77	20.73	27.04
3.	BRITANNIA	5410.00	50.04	130309.75	1.67	593.38	14.08	4999.97	10.26	56.48	16.77
4.	JUBLFOOD	495.90	75.40	32721.72	0.24	100.03	6.03	2569.65	13.66	25.56	19.77
5.	HATSUN	931.75	59.58	20754.57	1.72	60.58	—	2363.72	17.61	14.60	10.81
6.	DEVYANI	142.85	0.00	17612.54	0.00	17.10	667.68	1580.52	16.47	8.98	16.09
7.	ZYDUSWELL	492.95	83.34	15683.73	0.24	118.90	-7.04	1437.00	67.54	4.42	16.82
8.	MILKYMIST	199.55	120.95	15362.23	0.00	—	—	—	—	13.79	—
9.	BIKAJI	609.25	59.09	15276.12	0.21	59.47	1.62	734.26	15.26	21.65	13.48
10.	LTFOODS	429.90	23.31	14928.40	0.70	1834.46	988.67	31518.31	1179.20	21.42	11.26
11.	MANORAMA	1924.70	49.26	12149.17	0.04	78.66	67.55	404.01	39.53	19.70	26.29
12.	KRBL	399.75	12.07	9149.87	1.13	260.74	73.16	1495.86	-5.59	11.92	20.56

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	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
	4,189	3,056	2,313	3,409	5,342	3,781	3,238	4,416	5,164	3,900	3,696	5,193	6,773
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	42	19	9	8	44	24	45	28	77	148	99	44	104
Interest	69	62	74	94	129	119	109	41	37	45	47	49	57
Depreciation	172	171	166	188	242	257	261	273	306	308	330	357	409
	1,311	667	188	716	1,664	800	255	978	1,733	943	361	1,167	1,977
Tax %	23.31%	22.91%	23.55%	23.43%	24.12%	21.41%	22.95%	25.19%	23.46%	20.76%	27.35%	24.37%	22.85%
Net Profit	0	0	0	0	1,262	629	196	731	1,325	745	260	879	1,525
	8	2	0	2	4	2	1	2	4	2	1	3	0
Equity Capital	650	650	650	650	650	650	676	676	676	676	676	676	676
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	650	650	650	650	650	650	676	676	676	676	676	676	676
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 5,700
: 4,189
Operating Profit: —
OPM %: —
Other Income: 42
Interest: 69
Depreciation: 172
: 1,311
Tax %: 23.31%
Net Profit: 0
: 8
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 3,938
: 3,056
Operating Profit: —
OPM %: —
Other Income: 19
Interest: 62
Depreciation: 171
: 667
Tax %: 22.91%
Net Profit: 0
: 2
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 2,731
: 2,313
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 74
Depreciation: 166
: 188
Tax %: 23.55%
Net Profit: 0
: 0
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 4,398
: 3,409
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 94
Depreciation: 188
: 716
Tax %: 23.43%
Net Profit: 0
: 2
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 7,334
: 5,342
Operating Profit: —
OPM %: —
Other Income: 44
Interest: 129
Depreciation: 242
: 1,664
Tax %: 24.12%
Net Profit: 1,262
: 4
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 4,932
: 3,781
Operating Profit: —
OPM %: —
Other Income: 24
Interest: 119
Depreciation: 257
: 800
Tax %: 21.41%
Net Profit: 629
: 2
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 3,818
: 3,238
Operating Profit: —
OPM %: —
Other Income: 45
Interest: 109
Depreciation: 261
: 255
Tax %: 22.95%
Net Profit: 196
: 1
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 5,680
: 4,416
Operating Profit: —
OPM %: —
Other Income: 28
Interest: 41
Depreciation: 273
: 978
Tax %: 25.19%
Net Profit: 731
: 2
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 7,163
: 5,164
Operating Profit: —
OPM %: —
Other Income: 77
Interest: 37
Depreciation: 306
: 1,733
Tax %: 23.46%
Net Profit: 1,325
: 4
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 5,048
: 3,900
Operating Profit: —
OPM %: —
Other Income: 148
Interest: 45
Depreciation: 308
: 943
Tax %: 20.76%
Net Profit: 745
: 2
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 4,335
: 3,696
Operating Profit: —
OPM %: —
Other Income: 99
Interest: 47
Depreciation: 330
: 361
Tax %: 27.35%
Net Profit: 260
: 1
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 6,722
: 5,193
Operating Profit: —
OPM %: —
Other Income: 44
Interest: 49
Depreciation: 357
: 1,167
Tax %: 24.37%
Net Profit: 879
: 3
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 8,651
: 6,773
Operating Profit: —
OPM %: —
Other Income: 104
Interest: 57
Depreciation: 409
: 1,977
Tax %: 22.85%
Net Profit: 1,525
: 0
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2023	Dec 2024	Dec 2025	TTM
	16,043	20,008	21,685	24,755
	12,410	15,264	16,610	19,562
Operating Profit	3,712	4,865	5,428	—
OPM %	23	24	25	—
Other Income	79	121	352	395
Interest	292	483	196	197
Depreciation	681	947	1,216	1,404
	2,739	3,433	4,010	4,448
Tax %	23	23	24	23
Net Profit	2,102	2,634	3,062	3,417
EPS	16	8	9	—
Dividend Payout %	16	13	17	—
Minority Interest	-46	-40	-26	-8
Share of Associates	0	0	0	-13
Adjusted EPS	6	8	9	—
Minority Interest	-46	-40	-26	-8
Share of Associates	0	0	0	-13
Adjusted EPS	6	8	9	—

