1. India Stocks

  2. •

    Consumer Defensive

  3. •

    Beverages - Non-Alcoholic
Varun Beverages Limited

Varun Beverages Limited

VBL.NS
Varun Beverages LimitedIN flagNational Stock Exchange of India
484.25
INR
-10.60
- -
1.64TMarket Cap
Varun Beverages Limited
VBL.NS
(National Stock Exchange of India)

Recent

price

484.25

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
2,083,346
1,777,381
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, 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.