Varun Beverages Ltd
Varun Beverages Ltd (VBL) last reported results for the quarter ended Jun 2026, with sales of ₹8,451 crore and net profit of ₹1,525 crore. The stock last traded at ₹438, a market capitalisation of ₹1,48,052 crore, on a P/E of 43.8. Over the past 52 weeks the stock has ranged between ₹381 and ₹556. Figures are as of 6 Oct 2026 and are not real time.
Varun Beverages Ltd share price and key metrics
- Current price
- ₹438
- Market cap
- ₹1,48,052 cr
- Stock P/E
- 43.8
- Book value
- ₹57.9
- ROE
- 16.2%
- ROCE
- 19.7%
- Dividend yield
- 0.34%
- 52w high / low
- 556/381
Metrics as of 6 Oct 2026. Not real time.
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Varun Beverages Ltd growth and returns
- 10 Years
- 20%
- 5 Years
- 27%
- 3 Years
- 18%
- TTM
- 14%
- 10 Years
- 40%
- 5 Years
- 50%
- 3 Years
- 24%
- TTM
- 19%
- 10 Years
- %
- 5 Years
- 29%
- 3 Years
- 6%
- 1 Year
- 0%
- 10 Years
- 21%
- 5 Years
- 22%
- 3 Years
- 21%
- Last Year
- 16%
Varun Beverages Ltd quarterly results
In the quarter ended Jun 2026, sales were ₹8,451 cr, up 20.4% from ₹7,017 cr a year earlier. Net profit was ₹1,525 cr, up 15.1% year on year.
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4,805 | 3,689 | 5,567 | 7,017 | 4,897 | 4,204 | 6,574 | 8,451 |
| Expenses | 3,654 | 3,110 | 4,304 | 5,020 | 3,751 | 3,568 | 5,049 | 6,112 |
| Operating profit | 1,151 | 579 | 1,263 | 1,998 | 1,146 | 637 | 1,525 | 2,339 |
| OPM % | 24% | 16% | 23% | 28% | 23% | 15% | 23% | 28% |
| Other income | 24 | 45 | 28 | 77 | 148 | 99 | 44 | 104 |
| Interest | 119 | 109 | 41 | 37 | 45 | 47 | 49 | 57 |
| Depreciation | 257 | 261 | 273 | 306 | 308 | 330 | 357 | 409 |
| Profit before tax | 800 | 254 | 978 | 1,732 | 941 | 359 | 1,163 | 1,977 |
| Tax % | 21% | 23% | 25% | 23% | 21% | 28% | 24% | 23% |
| Net profit | 629 | 196 | 731 | 1,325 | 745 | 260 | 879 | 1,525 |
| EPS (₹) | 1.91 | 0.55 | 2.15 | 3.89 | 2.19 | 0.74 | 2.58 | 4.50 |
Consolidated figures as reported by the company. Percentages are as published; totals may not sum exactly.
Varun Beverages Ltd annual results
| ₹ crore | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,861 | 4,004 | 5,105 | 7,130 | 6,450 | 8,823 | 13,173 | 16,043 | 20,008 | 21,685 | 24,126 |
| Operating profit | 810 | 838 | 1,036 | 1,462 | 1,215 | 1,694 | 2,863 | 3,717 | 4,818 | 5,070 | 5,646 |
| OPM % | 21% | 21% | 20% | 21% | 19% | 19% | 22% | 23% | 24% | 23% | 23% |
| Net profit | 48 | 214 | 300 | 472 | 357 | 746 | 1,550 | 2,102 | 2,634 | 3,062 | 3,409 |
| EPS (₹) | 0.14 | 0.68 | 0.95 | 1.44 | 1.01 | 2.14 | 4.61 | 6.33 | 7.67 | 8.98 | 10.01 |
TTM is the trailing twelve months to the most recent quarter.
