VBL

Varun Beverages Limited

PepsiCo's largest bottler outside the US — soft drinks, juices and packaged water

Fast Moving Consumer Goods›Fast Moving Consumer Goods›Beverages›Other Beverages

varunbeverages.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹430.50
Market cap
1,45,490 Cr
Stock P/E
43.0
P/B
6.68
Dividend yield
0.3%
ROE (year to Dec 2025)
15.4%
ROCE (year to Dec 2025)
18.8%
Operating margin (year to Dec 2025)
17.2%
Debt / equity (year to Dec 2025)
0.13
OCF / EBITDA (year to Dec 2025)
69.5%
OCF / EBITDA (3Y)
69.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

VBL (Varun Beverages) is a PepsiCo franchisee that makes, distributes and sells carbonated soft drinks, juice-based drinks and packaged drinking water in India and several African markets, under an exclusive bottling and trademark licence with PepsiCo.

Company snapshot

1stBy market cap

Ranked among 1 companies in Other Beverages.

What we see

Positives
  • ✓Debt-to-equity of 0.13x — the company is largely funded by its own money, not borrowed funds.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales3,938 Cr2,731 Cr4,398 Cr7,334 Cr4,932 Cr3,818 Cr5,680 Cr7,163 Cr5,048 Cr4,335 Cr6,722 Cr8,651 Cr
Operating expenses (approx.)3,056 Cr2,313 Cr3,409 Cr5,342 Cr3,781 Cr3,238 Cr4,416 Cr5,164 Cr3,900 Cr3,696 Cr5,193 Cr6,308 Cr
EBITDA882 Cr418 Cr989 Cr1,991 Cr1,151 Cr580 Cr1,264 Cr1,999 Cr1,147 Cr639 Cr1,529 Cr2,343 Cr
OPM %22.4%15.3%22.5%27.2%23.3%15.2%22.3%27.9%22.7%14.7%22.7%27.1%
Other income19 Cr9 Cr8 Cr44 Cr24 Cr45 Cr28 Cr77 Cr148 Cr99 Cr44 Cr104 Cr
Interest63 Cr74 Cr94 Cr129 Cr119 Cr109 Cr41 Cr37 Cr45 Cr47 Cr49 Cr57 Cr
Depreciation171 Cr166 Cr188 Cr242 Cr257 Cr261 Cr273 Cr306 Cr308 Cr330 Cr357 Cr409 Cr
Profit before tax667 Cr188 Cr716 Cr1,663 Cr800 Cr254 Cr978 Cr1,732 Cr941 Cr359 Cr1,163 Cr1,977 Cr
Tax %22.9%23.5%23.4%24.1%21.4%23.0%25.2%23.5%20.8%27.6%24.5%22.9%
Net profit514 Cr144 Cr548 Cr1,262 Cr629 Cr196 Cr731 Cr1,325 Cr745 Cr260 Cr879 Cr1,525 Cr
EPS (₹)₹3.86₹1.02₹4.14₹9.64₹1.91₹0.56₹2.15₹3.89₹2.19₹0.74₹2.58₹4.50

