- Next results date: the board meets on 30 Oct 2026 to consider: financial results and dividend.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹1,33,642 Cr52nd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 28 Jul 2026
- 39.5
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 28 Jul 2026
- 6.1
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.38%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 28 Jul 2026
- 16.9%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 28 Jul 2026
- 16.7%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Jun 2026. The filing of 28 Jul 2026
- 0.16
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 41,05,25549.9% delivered
Results
Consolidated; ₹ crore, the charts by years to December, the table by quarter.Quarterly results
Quarter to Jun 2026, against the quarter beforeFiled 28 Jul
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹8,651 Crup 28.70%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹1,525 Crup 73.59%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax.
- 17.6%
Revenue by year
Peak revenue ₹22,226 Cr, year to Dec 2025
Net profit by year, a loss in red
| ₹ crore | Sep 2024Filed 23 Oct | Dec 2024Filed 10 Feb | Mar 2025Filed 12 Jun | Jun 2025Filed 29 Jul | Sep 2025Filed 29 Oct | Dec 2025Filed 3 Feb | Mar 2026Filed 27 Apr | Jun 2026Filed 28 Jul |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,932what Revenue, Sep 2024, includes. This period's revenue includes excise duty of ₹127 crore, a tax on the goods the company makes that it collects and pays to the government. | 3,818what Revenue, Dec 2024, includes. This period's revenue includes excise duty of ₹129 crore, a tax on the goods the company makes that it collects and pays to the government. | 5,680what Revenue, Mar 2025, includes. This period's revenue includes excise duty of ₹113 crore, a tax on the goods the company makes that it collects and pays to the government. | 7,163what Revenue, Jun 2025, includes. This period's revenue includes excise duty of ₹146 crore, a tax on the goods the company makes that it collects and pays to the government. | 5,048what Revenue, Sep 2025, includes. This period's revenue includes excise duty of ₹151 crore, a tax on the goods the company makes that it collects and pays to the government. | 4,335what Revenue, Dec 2025, includes. This period's revenue includes excise duty of ₹130 crore, a tax on the goods the company makes that it collects and pays to the government. | 6,722what Revenue, Mar 2026, includes. This period's revenue includes excise duty of ₹147 crore, a tax on the goods the company makes that it collects and pays to the government. | 8,651what Revenue, Jun 2026, includes. This period's revenue includes excise duty of ₹199 crore, a tax on the goods the company makes that it collects and pays to the government. |
| Net profit | 629 | 196 | 731 | 1,325 | 745 | 260 | 879 | 1,525 |
| Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. | 12.7% | 5.1% | 12.9% | 18.5% | 14.8% | 6.0% | 13.1% | 17.6% |
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
In the year to Dec 2025 the company reports one business segment, Manufacturing and Distribution of Beverages, which carries all its revenue.
Valuation
Today, against the company's own history.PE ratio and valuation history
Price to earningsPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit.
At or below today's level on 4% of 2,099 trading days since May 2018.
LowestHighest
Its median58.6Industry median30.1
Price to bookPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet.
At or below today's level on 7% of 1,945 trading days since Aug 2018.
LowestHighest
Its median9.4Industry median1.8
EV to EBITDAEnterprise value to EBITDA. Market cap plus borrowings less cash and bank balances, divided by operating profit before depreciation (revenue less operating expenses, without other income and one-off items) over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly): what the whole business costs against the profit its operations make. Lease liabilities are not counted: the results filings do not state them.23.8
At or below today's level on 27% of 1,945 trading days since Aug 2018.
LowestHighest
Its median28.2Industry median28.6
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 89% of 2,398 trading days since Feb 2017.
LowestHighest
Its median0.28%Industry median0.78%
Where the return came from
Yearly rates to Dec 2025, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −23.0% | +17.0% | −34.4% | 0.3% |
| 3 years | +23.0% | +24.9% | −1.7% | 0.2% |
| 5 years | +43.4% | +54.7% | −7.5% | 0.2% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 1 year is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count. Earnings growth over 5 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the year to Dec 2020.
Mutual funds holding it
315 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 120 of the 162 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.Mutual fund holdings
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 7
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 2
- AddedAdded. Funds that held more shares than at the end of the month before.
