Varun Beverages Limited

BSE: VBL540180ISIN INE200M01039

Fast Moving Consumer Goods
Other Beverages
BSE 100

Share price

₹420.05+12.90 (+3.17%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

Splits and bonuses

12 Sep 2024 · Split 2.5:1 (₹5 → ₹2)

52W high: ₹555.60
52W low: ₹381.00
Off 52W high: -24.40%
1M return: -4.38%
3M return: -4.20%
6M return: -17.49%
1Y return: -10.84%
20D avg volume: 4,26,874
50 DMA: ₹420.04
200 DMA: ₹458.08

Key ratios Consolidated

Market cap: ₹1,42,082 Cr
Current price: ₹420.05
52W high / low: ₹555.60 / ₹381.00
Face value: ₹2.00
P/E: 40.66
P/B: 6.53
EPS (TTM): ₹10.33
Book value / share: ₹64.37
ROE: —
ROCE: —
Operating margin: —
Net margin: —
Debt / equity: —
Net debt: —
Interest cover: 24.68
Dividend yield: 0.36%
Dividend / share (TTM): ₹1.50
Payout: 14.52%
Cash conversion cycle: —

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	6,816	8,651	6,722	4,335	5,048	7,163	5,680	3,818	4,932	7,334	4,398	2,731
	119.86	104.38	43.53	99.11	148.03	77.16	28.06	44.64	24.25	44.03	8.35	9.12
	6,935	8,755	6,765	4,434	5,196	7,240	5,708	3,862	4,956	7,378	4,406	2,740
	5,881	6,773	5,598	4,072	4,253	5,507	4,730	3,607	4,156	5,714	3,690	2,552
	2,910	3,653	3,152	1,922	1,899	2,845	2,671	1,705	1,785	2,872	1,931	1,209
	100.64	182.63	65.21	110.24	88.91	99.12	71.18	144.37	146.32	160.02	235.22	102.19
	602.56	683.24	619.27	586.26	553.32	549.66	511.50	479.02	513.04	499.29	393.67	371.31
	71.69	56.92	48.52	46.69	45.21	36.55	41.12	109.00	118.53	129.16	93.69	73.66
	419.98	409.04	356.79	330.20	307.60	306.15	272.51	260.78	256.61	242.48	187.52	165.97
	1,687	1,818	1,628	1,233	1,228	1,423	1,376	1,010	1,004	1,446	1,047	721.20
	1,055	1,981	1,167	361.47	942.59	1,733	978.38	254.82	800.23	1,664	715.91	187.77
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	1,055	1,981	1,167	361.47	942.59	1,733	978.38	254.82	800.23	1,664	715.91	187.77
	222.02	451.82	284.48	98.88	195.72	406.56	246.45	58.49	171.31	401.24	167.77	44.22
	830.59	1,525	878.71	260.00	745.19	1,325	731.36	195.64	628.83	1,262	547.98	143.76
	2.45	4.50	2.58	0.74	2.19	3.89	2.15	0.56	1.91	9.64	4.14	1.02
Key metrics
	1,547	2,447	1,572	738.36	1,295	2,076	1,292	624.60	1,175	2,035	997.12	427.40
	22.70%	28.30%	23.40%	17.00%	25.70%	29.00%	22.70%	16.40%	23.80%	27.80%	22.70%	15.70%
	12.20%	17.60%	13.10%	6.00%	14.80%	18.50%	12.90%	5.10%	12.70%	17.20%	12.50%	5.30%
	—	8.10%	—	1.90%	—	8.70%	—	—	—	—	—	—
	35.00%	20.80%	18.30%	13.50%	2.30%	-2.30%	29.20%	39.80%	—	—	—	—
