Varun Beverages Limited Share Price & Analysis
Price Chart
Fundamentals
Strengths
- Strong return on equity (ROE 16.2%)
- Efficient capital deployment (ROCE 19.7%)
- Low debt relative to equity (D/E 0.1x)
Concerns
Today's Price Action
The stock trades at ₹407.6 with no intraday change, matching the previous close. Trading volume sits at 41,43,100 shares, identical to the 20‑day average, suggesting that liquidity and participation remain steady and that the price has not attracted unusual buying or selling pressure today.
Valuation Snapshot
Varun Beverages Limited carries a forward P/E of 41.4, markedly higher than the zero‑valued sector median, indicating that the market prices earnings at a premium relative to peers. A ROE of 16.2 % underscores solid profitability and efficient capital utilisation, reinforcing the quality of earnings behind the elevated multiple.
Key Levels to Watch
The current price is positioned roughly 30 % above the 52‑week low of ₹381 and about 27 % below the 52‑week high of ₹556, placing it in the mid‑range of the annual trading band. Open‑interest data from the nearest weekly options expiry shows significant resistance near ₹440 and support around ₹380, levels that have historically acted as price anchors.
Chart Pattern
On the daily chart, a Morning Star bullish reversal pattern emerged three sessions ago, followed by an Inverted Hammer bullish continuation candle a day later, and a Bearish Harami two days ago. These candlesticks reflect short‑term shifts in momentum and suggest a transitioning price structure without implying a definitive directional bias.
Data Summary
Key metrics include a market‑capitalisation‑free entry (₹0 Cr), a P/B of zero, and a forward P/E of 41.4, while the stock’s 20‑day average volume remains at 41,43,100 shares. The combination of a robust ROE, elevated earnings multiple, and price sitting midway within its 52‑week range defines the present statistical profile of Varun Beverages Limited.
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| HINDUNILVR Hindustan Unilever Limited | ₹1,973 | ₹4.6L Cr | 42 | 9.53 | 31 | 28.4 | 0.04 |
| ITC ITC Limited | ₹264 | ₹3.3L Cr | 16.8 | 4.56 | 29.3 | 38.9 | 0.01 |
| NESTLEIND Nestle India Limited | ₹1,411 | ₹2.7L Cr | 73.4 | 52.83 | 74.2 | 85.3 | 0.09 |
| BRITANNIA Britannia Industries Limited | ₹5,102 | ₹1.2L Cr | 47.2 | 24.06 | 53.5 | 56 | 0.59 |
| UNITDSPR United Spirits Limited | ₹1,472 | ₹1.1L Cr | 57.8 | 11.97 | 21.4 | 26.4 | 0.05 |
| MARICO Marico Limited | ₹815 | ₹1.1L Cr | 56.1 | 25.16 | 42.8 | 47 | 0.14 |
| TATACONSUM TATA CONSUMER PRODUCTS LIMITED | ₹1,010 | ₹100K Cr | 60.6 | 4.59 | 7.35 | 9.24 | 0.13 |
Showing 7 peers in the same sector · Sorted by market cap
Shareholding Pattern
VBL · as of Mar 2026
| Category | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoters | 63.09% | 62.91% | 62.67% | 62.67% | 60.20% | 60.23% |
