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Stock Analysis

Description

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.

Key Growth Triggers

Company has reduced debt.
Company is almost debt free.
Company has delivered good profit growth of 39.8% CAGR over last 5 years.
Company's median sales growth is 19.2% of last 10 years.

Order Book

Currently no data available for Order Book.

Key Red Flags

Stock is trading at 9.54 times its book value.
Promoter holding has decreased over last quarter: -0.38%.

Corporate Announcements

15th Apr 26

Impact Rating: 7

Varun Beverages acquired a 29.99% stake in FPEL HR2 Energy Private Limited for ₹1.58 crore. The investment will enable VBL to secure solar power for its captive consumption needs, supporting its operations in Haryana.

14th Apr 26

Impact Rating: 6

Varun Beverages' adjusted ESG score for FY25 is 66, down from 66.4 in FY24. SES ESG Research assigned an initial score of 74.2 for FY25. The report is on the company website.

1st Apr 26

Impact Rating: 7

Varun Beverages Limited announced April 8, 2026, as the record date for its final dividend payment, related to the financial year ending December 31, 2025. Shareholders will receive Re. 0.50 per equity share.

1st Apr 26

Impact Rating: 6

Varun Beverages shareholders approved all AGM resolutions on April 1, 2026. Key approvals included adopting FY25 financial statements, declaring a Re 0.50 dividend per share, and confirming re-appointments of directors Ravi Jaipuria, Raj Gandhi, and Abhiram Seth.

1st Apr 26

Impact Rating: 4

The 31st Annual General Meeting of Varun Beverages Limited took place on April 1, 2026, using a video conferencing facility. Key resolutions included adopting financial statements and declaring a dividend.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Varun Beverages	509.70	65.60	172155.65	0.20	577.40	17.28	3063.98	-0.74	23.79	14435.56	26.06	2624.24	577.40	9.54	14.19	0.02
2.	Valencia Nutrit.	73.45	42.90	126.55	0.00	0.66	154.10	3.69	138.06	–	10.62	27.78	2.95	0.66	3.34	–	0.48
3.	Orient Beverages	189.25	14.34	40.87	0.00	0.73	217.39	41.64	4.07	11.73	167.82	2.57	2.85	0.73	1.74	1.78	3.46
4.	ANS Industries	19.29	–	17.85	0.00	-0.06	96.43	0.00	–	-39.82	0.00	–	-0.50	-0.06	6.47	-28.83	0.56
5.	Transglobe Foods	414.95	–	6.01	0.00	-0.05	0.00	0.00	–	13.33	0.18	0.00	-0.04	-0.05	–	-16.22	–
–	Median: 2 Co.	291.57	54.25	86141.1	0.1	289.03	85.69	1533.84	68.66	23.79	7223.09	26.92	1313.59	289.03	6.44	14.19	0.25

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	1,544	1,846	2,014	4,672	5,802	5,305	3,222	3,446	4,053	2,502	2,892	3,087	3,064
Expenses	1,368	1,552	1,691	3,364	4,063	3,664	2,550	2,625	3,042	2,001	2,185	2,286	2,277
Operating Profit	176	294	323	1,308	1,739	1,641	672	821	1,010	501	707	801	787
Other Income	74	51	154	46	67	90	19	33	60	26	31	100	150
Profit before tax	59	154	259	1,162	1,536	1,548	498	630	897	383	555	645	757
Tax %	1%	23%	19%	25%	25%	25%	25%	26%	24%	25%	25%	24%	24%
Net Profit	59	119	209	868	1,150	1,160	373	469	678	288	416	492	577
EPS in Rs	0.18	0.37	0.62	2.67	3.54	3.43	1.15	1.44	2.00	0.89	1.28	1.52	1.71

