Varun Beverages Ltd.

•

₹ 430.1-1.87%

2026-08-21

varunbeverages.comBSE: 540180NSE: VBL

Market Cap₹ 1,48,152 Cr.

Current Price₹ 430

High / Low₹ 556 / 381

Stock P/E0.0

Book Value₹ 61

Price to Book8.84

Dividend Yield0.34 %

ROCE19.6 %

ROE15.2 %

Face Value₹ 2

Add ratio to table

ABOUT

KEY POINTS

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 22.7%
Company has a good return on equity (ROE) track record: 3 Years ROE 21.0%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.11x)
Company comfortably covers its interest (107.7x coverage)

CONS

Receivables are growing faster than sales - a possible quality concern
Recent results are weak - TTM profit is down 20.9% versus prior year
Promoter holding has decreased over last 2 years: -3.2pp
Stock is trading at 8.8x its book value
Rich enterprise valuation - EV/EBITDA of 38.4x

* 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	1456.65	73.70	280887.91	0.82	9586.80	1382.67	63781.80	1157.04	98.35	23.86
2.	VBL	438.00	43.75	148151.96	0.34	1525.36	15.08	8650.57	20.77	20.73	27.04
3.	BRITANNIA	5549.00	51.33	133657.82	1.63	593.38	14.08	4999.97	10.26	56.48	16.77
4.	JUBLFOOD	507.90	77.23	33513.54	0.24	100.03	6.03	2569.65	13.66	25.56	19.77
5.	HATSUN	964.45	61.68	21482.96	1.66	60.58	—	2363.72	17.61	14.60	10.81
6.	DEVYANI	147.70	0.00	18210.52	0.00	171.04	7576.84	15805.16	1064.74	8.98	16.09
7.	ZYDUSWELL	501.60	84.80	15958.94	0.24	118.90	-7.04	1437.00	67.54	4.42	16.82
8.	BIKAJI	606.50	58.83	15207.16	0.21	59.47	1.62	734.26	15.26	21.65	13.48
9.	LTFOODS	430.80	23.36	14959.66	0.70	183.45	8.87	3151.83	27.92	21.42	11.26
10.	MILKYMIST	184.25	111.68	14184.36	0.00	—	—	—	—	13.79	—
11.	MANORAMA	1957.75	50.10	12357.79	0.04	78.66	67.55	404.01	39.53	19.70	26.29
12.	KWIL	43.47	0.00	10213.67	0.00	50.70	354.77	878.30	99.34	—	11.77

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	4,672	2,892	1,846	3,446	5,802	3,087	2,014	4,053	5,305	3,064	2,135	4,501	5,996
	3,364	2,185	1,552	2,625	4,063	2,286	1,691	3,042	3,664	2,277	1,810	3,328	4,345
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	46	31	51	33	67	100	154	60	90	150	214	74	104
Interest	62	56	67	84	103	99	64	8	4	8	13	4	4
Depreciation	129	128	125	139	167	157	154	165	180	172	185	199	223
	1,162	555	154	630	1,536	645	259	897	1,548	757	342	1,043	1,755
Tax %	25.28%	25.06%	22.72%	25.52%	25.11%	23.69%	19.39%	24.43%	25.04%	23.68%	23.61%	24.49%	24.54%
Net Profit	868	416	119	469	1,150	492	209	678	1,160	577	261	788	1,324
	7	1	0	1	4	2	1	2	3	2	1	2	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

