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)
- Near 52-week low — potential value zone (₹380)
Concerns
Today's Price Action
The stock closed at ₹404.5 with zero percent change, matching the previous close. Trading volume stood at 44,93,916 shares, identical to the 20‑day average, indicating normal participation. The price remains confined within a narrow band, trading 5% above the 52‑week low, suggesting limited upside potential.
Valuation Snapshot
The trailing P/E ratio is 39.5, considerably higher than the sector‑average P/E of zero, reflecting a premium valuation. A P/B of 0 and ROE of 16.2% suggest a return on equity relative to book value. An ROE of 16.2% exceeds the average return of peers in the FMCG segment, indicating efficient capital deployment.
Key Levels to Watch
The price sits near the lower end of the 52‑week range, above the ₹381 support and well below the ₹556 resistance. Open‑interest data are not disclosed, so only price‑based levels are highlighted. The ₹381 support aligns with the historical low, while the ₹556 ceiling marks the prior year’s peak, both acting as anchors for market participants.
Chart Pattern
On the chart, a Three Black Crows pattern formed seven days ago, consisting of three consecutive bearish candles that close lower each day, signalling a shift toward lower closing prices. The formation appeared on the daily timeframe, confirming short‑term bearish momentum embedded in the recent price action.
Data Summary
Key metrics include a market‑capitalisation figure reported as ₹0 Cr, a P/E of 39.5, and an ROE of 16.2%, while the stock trades within its 52‑week range of ₹381‑₹556. Volume aligns with the 20‑day average of 44,93,916 shares, confirming liquidity levels. The zero P/B ratio implies that book value is not a reference point for valuation comparisons in this case.
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| HINDUNILVR Hindustan Unilever Limited | ₹1,816 | ₹4.3L Cr | 38.7 | 8.77 | 31 | 28.4 | 0.04 |
| ITC ITC Limited | ₹260 | ₹3.2L Cr | 16.4 | 4.48 | 29.3 | 38.9 | 0.01 |
| NESTLEIND Nestle India Limited | ₹1,168 | ₹2.3L Cr | 57 | 38.93 | 74.2 | 85.3 | 0.08 |
| BRITANNIA Britannia Industries Limited | ₹4,567 | ₹1.1L Cr | 42 | 21.54 | 53.5 | 56 | 0.59 |
| MARICO Marico Limited | ₹770 | ₹100K Cr | 52.8 | 23.75 | 42.8 | 47 | 0.14 |
| TATACONSUM TATA CONSUMER PRODUCTS LIMITED | ₹1,000 | ₹95K Cr | 57.8 | 4.55 | 7.35 | 9.24 | 0.13 |
| UNITDSPR United Spirits Limited | ₹1,227 | ₹91K Cr | 49.1 | 9.98 | 21.4 | 26.4 | 0.05 |
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
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 Friday, October 30, 2026 inter-alia
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
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 to host investor call on Oct 30, 2026
*Varun Beverages to host investor call on Oct 30, 2026.* The company will conduct a conference call with analysts and institutional investors at 2:00 PM IST. This follows SEBI Listing Regulations for disclosure. No financial updates or material announcements were made. 📊 *STOCKS:* $VBL | 🏢 *SECTOR:* FMCG | #LOWIMPACT #InvestorCall
Varun Beverages to announce Q3 CY2026 earnings
*Varun Beverages to announce Q3 CY2026 earnings.* The company will host a conference call for investors and analysts to discuss financial results. Key metrics to watch include revenue growth, volume sales, and margin performance. **Q3 CY2026** results could influence near-term trading sentiment. 📊 *STOCKS:* $VBL | 🏢 *SECTOR:* Beverages | #MEDIUMIMPACT #Earnings
Varun Beverages to host investor meet for updates
*Varun Beverages to host investor meet for updates.* The company will participate in an analyst and institutional investor meeting as per SEBI Listing Regulations. The event aims to share business updates and strategic insights. Disclosure is part of routine regulatory compliance under Regulation 30. 📊 *STOCKS:* $VBL | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #investor-meet
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
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