	11.50%	15.10%	20.10%	32.90%	18.50%	5.00%	33.50%	36.10%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	26,522	22,226	20,481	16,321	13,391	8,958	6,556	7,248	5,228	4,516
	366.88	352.35	121.27	79.36	38.85	67.92	36.97	42.53	21.82	12.65
	26,889	22,578	20,603	16,400	13,429	9,026	6,593	7,291	5,250	4,529
	22,324	18,562	17,168	13,661	11,406	8,020	6,164	6,599	4,819	4,239
	11,637	9,337	8,294	7,026	6,417	3,969	2,689	2,940	2,112	1,856
	458.72	369.45	685.92	462.70	188.57	165.47	92.59	423.73	194.22	27.77
	2,491	2,201	1,885	1,447	1,217	1,008	889.74	810.82	582.95	462.84
	223.82	169.58	450.39	268.10	186.12	184.70	281.10	309.64	212.56	212.18
	1,516	1,216	947.39	680.91	617.19	531.26	528.70	488.63	385.07	—
	6,366	5,260	4,507	3,582	2,907	2,126	1,595	1,652	1,272	894.73
	4,565	4,016	3,435	2,740	2,024	1,007	429.03	691.91	430.78	289.60
	0.00	0.00	0.00	0.00	0.00	0.00	-66.53	0.00	0.00	0.00
	4,565	4,016	3,435	2,740	2,024	1,007	362.50	691.91	430.78	289.60
	1,057	947.61	798.80	637.55	473.52	260.56	5.23	224.07	133.94	76.89
	3,495	3,062	2,634	2,102	1,550	746.05	357.27	472.20	299.86	212.71
	10.27	8.98	7.95	15.83	23.05	16.03	11.40	16.83	16.04	—
Key metrics
	6,305	5,402	4,832	3,689	2,827	1,723	1,172	1,490	1,028	501.78
	23.77%	24.30%	23.60%	22.60%	21.10%	19.20%	17.90%	20.60%	19.70%	11.10%
	13.18%	13.80%	12.90%	12.90%	11.60%	8.30%	5.40%	6.50%	5.70%	4.70%
	22.18%	8.50%	25.50%	21.90%	49.50%	36.60%	-9.60%	38.60%	15.80%	—
	16.58%	16.20%	25.30%	35.60%	107.80%	108.80%	-24.30%	57.50%	41.00%	—
	—	770.21	—	—	—	—	—	—	—	—
	—	1.15	—	—	—	—	—	—	—	—
Cash flow
	—	3,509	—	—	—	—	—	—	—	—
	—	-2,735	—	—	—	—	—	—	—	—
	—	-1,266	—	—	—	—	—	—	—	—
	—	2,739	—	—	—	—	—	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	3,822	5,996	4,501	2,135	3,064	5,305	4,053	2,014	3,087	5,802	3,446	1,846
	143.50	104.39	74.32	214.43	149.69	90.01	59.80	153.90	100.17	67.25	32.61	51.08
	3,966	6,101	4,575	2,350	3,214	5,395	4,112	2,168	3,187	5,869	3,479	1,897
	3,114	4,345	3,531	2,008	2,457	3,847	3,215	1,909	2,542	4,333	2,849	1,744
	1,811	2,661	2,309	1,101	1,262	2,172	2,067	1,024	1,259	2,405	1,674	959.34
	16.32	38.57	21.69	21.21	6.13	57.73	55.37	70.73	19.72	35.59	76.86	21.82
	339.14	340.12	329.83	319.39	302.97	330.43	307.44	277.11	304.84	320.93	274.68	253.75
	7.93	3.94	4.26	12.82	7.94	3.69	7.80	63.89	98.64	103.17	83.96	66.55
	201.91	223.50	198.98	185.28	172.03	180.11	165.01	154.33	157.31	166.81	139.46	125.23
	665.15	961.13	907.52	535.98	578.07	838.51	824.75	521.22	569.84	1,027	765.65	452.70
	851.79	1,755	1,043	341.71	756.52	1,548	897.31	258.80	645.19	1,536	630.09	153.51
