Varun Beverages Limited VBL NSE
Varun Beverages Limited, together with its subsidiaries, manufactures, bottles, sells, and distributes beverages under the PepsiCo brands in India, Sri Lanka, Nepal, Zambia, Morocco, Zimbabwe, the Democratic Republic of Congo, Mozambique, South Africa, Lesotho, Eswatini, Namibia, and Botswana. The company offers carbonated soft drinks under the Pepsi, Pepsi Zero, Mountain Dew, Mirinda, and Seven-Up brands, as well as the Refreshhh, Coo-ee, and Jive brands; fruit pulp and juice-based drinks under the Slice, Tropicana, Tropicana Delight, and Seven-Up Nimbooz brands; club sodas under the Evervess and Duke's brands; and energy drinks under the Sting, Adrenaline Rush, and Rockstar brands. It also provides sports drinks under the Gatorade brand; carbonated juice-based drinks under the Seven-Up Nimbooz Masala Soda brand; ice-tea under the Lipton brand; packaged drinking water under the Aquafina and Aquavess brands, as well as the Refreshhh and Aquaclear brands; and snacks under the FritoLay, Cheetos, Doritos, Simba, and Kurkure brands. In addition, the company offers energy drinks under the Reboost Energy brand; and value-added dairy-based beverages under the Cream Bell brand. Varun Beverages Limited was incorporated in 1995 and is based in Gurugram, India.
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Valuation
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Growth (CAGR)
PROS
- Compounding revenue at 17.3% over 5 years.
- Profit CAGR of 26.6% over 5 years.
- In a confirmed uptrend (50-DMA above 200-DMA).
CONS
- Trading at a high P/E of 56.2.
* The pros and cons are auto-generated from financial metrics.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth
No fundamental data available for this stock.
Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).
Peer comparison
Peer companies in the same sector (Consumer Defensive).
| # | Name | CMP ₹ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | VBL Varun Beverages Limited NSE | 528.00 | 56.17 | ₹1.79 L Cr | 0.38% | 19.44% | - | 17.26% | 26.57% |
| 2 | HINDUNILVR Hindustan Unilever Limited NIFTY50NSE | 2,153.50 | 47.62 | ₹5.06 L Cr | 2.04% | 22.15% | 21.60% | 2.31% | 14.12% |
| 3 | ITC ITC Limited NIFTY50NSE | 286.90 | 17.39 | ₹3.59 L Cr | 5.58% | 36.47% | 29.34% | 3.65% | 2.54% |
| 4 | NESTLEIND Nestlé India Limited NIFTY50NSE | 1,421.50 | 78.10 | ₹2.74 L Cr | 0.84% | 59.30% | 76.34% | 17.01% | 23.05% |
| 5 | DMART Avenue Supermarts Limited NSE | 4,054.50 | 88.49 | ₹2.64 L Cr | - | 16.41% | 12.94% | 17.21% | 7.69% |
| 6 | TATACONSUM Tata Consumer Products Limited NIFTY50NSE | 1,178.40 | 75.78 | ₹1.17 L Cr | 0.85% | 8.29% | 6.94% | 13.87% | 8.61% |
| 7 | MARICO Marico Limited NIFTY_MIDNSE | 821.70 | 60.60 | ₹1.06 L Cr | 0.49% | 39.00% | 41.39% | 12.00% | 10.61% |
| 8 | GODREJCP Godrej Consumer Products Limited NSE | 1,029.30 | 56.49 | ₹1.05 L Cr | 1.94% | 21.44% | 15.10% | 4.59% | 3.02% |
| 9 | UNITDSPR UNITED SPIRITS LIMITED NSE | 1,270.00 | 52.63 | ₹92,379.95 Cr | 1.34% | 25.49% | 20.03% | 5.71% | 17.36% |
Quarterly Results
Figures in INR.
| Metric | Dec 2024 | Mar 2025 | Jun 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 3,688.79 Cr | 5,566.94 Cr | 7,017.37 Cr | 4,204.42 Cr | 6,574.19 Cr |
| Cost of Revenue | 1,620.20 Cr | 2,529.06 Cr | 3,191.10 Cr | 1,876.06 Cr | 2,945.64 Cr |
| Gross Profit | 2,068.59 Cr | 3,037.87 Cr | 3,826.27 Cr | 2,328.37 Cr | 3,628.55 Cr |
| Operating Expenses | 1,749.40 Cr | 2,046.42 Cr | 2,133.65 Cr | 2,019.31 Cr | 2,456.41 Cr |
| Operating Income | 319.19 Cr | 991.45 Cr | 1,692.62 Cr | 309.06 Cr | 1,172.13 Cr |
| EBITDA | 623.92 Cr | 1,291.44 Cr | 2,074.74 Cr | 735.72 Cr | 1,568.51 Cr |
| Interest Expense | 109.00 Cr | 41.12 Cr | 36.55 Cr | 46.63 Cr | 48.52 Cr |
| Pretax Income | 254.14 Cr | 977.81 Cr | 1,732.04 Cr | 358.88 Cr | 1,163.19 Cr |
| Tax Provision | 58.49 Cr | 246.45 Cr | 406.56 Cr | 98.88 Cr | 284.48 Cr |
| Net Income | 185.15 Cr | 726.49 Cr | 1,317.02 Cr | 251.79 Cr | 872.36 Cr |
| Diluted EPS | 0.56 | 2.15 | 3.89 | 0.74 | 2.58 |
Profit & Loss (Annual)
Figures in INR.