Varun Beverages Ltd balance sheet
| ₹ crore | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 182 | 183 | 183 | 289 | 289 | 433 | 650 | 650 | 676 | 676 |
| Reserves | 1,511 | 1,587 | 1,816 | 3,040 | 3,235 | 3,647 | 4,453 | 6,287 | 15,934 | 18,902 |
| Borrowings | 2,215 | 2,654 | 2,808 | 3,417 | 3,216 | 3,387 | 3,884 | 5,431 | 2,826 | 2,508 |
| Other liabilities | 915 | 852 | 1,192 | 1,630 | 1,707 | 2,113 | 2,632 | 2,819 | 3,688 | 3,454 |
| Total liabilities | 4,824 | 5,276 | 5,998 | 8,376 | 8,447 | 9,579 | 11,618 | 15,187 | 23,124 | 25,541 |
| Fixed assets | 3,716 | 3,981 | 4,387 | 6,479 | 6,409 | 6,311 | 6,932 | 8,409 | 13,402 | 16,759 |
| CWIP | 96 | 145 | 352 | 64 | 67 | 497 | 607 | 1,922 | 1,167 | 271 |
| Investments | 7 | 8 | 11 | 0 | 0 | 0 | 0 | 21 | 60 | 174 |
| Other assets | 1,006 | 1,141 | 1,247 | 1,833 | 1,972 | 2,772 | 4,079 | 4,835 | 8,496 | 8,337 |
| Total assets | 4,824 | 5,276 | 5,998 | 8,376 | 8,447 | 9,579 | 11,618 | 15,187 | 23,124 | 25,541 |
As reported by the company. Total assets equal total liabilities by construction.
Varun Beverages Ltd cash flow
| ₹ crore | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 826 | 620 | 1,000 | 1,308 | 1,012 | 1,231 | 1,790 | 2,391 | 3,381 | 3,509 |
| Cash from investing | -1,048 | -746 | -937 | -2,320 | -472 | -1,008 | -1,769 | -3,288 | -4,311 | -2,725 |
| Cash from financing | 230 | 159 | -84 | 1,107 | -574 | -178 | -18 | 985 | 2,954 | -1,266 |
| Net cash flow | 8 | 32 | -22 | 95 | -33 | 46 | 4 | 88 | 2,024 | -482 |
| Free cash flow | 45 | 103 | 191 | 575 | 476 | 416 | 40 | -803 | -359 | 797 |
| CFO / operating profit | 109% | 81% | 104% | 98% | 90% | 80% | 76% | 82% | 85% | 87% |
Negative figures are outflows. CFO / operating profit is a ratio, not an amount.
Varun Beverages Ltd operating ratios
| Per year | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 16% | 12% | 15% | 18% | 11% | 17% | 27% | 29% | 25% | 20% |
| Debtor days | 12 | 14 | 9 | 9 | 14 | 9 | 8 | 8 | 15 | 21 |
| Inventory days | 103 | 88 | 94 | 100 | 123 | 131 | 116 | 106 | 114 | 111 |
| Days payable | 58 | 38 | 52 | 54 | 68 | 64 | 48 | 37 | 64 | 53 |
| Cash conversion cycle | 58 | 64 | 52 | 55 | 69 | 76 | 76 | 77 | 66 | 79 |
| Working capital days | -89 | -65 | -50 | -37 | -47 | -34 | -24 | -9 | 16 | 31 |
Ratios as computed by the source from the reported statements. Rows a company does not report are omitted.
Varun Beverages Ltd shareholding pattern
Promoters held 59.43% at Jun 2026, broadly unchanged since Jun 2025. FIIs 19.03% and DIIs 15.16%.
| % held | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 62.67% | 60.20% | 60.23% | 59.82% | 59.44% | 59.44% | 59.43% | 59.43% |
| FIIs | 24.18% | 25.27% | 22.98% | 21.86% | 21.93% | 20.31% | 19.51% | 19.03% |
| DIIs | 4.97% | 7.00% | 9.19% | 10.52% | 11.78% | 13.56% | 14.35% | 15.16% |
| Government | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.04% | 0.05% |
| Public | 8.19% | 7.52% | 7.59% | 7.80% | 6.84% | 6.69% | 6.66% | 6.33% |
| No. of shareholders | 6,98,759 | 7,42,488 | 8,73,915 | 9,68,419 | 9,02,881 | 8,72,933 | 8,77,604 | 8,13,548 |
As disclosed by the company to the exchanges. The last row is a count of shareholders, not a percentage.
