1. India Stocks

  2. •

    Consumer Defensive

  3. •

    Beverages - Non-Alcoholic
Varun Beverages Limited

Varun Beverages Limited

VBL.BO
Varun Beverages LimitedIN flagBombay Stock Exchange
544.15
INR
+3.30
- -
1.84TMarket Cap
Varun Beverages Limited
VBL.BO
(Bombay Stock Exchange)

Recent

price

544.15

P/E

ratio

- -

div

yld

- -

ROIC.AI

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
14.95
15.76
13
16.57
22.75
19.58
26.61
39.78
48.1
59.57
61.61
63.32
Revenue per Share
0.5
0.17
0.68
0.95
1.5
1.01
2.14
4.61
6.33
7.95
8.98
8.56
Basic EPS, GAAP
2.46
3.37
2.01
3.24
4.17
1.39
0.89
-0.03
-2.69
-1.22
2.28
- -
Free Cash Flow per Basic Share
- -
- -
0.15
0.15
0.22
0.22
0.33
0.5
0.7
1
1.5
- -
Dividend per Share
0.59
1.44
0.4
1.15
2.69
3.37
5.63
10.44
16.06
23.08
29.82
2.03
Book Value per Share
-2.65
5.39
4.31
4.8
8.85
9.26
11.13
14.29
20.05
46.93
53.77
51.22
Tangible Book Value per Share
2,257
2,450
3,080
3,082
3,134
3,248
3,248
3,248
3,248
3,264
3,382
3,329
Basic Weighted Avg Shares
33,737
38,612
40,035
51,053
71,296
63,605
86,424
129,211
156,217
194,450
208,346
210,778
Sales/Revenue/Turnover
10.01
13.69
12.91
14.17
15.03
11.31
13.62
17.87
20.01
20.59
18.53
18.49
Operating Margin (%)
2,982
3,222
3,466
3,851
4,886
5,287
5,313
6,172
6,809
9,474
12,165
10,961
Depreciation Expense
1,130
424
2,102
2,928
4,690
3,290
6,941
14,974
20,559
25,946
30,365
28,483
Net Income, GAAP
41.37
39.45
26.43
30.87
32.18
1.44
25.88
23.4
23.27
23.27
23.63
23.45
Effective Tax Rate (%)
3.35
1.1
5.25
5.74
6.58
5.17
8.03
11.59
13.16
13.34
14.57
13.51
Profit Margin (%)
-8,965
-8,750
-6,202
-6,001
-5,484
-6,353
-4,741
-5,647
824
33,395
38,221
35,554
Working Capital
26,092
12,184
16,914
19,801
23,554
20,041
18,446
18,924
33,868
11,978
9,402
9,939
LT Debt
-2,353
16,807
17,680
20,063
33,591
35,888
41,967
52,155
70,847
167,396
197,410
185,067
Total Equity
- -
10.65
10.28
11.27
12.5
10.39
12.16
21.1
22.12
19.15
14.12
16.21
Return on Invested Capital (%)
- -
11.7
15.97
15.23
18.05
13.07
15.99
24.93
24.36
27.24
27.01
57.87
Return on Capital (%)
- -
17.41
88.29
122.56
78.2
33.96
47.49
57.38
47.78
40.7
34.47
429.57
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
16,285
- -
11,443
LT Borrowings
8,407
- -
5,788
LT Finance Leases
3,571
- -
4,151
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,382
- -
3,382
Market Capitalization
2,083,182
1,777,216
1,523,059

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
78,640
- -
80,134
Cash, Cash Equivalents & STI
12,802
- -
32,083
Accounts Receivable, Net
8,458
- -
11,988
Inventories
27,912
- -
30,733
Total Current Liabilities
45,244
- -
44,580
Payables & Accruals
- -
- -
- -
ST Debt
16,285
- -
11,443
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

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

FRC

•

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
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

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
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1
2025
- -
- -
- -
- -
1.5
2026
- -
- -
- -
- -
- -
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Business
Varun Beverages Limited is an Indian multinational company primarily engaged in the manufacturing, bottling, and distribution of non-alcoholic beverages. It is a major bottling partner of PepsiCo, offering a broad portfolio that includes carbonated soft drinks such as Pepsi, 7 Up, Mountain Dew, Mirinda, and Slice; non-carbonated beverages including Tropicana fruit juices, Gatorade sports drinks, Lipton iced teas, and Aquafina bottled water; as well as dairy products under the Creambell brand. The company operates extensively across India, covering 27 states and 7 Union Territories, and maintains a significant international presence in countries like Nepal, Sri Lanka, Morocco, Mozambique, Zambia, Zimbabwe, and parts of Africa. Founded in 1995 and headquartered in Noida, India, Varun Beverages has recently diversified beyond its traditional beverage portfolio with a strategic expansion into the alcoholic beverages market. In 2025, it entered into an exclusive distribution partnership with Carlsberg Breweries A/S to test market beer in African territories through its subsidiaries, marking a significant foray into the alcoholic drinks segment. Concurrently, the company has established a wholly owned subsidiary in Kenya to oversee local manufacturing and distribution, reflecting its commitment to geographic and product diversification. Additionally, Varun Beverages has expanded its operational capabilities with a snacks manufacturing facility in Morocco reaching full-scale production and a new manufacturing plant in Zimbabwe nearing commissioning. The company’s latest operational focus includes broadening its product base by leveraging its extensive distribution infrastructure for both beverages and emerging product categories. It continues to invest in capacity expansions, cold-chain logistics, and enhanced on-ground execution to strengthen its market penetration in both domestic and international markets. Varun Beverages aims to capitalize on growing consumption trends, rural and semi-urban market expansion in India, and high-growth potential across African markets, positioning itself as a multi-category beverage powerhouse beyond its core soft drink legacy. These strategic initiatives underscore its evolving business model from a concentrated bottler to a diversified consumer packaged goods entity.