| Metric | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | - | 12,921.05 Cr | 15,621.74 Cr | 19,445.05 Cr | 20,834.60 Cr |
| Cost of Revenue | - | 6,396.50 Cr | 7,551.11 Cr | 9,073.74 Cr | 9,895.51 Cr |
| Gross Profit | - | 6,524.55 Cr | 8,070.63 Cr | 10,371.30 Cr | 10,939.10 Cr |
| Operating Expenses | - | 4,215.96 Cr | 4,944.14 Cr | 6,368.06 Cr | 7,078.84 Cr |
| Operating Income | - | 2,308.60 Cr | 3,126.49 Cr | 4,003.24 Cr | 3,860.26 Cr |
| EBITDA | - | 2,824.52 Cr | 3,686.91 Cr | 4,829.02 Cr | 5,394.51 Cr |
| Interest Expense | - | 183.69 Cr | 266.64 Cr | 448.54 Cr | 168.40 Cr |
| Pretax Income | - | 2,023.64 Cr | 2,739.36 Cr | 3,433.09 Cr | 4,009.65 Cr |
| Tax Provision | - | 473.52 Cr | 637.55 Cr | 798.80 Cr | 947.61 Cr |
| Net Income | - | 1,497.43 Cr | 2,055.92 Cr | 2,594.63 Cr | 3,036.49 Cr |
| Diluted EPS | - | 4.61 | 6.33 | 7.94 | 8.98 |
Compounded Sales Growth
| 5 Years: | 17.26% |
| 1 Year: | 18.10% |
Compounded Profit Growth
| 5 Years: | 26.57% |
| 1 Year: | 20.00% |
Stock Price Performance
| 1 Year: | +9.65% |
| 6 Months: | +17.84% |
| 3 Months: | +15.26% |
| 1 Month: | +2.78% |
Balance Sheet (Annual)
Figures in INR.
| Metric | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Total Assets | - | 11,618.24 Cr | 15,187.18 Cr | 23,143.91 Cr | 25,565.16 Cr |
| Current Assets | - | 3,404.03 Cr | 4,235.63 Cr | 7,863.97 Cr | 7,896.04 Cr |
| Cash & Equivalents | - | 154.33 Cr | 242.21 Cr | 260.78 Cr | 1,784.18 Cr |
| Inventory | - | 1,993.88 Cr | 2,150.53 Cr | 2,791.23 Cr | 2,951.79 Cr |
| Receivables | - | 299.34 Cr | 359.38 Cr | 845.84 Cr | 1,249.03 Cr |
| Total Liabilities | - | 6,402.76 Cr | 8,102.53 Cr | 6,404.27 Cr | 5,824.20 Cr |
| Current Liabilities | - | 3,968.75 Cr | 4,153.21 Cr | 4,524.43 Cr | 4,073.95 Cr |
| Long Term Debt | - | 1,727.02 Cr | 3,188.94 Cr | 840.69 Cr | 540.45 Cr |
| Total Debt | - | 3,883.81 Cr | 5,431.31 Cr | 2,826.25 Cr | 2,508.18 Cr |
| Total Equity | - | 5,102.38 Cr | 6,936.50 Cr | 16,609.83 Cr | 19,578.70 Cr |
| Shares Outstanding | - | 324.77 Cr | 324.80 Cr | 338.15 Cr | 338.20 Cr |
Cash Flows (Annual)
Figures in INR.
| Metric | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | - | 1,790.03 Cr | 2,390.78 Cr | 3,381.10 Cr | 3,509.31 Cr |
| Investing Cash Flow | - | -1,704.60 Cr | -3,289.87 Cr | -4,316.78 Cr | -2,734.94 Cr |
| Financing Cash Flow | - | -17.94 Cr | 984.90 Cr | 2,953.54 Cr | -1,266.46 Cr |
| Capital Expenditure | - | -1,800.99 Cr | -3,264.05 Cr | -3,779.01 Cr | -2,739.10 Cr |
| Free Cash Flow | - | -10.96 Cr | -873.27 Cr | -397.91 Cr | 770.21 Cr |
| Net Change in Cash | - | 67.49 Cr | 85.81 Cr | 2,017.85 Cr | -492.09 Cr |
Ratios (Annual)
Figures in %.
| Metric | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Gross Margin % | - | 50.5% | 51.7% | 53.3% | 52.5% |
| Operating Margin % | - | 17.9% | 20.0% | 20.6% | 18.5% |
| Net Margin % | - | 11.6% | 13.2% | 13.3% | 14.6% |
| ROE % | - | 29.3% | 29.6% | 15.6% | 15.5% |
| ROCE % | - | 30.2% | 28.3% | 21.5% | 18.0% |
Shareholding Pattern
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
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