: 4,672
: 3,364
Operating Profit: —
OPM %: —
Other Income: 46
Interest: 62
Depreciation: 129
: 1,162
Tax %: 25.28%
Net Profit: 868
: 7
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 2,892
: 2,185
Operating Profit: —
OPM %: —
Other Income: 31
Interest: 56
Depreciation: 128
: 555
Tax %: 25.06%
Net Profit: 416
: 1
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 1,846
: 1,552
Operating Profit: —
OPM %: —
Other Income: 51
Interest: 67
Depreciation: 125
: 154
Tax %: 22.72%
Net Profit: 119
: 0
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 3,446
: 2,625
Operating Profit: —
OPM %: —
Other Income: 33
Interest: 84
Depreciation: 139
: 630
Tax %: 25.52%
Net Profit: 469
: 1
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 5,802
: 4,063
Operating Profit: —
OPM %: —
Other Income: 67
Interest: 103
Depreciation: 167
: 1,536
Tax %: 25.11%
Net Profit: 1,150
: 4
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 3,087
: 2,286
Operating Profit: —
OPM %: —
Other Income: 100
Interest: 99
Depreciation: 157
: 645
Tax %: 23.69%
Net Profit: 492
: 2
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 650
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 2,014
: 1,691
Operating Profit: —
OPM %: —
Other Income: 154
Interest: 64
Depreciation: 154
: 259
Tax %: 19.39%
Net Profit: 209
: 1
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 4,053
: 3,042
Operating Profit: —
OPM %: —
Other Income: 60
Interest: 8
Depreciation: 165
: 897
Tax %: 24.43%
Net Profit: 678
: 2
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 5,305
: 3,664
Operating Profit: —
OPM %: —
Other Income: 90
Interest: 4
Depreciation: 180
: 1,548
Tax %: 25.04%
Net Profit: 1,160
: 3
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 3,064
: 2,277
Operating Profit: —
OPM %: —
Other Income: 150
Interest: 8
Depreciation: 172
: 757
Tax %: 23.68%
Net Profit: 577
: 2
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 2,135
: 1,810
Operating Profit: —
OPM %: —
Other Income: 214
Interest: 13
Depreciation: 185
: 342
Tax %: 23.61%
Net Profit: 261
: 1
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 4,501
: 3,328
Operating Profit: —
OPM %: —
Other Income: 74
Interest: 4
Depreciation: 199
: 1,043
Tax %: 24.49%
Net Profit: 788
: 2
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 5,996
: 4,345
Operating Profit: —
OPM %: —
Other Income: 104
Interest: 4
Depreciation: 223
: 1,755
Tax %: 24.54%
Net Profit: 1,324
: 0
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 676
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2023	Dec 2024	Dec 2025	TTM
	12,633	14,349	14,557	15,696
	9,648	10,661	10,792	11,761
Operating Profit	3,131	4,041	4,279	—
OPM %	25	28	29	—
Other Income	146	354	514	543
Interest	244	354	33	29
Depreciation	518	618	702	780
	2,368	3,070	3,543	3,897
Tax %	25	24	24	24
Net Profit	1,775	2,320	2,677	2,951
EPS	14	7	8	—
Dividend Payout %	18	15	19	—
Minority Interest	0	0	0	0
Share of Associates	0	0	0	0
Adjusted EPS	5	7	8	—
Minority Interest	0	0	0	0
Share of Associates	0	0	0	0
Adjusted EPS	5	7	8	—

Dec 2023

: 12,633
: 9,648
Operating Profit: 3,131
OPM %: 25
Other Income: 146
Interest: 244
Depreciation: 518
: 2,368
Tax %: 25
Net Profit: 1,775
EPS: 14
Dividend Payout %: 18
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5

Dec 2024

: 14,349
: 10,661
Operating Profit: 4,041
OPM %: 28
Other Income: 354
Interest: 354
Depreciation: 618
: 3,070
Tax %: 24
Net Profit: 2,320
EPS: 7
Dividend Payout %: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 7
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 7

Dec 2025

: 14,557
: 10,792
Operating Profit: 4,279
OPM %: 29
Other Income: 514
Interest: 33
Depreciation: 702
: 3,543
Tax %: 24
Net Profit: 2,677
EPS: 8
Dividend Payout %: 19
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 8
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 8