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	851.79	1,755	1,043	341.71	756.52	1,548	897.31	258.80	645.19	1,536	630.09	153.51
	193.26	430.79	255.53	80.69	179.12	387.54	219.25	50.18	152.85	385.73	160.82	34.88
	658.53	1,324	787.91	261.02	577.40	1,160	678.06	208.62	492.34	1,150	469.27	118.63
	1.95	3.92	2.33	0.77	1.71	3.43	2.01	0.63	1.52	8.85	3.61	0.91
Key metrics
	1,062	1,983	1,247	539.81	936.49	1,732	1,070	477.02	901.14	1,806	853.51	345.29
	27.80%	33.10%	27.70%	25.30%	30.60%	32.60%	26.40%	23.70%	29.20%	31.10%	24.80%	18.70%
	17.20%	22.10%	17.50%	12.20%	18.80%	21.90%	16.70%	10.40%	15.90%	19.80%	13.60%	6.40%
	—	8.20%	—	1.80%	—	8.20%	—	—	—	—	—	—
	24.80%	13.00%	11.10%	6.00%	-0.70%	-8.60%	17.60%	9.10%	—	—	—	—
	14.10%	14.20%	16.20%	25.10%	17.30%	0.90%	44.50%	75.90%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	16,454	14,557	14,349	12,633	10,596	6,596	4,876	5,616	3,862	3,491
	536.64	513.93	353.94	146.14	143.76	57.30	71.99	98.01	96.22	47.53
	16,991	15,071	14,703	12,779	10,740	6,653	4,948	5,714	3,958	3,538
	12,999	11,528	11,633	10,411	9,055	5,972	4,679	5,079	3,496	3,234
	7,881	6,602	6,362	5,903	5,459	3,086	2,131	2,348	1,660	1,455
	97.79	140.45	202.91	149.43	120.18	119.43	87.48	396.33	182.90	15.89
	1,328	1,260	1,178	1,037	920.47	741.12	695.06	630.81	411.47	319.13
	28.95	32.24	349.65	241.09	154.26	155.14	249.01	280.25	194.40	191.71
	809.67	702.42	617.91	518.33	483.13	399.83	412.82	387.20	295.55	273.64
	3,070	2,777	2,884	2,624	2,220	1,546	1,107	1,169	819.70	617.00
	3,992	3,543	3,070	2,368	1,684	681.52	269.21	634.29	462.96	304.19
	0.00	0.00	—	—	—	—	-66.53	—	—	—
	3,992	3,543	3,070	2,368	1,684	681.52	202.68	634.29	462.96	304.19
	960.27	866.60	749.58	593.04	414.30	192.03	23.75	185.74	130.60	68.59
	3,032	2,677	2,320	1,775	1,270	489.49	226.43	448.55	332.36	235.60
	8.97	7.91	7.11	13.66	19.56	11.30	7.84	16.10	18.20	—
Key metrics
	4,831	4,278	4,038	3,128	2,322	1,236	864.51	1,302	952.91	769.54
	29.36%	29.40%	28.10%	24.80%	21.90%	18.70%	17.70%	23.20%	24.70%	22.00%
	18.43%	18.40%	16.20%	14.10%	12.00%	7.40%	4.60%	8.00%	8.60%	6.70%
	13.99%	1.50%	13.60%	19.20%	60.60%	35.30%	-13.20%	45.40%	10.60%	—
	15.53%	15.40%	30.70%	39.80%	159.50%	116.20%	-49.50%	35.00%	41.10%	—
	—	1,039	—	—	—	—	—	—	—	—
	—	0.96	—	—	—	—	—	—	—	—
Cash flow
	—	2,577	—	—	—	—	—	—	—	—
	—	-2,057	—	—	—	—	—	—	—	—
	—	-979.39	—	—	—	—	—	—	—	—
	—	1,538	—	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +11.17%
Sales CAGR 5Y: +24.45%
Profit CAGR 3Y: +28.21%
Profit CAGR 5Y: +63.88%
Sales YoY (TTM): +13.99%
Profit YoY (TTM): +15.53%

