VBL · NSE
Varun Beverages Limited
₹421.95
+1.56% (+₹6.5)
Prev. close
₹415.45
Volume
75,81,873
Delivery %
69.0%
As of
18 Sept 2026
Price history
Analyst sentiment
Analysts lean bullish
3 analyst stances · last 90 days · one per analyst
Trackable
3 · 3 bull / 0 neutral / 0 bear
Long-Horizon
none in window
Commentary
none in window
Trackable = verdict-bearing calls · Long-Horizon = 1yr+ horizon, verdict pending · Commentary = context, not graded
Analyst opinions
| Call | Analyst | Instrument | Verdict | Actions |
|---|---|---|---|---|
| “Overweight rating on Varun Beverages, a consumer staples company, despite its 17% underperformance against MSCI India ov…” | Morgan Stanley AnalysisMorgan Stanley India | Varun Beverages Ltd | PENDING | |
| “Consensus analyst estimates from Trendlyne project Varun Beverages to deliver a potential upside of 33% over the next 12…” | ETMarkets AnalysisETMarkets.com | Varun Beverages Ltd | PENDING | |
| “Maintains an equal weight stance on Varun Beverages with a 20% upside target of ₹530. The company is poised for strong g…” | Axis Securities AnalysisAxis Securities | Varun Beverages | PENDING | |
| “Bullish on Varun Beverages (VBL) with a target price of ₹630, implying a 34% upside. VBL's position as the second-larges…” | Axis Securities AnalysisAxis Securities | Varun Beverages | NOT GRADED |
Fundamentals
About Varun Beverages Limited
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.
Details
Sector
Consumer Defensive
Industry
Beverages - Non-Alcoholic
CEO
Mr. Varun Ravi Kant Jaipuria
Headquarters
Gurugram
Employees
10,654
Website
varunbeverages.comExchange
View on NSE ↗Key stats
Market cap
₹1.41 L Cr
P/E ratio (TTM)
41.5
Dividend yield
0.49%
EPS (TTM)
₹10.01
Beta (1Y · daily vs NIFTY 50)
1.10
Beta (5Y · monthly vs NIFTY 50)
1.18
Shares float
130.19 Cr
EPS · quarter ended Jun 2026
₹4.50
Upcoming earnings
28 Oct 2026
Financial Performance
01 · Financials
Revenue for Dec 2021–Dec 2021 is as filed with BSE (consolidated), and the first plotted growth figure is computed against Dec 2020 revenue as filed with BSE; the two sources' revenue definitions differ by 3.6% on Dec 2022. FY21 growth needs FY20 filings, which the data source doesn't provide.
02 · Earnings Per Share (EPS)
03 · Dividend Profile
Growth compares completed fiscal-year dividend totals on the company's own calendar: January–December (calendar year — this company reports on a December year-end), taken from its reported period-ends. Payout ledger: NSE corporate actions.
04 · Operating Efficiency (Growth Rates)
Balance-sheet-based · pre-FY23 not filed in verifiable form
05 · Capital Structure & Asset Utilization
Pre-FY23 not filed in verifiable form
Asset turnover needs a prior year of assets — omitted for the earliest available year.
06 · Asset Base Composition
Pre-FY23 not filed in verifiable form
07 · Debt Level & Coverage
Pre-FY23 not filed in verifiable form
08 · Profit & Loss
Annual
| Line item | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| ₹8,958.29 Cr | ₹12,921.05 Cr | ₹15,621.74 Cr | ₹19,445.05 Cr | ₹20,834.60 Cr | |
| EBITDA | ₹1,722.57 Cr | ₹2,824.52 Cr | ₹3,686.91 Cr | ₹4,829.02 Cr | ₹5,394.51 Cr |
| ₹746.05 Cr | ₹1,497.43 Cr | ₹2,055.92 Cr | ₹2,594.63 Cr | ₹3,036.49 Cr | |
| Diluted EPS | ₹2.14 | ₹4.61 | ₹6.33 | ₹7.94 | ₹8.98 |
Depreciation & amortisation, Pretax income, Tax provision, Interest expense have filed figures for only some of the years shown — no further verified source covers the rest, so those years are left blank rather than estimated.
09 · Balance Sheet
Annual
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| ₹8,458.38 Cr | ₹9,581.89 Cr | ₹11,618.24 Cr | ₹15,187.18 Cr | ₹23,143.91 Cr | ₹25,565.16 Cr | |
| ₹2,693.48 Cr | ₹3,386.76 Cr | ₹3,883.81 Cr | ₹5,431.31 Cr | ₹2,826.25 Cr | ₹2,508.18 Cr | |
| Stockholders' equity | ₹3,524.00 Cr | ₹4,079.91 Cr | ₹5,102.38 Cr | ₹6,936.50 Cr | ₹16,609.83 Cr | ₹19,578.70 Cr |
CWIP, Others have filed figures for only some of the years shown — no further verified source covers the rest, so those years are left blank rather than estimated.
Annual only — the data source doesn’t publish quarterly balance-sheet detail for most NSE-listed companies.
