Varun Beverages Limited VBL NSE
Company Overview
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.
Why Investors Should Care
Generates a return on equity of 15.5%, reflecting efficient use of shareholder capital.
Return on capital employed stands at 19.4%.
Net profit has compounded at 26.6% per year over the last five years.
Revenue has grown at a 17.3% CAGR over the past five years.
Operating margin of 18.5% supports profitability.
Carries low leverage with a debt-to-equity ratio of 0.13.
Recent Developments
- Dec 2025 Revenue of ₹20,834.60 Cr (+7.1% YoY); net profit ₹3,036.49 Cr.
- Trailing 12 Months Year-on-year growth — revenue +7.1%, earnings +17.0%.
- 5-Year Trend Long-term compounding — revenue CAGR 17.3%, profit CAGR 26.6%.
Growth & Price Performance
Compounded Sales Growth
| 5 Years: | 17.26% |
| 1 Year: | 7.15% |
Compounded Profit Growth
| 5 Years: | 26.57% |
| 1 Year: | 17.03% |
Stock Price Performance
| 1 Year: | +2.47% |
| 6 Months: | -4.69% |
| 3 Months: | -0.81% |
| 1 Month: | -13.21% |
Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.
- Price vs 50-DMABelow
- Price vs 200-DMABelow
- RSI (14)31.89 · Neutral
P/E of 52.29 is above the sector median of 23.79 — pricier than peers.
Auto-generated from price history and fundamentals; not investment advice.
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 Charts
No fundamental data available for this stock.
Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.
PROS
- Compounding revenue at 17.3% over 5 years.
- Profit CAGR of 26.6% over 5 years.
- Generates positive free cash flow.
- In a confirmed uptrend (50-DMA above 200-DMA).
CONS
- Trading at a high P/E of 52.3.
* The pros and cons are auto-generated from financial metrics.
Valuation
Growth (CAGR)
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
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 | 469.60 | 52.29 | ₹1.59 L Cr | 0.42% | 19.44% | 15.51% | 17.26% | 26.57% |
| 2 | HINDUNILVR Hindustan Unilever Limited NIFTY50NSE | 2,115.10 | 33.05 | ₹4.97 L Cr | 2.05% | 22.15% | 30.86% | 2.31% | 14.12% |
| 3 | ITC ITC Limited NIFTY50NSE | 276.25 | 16.73 | ₹3.46 L Cr | 5.68% | 36.47% | 28.53% | 3.65% | 2.54% |
| 4 | NESTLEIND Nestlé India Limited NIFTY50NSE | 1,431.80 | 86.10 | ₹2.76 L Cr | 0.82% | 62.44% | 79.99% | 17.01% | 23.05% |
| 5 | DMART Avenue Supermarts Limited NSE | 3,911.80 | 85.73 | ₹2.55 L Cr | 0.00% | 16.41% | 12.14% | 17.21% | 7.69% |
| 6 | BRITANNIA Britannia Industries Limited NSE | 5,325.50 | 50.63 | ₹1.28 L Cr | 1.69% | 61.27% | 49.61% | 5.66% | 2.95% |
| 7 | MARICO Marico Limited NIFTY_MIDNSE | 847.70 | 62.38 | ₹1.10 L Cr | 0.47% | 38.75% | 41.85% | 11.82% | 10.61% |
| 8 | GODREJCP Godrej Consumer Products Limited NSE | 1,060.60 | 58.31 | ₹1.09 L Cr | 1.84% | 21.44% | 14.71% | 4.59% | 3.02% |
| 9 | TATACONSUM Tata Consumer Products Limited NIFTY50NSE | 1,094.50 | 83.81 | ₹1.08 L Cr | 0.90% | 8.29% | 7.08% | 13.87% | 8.61% |
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios
Quarterly Results
Figures in INR.