- 112
- CutCut. Funds that held fewer shares than at the end of the month before.
- 50
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 143
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end.
- 2
| Fund | |||
|---|---|---|---|
 SBI Large Cap FundSBI Mutual Fund | 2,45,00,000 | 2.02% | ₹1,058.4 Cr |
 Nippon India Growth Mid Cap FundNippon India Mutual Fund | 2,25,00,000 | 1.94% | ₹972.0 Cr |
| SBI Flexicap FundSBI Mutual Fund | 1,03,54,404 | 2.02% | ₹447.3 Cr |
| SBI Arbitrage FundSBI Mutual Fund | 81,35,775 | 0.76% | ₹351.5 Cr |
 Kotak Arbitrage FundKotak Mahindra Mutual Fund | 80,01,900 | 0.46% | ₹345.7 Cr |
 Mirae Asset Large Cap FundMirae Asset Mutual Fund | 78,27,631 | 0.95% | ₹338.2 Cr |
 ICICI Prudential Arbitrage FundICICI Prudential Mutual Fund | 75,09,750 | 0.91% | ₹324.4 Cr |
| Nippon India Focused FundNippon India Mutual Fund | 70,12,573 | 3.75% | ₹302.9 Cr |
 Tata Large & Mid Cap FundTata Mutual Fund | 70,00,000 | 4.17% | ₹302.4 Cr |
| Nippon India ELSS Tax Saver FundNippon India Mutual Fund | 61,00,000 | 1.87% | ₹263.5 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Peers and competitors
Beverages, 35 listed companies, priced on 23 Oct 2026. The table lists the 8 companies closest to Varun Beverages in market cap.
Where the company sits among the companies nearest its size
| Company | |||||||||
|---|---|---|---|---|---|---|---|---|---|
 United SpiritsUNITDSPR | 91,064 | 48.3 | 10.2 | 39.1 | +2.9% | +24.4% | 22.1% | 22.2% | 1.36% |
 Radico KhaitanRADICO | 55,703 | 79.2 | 16.8 | 49.2 | +18.6% | +76.4% | 23.2% | 26.9% | 0.22% |
 United BreweriesUBL | 30,211 | 76.4 | 6.7 | 39.6 | −5.1% | −12.5% | 8.9% | 8.5% | 0.88% |
 Allied Blenders and DistillersABDL | 18,815 | 85.1 | 11.3 | 36.3 | −5.9% | −8.0% | 13.8% | 16.2% | 0.80% |
 Tilaknagar IndustriesTI | 12,176 | – | 4.1 | 28.6 | +98.9% | −113.0% | −1.9% | 7.1% | 0.20% |
 Piccadily Agro IndustriesPICCADIL | 5,329 | 37.9 | 5.9 | 23.9 | +29.7% | +30.5% | 17.8% | 14.7% | 0.19% |
 Globus SpiritsGLOBUSSPR | 2,243 | 22.3 | – | – | +6.4% | +298.5% | 9.6% | 11.3% | 0.92% |
 India GlycolsINDIAGLYCO | 1,927 | – | – | – | +11.4% | +29.8% | – | – | 0.53% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.Dividend history and dates
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up.Highest ₹1.50 a share, year to Dec 2025.
| Ex-date | Type | Per share |
|---|---|---|
| 31 Jul 2026 | Interim | ₹0.50 |
| 30 Apr 2026 | Interim | ₹0.50 |
| 8 Apr 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹0.50 |
| 1 Aug 2025 | Interim | ₹0.50 |
| 7 May 2025 | Interim | ₹0.50 |
| 4 Apr 2025 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹0.50 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.Share news and announcements
Oct 2026
Sep 2026
24 Sep · Management
Varun Beverages share price by year
Each calendar year to 2025.Varun Beverages share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 489.85 | −23.3% | 652.20 | 434.85 |
| 2024 | 638.50 | +29.1% | 674.12 | 490.32 |
| 2023 | 494.76 | +87.0% | 516.52 | 227.15 |
| 2022 | 264.51 | +123.3% | 282.78 | 112.18 |
| 2021 | 118.44 | +45.5% | 133.99 | 76.65 |
| 2020 | 81.43 | +29.3% | 87.22 | 47.06 |
| 2019 | 62.99 | +35.5% | 67.68 | 44.91 |
| 2018 | 46.48 | +20.1% | 48.84 | 35.66 |
| 2017 | 38.71 | +71.7% | 38.71 | 20.64 |
| 2016 | 22.55 | – | 27.23 | 21.30 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2016 is from its first session, 8 Nov 2016.
