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Varun Beverages

VBL NSE
₹420.45 +12.30 (+3.01%)
P/E
42.00
View as Markdown
MCP
Close 4 Nov 2026 ₹420.45 −51.40 −10.9% 1Y
Start ₹471.85

Key Fundamentals

LargecapBeveragesFMCG

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
19.70%
Debt to Equity
0.13
EPS (TTM)
₹10.01
Book Value
₹57.88
Market Cap
—
P/E (TTM)
42.00
P/B
7.26
ROE
16.20%
Dividend Yield
0.37%
EBITDA
₹5,402 Cr
52W High
₹555.80
52W Low
₹381.00
Day Range
₹406.30 – ₹421.75
Volume
50,53,801

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

52 Average

Data confidence 100/100

Category scores

Quality
68
Strong
Returns, margins, earnings quality 22% weight
Valuation
28
Poor
Cheap vs sector & own history 24% weight
Growth
59
Good
Sales & profit trajectory 9% weight
Financial Health
88
Strong
Solvency, leverage, coverage 9% weight
Momentum
35
Poor
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company has delivered good profit growth of 50.2% CAGR over last 5 years
  • Company's median sales growth is 23.2% of last 10 years

Weaknesses

2
  • Stock is trading at 7.48 times its book value
  • Promoter holding has decreased over last 3 years: -3.66%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish856
OscillatorsBearish351
Moving AveragesNeutral505

Key readings

RSI (14)
51.44
Neutral
MACD (12,26,9)
−5.76
Bearish
SMA (50)
419.80
Bullish
SMA (200)
457.85
Bearish

As of

Analyst Rating

Based on 26 analysts
BUY92%

24 of 26 analysts rate Buy, 2 Hold, 0 Sell.

As of

BUY
24
92%
HOLD
2
8%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Dec 2025; 1Y: fiscal year to Dec 2025 against Dec 2024; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+20.38%
5Y+27.44%
3Y+18.08%
1Y+8.38%
TTM+14.46%

Net profit

Net profit growth by window
10Y+39.09%
5Y+53.70%
3Y+25.48%
1Y+16.25%
TTM+18.33%

Operating cash flow

Operating cash flow growth by window
10Y+20.25%
5Y+28.23%
3Y+25.15%
1Y+3.79%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+4.46 pp
5Y+4.54 pp
3Y+1.65 pp
1Y−0.70 pp
TTM−0.27 pp

Revenue by year

Revenue by year, ₹ crore
Dec 2016₹3,861 Cr
Dec 2017₹4,004 Cr
Dec 2018₹5,105 Cr
Dec 2019₹7,130 Cr
Dec 2020₹6,450 Cr
Dec 2021₹8,823 Cr
Dec 2022₹13,173 Cr
Dec 2023₹16,043 Cr
Dec 2024₹20,008 Cr
Dec 2025₹21,685 Cr

Net profit by year

Net profit by year, ₹ crore
Dec 2016₹48.00 Cr
Dec 2017₹214 Cr
Dec 2018₹300 Cr
Dec 2019₹472 Cr
Dec 2020₹357 Cr
Dec 2021₹746 Cr
Dec 2022₹1,550 Cr
Dec 2023₹2,102 Cr
Dec 2024₹2,634 Cr
Dec 2025₹3,062 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹817 Cr −47.1% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 28 Oct 2026
AI opinion · based on fundamentals
Risk medium

Varun Beverages Ltd trades at ₹404.5 as of 2026-10-28 with a market cap of ₹1,36,822 Cr and a trailing PE of 40.41x. The company has delivered strong 50% compounded profit CAGR over five years and 27% sales CAGR over the same period, though recent ROE has moderated to 15.5% from a 5-year average of 22%, and the stock sits roughly 27% below its 52-week high of ₹555.8.

Bull Case 7
  • Exceptional long-term profit growth — compounded profit CAGR of 50% over 5 years and 40% over 10 years, indicating sustained earnings expansion
  • Robust sales trajectory with 27% compounded sales CAGR over 5 years and a median sales growth of 23.2% over the last 10 years, reflecting consistent top-line momentum
  • Very low leverage with a debt-to-equity ratio of just 0.13, providing significant balance sheet headroom for future expansion or acquisitions
  • TTM sales growth of 14% and TTM profit growth of 19% show the business continues to grow even on a much larger revenue base
  • ROCE of 19.45% suggests efficient capital deployment and healthy returns on invested capital
  • 5-year stock CAGR of 29% demonstrates significant long-term wealth creation for shareholders despite recent weakness
  • 3-year compounded profit CAGR of 24% and 3-year sales CAGR of 18% confirm that medium-term growth momentum remains healthy beyond just the longer-term averages
Bear Case 8
  • Trailing PE of 40.41x is elevated, demanding continued high growth to justify the premium valuation
  • Price-to-book ratio of 6.99x (referred to as 7.48x on a book value basis) signals the stock trades at a steep premium to its net assets
  • ROE has declined from a 5-year average of 22% to 15.5% in the last year, indicating potential margin compression or lower capital efficiency
  • Promoter holding has decreased by 3.66% over the last three years, which can signal reduced insider confidence or dilution-related concerns
  • Dividend yield of just 0.24% offers negligible income return, making shareholders almost entirely dependent on capital appreciation
  • 1-year stock CAGR of -2% indicates near-term price weakness and negative momentum despite continued earnings growth
  • TTM sales growth has decelerated to 14% from the 3-year CAGR of 18% and 5-year CAGR of 27%, suggesting a slowing growth trajectory as the base expands
  • As a beverages business, the company faces inherent seasonality and weather-related demand risks, and any disruption in the PepsiCo franchise relationship could materially impact operations