| FII | 26.58% | 25.79% | 25.32% | 24.18% | 25.27% | 22.98% |
| DII | 3.58% | 4.16% | 4.54% | 4.97% | 7.00% | 9.19% |
| Public | 6.74% | 7.16% | 7.46% | 8.19% | 7.52% | 7.59% |
Corporate Events
Interim Dividend - Re 0.50 Per Share
Record: 31 Jul 2026
Pursuant to the provisions of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Board of Directors of the Company will be held on Tuesday, July 28, 2026 inter-alia to
Interim Dividend - Re 0.50 Per Share
Record: 30 Apr 2026
Pursuant to the provisions of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Board of Directors of the Company will be held on Monday, April 27, 2026 inter-alia to
Dividend - Re 0.50 Per Share
Interim Dividend - Re 0.50 Per Share
Record: 1 Aug 2025
Interim Dividend - Re 0.50 Per Share
Dividend - Re 0.50 Per Share
Face Value Split (Sub-Division) - From Rs 5/- Per Share To Rs 2/- Per Share
Interim Dividend - Rs 1.25 Per Sh
Latest News
All newsVarun Beverages approves Q2 and H1 FY26 financial results
*Varun Beverages approves Q2 and H1 FY26 financial results.* The company’s standalone and consolidated unaudited financial results for the quarter and half-year ended June 30, 2026, were considered and approved. The review report was issued by auditors O P Bagla & Co. LLP and J C Bhalla & Co. 📊 *STOCKS:* VBL | 🏢 *SECTOR:* FMCG | #MEDIUMIMPACT #earnings
Varun Beverages to launch Calpis brand in India via Asahi tie-up
*Varun Beverages to launch Calpis brand in India via Asahi tie-up*\nVarun Beverages has announced a strategic alliance with Asahi Group Holdings to introduce the Japanese Calpis beverage brand in India. The launch marks a new venture into functional and health-oriented drinks. This partnership expands VBL’s product portfolio beyond carbonated soft drinks.\n\n📊 *STOCKS:* VBL | 🏢 *SECTOR:* FMCG | #MEDIUMIMPACT #JV
Varun Beverages incorporates new subsidiary KIVA Spirits
*Varun Beverages incorporates new subsidiary KIVA Spirits and Company Limited.* The move is part of the company's strategic expansion in the beverage segment. No financial details or immediate operational impact were disclosed. This incorporation may support future product diversification. 📊 *STOCKS:* VBL | 🏢 *SECTOR:* Beverages | #LOWIMPACT #Incorporation
Choice Broking recommends 'buy' on Varun Beverages for 31% returns
*Choice Broking recommends a 'buy' rating on Varun Beverages with a target price implying **31% upside** by 2026.* The brokerage cites strong volume growth, expansion in bottling capacities, and favorable long-term contracts with PepsiCo. Risks include input cost volatility and execution in new geographies. 📊 *STOCKS:* $VBL | 🏢 *SECTOR:* FMCG | #MEDIUMIMPACT #Brokerage
Varun Beverages to host investor meet per SEBI norms