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	TTM
Sales	1,745	2,019	2,864	2,980	3,063	3,862	5,616	4,876	6,596	10,596	12,633	14,349	14,436
Expenses	1,517	1,696	2,284	2,277	2,338	2,996	4,411	4,016	5,394	8,371	9,572	10,585	10,674
Operating Profit	228	322	580	703	725	866	1,205	860	1,202	2,224	3,061	3,764	3,762
Other Income	33	42	41	50	46	88	98	5	36	99	70	278	453
Interest	149	158	140	389	192	196	282	250	156	156	244	354	83
Depreciation	134	152	263	249	274	296	387	413	400	483	518	618	671
Profit before tax	-22	55	219	114	304	463	634	203	682	1,684	2,368	3,070	3,460
Net Profit	-16	35	152	90	236	332	449	226	489	1,270	1,775	2,320	2,624
EPS in Rs	-0.07	0.16	0.67	0.29	0.76	1.08	1.38	0.70	1.51	3.91	5.47	6.86	7.76
Dividend Payout %	-0%	-0%	-0%	-0%	19%	14%	16%	32%	22%	18%	18%	15%	–

Balance Sheet

Standalone figures in ₹ crores

	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Jun 2025
Equity Capital	134	134	134	182	183	183	289	289	433	650	650	676	676
Reserves	129	120	277	1,954	2,114	2,406	3,578	3,723	3,966	4,868	6,426	15,882	17,389
Borrowings	1,929	2,231	2,204	1,460	2,087	2,535	3,201	3,052	3,186	3,595	4,882	881	445
Other Liabilities	306	387	1,527	1,003	915	962	1,306	1,233	1,481	1,957	2,052	2,044	2,756
Total Liabilities	2,497	2,872	4,142	4,600	5,299	6,086	8,374	8,297	9,066	11,069	14,009	19,484	21,266
Fixed Assets	1,719	1,733	2,916	2,992	3,278	3,322	5,402	5,263	5,012	5,752	6,938	9,181	10,648
Gross Block	2,213	1,911	3,813	4,087	4,554	4,743	7,176	7,308	7,411	8,560	10,139	12,910	–
Accumulated Depreciation	495	178	897	1,096	1,276	1,421	1,774	2,045	2,399	2,808	3,201	3,729	–
CWIP	10	17	32	69	12	339	59	39	478	540	1,576	960	337
Investments	168	523	304	501	627	774	908	1,352	1,352	1,354	1,450	2,096	3,233
Other Assets	599	599	889	1,039	1,381	1,651	2,005	1,642	2,224	3,423	4,045	7,247	7,048
Total Assets	2,497	2,872	4,142	4,600	5,299	6,086	8,374	8,297	9,066	11,069	14,009	19,484	21,266

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operating Activity	252	378	510	752	500	742	1,067	720	868	1,559	1,953	2,967
Cash from Investing Activity	-445	-500	-360	-1,108	-809	-704	-2,229	-228	-725	-1,509	-2,770	-3,687
Cash from Financing Activity	195	116	-134	353	326	-67	1,193	-488	-155	-26	819	2,729
Net Cash Flow	1	-6	16	-4	16	-29	31	4	-12	23	2	2,009

Ratios

Standalone Figures in ₹ Crores / Yearly

	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Debtor Days	8	6	6	6	11	13	8	13	7	5	6	5
Inventory Days	64	67	86	96	82	86	94	112	124	99	94	93
Days Payable	27	29	24	39	22	37	44	45	54	40	30	31
Cash Conversion Cycle	45	44	68	63	72	62	58	80	78	64	70	68
Working Capital Days	-62	-83	-55	-75	-56	-43	-33	-51	-39	-30	-12	28
ROCE %	6%	9%	14%	16%	12%	14%	15%	7%	12%	23%	26%	24%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	63.90%	63.90%	63.61%	63.09%	63.09%	62.91%	62.67%	62.67%	60.20%	60.23%	59.82%	59.44%
FIIs	26.45%	26.00%	26.71%	27.55%	26.58%	25.79%	25.32%	24.18%	25.27%	22.98%	21.86%	21.93%
DIIs	3.42%	3.67%	3.16%	3.36%	3.58%	4.16%	4.54%	4.97%	7.00%	9.19%	10.52%	11.78%
Public	6.20%	6.41%	6.52%	6.01%	6.74%	7.16%	7.46%	8.19%	7.52%	7.59%	7.80%	6.84%