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricDec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025TTM
Sales1,800 Cr2,115 Cr2,502 Cr3,394 Cr4,531 Cr4,516 Cr5,228 Cr7,248 Cr6,556 Cr8,958 Cr13,391 Cr16,321 Cr20,481 Cr22,226 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,572 Cr1,824 Cr2,118 Cr2,760 Cr3,735 Cr3,680 Cr4,222 Cr5,801 Cr5,354 Cr7,304 Cr10,602 Cr12,712 Cr15,770 Cr17,176 CrSign in free for the trailing twelve months
EBITDA228 Cr291 Cr385 Cr634 Cr796 Cr836 Cr1,007 Cr1,448 Cr1,202 Cr1,655 Cr2,788 Cr3,609 Cr4,711 Cr5,049 CrSign in free for the trailing twelve months
OPM %12.7%13.8%15.4%18.7%17.6%18.5%19.3%20.0%18.3%18.5%20.8%22.1%23.0%22.7%Sign in free for the trailing twelve months
Other income44 Cr17 Cr15 Cr14 Cr36 Cr13 Cr22 Cr43 Cr37 Cr68 Cr39 Cr79 Cr121 Cr352 CrSign in free for the trailing twelve months
Interest116 Cr170 Cr185 Cr169 Cr433 Cr212 Cr213 Cr310 Cr281 Cr185 Cr186 Cr268 Cr450 Cr170 CrSign in free for the trailing twelve months
Depreciation136 Cr184 Cr210 Cr317 Cr322 Cr347 Cr385 Cr489 Cr529 Cr531 Cr617 Cr681 Cr947 Cr1,216 CrSign in free for the trailing twelve months
Profit before tax21 Cr-46 Cr4 Cr162 Cr79 Cr291 Cr434 Cr696 Cr363 Cr1,007 Cr2,024 Cr2,739 Cr3,433 Cr4,010 CrSign in free for the trailing twelve months
Tax %-20.4%11.4%657.3%47.3%39.4%26.4%30.9%32.2%1.4%25.9%23.4%23.3%23.3%23.6%Sign in free for the trailing twelve months
Net profit25 Cr-40 Cr-20 Cr87 Cr48 Cr214 Cr300 Cr472 Cr357 Cr746 Cr1,550 Cr2,102 Cr2,634 Cr3,062 CrSign in free for the trailing twelve months
EPS (₹)————₹2.92₹11.52₹16.04₹16.83₹11.40₹16.03₹23.05₹15.83₹7.95₹8.98Sign in free for the trailing twelve months
Dividend payout %————————20.2%14.5%10.5%10.8%12.3%16.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricDec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Equity capital27 Cr134 Cr334 Cr584 Cr182 Cr183 Cr183 Cr289 Cr289 Cr433 Cr650 Cr650 Cr676 Cr676 Cr
Reserves145 Cr42 Cr9 Cr89 Cr1,511 Cr1,587 Cr1,816 Cr3,040 Cr3,235 Cr3,647 Cr4,453 Cr6,287 Cr15,934 Cr18,902 Cr
Borrowings1,701 Cr2,033 Cr2,139 Cr1,832 Cr1,629 Cr2,040 Cr2,358 Cr2,823 Cr2,693 Cr2,442 Cr3,695 Cr5,431 Cr2,826 Cr2,508 Cr
Other liabilities682 Cr781 Cr813 Cr1,933 Cr1,521 Cr1,475 Cr1,667 Cr2,207 Cr2,176 Cr2,943 Cr2,708 Cr2,671 Cr3,578 Cr3,316 Cr
Total liabilities2,555 Cr2,989 Cr3,295 Cr4,437 Cr4,831 Cr5,284 Cr6,031 Cr8,388 Cr8,458 Cr9,582 Cr11,618 Cr15,187 Cr23,144 Cr25,565 Cr
Fixed assets (net)1,684 Cr2,216 Cr2,213 Cr3,106 Cr3,356 Cr3,541 Cr3,860 Cr5,893 Cr5,827 Cr5,728 Cr6,357 Cr7,838 Cr11,986 Cr15,206 Cr
CWIP189 Cr27 Cr25 Cr38 Cr96 Cr145 Cr352 Cr64 Cr67 Cr497 Cr607 Cr1,922 Cr1,162 Cr266 Cr
Investments0.01 Cr0.88 Cr304 Cr3 Cr7 Cr0.0040 Cr11 Cr0.0010 Cr0.0010 Cr0.0010 Cr0.0050 Cr21 Cr60 Cr174 Cr
Loans & advances——————2 Cr7 Cr10 Cr9 Cr0 Cr0 Cr0 Cr0 Cr
Inventories231 Cr246 Cr289 Cr425 Cr490 Cr439 Cr578 Cr882 Cr929 Cr1,448 Cr1,994 Cr2,151 Cr2,791 Cr2,952 Cr
Trade receivables91 Cr65 Cr97 Cr98 Cr131 Cr150 Cr128 Cr173 Cr242 Cr221 Cr299 Cr359 Cr846 Cr1,249 Cr
Cash & bank38 Cr51 Cr34 Cr58 Cr33 Cr65 Cr43 Cr138 Cr105 Cr151 Cr154 Cr242 Cr2,266 Cr1,784 Cr
Other assets322 Cr383 Cr332 Cr710 Cr719 Cr943 Cr1,057 Cr1,233 Cr1,279 Cr1,528 Cr2,207 Cr2,654 Cr4,033 Cr3,933 Cr
Total assets2,555 Cr2,989 Cr3,295 Cr4,437 Cr4,831 Cr5,284 Cr6,031 Cr8,388 Cr8,458 Cr9,582 Cr11,618 Cr15,187 Cr23,144 Cr25,565 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricDec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from operating activity280 Cr297 Cr431 Cr560 Cr826 Cr619 Cr1,000 Cr1,308 Cr1,012 Cr1,231 Cr1,790 Cr2,391 Cr3,381 Cr3,509 Cr
Cash from investing-507 Cr-574 Cr-500 Cr-292 Cr-1,048 Cr-1,107 Cr-873 Cr-2,319 Cr-471 Cr-1,011 Cr-1,705 Cr-3,290 Cr-4,317 Cr-2,735 Cr
Cash from financing229 Cr274 Cr58 Cr-249 Cr230 Cr521 Cr-84 Cr1,107 Cr-574 Cr-178 Cr-18 Cr985 Cr2,954 Cr-1,266 Cr
Net cash flow3 Cr-2 Cr-11 Cr19 Cr8 Cr32 Cr42 Cr96 Cr-33 Cr46 Cr4 Cr88 Cr2,024 Cr-482 Cr
Free cash flow (OCF − Capex)-140 Cr-124 Cr219 Cr299 Cr33 Cr-276 Cr141 Cr554 Cr452 Cr397 Cr-11 Cr-873 Cr-398 Cr770 Cr

Ratios

MetricDec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
ROCE %7.3%5.6%7.6%13.2%15.5%13.2%14.8%16.3%10.2%17.9%24.8%24.0%19.8%18.8%
ROE %14.6%-22.5%-5.9%12.9%2.5%11.9%14.6%14.0%9.2%16.5%28.7%29.0%15.5%15.4%
Debtor days18111411111299139881520
Inventory days86788010810786100109126133113111123115
Days payable3444504760375559696547396955
Cash conversion cycle7145447257615459707774806981
OCF / EBITDA %123.0%102.0%112.0%88.3%103.7%74.1%99.3%90.3%84.2%74.4%64.2%66.2%71.8%69.5%
OCF / EBITDA % (3 years)——111.6%98.3%100.1%88.5%92.7%88.9%90.8%82.5%71.5%67.2%68.1%69.4%
Debt / equity9.9111.596.232.720.971.151.180.850.760.600.720.780.170.13
Current ratio0.650.560.710.570.490.580.660.750.740.840.861.021.741.94
Net debt / EBITDA7.296.815.472.802.012.362.301.852.151.381.271.440.120.14