TTM

: 15,696
: 11,761
Operating Profit: —
OPM %: —
Other Income: 543
Interest: 29
Depreciation: 780
: 3,897
Tax %: 24
Net Profit: 2,951
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
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:: 6%
1 Year:: -17%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 21%
Last Year:: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2023	Dec 2024	Dec 2025
LIABILITIES	-	-	-
Equity Capital	650	676	676
	6,417	15,864	18,070
	776	568	0
Trade Payables	492	558	448
	5,675	1,818	1,806
Total Liabilities	14,009	19,484	21,000
ASSETS	-	-	-
	6,938	9,181	10,837
Capital Work in Progress	1,576	956	136
	1,450	2,096	3,770
	1,536	1,689	1,659
	213	200	266
Cash & Bank	52	2,059	1,600
	2,244	3,304	2,731
Total Assets	14,009	19,484	21,000
Total Debt	4,760	832	376
Net Working Capital	-358	3,165	3,822
Contingent Liabilities	507	1,727	2,787
Book Value per Share	54.39	48.91	55.43
Face Value	5.00	2.00	2.00
Total Debt	4,760	832	376
Net Working Capital	-358	3,165	3,822
Contingent Liabilities	507	1,727	2,787
Book Value per Share	54.39	48.91	55.43
Face Value	5.00	2.00	2.00

Dec 2023

Equity Capital: 650
: 6,417
: 776
Trade Payables: 492
: 5,675
Total Liabilities: 14,009
: 6,938
Capital Work in Progress: 1,576
: 1,450
: 1,536
: 213
Cash & Bank: 52
: 2,244
Total Assets: 14,009
Total Debt: 4,760
Net Working Capital: -358
Contingent Liabilities: 507
Book Value per Share: 54.39
Face Value: 5.00
Total Debt: 4,760
Net Working Capital: -358
Contingent Liabilities: 507
Book Value per Share: 54.39
Face Value: 5.00

Dec 2024

Equity Capital: 676
: 15,864
: 568
Trade Payables: 558
: 1,818
Total Liabilities: 19,484
: 9,181
Capital Work in Progress: 956
: 2,096
: 1,689
: 200
Cash & Bank: 2,059
: 3,304
Total Assets: 19,484
Total Debt: 832
Net Working Capital: 3,165
Contingent Liabilities: 1,727
Book Value per Share: 48.91
Face Value: 2.00
Total Debt: 832
Net Working Capital: 3,165
Contingent Liabilities: 1,727
Book Value per Share: 48.91
Face Value: 2.00

Dec 2025

Equity Capital: 676
: 18,070
: 0
Trade Payables: 448
: 1,806
Total Liabilities: 21,000
: 10,837
Capital Work in Progress: 136
: 3,770
: 1,659
: 266
Cash & Bank: 1,600
: 2,731
Total Assets: 21,000
Total Debt: 376
Net Working Capital: 3,822
Contingent Liabilities: 2,787
Book Value per Share: 55.43
Face Value: 2.00
Total Debt: 376
Net Working Capital: 3,822
Contingent Liabilities: 2,787
Book Value per Share: 55.43
Face Value: 2.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2023	Dec 2024	Dec 2025
	1,953	2,967	2,577
Cash from Investing	-2,770	-3,687	-2,057
Cash from Financing	819	2,729	-979
	2	2,009	-459
Free Cash Flow	1,953	816	1,067
OCF / Net Profit	1.10	1.28	0.96
Cumulative 5-Year FCF	0	0	0
OCF / Net Profit	1.10	1.28	0.96
Cumulative 5-Year FCF	0	0	0

Dec 2023

: 1,953
Cash from Investing: -2,770
Cash from Financing: 819
: 2
Free Cash Flow: 1,953
OCF / Net Profit: 1.10
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.10
Cumulative 5-Year FCF: 0

Dec 2024

: 2,967
Cash from Investing: -3,687
Cash from Financing: 2,729
: 2,009
Free Cash Flow: 816
OCF / Net Profit: 1.28
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.28
Cumulative 5-Year FCF: 0

