1. India Stocks

  2. •

    Consumer non-durables

  3. •

    Beverages: non-alcoholic
Varun Beverages Ltd.

Varun Beverages Ltd.

400.80
INR
-7.60
(-1.86%)
11.78EPS
43.39P/E
1.72TMarket Cap
Nov 14Next Earn
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
14.95
15.76
13
16.57
22.75
19.58
26.61
39.78
48.1
59.57
61.61
77.49
Basic EPS, GAAP
0.5
0.17
0.68
0.95
1.5
1.01
2.14
4.61
6.33
7.95
8.98
11.7
Free Cash Flow per Basic Share
2.46
3.37
2.01
3.24
4.17
1.39
0.89
-0.03
-2.69
-1.22
2.28
- -
Dividend per Share
- -
- -
0.15
0.15
0.22
0.22
0.33
0.5
0.7
1
1.5
- -
Book Value per Share
-0.71
5.5
5.74
6.48
10.25
10.85
12.56
15.71
21.36
49.12
57.89
64.36
Tangible Book Value per Share
-1.89
4.34
4.32
4.78
8.44
9.06
10.77
13.94
19.6
44.92
53.29
57.36
Basic Weighted Avg Shares
2,257
2,450
3,080
3,082
3,134
3,248
3,248
3,248
3,248
3,264
3,382
3,387
Sales/Revenue/Turnover
33,737
38,612
40,035
51,053
71,296
63,605
86,424
129,211
156,217
194,450
208,346
262,472
Operating Margin (%)
10.01
13.69
12.91
14.17
15.03
11.31
13.62
17.87
20.01
20.59
18.53
19.46
Depreciation Expense
2,982
3,222
3,466
3,851
4,886
5,287
5,313
6,172
6,809
9,474
12,165
14,022
Net Income, GAAP
1,130
424
2,102
2,928
4,690
3,290
6,941
14,974
20,559
25,946
30,365
39,620
Effective Tax Rate (%)
41.37
39.45
26.43
30.87
32.18
1.44
25.88
23.4
23.27
23.27
23.63
23.74
Profit Margin (%)
3.35
1.1
5.25
5.74
6.58
5.17
8.03
11.59
13.16
13.34
14.57
15.09
Working Capital
-8,965
-8,750
-6,202
-6,001
-5,484
-6,353
-4,741
-5,647
824
33,395
38,221
53,541
LT Debt
26,092
12,184
16,914
19,801
23,554
20,041
18,446
18,924
33,868
11,978
9,402
21,272
Total Equity
-2,353
16,807
17,680
20,063
33,591
35,888
41,967
52,155
70,847
167,396
197,410
219,523
Return on Invested Capital (%)
- -
10.01
9.95
10.87
12.52
9.39
11.89
20.08
21.52
18.77
14.13
- -
Return on Capital (%)
- -
9.77
9.56
9.6
11.6
8.35
10.79
19.01
20.49
18.07
15.02
- -
Return on Common Equity (%)
- -
- -
12.14
15.54
17.61
9.6
18.26
32.62
34.15
22.04
16.78
- -

Capital Structure

INR

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
15,679
- -
13,563
LT Borrowings
5,404
- -
16,973
LT Finance Leases
3,998
- -
4,299
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,382
3,382
3,382
Market Capitalization
1,656,667
1,299,062
1,716,770

Working Capital

INR

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
78,960
- -
105,341
Cash, Cash Equivalents & STI
31,706
- -
42,507
Accounts Receivable, Net
12,490
- -
16,477
Inventories
29,518
- -
39,897
Total Current Liabilities
40,739
- -
51,800
Payables & Accruals
- -
- -
- -
ST Debt
15,679
- -
13,563
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-49.02%
46.25%
17.93%
Free Cash Flow
742.84%
1,475.55%
-293.56%
Net Income, GAAP
71.03%
61.45%
17.03%
Sales/Revenue/Turnover
21.24%
27.58%
7.15%
Total Cash Common Dividend
- -
47.81%
56.16%

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
43,173
71,969
48,047
36,888
194,450
2025
55,669
70,174
- -
42,044
208,346
2026
65,742
84,512
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.65
3.86
1.91
0.56
7.95
2025
2.15
3.89
- -
0.74
8.98
2026
2.58
4.5
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1
2025
- -
- -
- -
- -
1.5
2026
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Prathmesh Mishra
Full Time Employees
29,434
Sector
Consumer non-durables
Industry
Beverages: non-alcoholic
Address
RJ Corp House Gurugram HA India 122002
IPO Date
Nov 8, 2016
Website
varunbeverages.com
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Business
Varun Beverages Limited, founded in 1995 and headquartered in Gurugram, Haryana, India, operates as one of the largest franchise bottlers of PepsiCo outside the United States, manufacturing, bottling, distributing and selling carbonated soft drinks including Pepsi, Pepsi Zero, 7UP, Mirinda, Mountain Dew, Sting, Evervess, Seven-Up Nimbooz Masala Soda and Pepsi Black; non-carbonated beverages such as Tropicana 100%, Tropicana Delight, Tropicana Slice, Gatorade, Seven-Up Nimbooz and fruit pulps; packaged drinking water under Aquafina; along with co-manufacturing of Kurkure Puffcorn in India and distribution of PepsiCo snacks including Lays, Doritos and Cheetos in Morocco. The company serves all 27 states and 7 union territories in India as well as international markets across Africa encompassing Morocco, Zambia, Zimbabwe, South Africa, Democratic Republic of Congo and Nepal, Nepal, Sri Lanka and the Indian subcontinent through an extensive network reaching over three million outlets. Recent developments include an exclusive distribution partnership with Carlsberg Breweries A/S for beer in select African markets announced in October 2025 to diversify into alcoholic beverages such as beer, wine, whisky, rum and vodka; incorporation of a wholly-owned subsidiary VBL Industries (Kenya) Limited for beverage manufacturing and distribution; formation of White Peak Refrigeration Private Limited joint venture with Everest International Holdings Limited for visi-coolers and refrigeration equipment; completion of the acquisition of PepsiCo India's franchised sub-territory in Jharkhand including a manufacturing unit at Jamshedpur; increased stake in The Beverage Company Proprietary Limited in South Africa; and acquisitions of share capital in SBC Beverages Ghana Limited, SBC Tanzania Limited and Everest Industrial Lanka (Private) Limited.