Dec 2023

: 16,043
: 12,410
Operating Profit: 3,712
OPM %: 23
Other Income: 79
Interest: 292
Depreciation: 681
: 2,739
Tax %: 23
Net Profit: 2,102
EPS: 16
Dividend Payout %: 16
Minority Interest: -46
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: -46
Share of Associates: 0
Adjusted EPS: 6

Dec 2024

: 20,008
: 15,264
Operating Profit: 4,865
OPM %: 24
Other Income: 121
Interest: 483
Depreciation: 947
: 3,433
Tax %: 23
Net Profit: 2,634
EPS: 8
Dividend Payout %: 13
Minority Interest: -40
Share of Associates: 0
Adjusted EPS: 8
Minority Interest: -40
Share of Associates: 0
Adjusted EPS: 8

Dec 2025

: 21,685
: 16,610
Operating Profit: 5,428
OPM %: 25
Other Income: 352
Interest: 196
Depreciation: 1,216
: 4,010
Tax %: 24
Net Profit: 3,062
EPS: 9
Dividend Payout %: 17
Minority Interest: -26
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: -26
Share of Associates: 0
Adjusted EPS: 9

TTM

: 24,755
: 19,562
Operating Profit: —
OPM %: —
Other Income: 395
Interest: 197
Depreciation: 1,404
: 4,448
Tax %: 23
Net Profit: 3,417
EPS: —
Dividend Payout %: —
Minority Interest: -8
Share of Associates: -13
Adjusted EPS: —
Minority Interest: -8
Share of Associates: -13
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: 32%
3 Years:: 7%
1 Year:: -15%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 25%
Last Year:: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2023	Dec 2024	Dec 2025
LIABILITIES	-	-	-
Equity Capital	650	676	676
	6,278	15,915	18,884
	1,003	1,287	1,272
Trade Payables	758	1,560	1,401
	6,498	3,686	3,307
Total Liabilities	15,187	23,124	25,541
ASSETS	-	-	-
	8,409	13,402	16,759
Capital Work in Progress	1,922	1,162	266
	21	60	174
	2,151	2,791	2,952
	359	846	1,249
Cash & Bank	460	2,450	1,998
	1,865	2,414	2,142
Total Assets	15,187	23,124	25,541
Total Debt	5,194	2,364	2,024
Net Working Capital	82	3,340	3,815
Contingent Liabilities	225	302	485
Book Value per Share	53.32	49.06	57.84
Face Value	5.00	2.00	2.00
Total Debt	5,194	2,364	2,024
Net Working Capital	82	3,340	3,815
Contingent Liabilities	225	302	485
Book Value per Share	53.32	49.06	57.84
Face Value	5.00	2.00	2.00