*Varun Beverages to host investor meet per SEBI norms.* The company will participate in an analyst and institutional investor meet as per Regulation 30 of SEBI LODR. This is a routine disclosure to ensure fair dissemination of information. No financial updates or guidance changes were provided in the filing. 📊 *STOCKS:* $VBL | 🏢 *SECTOR:* FMCG | #LOWIMPACT #InvestorMeet
Varun Beverages declares interim dividend of ₹0.50 per share
*Varun Beverages declares interim dividend of ₹0.50 per share.* The board approved a second interim dividend of **₹0.50** per equity share for FY2026 on **3,382.46 crore** shares. The record date will determine eligible shareholders. Dividend reflects stable cash flow but no immediate operational change. 📊 *STOCKS:* VBL | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #Dividend
Varun Beverages announces dividend for FY26.
*Varun Beverages announces dividend for FY26.* The company declared a final dividend of **₹1.50 per share** for the financial year 2025–26, subject to shareholder approval. The press release confirms the board's intent to distribute profits as part of its shareholder return policy. An AGM date will be announced shortly for formal ratification. 📊 *STOCKS:* VBL | 🏢 *SECTOR:* FMCG | #LOWIMPACT #Dividend
Varun Beverages shares may react to investor presentation
*Varun Beverages shares may react to investor presentation.* The company released an investor presentation, likely outlining business performance and growth strategy. Such updates can influence short-term trading sentiment. No immediate financial figures or major announcements were disclosed. 📊 *STOCKS:* VBL | 🏢 *SECTOR:* Trading | #LOWIMPACT #InvestorPresentation
Financials
Quarterly Results
| Metric | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4.2K Cr 14.2% | ₹4.9K Cr 30.2% | ₹7.0K Cr 26.0% | ₹5.6K Cr 50.9% | ₹3.7K Cr 23.2% | ₹4.8K Cr 33.2% | ₹7.2K Cr 66.7% | ₹4.3K Cr |
| Op. Profit | ₹637 Cr 44.4% | ₹1.1K Cr 42.6% | ₹2.0K Cr 58.2% | ₹1.3K Cr 118.1% | ₹579 Cr 49.7% | ₹1.2K Cr 42.2% | ₹2.0K Cr 101.3% | ₹989 Cr |
| OPM | 15.0% 34.8% | 23.0% 17.9% | 28.0% 21.7% | 23.0% 43.8% | 16.0% 33.3% | 24.0% 14.3% | 28.0% 21.7% | 23.0% |
| Net Profit | ₹260 Cr 65.1% | ₹745 Cr 43.8% | ₹1.3K Cr 81.3% | ₹731 Cr 273.0% | ₹196 Cr 68.8% | ₹629 Cr 50.2% | ₹1.3K Cr 130.3% | ₹548 Cr |
| EPS (₹) | 0.74 66.2% | 2.19 43.7% | 3.89 80.9% | 2.15 290.9% | 0.55 71.2% | 1.91 50.5% | 3.86 133.9% | 1.65 |
Values in ₹ Cr · Source: Screener.in
Annual Profit & Loss
| Metric | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹21.7K Cr 8.4% | ₹20.0K Cr 24.7% | ₹16.0K Cr 21.8% | ₹13.2K Cr 49.3% | ₹8.8K Cr 36.8% | ₹6.5K Cr 9.5% | ₹7.1K Cr 39.7% | ₹5.1K Cr 27.5% | ₹4.0K Cr 3.7% | ₹3.9K Cr |
| Expenses | ₹16.6K Cr 9.4% | ₹15.2K Cr 23.2% | ₹12.3K Cr 19.6% | ₹10.3K Cr 44.6% | ₹7.1K Cr 36.2% | ₹5.2K Cr 7.6% | ₹5.7K Cr 39.3% | ₹4.1K Cr 28.6% | ₹3.2K Cr 3.7% | ₹3.1K Cr |
