VBL

Varun Beverages Ltd.

NSE: VBL

BSE: 540180

Sector: Fast Moving Consumer Goods

Industry Group: Beverages

Industry: Other Beverages

405.70-0.3 (-0.06%)

8 Sep, 3:30 PM

Overview

Analysis Statements Technicals Forecast Peers Resources News

Stock Scores

Quality Score

95.5 / 100

Value Score

23.0 / 100

Price Momentum Score

40.5 / 100

QVM Score

52.0 / 100

Key Metrics

Market Cap

1,37,565 Cr

P/E (TTM)

40.63

P/B

6.32

P/S (TTM)

5.70

EV/EBITDA

24.18

CAPE (5Y)

56.87

ROE (TTM)

16.87

ROCE (TTM)

18.47

ROA (TTM)

12.33

Avg 3Y ROE

24.32

Earnings 3Y CAGR

20.08

Sales 3Y CAGR

17.44

Sales 5Y CAGR

25.26

Debt/Equity

0.16

Consensus TP

557.00

Strong Buy %

54.17

Promoter Holding

59.43

Pledged %

0.00

Stock Analysis

Fundamental analysis overview of Varun Beverages Ltd. covering key investment insights, growth drivers, risk factors, and potential red flags.

Views

Red Flags

Positive

High and stable operating margin

The company reported strong operating margin of 17.64% for 12-month ended 30 Jun 2026 and operating margin declined marginally by -85 bps from 1 year ago

What is Operating profit margin?

Moderate revenue growth and above median growth of industry

The company delivered moderate revenue growth of 14.46% for 12-month ended 30 Jun 2026 and the growth was 3.48 percentage points higher than median growth of industry

What is Sales growth (1Y)?

Median: 10.98

Value 14.46

-1.1614.46

Low Debt to Equity, not much change from last year

The company has low Debt to Equity of 0.16 as on 30 Jun 2026 and Debt to Equity increased marginally by 0.04 in the last 1 year

What is Debt to Equity?

Consistently pays dividend

The company has not missed dividend payments once in the last 9 financial years

What is Dividend streak?

Company is net cash

The company is net cash i.e., cash and cash equivalents exceed total debt indicating a healthy balance sheet

What is Net Debt ?

Negative

Expensive and at a premium to industry median P/E

PE TTM of 40.63 indicates that the stock is expensive on a standalone basis and is at a 48.12% premium to industry median P/E

What is P/E Ratio?

Median: 27.43

Value 40.63

8.6993.03

Analysts have been downgrading forward EPS estimates

Analyst EPS estimate (consensus) for forward EPS has decreased by -3.22% in the last 3 months, indicating weak earnings momentum

What is Earnings upgrade (3M)?

Low dividend yield

The company has a low dividend yield of 0.37%

What is Dividend yield?

Neutral

High ROE but declining trend

The company reported strong ROE of 16.87% for 12-month ended 30 Jun 2026 but ROE declined by -426 bps from 1 year ago

What is ROE (FY)?

Moderate EPS growth and in line with median growth of industry

The company delivered moderate EPS growth of 17.7% for 12-month ended 30 Jun 2026 and the growth was 0.0 percentage points lower than median growth of industry

What is EPS growth (1Y)?

Company's earnings are of moderate quality

Earnings quality score of 63.8 indicates that the company's earnings are of moderate quality. Earnings quality is measured using combination of earnings persistence, probability of manipulation and earnings to cash conversion

What is Earnings quality score?

63.8 / 100

Financial Snapshot

See detailed analysis

Multi-year trends for Varun Beverages Ltd. covering revenue, net profit, ROE, and EBITDA for a quick view of financial health over time.

Net Revenue FY

Profit After Tax FY

ROE FY

EBITDA FY

Varun Beverages Ltd. Shareholding Pattern

Quarterly breakdown of Varun Beverages Ltd. ownership including promoter, FII, DII, mutual fund, and public holdings as disclosed to NSE/BSE.