Dec 2023

Equity Capital: 650
: 6,278
: 1,003
Trade Payables: 758
: 6,498
Total Liabilities: 15,187
: 8,409
Capital Work in Progress: 1,922
: 21
: 2,151
: 359
Cash & Bank: 460
: 1,865
Total Assets: 15,187
Total Debt: 5,194
Net Working Capital: 82
Contingent Liabilities: 225
Book Value per Share: 53.32
Face Value: 5.00
Total Debt: 5,194
Net Working Capital: 82
Contingent Liabilities: 225
Book Value per Share: 53.32
Face Value: 5.00

Dec 2024

Equity Capital: 676
: 15,915
: 1,287
Trade Payables: 1,560
: 3,686
Total Liabilities: 23,124
: 13,402
Capital Work in Progress: 1,162
: 60
: 2,791
: 846
Cash & Bank: 2,450
: 2,414
Total Assets: 23,124
Total Debt: 2,364
Net Working Capital: 3,340
Contingent Liabilities: 302
Book Value per Share: 49.06
Face Value: 2.00
Total Debt: 2,364
Net Working Capital: 3,340
Contingent Liabilities: 302
Book Value per Share: 49.06
Face Value: 2.00

Dec 2025

Equity Capital: 676
: 18,884
: 1,272
Trade Payables: 1,401
: 3,307
Total Liabilities: 25,541
: 16,759
Capital Work in Progress: 266
: 174
: 2,952
: 1,249
Cash & Bank: 1,998
: 2,142
Total Assets: 25,541
Total Debt: 2,024
Net Working Capital: 3,815
Contingent Liabilities: 485
Book Value per Share: 57.84
Face Value: 2.00
Total Debt: 2,024
Net Working Capital: 3,815
Contingent Liabilities: 485
Book Value per Share: 57.84
Face Value: 2.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2023	Dec 2024	Dec 2025
	2,391	3,381	3,509
Cash from Investing	-3,290	-4,317	-2,735
Cash from Financing	985	2,954	-1,266
	86	2,018	-492
Free Cash Flow	2,391	-2,216	-393
OCF / Net Profit	1.14	1.28	1.15
Cumulative 5-Year FCF	0	0	0
OCF / Net Profit	1.14	1.28	1.15
Cumulative 5-Year FCF	0	0	0

Dec 2023

: 2,391
Cash from Investing: -3,290
Cash from Financing: 985
: 86
Free Cash Flow: 2,391
OCF / Net Profit: 1.14
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.14
Cumulative 5-Year FCF: 0

Dec 2024

: 3,381
Cash from Investing: -4,317
Cash from Financing: 2,954
: 2,018
Free Cash Flow: -2,216
OCF / Net Profit: 1.28
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.28
Cumulative 5-Year FCF: 0

Dec 2025

: 3,509
Cash from Investing: -2,735
Cash from Financing: -1,266
: -492
Free Cash Flow: -393
OCF / Net Profit: 1.15
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.15
Cumulative 5-Year FCF: 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2023	Dec 2024	Dec 2025
PER SHARE	-	-	-
EPS (₹)	15.82	7.67	8.98
Book Value (₹)	53.32	49.06	57.84
Dividend per Share (₹)	2.50	1.00	1.50
Cash EPS (₹)	8.57	10.59	12.65
PROFITABILITY	-	-	-
Operating Margin %	21.81%	22.34%	21.96%
Net Margin %	12.62%	12.41%	13.24%
ROE %	34.95%	22.40%	16.94%
ROCE %	28.97%	25.18%	20.73%
	15.68%	13.75%	12.58%
EFFICIENCY	-	-	-
Debtor Days	7	10	17
Inventory Days	45	42	45
Payable Days	39	48	56
	14	5	6
FINANCIAL HEALTH	-	-	-
Debt to Equity (x)	0.75x	0.14x	0.10x
Interest Coverage (x)	10.39x	8.11x	21.46x
	1.02x	1.74x	1.94x
GROWTH	-	-	-
Revenue Growth %	21.78%	24.72%	8.39%
Operating Profit Growth %	30.49%	31.04%	11.58%
Net Profit Growth %	35.59%	25.33%	16.24%
	-31.36%	-51.51%	17.01%
VALUATION	-	-	-
P/E (x)	31.26x	83.21x	54.56x
P/B (x)	23.19x	13.01x	8.47x
Dividend Yield %	0.20%	0.16%	0.31%
	44.55x	44.36x	30.52x