Consolidated

Sales CAGR 3Y: +18.40%
Sales CAGR 5Y: +27.66%
Profit CAGR 3Y: +25.47%
Profit CAGR 5Y: +53.67%
Sales YoY (TTM): +22.18%
Profit YoY (TTM): +16.58%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 59.43%

Quarter	September 2026	June 2026
Promoter %	59.43%	59.43%

Holder	Type	Holding	Previous	Change
RJ Corp Limited	Promoter	25.28%	25.28%	0.00%
Ravi Kant Jaipuria	Promoter	16.71%	16.71%	0.00%
Varun Jaipuria	Promoter	15.43%	15.43%	0.00%
LICI NEW ENDOWMENT PLUS-GROWTH FUND	Public	2.31%	—	—
NIPPON LIFE INDIA TRUSTEE LTD.-A/C NIPPON INDIA BS	Public	1.96%	—	—
Devyani Jaipuria	Promoter Group	1.94%	1.94%	0.00%
GOVERNMENT PENSION FUND GLOBAL	Public	1.86%	1.83%	+0.03%
SBI AGGRESSIVE HYBRID FUND	Public	1.82%	—	—
NPS TRUST A/C - SBI PF NPS JEEVAN SWARNA RETIREMENT	Public	1.27%	—	—
Vivek Gupta	Promoter Group	0.07%	0.07%	0.00%
Reviva Cell Technologies Pte. Ltd.	Promoter Group	0.00%	0.00%	0.00%
RJ International Holdco FZCO	Promoter Group	0.00%	0.00%	0.00%
Cryoviva Malaysia SDN. BHD.	Promoter Group	0.00%	0.00%	0.00%
Cryoviva Biotech Private Limited	Promoter Group	0.00%	0.00%	0.00%
Fuel Buddy Zambia Limited	Promoter Group	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Varun Beverages Limited	1,46,191	420.05	40.66	—	+22.18% TTM	+16.58% TTM	-10.84%
Valencia Nutrition Limited	116	58.00	—	2.10%	—	—	-30.79%
Orient Beverages Ltd.	35	158.65	8.07	15.30%	+10.98% TTM	+80.85% TTM	-22.80%
ANS Limited S	26	27.25	17.36	-12.30%	-100.00% TTM	+169.86% TTM	+70.31%
Transglobe Foods Ltd.	7	465.00	—	—	—	—	+25.02%