| Metric | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,893.00 Cr | 5,611.00 Cr | 3,871.00 Cr | 2,668.00 Cr | 4,317.00 Cr | 7,197.00 Cr | 4,805.00 Cr | 3,688.79 Cr | 5,566.94 Cr | 7,017.37 Cr | 4,897.00 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 | 3,095.00 Cr | 4,101.00 Cr | 2,989.00 Cr | 2,249.00 Cr | 3,329.00 Cr | 5,206.00 Cr | 3,654.00 Cr | 1,749.40 Cr | 2,046.42 Cr | 2,133.65 Cr | 3,751.00 Cr | 2,019.31 Cr | 2,456.41 Cr |
| Operating Income | 626.00 Cr | 1,339.00 Cr | 711.00 Cr | 252.00 Cr | 801.00 Cr | 1,749.00 Cr | 894.00 Cr | 319.19 Cr | 991.45 Cr | 1,692.62 Cr | 838.00 Cr | 309.06 Cr | 1,172.13 Cr |
| EBITDA | 798.00 Cr | 1,511.00 Cr | 882.00 Cr | 418.00 Cr | 989.00 Cr | 1,991.00 Cr | 1,151.00 Cr | 623.92 Cr | 1,291.44 Cr | 2,074.74 Cr | 1,146.00 Cr | 735.72 Cr | 1,568.51 Cr |
| Interest Expense | 63.00 Cr | 69.00 Cr | 62.00 Cr | 74.00 Cr | 94.00 Cr | 129.00 Cr | 119.00 Cr | 109.00 Cr | 41.12 Cr | 36.55 Cr | 45.00 Cr | 46.63 Cr | 48.52 Cr |
| Pretax Income | 573.00 Cr | 1,311.00 Cr | 667.00 Cr | 188.00 Cr | 716.00 Cr | 1,663.00 Cr | 800.00 Cr | 254.14 Cr | 977.81 Cr | 1,732.04 Cr | 941.00 Cr | 358.88 Cr | 1,163.19 Cr |
| Tax Provision | 137.52 Cr | 301.53 Cr | 153.41 Cr | 45.12 Cr | 164.68 Cr | 399.12 Cr | 168.00 Cr | 58.49 Cr | 246.45 Cr | 406.56 Cr | 197.61 Cr | 98.88 Cr | 284.48 Cr |
| Net Income | 439.00 Cr | 1,005.00 Cr | 514.00 Cr | 144.00 Cr | 548.00 Cr | 1,262.00 Cr | 629.00 Cr | 185.15 Cr | 726.49 Cr | 1,317.02 Cr | 745.00 Cr | 251.79 Cr | 872.36 Cr |
| Diluted EPS | 1.32 | 3.06 | 1.54 | 0.41 | 1.65 | 3.86 | 1.91 | 0.56 | 2.15 | 3.89 | 2.19 | 0.74 | 2.58 |
Profit & Loss (Annual)
Figures in INR.
| Metric | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,502.00 Cr | 3,394.00 Cr | 3,861.00 Cr | 4,004.00 Cr | 5,105.00 Cr | 7,130.00 Cr | 6,450.00 Cr | - | 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 | 2,116.00 Cr | 2,752.00 Cr | 3,052.00 Cr | 3,165.00 Cr | 4,069.00 Cr | 5,667.00 Cr | 5,235.00 Cr | - | 4,215.96 Cr | 4,944.14 Cr | 6,368.06 Cr | 7,078.84 Cr |
| Operating Income | 177.00 Cr | 325.00 Cr | 488.00 Cr | 491.00 Cr | 651.00 Cr | 973.00 Cr | 686.00 Cr | - | 2,308.60 Cr | 3,126.49 Cr | 4,003.24 Cr | 3,860.26 Cr |
| EBITDA | 387.00 Cr | 642.00 Cr | 810.00 Cr | 838.00 Cr | 1,036.00 Cr | 1,462.00 Cr | 1,215.00 Cr | - | 2,824.52 Cr | 3,686.91 Cr | 4,829.02 Cr | 5,394.51 Cr |
| Interest Expense | 187.00 Cr | 170.00 Cr | 435.00 Cr | 215.00 Cr | 223.00 Cr | 324.00 Cr | 294.00 Cr | - | 183.69 Cr | 266.64 Cr | 448.54 Cr | 168.40 Cr |
| Pretax Income | 4.00 Cr | 191.00 Cr | 79.00 Cr | 291.00 Cr | 434.00 Cr | 696.00 Cr | 363.00 Cr | - | 2,023.64 Cr | 2,739.36 Cr | 3,433.09 Cr | 4,009.65 Cr |
| Tax Provision | 26.32 Cr | 78.31 Cr | 30.81 Cr | 75.66 Cr | 134.54 Cr | 222.72 Cr | 3.63 Cr | - | 473.52 Cr | 637.55 Cr | 798.80 Cr | 947.61 Cr |
| Net Income | -20.00 Cr | 113.00 Cr | 48.00 Cr | 214.00 Cr | 300.00 Cr | 472.00 Cr | 357.00 Cr | - | 1,497.43 Cr | 2,055.92 Cr | 2,594.63 Cr | 3,036.49 Cr |
| Diluted EPS | -0.09 | 0.50 | 0.14 | 0.68 | 0.95 | 1.44 | 1.01 | - | 4.61 | 6.33 | 7.94 | 8.98 |
Balance Sheet (Annual)
Figures in INR.