Recent sessions
The last 10 trading days to 23 Oct 2026, as traded on NSE.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 23 Oct 2026 | 404.40 | 404.40 | 385.80 | 395.10 | 391.25 | 41,05,255 | 49.9% |
| 22 Oct 2026 | 405.10 | 406.40 | 399.00 | 400.80 | 402.04 | 43,98,528 | 48.4% |
| 21 Oct 2026 | 421.00 | 421.70 | 401.85 | 408.40 | 411.05 | 49,10,837 | 60.5% |
| 19 Oct 2026 | 430.00 | 430.45 | 418.50 | 420.55 | 422.08 | 47,11,070 | 56.8% |
| 16 Oct 2026 | 431.80 | 435.25 | 424.00 | 430.50 | 428.09 | 62,03,412 | 62.5% |
| 15 Oct 2026 | 442.75 | 444.35 | 429.15 | 429.25 | 434.46 | 40,69,643 | 56.8% |
| 14 Oct 2026 | 441.30 | 442.90 | 439.00 | 442.65 | 440.86 | 36,73,528 | 70.1% |
| 13 Oct 2026 | 435.00 | 443.70 | 434.00 | 442.00 | 441.08 | 25,36,880 | 55.4% |
| 12 Oct 2026 | 441.00 | 442.50 | 433.30 | 433.30 | 437.52 | 40,53,889 | 65.1% |
| 9 Oct 2026 | 430.55 | 441.00 | 430.15 | 441.00 | 438.53 | 29,06,521 | 49.7% |
Prices in ₹ per share as traded, not adjusted.
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Bonus shares and stock split history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 12 Sep 2024 | Split | 0.4000 | Every 2 shares became 5. |
| 15 Jun 2023 | Split | 0.5000 | Each share became 2. |
| 6 Jun 2022 | Bonus | 0.6667 | Holders received 1 bonus share for every 2 held. |
| 10 Jun 2021 | Bonus | 0.6667 | Holders received 1 bonus share for every 2 held. |
| 25 Jul 2019 | Bonus | 0.6667 | Holders received 1 bonus share for every 2 held. |
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout.
About Varun Beverages
Varun Beverages Limited makes and distributes beverages under PepsiCo's trademarks. It is a PepsiCo franchisee, which means it is licensed to produce and sell PepsiCo's brands in set territories. Its range covers carbonated and non-carbonated drinks, and it also sells snacks and value-added dairy-based beverages. India is its primary revenue driver.
Its franchise operations extend across Nepal, Sri Lanka, Morocco, Zambia, Zimbabwe, South Africa, Lesotho, Eswatini and the Democratic Republic of Congo, in addition to its sub-territories in India. It also holds distribution rights for PepsiCo products in Namibia, Botswana, Mozambique and Madagascar. The company runs manufacturing facilities in India and in several of these countries. In snacks, it manufactures Cheetos in Morocco and co-manufactures Kurkure Puffcorn in India. A trademark called CreamBell is licensed to it for ambient temperature value-added dairy-based beverages.
The company has its registered office in New Delhi and its corporate office in Gurugram. It was incorporated in 1995 and its shares are listed on the NSE. In 2024 it acquired BevCo, a South African subsidiary, along with that company's wholly owned subsidiaries. In 2025 it acquired a 50% stake in Everest Industrial Lanka (Private) Limited and formed a joint venture, White Peak Refrigeration Private Limited, to manufacture visi-coolers and refrigeration equipment in India. It follows January to December as its financial year, so its annual periods end in December.
- Legal name
- Varun Beverages Limited
- NSE symbol
- VBL
- BSE code
- 540180
- ISIN
- INE200M01039
- Industry
- Beverages
- Listed
- Nov 2016
- Face value
- ₹2
- CIN
- L74899DL1995PLC069839
- Corporate identity number, the registrar of companies' code for it
In Nifty Next 50, Nifty 100, BSE 100, Nifty 200, BSE 200, Nifty 500