Dec 2023

EPS (₹): 15.82
Book Value (₹): 53.32
Dividend per Share (₹): 2.50
Cash EPS (₹): 8.57
Operating Margin %: 21.81%
Net Margin %: 12.62%
ROE %: 34.95%
ROCE %: 28.97%
: 15.68%
Debtor Days: 7
Inventory Days: 45
Payable Days: 39
: 14
Debt to Equity (x): 0.75x
Interest Coverage (x): 10.39x
: 1.02x
Revenue Growth %: 21.78%
Operating Profit Growth %: 30.49%
Net Profit Growth %: 35.59%
: -31.36%
P/E (x): 31.26x
P/B (x): 23.19x
Dividend Yield %: 0.20%
: 44.55x

Dec 2024

EPS (₹): 7.67
Book Value (₹): 49.06
Dividend per Share (₹): 1.00
Cash EPS (₹): 10.59
Operating Margin %: 22.34%
Net Margin %: 12.41%
ROE %: 22.40%
ROCE %: 25.18%
: 13.75%
Debtor Days: 10
Inventory Days: 42
Payable Days: 48
: 5
Debt to Equity (x): 0.14x
Interest Coverage (x): 8.11x
: 1.74x
Revenue Growth %: 24.72%
Operating Profit Growth %: 31.04%
Net Profit Growth %: 25.33%
: -51.51%
P/E (x): 83.21x
P/B (x): 13.01x
Dividend Yield %: 0.16%
: 44.36x

Dec 2025

EPS (₹): 8.98
Book Value (₹): 57.84
Dividend per Share (₹): 1.50
Cash EPS (₹): 12.65
Operating Margin %: 21.96%
Net Margin %: 13.24%
ROE %: 16.94%
ROCE %: 20.73%
: 12.58%
Debtor Days: 17
Inventory Days: 45
Payable Days: 56
: 6
Debt to Equity (x): 0.10x
Interest Coverage (x): 21.46x
: 1.94x
Revenue Growth %: 8.39%
Operating Profit Growth %: 11.58%
Net Profit Growth %: 16.24%
: 17.01%
P/E (x): 54.56x
P/B (x): 8.47x
Dividend Yield %: 0.31%
: 30.52x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.66	62.66	60.20	60.23	59.82	59.44	59.44	59.44	59.43
	25.32	24.19	25.27	22.98	21.86	21.93	20.31	19.51	19.03
	4.54	4.97	7.00	9.19	10.52	11.78	13.56	14.35	15.16
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	7.47	8.18	7.52	7.59	7.80	6.84	6.70	6.66	6.33

Jun 2024

: 62.66
: 25.32
: 4.54
Government: 0.00
Public: 7.47

Sep 2024

: 62.66
: 24.19
: 4.97
Government: 0.00
Public: 8.18

Dec 2024

: 60.20
: 25.27
: 7.00
Government: 0.00
Public: 7.52

Mar 2025

: 60.23
: 22.98
: 9.19
Government: 0.00
Public: 7.59

Jun 2025

: 59.82
: 21.86
: 10.52
Government: 0.00
Public: 7.80

Sep 2025

: 59.44
: 21.93
: 11.78
Government: 0.00
Public: 6.84

Dec 2025

: 59.44
: 20.31
: 13.56
Government: 0.00
Public: 6.70

Mar 2026

: 59.44
: 19.51
: 14.35
Government: 0.00
Public: 6.66

Jun 2026

: 59.43
: 19.03
: 15.16
Government: 0.00
Public: 6.33

Documents

Announcements

General Updates
2026-08-17 - In continuation to our earlier disclosure dated July 2, 2026 wherein we had informed that the Board of Directors of The Beverage Company Proprietary Limited ( Bevco , a subsidiary of the company) and Twizza Proprietary Limited ( Twizza , a step-down subsidiary of the company) approved the merger of Twizza with its holding company i.e. Bevco, subject to applicable laws in South Africa, we would like to update that the above-mentioned merger of Twizza with Bevco has been completed and consequently, Twizza is ceased to be a step-down subsidiary of the Company. The above information was received today (at 06:59 P.M. IST) by our Company.The detailed disclosure as required under Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 had already been submitted in our earlier intimation dated July 2, 2026.
General Updates
2026-08-11 - Intimation of ESG Rating

Annual Reports

Credit Ratings

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Concalls

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