| Metric | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 3,292.00 Cr | 4,431.00 Cr | 4,824.00 Cr | 5,276.00 Cr | 5,998.00 Cr | 8,376.00 Cr | 8,447.00 Cr | - | 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 | 2,615.00 Cr | 2,527.00 Cr | 2,215.00 Cr | 2,654.00 Cr | 2,808.00 Cr | 3,417.00 Cr | 3,216.00 Cr | - | 3,883.81 Cr | 5,431.31 Cr | 2,826.25 Cr | 2,508.18 Cr |
| Total Equity | 143.00 Cr | 225.00 Cr | 1,693.00 Cr | 1,770.00 Cr | 1,999.00 Cr | 3,329.00 Cr | 3,524.00 Cr | - | 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 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 431.00 Cr | 555.00 Cr | 826.00 Cr | 620.00 Cr | 1,000.00 Cr | 1,308.00 Cr | 1,012.00 Cr | - | 1,790.03 Cr | 2,390.78 Cr | 3,381.10 Cr | 3,509.31 Cr |
| Investing Cash Flow | -500.00 Cr | -300.00 Cr | -1,048.00 Cr | -746.00 Cr | -937.00 Cr | -2,320.00 Cr | -472.00 Cr | - | -1,704.60 Cr | -3,289.87 Cr | -4,316.78 Cr | -2,734.94 Cr |
| Financing Cash Flow | 58.00 Cr | -236.00 Cr | 230.00 Cr | 159.00 Cr | -84.00 Cr | 1,107.00 Cr | -574.00 Cr | - | -17.94 Cr | 984.90 Cr | 2,953.54 Cr | -1,266.46 Cr |
| Capital Expenditure | -220.00 Cr | -265.00 Cr | -781.00 Cr | -517.00 Cr | -809.00 Cr | -733.00 Cr | -536.00 Cr | - | -1,800.99 Cr | -3,264.05 Cr | -3,779.01 Cr | -2,739.10 Cr |
| Free Cash Flow | 211.00 Cr | 290.00 Cr | 45.00 Cr | 103.00 Cr | 191.00 Cr | 575.00 Cr | 476.00 Cr | - | -10.96 Cr | -873.27 Cr | -397.91 Cr | 770.21 Cr |
| Net Change in Cash | -11.00 Cr | 19.00 Cr | 8.00 Cr | 32.00 Cr | -22.00 Cr | 95.00 Cr | -33.00 Cr | - | 67.49 Cr | 85.81 Cr | 2,017.85 Cr | -492.09 Cr |
Ratios (Annual)
Figures in %.
| Metric | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | - | - | - | - | - | - | - | - | 50.5% | 51.7% | 53.3% | 52.5% |
| Operating Margin % | 7.1% | 9.6% | 12.6% | 12.3% | 12.8% | 13.6% | 10.6% | - | 17.9% | 20.0% | 20.6% | 18.5% |
| Net Margin % | -0.8% | 3.3% | 1.2% | 5.3% | 5.9% | 6.6% | 5.5% | - | 11.6% | 13.2% | 13.3% | 14.6% |
| ROE % | -14.0% | 50.2% | 2.8% | 12.1% | 15.0% | 14.2% | 10.1% | - | 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.
Latest News
Recent headlines for VBL
Top stocks to buy today: Stock recommendations for May 29, 2026 - check list - The Times of India
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VBL — Frequently Asked Questions
What is the current share price of Varun Beverages Limited (VBL)?
As of 2026-07-15 09:52 IST, Varun Beverages Limited (VBL) trades at ₹469.60 on NSE. Its 52-week range is ₹381.36 to ₹544.05.
What is the market capitalisation of VBL?
Varun Beverages Limited (VBL) has a market capitalisation of ₹1.59 L Cr on NSE.
What is the P/E ratio of VBL?
VBL trades at a trailing price-to-earnings (P/E) ratio of 52.29. The industry average P/E is 23.79. Its price-to-book (P/B) ratio is 8.10.
Does VBL pay a dividend?
Varun Beverages Limited (VBL) currently offers a dividend yield of 0.42%.
What is the return on equity (ROE) of VBL?
VBL has a return on equity (ROE) of 15.51%. Its return on capital employed (ROCE) is 19.44%.
Is VBL a good stock to buy?
This page provides a data-driven analysis of Varun Beverages Limited (VBL), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.