| Op. Profit | ₹5.1K Cr 5.2% | ₹4.8K Cr 29.6% | ₹3.7K Cr 29.8% | ₹2.9K Cr 69.0% | ₹1.7K Cr 39.4% | ₹1.2K Cr 16.9% | ₹1.5K Cr 41.1% | ₹1.0K Cr 23.6% | ₹838 Cr 3.5% | ₹810 Cr |
| OPM | 23.0% 4.2% | 24.0% 4.3% | 23.0% 4.5% | 22.0% 15.8% | 19.0% 0.0% | 19.0% 9.5% | 21.0% 5.0% | 20.0% 4.8% | 21.0% 0.0% | 21.0% |
| Other Income | ₹352 Cr 682.2% | ₹45 Cr 1000.0% | ₹-5 Cr 72.2% | ₹-18 Cr 135.3% | ₹51 Cr 270.0% | ₹-30 Cr 163.8% | ₹47 Cr 683.3% | ₹6 Cr 57.1% | ₹14 Cr 48.1% | ₹27 Cr |
| Interest | ₹196 Cr 59.4% | ₹483 Cr 65.4% | ₹292 Cr 43.1% | ₹204 Cr 1.4% | ₹207 Cr 29.6% | ₹294 Cr 9.3% | ₹324 Cr 45.3% | ₹223 Cr 3.7% | ₹215 Cr 50.6% | ₹435 Cr |
| Depreciation | ₹1.2K Cr 28.4% | ₹947 Cr 39.1% | ₹681 Cr 10.4% | ₹617 Cr 16.2% | ₹531 Cr 0.4% | ₹529 Cr 8.2% | ₹489 Cr 27.0% | ₹385 Cr 11.0% | ₹347 Cr 7.8% | ₹322 Cr |
| PBT | ₹4.0K Cr 16.8% | ₹3.4K Cr 25.3% | ₹2.7K Cr 35.3% | ₹2.0K Cr 101.0% | ₹1.0K Cr 177.4% | ₹363 Cr 47.8% | ₹696 Cr 60.4% | ₹434 Cr 49.1% | ₹291 Cr 268.4% | ₹79 Cr |
| Tax % | 24.0% 4.3% | 23.0% 0.0% | 23.0% 0.0% | 23.0% 11.5% | 26.0% 2500.0% | 1.0% 96.9% | 32.0% 3.2% | 31.0% 19.2% | 26.0% 33.3% | 39.0% |
| Net Profit | ₹3.1K Cr 16.2% | ₹2.6K Cr 25.3% | ₹2.1K Cr 35.6% | ₹1.6K Cr 107.8% | ₹746 Cr 109.0% | ₹357 Cr 24.4% | ₹472 Cr 57.3% | ₹300 Cr 40.2% | ₹214 Cr 345.8% | ₹48 Cr |
| EPS (₹) | 8.98 17.1% | 7.67 21.2% | 6.33 37.3% | 4.61 115.4% | 2.14 111.9% | 1.01 29.9% | 1.44 51.6% | 0.95 39.7% | 0.68 385.7% | 0.14 |
| Div Payout | 17.0% 30.8% | 13.0% 18.8% | 16.0% 6.7% | 15.0% 6.3% | 16.0% 27.3% | 22.0% 46.7% | 15.0% 6.3% | 16.0% 27.3% | 22.0% | 0.0% |
Values in ₹ Cr · Source: Screener.in
Balance Sheet
| Item | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
Liabilities | ||||||||||
| Equity Capital | ₹676 Cr 0.0% | ₹676 Cr 4.0% | ₹650 Cr 0.0% | ₹650 Cr 50.1% | ₹433 Cr 49.8% | ₹289 Cr 0.0% | ₹289 Cr 57.9% | ₹183 Cr 0.0% | ₹183 Cr 0.5% | ₹182 Cr |
| Reserves | ₹18.9K Cr 18.6% | ₹15.9K Cr 153.4% | ₹6.3K Cr 41.2% | ₹4.5K Cr 22.1% | ₹3.6K Cr 12.7% | ₹3.2K Cr 6.4% | ₹3.0K Cr 67.4% | ₹1.8K Cr 14.4% | ₹1.6K Cr 5.0% | ₹1.5K Cr |
| Borrowings | ₹2.5K Cr 11.3% | ₹2.8K Cr 48.0% | ₹5.4K Cr 39.8% | ₹3.9K Cr 14.7% | ₹3.4K Cr 5.3% | ₹3.2K Cr 5.9% | ₹3.4K Cr 21.7% | ₹2.8K Cr 5.8% | ₹2.7K Cr 19.8% | ₹2.2K Cr |
| Other Liabilities | ₹3.5K Cr 6.3% | ₹3.7K Cr 30.8% | ₹2.8K Cr 7.1% | ₹2.6K Cr 24.6% | ₹2.1K Cr 23.8% | ₹1.7K Cr 4.7% | ₹1.6K Cr 36.7% | ₹1.2K Cr 39.9% | ₹852 Cr 6.9% | ₹915 Cr |
| Total Liabilities | ₹25.5K Cr 10.5% | ₹23.1K Cr 52.3% | ₹15.2K Cr 30.7% | ₹11.6K Cr 21.3% | ₹9.6K Cr 13.4% | ₹8.4K Cr 0.8% | ₹8.4K Cr 39.6% | ₹6.0K Cr 13.7% | ₹5.3K Cr 9.4% | ₹4.8K Cr |
Assets | ||||||||||
| Fixed Assets | ₹16.8K Cr 25.0% | ₹13.4K Cr 59.4% | ₹8.4K Cr 21.3% | ₹6.9K Cr 9.8% | ₹6.3K Cr 1.5% | ₹6.4K Cr 1.1% | ₹6.5K Cr 47.7% | ₹4.4K Cr 10.2% | ₹4.0K Cr 7.1% | ₹3.7K Cr |