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Varun Beverages delivered strong topline momentum with 33.3% revenue growth and 28.7% volume expansion in Q3 CY2026, powered by both India and international markets. However, margin compression is a clear concern — EBITDA margin contracted 140bps and gross margin fell 334bps due to elevated packaging and input costs, triggering a 4.39% stock decline post-results. The PepsiCo license extension to 2049 and the shift to 88% low-sugar mix are structurally positive. Near-term margin trajectory depends on packaging cost stabilization, which management expects to normalize, while distribution expansion and international scaling provide medium-term growth levers.

Headwinds 4
  • EBITDA margin contracts 140bps Oct 30

    EBITDA margin fell to 21.6% from 23% YoY in Q3 CY2026, driven by higher packaging material costs including preforms, shrink films, closures, and cans amid geopolitical disruptions.

  • Gross margin drops 334bps Oct 30

    Gross margin declined to 53.1% in Q3 CY2026 due to elevated packaging costs, with sugar prices up ~16% and non-beverage product sales (preforms, caps) surging 104%, adding ~100bps drag on India gross margins.

  • Stock drops 4.39% post results Oct 30

    Shares fell 4.39% to an intraday low of ₹396.5 despite strong topline growth, reflecting investor concern over margin compression and rising input costs.

Positives 7
  • Q3 revenue surges 33.3% YoY Oct 30

    Consolidated revenue from operations rose 33.3% YoY to ₹6,815.6 crore in Q3 CY2026, with consolidated sales volume up 28.7% to 354.4 million cases.

  • Net profit grows 13.5% Oct 30

    Consolidated net profit rose 13.54% YoY to ₹830.6 crore in Q3 CY2026; nine-month PAT increased 15.5% to ₹3,202.30 crore.

  • PepsiCo license extended to 2049 Oct 30

    Varun Beverages extended its licensing agreement with PepsiCo by 10 years through April 30, 2049, reinforcing its position as PepsiCo's second-largest franchise bottler globally.

Neutral 2
  • Dividend record date Nov 5 Oct 30

    Varun Beverages fixed November 5, 2026 as the record date for equity shareholder entitlement, with dividend payment scheduled from November 7, 2026.

  • CSD mix dominates at 73.3% Oct 30

    Carbonated soft drinks accounted for 73.3% of consolidated sales volumes in Q3 CY2026, with packaged water at 21.9% and juice-based beverages at 4.8%.

Quarterly Results

₹ Cr
VBL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
5,611
3,871
2,668
4,317
7,197
4,805
3,689
5,567
7,017
4,897
4,204
6,574
8,451
Expenses
4,101
2,989
2,249
3,329
5,206
3,654
3,110
4,304
5,020
3,751
3,568
5,049
6,112
Operating Profit
1,511
882
418
989
1,991
1,151
579
1,263
1,998
1,146
637
1,525
2,339
OPM %
27%
23%
16%
23%
28%
24%
16%
23%
28%
23%
15%
23%
28%
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
PBT
1,311
667
188
716
1,664
800
255
978
1,732
941
359
1,163
1,977
Tax %
23%
23%
24%
23%
24%
21%
23%
25%
23%
21%
28%
24%
23%
Net Profit
1,005
514
144
548
1,262
629
196
731
1,325
745
260
879
1,525
EPS (₹)
3.06
1.54
0.41
1.65
3.86
1.91
0.55
2.15
3.89
2.19
0.74
2.58
4.5

Profit & Loss

₹ Cr
VBL profit and loss, annual, ₹ crore
Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025TTM
Sales
2,502
3,394
3,861
4,004
5,105
7,130
6,450
8,823
13,173
16,043
20,008
21,685
24,126
Expenses
2,116
2,752
3,052
3,165
4,069
5,667
5,235
7,129
10,310
12,326
15,189
16,616
18,480
Operating Profit
387
642
810
838
1,036
1,462
1,215
1,694
2,863
3,717
4,818
5,070
5,646
OPM %
15%
19%
21%
21%
20%
21%
19%
19%
22%
23%
24%
23%
23%
Other Income
14
36
27
14
6
47
−30
51
−18
−5
45
352
395
Interest
187
170
435
215
223
324
294
207
204
292
483
196
197
Depreciation
210
317
322
347
385
489
529
531
617
681
947
1,216
1,404
PBT
4
191
79
291
434
696
363
1,007
2,024
2,739
3,433
4,010
4,440
Tax %
658%
41%
39%
26%
31%
32%
1%
26%
23%
23%
23%
24%
—
Net Profit
−20
113
48
214
300
472
357
746
1,550
2,102
2,634
3,062
3,409
EPS (₹)
−0.09
0.5
0.14
0.68
0.95
1.44
1.01
2.14
4.61
6.33
7.67
8.98
10.01
Div. Payout %
0%
0%
0%
22%
16%
15%
22%
16%
15%
16%
13%
17%
—