Dec 2025

: 2,577
Cash from Investing: -2,057
Cash from Financing: -979
: -459
Free Cash Flow: 1,067
OCF / Net Profit: 0.96
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.96
Cumulative 5-Year FCF: 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2023	Dec 2024	Dec 2025
PER SHARE	-	-	-
EPS (₹)	13.66	6.86	7.91
Book Value (₹)	54.39	48.91	55.43
Dividend per Share (₹)	2.50	1.00	1.50
Cash EPS (₹)	7.06	8.69	9.99
PROFITABILITY	-	-	-
Operating Margin %	23.37%	25.42%	25.69%
Net Margin %	13.90%	16.00%	18.26%
ROE %	28.22%	19.66%	15.17%
ROCE %	25.09%	23.43%	19.58%
	14.16%	13.86%	13.22%
EFFICIENCY	-	-	-
Debtor Days	5	5	6
Inventory Days	42	41	42
Payable Days	33	29	27
	15	17	20
FINANCIAL HEALTH	-	-	-
Debt to Equity (x)	0.67x	0.05x	0.02x
Interest Coverage (x)	10.69x	9.68x	107.67x
	0.89x	2.46x	3.99x
GROWTH	-	-	-
Revenue Growth %	19.22%	13.58%	1.45%
Operating Profit Growth %	34.74%	29.08%	5.88%
Net Profit Growth %	39.75%	30.72%	15.35%
	-30.13%	-49.78%	15.34%
VALUATION	-	-	-
P/E (x)	36.20x	93.04x	61.89x
P/B (x)	22.73x	13.05x	8.84x
Dividend Yield %	0.20%	0.16%	0.31%
	52.82x	53.12x	38.43x

Dec 2023

EPS (₹): 13.66
Book Value (₹): 54.39
Dividend per Share (₹): 2.50
Cash EPS (₹): 7.06
Operating Margin %: 23.37%
Net Margin %: 13.90%
ROE %: 28.22%
ROCE %: 25.09%
: 14.16%
Debtor Days: 5
Inventory Days: 42
Payable Days: 33
: 15
Debt to Equity (x): 0.67x
Interest Coverage (x): 10.69x
: 0.89x
Revenue Growth %: 19.22%
Operating Profit Growth %: 34.74%
Net Profit Growth %: 39.75%
: -30.13%
P/E (x): 36.20x
P/B (x): 22.73x
Dividend Yield %: 0.20%
: 52.82x

Dec 2024

EPS (₹): 6.86
Book Value (₹): 48.91
Dividend per Share (₹): 1.00
Cash EPS (₹): 8.69
Operating Margin %: 25.42%
Net Margin %: 16.00%
ROE %: 19.66%
ROCE %: 23.43%
: 13.86%
Debtor Days: 5
Inventory Days: 41
Payable Days: 29
: 17
Debt to Equity (x): 0.05x
Interest Coverage (x): 9.68x
: 2.46x
Revenue Growth %: 13.58%
Operating Profit Growth %: 29.08%
Net Profit Growth %: 30.72%
: -49.78%
P/E (x): 93.04x
P/B (x): 13.05x
Dividend Yield %: 0.16%
: 53.12x

Dec 2025

EPS (₹): 7.91
Book Value (₹): 55.43
Dividend per Share (₹): 1.50
Cash EPS (₹): 9.99
Operating Margin %: 25.69%
Net Margin %: 18.26%
ROE %: 15.17%
ROCE %: 19.58%
: 13.22%
Debtor Days: 6
Inventory Days: 42
Payable Days: 27
: 20
Debt to Equity (x): 0.02x
Interest Coverage (x): 107.67x
: 3.99x
Revenue Growth %: 1.45%
Operating Profit Growth %: 5.88%
Net Profit Growth %: 15.35%
: 15.34%
P/E (x): 61.89x
P/B (x): 8.84x
Dividend Yield %: 0.31%
: 38.43x

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

Nothing filed yet.

Concalls

Aug 2026
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Jul 2026
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May 2026
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