| CWIP | ₹271 Cr 76.8% | ₹1.2K Cr 39.3% | ₹1.9K Cr 216.6% | ₹607 Cr 22.1% | ₹497 Cr 641.8% | ₹67 Cr 4.7% | ₹64 Cr 81.8% | ₹352 Cr 142.8% | ₹145 Cr 51.0% | ₹96 Cr |
| Investments | ₹174 Cr 190.0% | ₹60 Cr 185.7% | ₹21 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr 100.0% | ₹11 Cr 37.5% | ₹8 Cr 14.3% | ₹7 Cr |
| Other Assets | ₹8.3K Cr 1.9% | ₹8.5K Cr 75.7% | ₹4.8K Cr 18.5% | ₹4.1K Cr 47.2% | ₹2.8K Cr 40.6% | ₹2.0K Cr 7.6% | ₹1.8K Cr 47.0% | ₹1.2K Cr 9.3% | ₹1.1K Cr 13.4% | ₹1.0K Cr |
| Total Assets | ₹25.5K Cr 10.5% | ₹23.1K Cr 52.3% | ₹15.2K Cr 30.7% | ₹11.6K Cr 21.3% | ₹9.6K Cr 13.4% | ₹8.4K Cr 0.8% | ₹8.4K Cr 39.6% | ₹6.0K Cr 13.7% | ₹5.3K Cr 9.4% | ₹4.8K Cr |
Values in ₹ Cr · Source: Screener.in
Cash Flow Statement
| Item | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating CF | ₹3.5K Cr 3.8% | ₹3.4K Cr 41.4% | ₹2.4K Cr 33.6% | ₹1.8K Cr 45.4% | ₹1.2K Cr 21.6% | ₹1.0K Cr 22.6% | ₹1.3K Cr 30.8% | ₹1.0K Cr 61.3% | ₹620 Cr 24.9% | ₹826 Cr |
| Investing CF | ₹-2.7K Cr 36.8% | ₹-4.3K Cr 31.1% | ₹-3.3K Cr 85.9% | ₹-1.8K Cr 75.5% | ₹-1.0K Cr 113.6% | ₹-472 Cr 79.7% | ₹-2.3K Cr 147.6% | ₹-937 Cr 25.6% | ₹-746 Cr 28.8% | ₹-1.0K Cr |
| Financing CF | ₹-1.3K Cr 142.9% | ₹3.0K Cr 199.9% | ₹985 Cr 5572.2% | ₹-18 Cr 89.9% | ₹-178 Cr 69.0% | ₹-574 Cr 151.9% | ₹1.1K Cr 1417.9% | ₹-84 Cr 152.8% | ₹159 Cr 30.9% | ₹230 Cr |
| Net Cash Flow | ₹-482 Cr 123.8% | ₹2.0K Cr 2200.0% | ₹88 Cr 2100.0% | ₹4 Cr 91.3% | ₹46 Cr 239.4% | ₹-33 Cr 134.7% | ₹95 Cr 531.8% | ₹-22 Cr 168.8% | ₹32 Cr 300.0% | ₹8 Cr |
| Free Cash Flow | ₹797 Cr 322.0% | ₹-359 Cr 55.3% | ₹-803 Cr 2107.5% | ₹40 Cr 90.4% | ₹416 Cr 12.6% | ₹476 Cr 17.2% | ₹575 Cr 201.0% | ₹191 Cr 85.4% | ₹103 Cr 128.9% | ₹45 Cr |
Values in ₹ Cr · Source: Screener.in
Key Ratios History
| Metric | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 21d 40.0% | 15d 87.5% | 8d 0.0% | 8d 11.1% | 9d 35.7% | 14d 55.6% | 9d 0.0% | 9d 35.7% | 14d 16.7% | 12d |
| Inventory Days | 111d 2.6% | 114d 7.5% | 106d 8.6% | 116d 11.5% | 131d 6.5% | 123d 23.0% | 100d 6.4% | 94d 6.8% | 88d 14.6% | 103d |
| Days Payable | 53d 17.2% | 64d 73.0% | 37d 22.9% | 48d 25.0% | 64d 5.9% | 68d 25.9% | 54d 3.8% | 52d 36.8% | 38d 34.5% | 58d |
| Cash Conv. Cycle | 79d 19.7% | 66d 14.3% | 77d 1.3% | 76d 0.0% | 76d 10.1% | 69d 25.5% | 55d 5.8% | 52d 18.8% | 64d 10.3% | 58d |
| Working Capital Days | 31d 93.8% | 16d 277.8% | -9d 62.5% | -24d 29.4% | -34d 27.7% | -47d 27.0% | -37d 26.0% | -50d 23.1% | -65d 27.0% | -89d |
| ROCE | 20.0% 20.0% | 25.0% 13.8% | 29.0% 7.4% | 27.0% 58.8% | 17.0% 54.5% | 11.0% 38.9% | 18.0% 20.0% | 15.0% 25.0% | 12.0% 25.0% | 16.0% |
Source: Screener.in · Lower days = better efficiency
Deep Dive Analysis
About Varun Beverages Limited
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. [1]
Fast Moving Consumer GoodsBeverages