10 · Cash Flow Statement
Annual
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| — | ₹1,231.42 Cr | ₹1,790.03 Cr | ₹2,390.78 Cr | ₹3,381.10 Cr | ₹3,509.31 Cr | |
| Investing cash flow | — | ₹-1,010.64 Cr | ₹-1,704.60 Cr | ₹-3,289.87 Cr | ₹-4,316.78 Cr | ₹-2,734.94 Cr |
| — | ₹-177.68 Cr | ₹-17.94 Cr | ₹984.90 Cr | ₹2,953.54 Cr | ₹-1,266.47 Cr | |
| Capital expenditure | — | ₹-834.80 Cr | ₹-1,800.99 Cr | ₹-3,264.05 Cr | ₹-3,779.01 Cr | ₹-2,739.10 Cr |
| End cash position | ₹104.56 Cr | ₹150.75 Cr | ₹154.33 Cr | ₹242.21 Cr | ₹2,266.28 Cr | ₹1,784.18 Cr |
Operating cash flow, Depreciation & amortization, Change in working capital, Investing cash flow, Financing cash flow, Debt issued, Debt repaid, Dividends paid, Capital expenditure have filed figures for only some of the years shown — no further verified source covers the rest, so those years are left blank rather than estimated.
Annual only — the data source has no quarterly cash-flow-statement coverage.
11 · Shareholding Pattern
NSE, quarterly
| Line item | Sep 20–Mar 21(3Q) | Jun 21–Jun 21(2Q) | Sep 21–Mar 22(3Q) | Jun 22–Mar 23(5Q) | Jun 23 | Sep 23 | Dec 23 | Mar 24 | Jun 24–Sep 24(2Q) | Nov 24–Dec 24(2Q) | Mar 25 | Jun 25 | Sep 25–Mar 26(3Q) | Jun 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 66.40% | 65.82% | 64.89% | 63.90% | 63.62% | 63.10% | 63.09% | 62.91% | 62.66% | 60.20% | 60.23% | 59.82% | 59.44% | 59.43% |
| Public | 33.60% | 34.18% | 35.11% | 36.10% | 36.38% | 36.90% | 36.91% | 37.09% | 37.34% | 39.80% | 39.77% | 40.18% | 40.56% | 40.57% |
| Employee trusts | 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% | 0.00% |
Source: NSE quarterly shareholding-pattern filings, collapsed to periods where the reported percentages held steady — a column spanning several quarters means no change was filed across them. No FII/DII sub-split available from this source — Public includes all non-promoter, non-employee-trust holders.
12 · Peer Comparison
Consumer Defensive
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| Hindustan Unilever Limited | ₹4.56 L Cr | ₹1,932 | 43.7 | 9.36 | 30.9% | 0.03 | +5.3% | -25.3% |
| ITC Limited | ₹3.34 L Cr | ₹262.3 | 16.8 | 4.60 | 28.5% | 0.03 | +4.8% | -36.3% |
| Nestle India Limited | ₹2.67 L Cr | ₹1,383.3 | 69.9 | 66.52 | 80.0% | 0.29 | +19.6% | +14.1% |
| Avenue Supermarts Limited | ₹2.42 L Cr | ₹3,749.9 | 79.4 | 9.89 | 12.1% | 0.10 | +16.0% | -21.2% |
| Varun Beverages Limited | ₹1.41 L Cr | ₹421.95 | 41.5 | 7.18 | 15.5% | 0.13 | +7.1% | -10.9% |
| Britannia Industries Limited | ₹1.20 L Cr | ₹4,982 | 45.7 | 23.58 | 49.6% | 0.27 | +7.5% | -18.3% |
| Marico Limited | ₹1.06 L Cr | ₹803.9 | 56.0 | 25.19 | 41.9% | 0.13 | +26.2% | +11.7% |
| TATA CONSUMER PRODUCTS LIMITED | ₹98,978.89 Cr | ₹1,013.7 | 60.4 | 4.54 | 7.1% | 0.13 | +15.2% | -10.8% |
| United Spirits Limited | ₹98,697.70 Cr | ₹1,371 | 58.5 | 11.02 | 20.5% | 0.05 | +7.8% | +3.3% |
| Godrej Consumer Products Limited | ₹89,334.52 Cr | ₹880 | 46.6 | 7.06 | 14.7% | 0.35 | +8.5% | -28.9% |
| Dabur India Limited | ₹67,765.15 Cr | ₹384.55 | 34.7 | 5.93 | 16.6% | 0.11 | +5.2% | -28.1% |
| Radico Khaitan Limited | ₹58,684.29 Cr | ₹4,535.4 | 83.1 | 17.70 | 18.2% | 0.24 | +24.8% | +50.7% |
Ranked by market cap within Consumer Defensive, same metrics as the Fundamentals screener. Click a column to sort.
Documents
IPO documents
Annual reports
Show all 13
Concall transcripts
Show all 12
Official documents linked from their sources — offer documents as filed with SEBI (sebi.gov.in), annual reports and earnings-call transcripts as published on BSE (bseindia.com) and NSE (nseindia.com). Links open the source's own hosting; nothing is re-hosted here.
Index membership
42 indices
NSE weights are a free-float market-cap-share estimate, not NSE’s own published (and sometimes capped) index weight. BSE weights are BSE’s own published index weight, not an estimate. Indices without weight data are listed without one, in alphabetical order after the weighted ones.