Varun Beverages Ltd corporate filings
- Varun Beverages approves up to 26% investment in Jager Renewables Private LimitedCompany Updatelow impact
Cruxal's analysis: The Investment and Borrowing Committee of Varun Beverages Ltd approved an investment of…
Read the full analysis - Update on Regulation 30 Disclosure Related to Crickley by Varun Beverages LtdCompany Updatelow impact
Cruxal's analysis: Varun Beverages Ltd has issued a regulatory disclosure under SEBI Regulation 30 regarding…
Read the full analysis - Intimation regarding Closure of Trading Window.Insider Trading / SASTlow impact
- Varun Beverages Limited announces resignation of Chief Operating Officer Manmohan Rupal PaulCompany Updatelow impact
Cruxal's analysis: Varun Beverages Limited has formally announced the resignation of Mr. Manmohan Rupal Paul…
Read the full analysis - Varun Beverages subsidiary executes exclusive distribution agreement in ZimbabweCompany Updatelow impact
Cruxal's analysis: Varun Beverages (Zimbabwe) (Private) Limited, a subsidiary of Varun Beverages Ltd, has…
Read the full analysis - Varun Beverages Ltd announces participation in upcoming investor meetingsCompany Updatelow impact
Cruxal's analysis: Varun Beverages Ltd has issued a formal intimation regarding the participation of company…
Read the full analysis - Varun Beverages Ltd announces schedule for upcoming investor and analyst meetingsCompany Updatelow impact
Cruxal's analysis: Varun Beverages Ltd has issued a regulatory filing under Regulation 30 of the SEBI (LODR)…
Read the full analysis - Varun Beverages subsidiary VBL Industries (Kenya) Limited to issue press releaseCompany Updatelow impact
Cruxal's analysis: Varun Beverages Ltd has announced that its wholly-owned subsidiary, VBL Industries…
Read the full analysis - Varun Beverages Ltd allots 29,750 equity shares under ESOP 2016Company Updatelow impact
Cruxal's analysis: The Share Allotment Committee of Varun Beverages Ltd has approved the allotment of 29,750…
Read the full analysis - Varun Beverages Ltd announces upcoming investor and analyst meetingsCompany Updatelow impact
Cruxal's analysis: Varun Beverages Ltd has issued an intimation regarding participation in upcoming meetings…
Read the full analysis - Varun Beverages Ltd completes incorporation of subsidiary KIVA Spirits and Company LimitedCompany Updatelow impact
Cruxal's analysis: Varun Beverages Ltd has provided an update regarding the incorporation of its subsidiary…
Read the full analysis - Varun Beverages Limited Announces Strategic Diversification into Alcoholic Beverages and Expansion into TunisiaCompany Updatehigh impact
Cruxal's analysis: Varun Beverages Limited has announced a significant strategic pivot by incorporating a…
Read the full analysis - Varun Beverages Limited completes internal merger of South African subsidiary Twizza into BevcoCompany Updatelow impact
Cruxal's analysis: Varun Beverages Limited has announced the successful completion of the merger of its…
Read the full analysis - Varun Beverages Ltd discloses ESG rating intimationCompany Updatelow impact
Cruxal's analysis: Varun Beverages Ltd has submitted a disclosure under Regulation 30 of the SEBI (LODR)…
Read the full analysis - Varun Beverages Ltd announces upcoming analyst and investor meetingsCompany Updatelow impact
Cruxal's analysis: Varun Beverages Ltd has issued an intimation regarding the company's participation in…
Read the full analysis - Varun Beverages reports strong Q2 2026 performance with 20.4% revenue growth and strategic expansion into value-added dairyCompany Updatehigh impact
Cruxal's analysis: Varun Beverages Limited reported a robust Q2 2026 performance, with consolidated net…
Read the full analysis - Varun Beverages subsidiary incorporates joint venture in Zimbabwe, expanding international footprintCompany Updatemedium impact
Cruxal's analysis: Varun Beverages (Zimbabwe) (Private) Limited, a subsidiary of Varun Beverages Ltd, has…
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