Balance Sheet

₹ Cr
VBL balance sheet, annual, ₹ crore
Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Equity Capital
134
134
182
183
183
289
289
433
650
650
676
676
Reserves
9
91
1,511
1,587
1,816
3,040
3,235
3,647
4,453
6,287
15,934
18,902
Borrowings
2,615
2,527
2,215
2,654
2,808
3,417
3,216
3,387
3,884
5,431
2,826
2,508
Other Liabilities
533
1,680
915
852
1,192
1,630
1,707
2,113
2,632
2,819
3,688
3,454
Total Liabilities
3,292
4,431
4,824
5,276
5,998
8,376
8,447
9,579
11,618
15,187
23,124
25,541
Fixed Assets
2,355
3,496
3,716
3,981
4,387
6,479
6,409
6,311
6,932
8,409
13,402
16,759
CWIP
25
38
96
145
352
64
67
497
607
1,922
1,167
271
Investments
304
3
7
8
11
0
0
0
0
21
60
174
Other Assets
608
894
1,006
1,141
1,247
1,833
1,972
2,772
4,079
4,835
8,496
8,337
Total Assets
3,292
4,431
4,824
5,276
5,998
8,376
8,447
9,579
11,618
15,187
23,124
25,541

Cash Flow

₹ Cr
VBL cash flow, annual, ₹ crore
Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Operating
431
555
826
620
1,000
1,308
1,012
1,231
1,790
2,391
3,381
3,509
Investing
−500
−300
−1,048
−746
−937
−2,320
−472
−1,008
−1,769
−3,288
−4,311
−2,725
Financing
58
−236
230
159
−84
1,107
−574
−178
−18
985
2,954
−1,266
Net Cash Flow
−11
19
8
32
−22
95
−33
46
4
88
2,024
−482
Free Cash Flow
211
290
45
103
191
575
476
416
40
−803
−359
797
CFO/OP
114
94
109
81
104
98
90
80
76
82
85
87

Ratios

VBL financial ratios, annual
Particulars Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Debtor Days
14
11
12
14
9
9
14
9
8
8
15
21
Inventory Days
77
90
103
88
94
100
123
131
116
106
114
111
Days Payable
48
39
58
38
52
54
68
64
48
37
64
53
Cash Conversion Cycle
43
62
58
64
52
55
69
76
76
77
66
79
Working Capital Days
−99
−73
−89
−65
−50
−37
−47
−34
−24
−9
16
31
ROCE %
7%
12%
16%
12%
15%
18%
11%
17%
27%
29%
25%
20%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Varun Beverages insights

67 extracted metrics across FY02–FY26.

Shareholding Pattern

As of Sep 2026

  • Promoters 59.43%
  • FIIs 17.53%
  • DIIs 16.34%
  • Public 5.24%
  • Others 1.46%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Varun Beverages

What does Varun Beverages Ltd do?
Varun Beverages Ltd has been associated with PepsiCo since the 1990s and is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world.
Where is Varun Beverages Ltd (VBL) listed?
Varun Beverages Ltd trades as VBL on the NSE and under code 540180 on the BSE.
Which sector does Varun Beverages Ltd belong to?
Varun Beverages Ltd is classified under the Beverages sector, in the Non Alcoholic Beverages industry.
What is the PE ratio of Varun Beverages Ltd?
Varun Beverages Ltd trades at a PE ratio of 42.00 as of 4 Nov 2026, on earnings per share of ₹10.01, against a book value of ₹57.88 per share.
What is the 52-week high and low of Varun Beverages Ltd?
Over the last 52 weeks Varun Beverages Ltd has traded between ₹381 and ₹555.8 as of 4 Nov 2026.
Does Varun Beverages Ltd pay dividends?
Varun Beverages Ltd has a dividend yield of 0.37%.
What is the Return on Equity (ROE) of Varun Beverages Ltd?
Varun Beverages Ltd reported a return on equity of 16.20%. Its debt-to-equity ratio is 0.13.

Company Information

Varun Beverages Ltd has been associated with PepsiCo since the 1990s and is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world. The company produces and distributes a wide range of carbonated soft drinks, non-carbonated drinks and packaged water sold under trademarks owned by PepsiCo. PepsiCo brands produced and sold by the company include Pepsi, Seven-up, Mirinda Orange, Mountain Dew, Tropicana Juices and many more.

Website varunbeverages.com
CEO Mr. Varun Ravi Kant Jaipuria
Employees 11,041
Listed 8 Nov 2016
Face Value ₹2

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