	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Total Promoter	68.04	66.40	66.40	66.40	66.40	65.82	64.89	64.89	64.89	63.90	63.90	63.90	63.90	63.62	63.10	63.09	62.91	62.66	62.66	60.20	60.23	59.82	59.44	59.44	59.44	59.43
Indian Promoter	68.04	66.40	66.40	66.40	66.40	65.82	64.89	64.89	64.89	63.90	63.90	63.90	63.90	63.62	63.10	63.09	62.91	62.66	62.66	60.20	60.23	59.82	59.44	59.44	59.44	59.43
Foreign Promoter	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Institutions	26.12	26.95	26.71	26.32	26.18	26.56	28.49	28.29	28.24	29.24	29.46	29.89	29.68	29.87	30.91	30.16	29.93	29.86	29.17	32.27	32.18	32.37	33.72	33.87	33.91	34.24
Mutual Funds / UTI	5.80	5.89	5.57	5.46	5.46	5.51	5.86	5.96	5.89	4.38	3.50	2.93	2.71	2.37	2.22	2.31	2.26	2.42	2.63	4.08	5.77	6.46	7.12	8.36	8.30	9.06
FI/Bank/Insurance	0.12	0.13	0.04	0.04	0.08	0.05	0.62	0.73	0.83	0.60	0.66	0.34	0.74	0.56	0.89	0.95	1.52	1.62	1.73	1.85	2.10	2.75	3.66	4.06	4.68	4.70
Govt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
FII	19.82	20.53	20.75	20.46	20.28	20.73	21.72	21.23	21.03	23.93	25.01	26.45	26.00	26.71	27.55	26.58	25.79	25.32	24.19	25.27	22.98	21.86	21.93	20.31	19.51	19.03
Other Institutions	0.39	0.39	0.36	0.36	0.36	0.27	0.30	0.36	0.49	0.33	0.29	0.15	0.22	0.23	0.25	0.32	0.38	0.50	0.61	1.07	1.32	1.31	1.00	1.14	1.41	1.45
Non-Institution	5.84	6.65	6.89	7.28	7.42	7.62	6.62	6.82	6.87	6.86	6.64	6.22	6.42	6.51	6.00	6.75	7.16	7.47	8.18	7.52	7.59	7.80	6.84	6.70	6.66	6.33
Bodies Corporate	1.03	1.66	2.06	2.35	2.32	2.22	1.78	1.72	1.52	1.34	1.20	1.13	1.45	1.28	1.04	1.30	1.40	1.54	1.52	1.24	1.01	0.79	0.76	0.85	0.79	0.75
Others (incl. Retail) No. of shareholders	4.81 45,606	4.99 50,752	4.83 50,401	4.93 47,744	5.10 55,491	5.40 1,08,116	4.84 1,14,671	5.10 1,37,079	5.35 1,36,011	5.52 1,72,608	5.44 2,34,254	5.09 2,43,339	4.97 2,59,408	5.23 3,51,665	4.96 3,73,377	5.45 4,37,637	5.76 4,87,080	5.93 5,06,439	6.66 6,95,383	6.28 7,39,066	6.58 8,70,340	7.01 9,64,710	6.08 8,99,715	5.85 8,69,859	5.87 8,74,541	5.58 8,10,162

Holdings and Presence

Indices and prominent investors with a stake in this stock.

Index Presence

#	Index	Weight	Rank
1	Nifty FMCG	5.98%	6 / 15
2	Nifty Next 50	2.39%	16 / 50
3	Nifty100 Quality 30	2.18%	25 / 30
4	Nifty Consumption	1.74%	24 / 30
5	Nifty 100 Equal Weight	0.86%	97 / 100
6	Nifty 100	0.44%	64 / 100
7	Nifty 500	0.3%	70 / 499
8	Nifty Total Market	0.29%	70 / 749
9	NIFTY Large Midcap 250	0.22%	155 / 250

Bulk, Block and Insider Trades

Recent bulk deals, block deals, and insider trading activity in Varun Beverages Ltd. shares as reported to NSE and BSE.

Name	Month	Transaction	Holding % pre transaction	Average price	Qty.	Transaction value
Ravindra Dhariwal Trustee of Varun Beverages Limited – Bonus Issue Fractional Shares Trust Directors Immediate Relative	August-2021	Market Sale (Disposal) 6th Aug 2021	0.00 %	₹ 780.54	16.86 k	₹ 1.32 cr
VARUN JAIPURIA Promoter & Director	May-2021	Market Sale (Disposal) 21st May 2021	17.19 %	₹ 995.05	6.38 lac	₹ 63.51 cr
VARUN JAIPURIA Promoter & Director	May-2021	Market Sale (Disposal) 21st May 2021	17.55 %	₹ 995.00	10.50 lac	₹ 104.47 cr
RAVI KANT JAIPURIA Promoter	February-2021	Inter-se Transfer (Acquisition) 26th Feb 2021	0.00 %	₹ 1,042.95	5.39 cr	₹ 5619.60 cr
RAVI KANT JAIPURIA AND SONS HUF Promoter	February-2021	Inter-se Transfer (Disposal) 26th Feb 2021	18.66 %	₹ 1,042.95	5.39 cr	₹ 5619.60 cr

Corporate Actions

History of Varun Beverages Ltd. dividends, bonus issues, stock splits, rights issues, and other corporate events.