Filings & corporate actions

Recent announcements

Transcript of Investors & Analysts Conference Call.4 Nov 2026 · Company Update / Earnings Call Transcript
Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, link of audio recording of Investors & Analysts Conference Call ....30 Oct 2026 · Company Update / Analyst / Investor Meet
Board of Directors at their meeting held today inter-alia approved 3rd Interim Dividend for FY 202630 Oct 2026 · Corp. Action / Dividend
Record Date for 3rd Interim Dividend for FY 202630 Oct 2026 · Corp. Action / Record Date
Press Release30 Oct 2026 · Company Update / Press Release / Media Release
Presentation on Unaudited Financial Results (Standalone and Consolidated) for the Quarter and Nine Months ended 30 September 202630 Oct 2026 · Company Update / Investor Presentation
Outcome of Board Meeting30 Oct 2026 · Board Meeting / Outcome of Board Meeting
Unaudited Financial Results (Standalone and Consolidated) for the Quarter and Nine Months ended 30 September 202630 Oct 2026 · Result / Financial Results
Pursuant to the provisions of Regulation 30(6) read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that ....27 Oct 2026 · Company Update / Analyst / Investor Meet
Varun Beverages Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 30/10/2026 ,inter alia, to consider and approve (i) Unaudited Financial Results ....23 Oct 2026 · Board Meeting / Board Meeting
The Investment and Borrowing Committee of the Board of Directors at their meeting held today approved to invest upto 26% of Equity Share Capital of Jager Renewables Private Limited as per ....7 Oct 2026 · Company Update / General
Update on the disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 related to Crickley.30 Sep 2026 · Company Update / General
Intimation regarding Closure of Trading Window.25 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Intimation of change in Senior Management Personnel of the Company24 Sep 2026 · Company Update / Change in Management
Intimation for execution of an Exclusive Distribution Agreement by Varun Beverages (Zimbabwe) (Private) Limited, subsidiary company as per details attached24 Sep 2026 · Company Update / General
We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in ....18 Sep 2026 · Company Update / Analyst / Investor Meet
We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in ....15 Sep 2026 · Company Update / Analyst / Investor Meet
Press Release to be issued in Kenya by VBL Industries (Kenya) Limited, wholly-owned subsidiary of our Company.14 Sep 2026 · Company Update / Press Release / Media Release
The Share Allotment Committee today approved the allotment of 29,750 Equity Shares of face value of Rs. 2 each upon exercise of stock options vested under the Employees Stock Option Scheme ....11 Sep 2026 · Company Update / Allotment of ESOP / ESPS
We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in ....9 Sep 2026 · Company Update / Analyst / Investor Meet
Update on incorporation of KIVA Spirits and Company Limited as per details enclosed.31 Aug 2026 · Company Update / General
The Board of Directors at their meeting held today inter-alia approved: (i) to incorporate a wholly-owned subsidiary company in India, (ii) appointment of Mr. Prathmesh Mishra as CEO & ....25 Aug 2026 · Company Update / General
Update on merger of Twizza Proprietary Limited (step down subsidiary) with The Beverage Company Proprietary Limited (subsidiary company) as per details in enclosed disclosure.17 Aug 2026 · Company Update / General
Intimation of ESG Rating11 Aug 2026 · Company Update / General
We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in ....10 Aug 2026 · Company Update / Analyst / Investor Meet
Transcript of Investors & Analysts Conference Call4 Aug 2026 · Company Update / Earnings Call Transcript
Varun Beverages (Zimbabwe) (Private) Limited, subsidiary company, has incorporated a joint venture company in Zimbabwe as per details in enclosed intimation.4 Aug 2026 · Company Update / General
In continuation to our earlier disclosure dated 6 July 2026, VBL Industries (Kenya) Limited, wholly-owned subsidiary of our company today completed the acquisition as per details in enclosed ....1 Aug 2026 · Company Update / General
Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, link of audio recording of Investors & Analysts Conference Call ....28 Jul 2026 · Company Update / Analyst / Investor Meet
Board of Directors at their meeting held today inter-alia approved 2nd Interim Dividend for FY 202628 Jul 2026 · Corp. Action / Dividend
Record Date for 2nd Interim Dividend for FY 202628 Jul 2026 · Corp. Action / Record Date
Press Release28 Jul 2026 · Company Update / Press Release / Media Release
Presentation on Unaudited Financial Results (Standalone and Consolidated) for the Quarter and Half Year ended 30 June 202628 Jul 2026 · Company Update / Investor Presentation
Outcome of Board Meeting28 Jul 2026 · Board Meeting / Outcome of Board Meeting
Unaudited Financial Results (Standalone & Consolidated) for the Quarter and Half Year ended 30 June 202628 Jul 2026 · Result / Financial Results
Pursuant to the provisions of Regulation 30(6) read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that ....22 Jul 2026 · Company Update / Analyst / Investor Meet
Varun Beverages Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 28/07/2026 ,inter alia, to consider and approve (i) Unaudited Financial Results ....21 Jul 2026 · Board Meeting / Board Meeting
Appointment of Senior Management Personnel of the Company as per enclosed intimation.20 Jul 2026 · Company Update / Change in Management
Intimation of change in Senior Management Personnel of the Company7 Jul 2026 · Company Update / Change in Management
VBL Industries (Kenya) Limited, wholly-owned subsidiary has entered into an agreement to acquire the value-added dairy beverages, juices and packaged drinking water of Devyani Food Industries ....6 Jul 2026 · Company Update / Memorandum of Understanding /Agreements

Corporate actions

Purpose	Ex date	Record date	Payment date
Interim Dividend - Rs. - 0.5000	5 Nov 2026	5 Nov 2026	—
Interim Dividend - Rs. - 0.5000	31 Jul 2026	1 Aug 2026	—
Interim Dividend - Rs. - 0.5000	30 Apr 2026	1 May 2026	—
Final Dividend - Rs. - 0.5000	8 Apr 2026	8 Apr 2026	—
Interim Dividend - Rs. - 0.5000	1 Aug 2025	2 Aug 2025	—
Interim Dividend - Rs. - 0.5000	7 May 2025	7 May 2025	—
Final Dividend - Rs. - 0.5000	4 Apr 2025	4 Apr 2025	—
Stock Split From Rs.5/- to Rs.2/-	12 Sep 2024	12 Sep 2024	—
Interim Dividend - Rs. - 1.2500	9 Aug 2024	9 Aug 2024	—

Board meetings

30 Oct 2026 Board Meeting - Financial Results
28 Jul 2026 Board Meeting - Financial Results