Dividend₹ 0.50/share
Record date: 1st Aug 2026Ex-date: 31st Jul 2026
Announced on: 28th Jul 2026
Dividend₹ 0.50/share
Record date: 1st May 2026Ex-date: 30th Apr 2026
Announced on: 27th Apr 2026
Dividend₹ 0.50/share
Record date: 8th Apr 2026Ex-date: 8th Apr 2026
Announced on: 3rd Feb 2026
Dividend₹ 0.50/share
Record date: 2nd Aug 2025Ex-date: 1st Aug 2025
Announced on: 29th Jul 2025
Dividend₹ 0.50/share
Record date: 7th May 2025Ex-date: 7th May 2025
Announced on: 30th Apr 2025

Company Profile

Overview of Varun Beverages Ltd. covering business description, industry classification, key management, financial ratios, and listed exchange details.

Varun Beverages Limited is an India-based company, which is a franchisee of PepsiCo. It produces and distributes a range of carbonated soft drinks (CSDs), as well as non-carbonated beverages (NCBs), including packaged drinking water sold under trademarks owned by PepsiCo. PepsiCo CSD brands produced...

Key personnel

Mr. Pankaj Madan

Chief Financial Officer

Mr. Ravi Batra

Chief Risk Officer, Group Company Secretary, Compliance Officer

Mr. Ravi Kant JaipuriaD

Non-Executive Chairman of the Board, Promoter

Mr. Varun JaipuriaD

Executive Vice Chairman of the Board, Whole-Time Director, Promoter

Mr. Rajinder Jeet Singh BaggaD

Whole-Time Director

Mr. Raj Pal GandhiD

Whole-Time Director

Dr. Naresh Kumar TrehanD

Non-Executive Non-Independent Director

Mrs. Rashmi DhariwalD

Non-Executive Independent Director

View all

Incorporated on

16 Jun 1995

Last Annual

31 Dec 2025

Last Interim

30 Jun 2026

No. of Employees

10,654

IPO date

08 Nov 2016

Free Float

1,33,31,33,123

Website

https://www.varunbeverages.com/

Phone no.

+911141706720

Address

Plot No. 31, Institutional Area, Sector - 44, GURGAON, 122002, India

Frequently Asked Questions

What is the current share price of Varun Beverages Ltd.?

The current share price of Varun Beverages Ltd. is ₹ 405.70 as of 8 Sep 2026.

What is the market capitalisation of Varun Beverages Ltd.?

The market capitalisation of Varun Beverages Ltd. stands at ₹ 1,37,565.00 Cr.

What is the PE ratio of Varun Beverages Ltd.?

The Price-to-Earnings (PE) ratio of Varun Beverages Ltd. is 40.63 as of the latest trailing twelve months data.

What is the ROE and ROCE of Varun Beverages Ltd.?

Varun Beverages Ltd. has a Return on Equity (ROE) of 16.87% and a Return on Capital Employed (ROCE) of 18.47% as per the latest financial reports.

What is the 52-week high and low of Varun Beverages Ltd.?

The 52-week high of Varun Beverages Ltd. is - and the 52-week low is -.

What is the dividend yield of Varun Beverages Ltd.?

The dividend yield of Varun Beverages Ltd. is 0.37% based on the current market price.

What is the FII and DII holding in Varun Beverages Ltd.?

Foreign Institutional Investors (FII) hold 19.03%, Domestic Institutional Investors (DII) hold 13.76% and retail/public investors hold 5.58% of Varun Beverages Ltd. shares.

What sector does Varun Beverages Ltd. belong to?

Varun Beverages Ltd. operates in the Fast Moving Consumer Goods sector. 87.5% of analysts have a Buy or Strong Buy rating on Varun Beverages Ltd. with a consensus target price of ₹ 557.00, implying 36.96% upside from current levels.

What is the beta of Varun Beverages Ltd.?

The beta of Varun Beverages Ltd. is 1.06, indicating its price volatility relative to the broader market. Over the past 1 year, Varun Beverages Ltd. has delivered an absolute return of -17.90%.

What is the RSI of Varun Beverages Ltd.?

The 14-day Relative Strength Index (RSI) of Varun Beverages Ltd. is 34.44, placing it approaching oversold territory. An RSI above 70 is considered overbought and below 30 is considered oversold.

Varun Beverages Ltd.

Stock Scores

Key Metrics

Share Price

Stock Analysis

Financial Snapshot

Varun Beverages Ltd. Shareholding Pattern

Holdings and Presence

Bulk, Block and Insider Trades

Corporate Actions

Company Profile

Frequently Asked Questions

Corporate Actions

Company Profile

Stock Analysis

Holdings and Presence