Varun Beverages Limited

BSE: VBL540180ISIN INE200M01039

Fast Moving Consumer Goods
Other Beverages
BSE 100

BSE listing

Share price

₹421.80+5.80 (+1.39%)

as of 18 Sep 2026

52W high: ₹555.60
52W low: ₹381.00
Off 52W high: -24.08%
1M return: -2.53%
3M return: -20.29%
6M return: +5.06%
1Y return: -10.91%
20D avg volume: 3,51,290
50 DMA: ₹436.22
200 DMA: ₹467.19

Key ratios Consolidated

Market cap: ₹1,42,674 Cr
Current price: ₹421.80
52W high / low: ₹555.60 / ₹381.00
Face value: ₹2.00
P/E: 41.85
P/B: —
EPS (TTM): ₹10.08
Book value / share: —
ROE: —
ROCE: —
Operating margin: —
Net margin: —
Debt / equity: —
Net debt: —
Interest cover: 24.68
Dividend yield: 0.36%
Dividend / share (TTM): ₹1.50
Payout: 14.88%
Cash conversion cycle: —

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	8,651	6,722	4,335	5,048	7,163	5,680	3,818	4,932	7,334	4,398	2,731	3,938
	104.38	43.53	99.11	148.03	77.16	28.06	44.64	24.25	44.03	8.35	9.12	18.51
	6,773	5,598	4,072	4,253	5,507	4,730	3,607	4,156	5,714	3,690	2,552	3,289
	3,653	3,152	1,922	1,899	2,845	2,671	1,705	1,785	2,872	1,931	1,209	1,635
	182.63	65.21	110.24	88.91	99.12	71.18	144.37	146.32	160.02	235.22	102.19	109.81
	683.24	619.27	586.26	553.32	549.66	511.50	479.02	513.04	499.29	393.67	371.31	371.55
	56.92	48.52	46.69	45.21	36.55	41.12	109.00	118.53	129.16	93.69	73.66	62.50
	409.04	356.79	330.20	307.60	306.15	272.51	260.78	256.61	242.48	187.52	165.97	170.81
	1,818	1,628	1,233	1,228	1,423	1,376	1,010	1,004	1,446	1,047	721.20	887.12
	1,981	1,167	361.47	942.59	1,733	978.38	254.82	800.23	1,664	715.91	187.77	667.34
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	1,981	1,167	361.47	942.59	1,733	978.38	254.82	800.23	1,664	715.91	187.77	667.34
	451.82	284.48	98.88	195.72	406.56	246.45	58.49	171.31	401.24	167.77	44.22	152.86
	1,525	878.71	260.00	745.19	1,325	731.36	195.64	628.83	1,262	547.98	143.76	514.06
	4.50	2.58	0.74	2.19	3.89	2.15	0.56	1.91	9.64	4.14	1.02	3.86
Key metrics
	2,447	1,572	738.36	1,295	2,076	1,292	624.60	1,175	2,035	997.12	427.40	900.65
	28.30%	23.40%	17.00%	25.70%	29.00%	22.70%	16.40%	23.80%	27.80%	22.70%	15.70%	22.90%
	17.60%	13.10%	6.00%	14.80%	18.50%	12.90%	5.10%	12.70%	17.20%	12.50%	5.30%	13.10%
	8.10%	—	1.90%	—	8.70%	—	—	—	—	—	—	—
	20.80%	18.30%	13.50%	2.30%	-2.30%	29.20%	39.80%	25.30%	—	—	—	—
	15.10%	20.10%	32.90%	18.50%	5.00%	33.50%	36.10%	22.30%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	24,755	22,226	20,481	16,321	13,391	8,958	6,556	7,248	5,228	4,516
	395.05	352.35	121.27	79.36	38.85	67.92	36.97	42.53	21.82	12.65
	20,697	18,562	17,168	13,661	11,406	8,020	6,164	6,599	4,819	4,239
	10,626	9,337	8,294	7,026	6,417	3,969	2,689	2,940	2,112	1,856
	446.99	369.45	685.92	462.70	188.57	165.47	92.59	423.73	194.22	27.77
	2,442	2,201	1,885	1,447	1,217	1,008	889.74	810.82	582.95	462.84
	197.34	169.58	450.39	268.10	186.12	184.70	281.10	309.64	212.56	212.18
	1,404	1,216	947.39	680.91	617.19	531.26	528.70	488.63	385.07	—
	5,907	5,260	4,507	3,582	2,907	2,126	1,595	1,652	1,272	894.73
	4,453	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
	4,453	4,016	3,435	2,740	2,024	1,007	362.50	691.91	430.78	289.60
	1,031	947.61	798.80	637.55	473.52	260.56	5.23	224.07	133.94	76.89
	3,409	3,062	2,634	2,102	1,550	746.05	357.27	472.20	299.86	212.71
	10.01	8.98	7.95	15.83	23.05	16.03	11.40	16.83	16.04	—
Key metrics
	6,054	5,402	4,832	3,689	2,827	1,723	1,172	1,490	1,028	501.78
	24.45%	24.30%	23.60%	22.60%	21.10%	19.20%	17.90%	20.60%	19.70%	11.10%
	13.77%	13.80%	12.90%	12.90%	11.60%	8.30%	5.40%	6.50%	5.70%	4.70%
	—	8.50%	25.50%	21.90%	49.50%	36.60%	-9.60%	38.60%	15.80%	—
	—	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	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	5,996	4,501	2,135	3,064	5,305	4,053	2,014	3,087	5,802	3,446	1,846	2,892
	104.39	74.32	214.43	149.69	90.01	59.80	153.90	100.17	67.25	32.61	51.08	31.04
	4,345	3,531	2,008	2,457	3,847	3,215	1,909	2,542	4,333	2,849	1,744	2,369
	2,661	2,309	1,101	1,262	2,172	2,067	1,024	1,259	2,405	1,674	959.34	1,298
	38.57	21.69	21.21	6.13	57.73	55.37	70.73	19.72	35.59	76.86	21.82	22.14
	340.12	329.83	319.39	302.97	330.43	307.44	277.11	304.84	320.93	274.68	253.75	261.28
	3.94	4.26	12.82	7.94	3.69	7.80	63.89	98.64	103.17	83.96	66.55	55.69
	223.50	198.98	185.28	172.03	180.11	165.01	154.33	157.31	166.81	139.46	125.23	127.98
	961.13	907.52	535.98	578.07	838.51	824.75	521.22	569.84	1,027	765.65	452.70	636.80
	1,755	1,043	341.71	756.52	1,548	897.31	258.80	645.19	1,536	630.09	153.51	554.61
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	1,755	1,043	341.71	756.52	1,548	897.31	258.80	645.19	1,536	630.09	153.51	554.61
	430.79	255.53	80.69	179.12	387.54	219.25	50.18	152.85	385.73	160.82	34.88	139.00
	1,324	787.91	261.02	577.40	1,160	678.06	208.62	492.34	1,150	469.27	118.63	415.61
	3.92	2.33	0.77	1.71	3.43	2.01	0.63	1.52	8.85	3.61	0.91	3.20
Key metrics
	1,983	1,247	539.81	936.49	1,732	1,070	477.02	901.14	1,806	853.51	345.29	738.28
	33.10%	27.70%	25.30%	30.60%	32.60%	26.40%	23.70%	29.20%	31.10%	24.80%	18.70%	25.50%
	22.10%	17.50%	12.20%	18.80%	21.90%	16.70%	10.40%	15.90%	19.80%	13.60%	6.40%	14.40%
	8.20%	—	1.80%	—	8.20%	—	—	—	—	—	—	—
	13.00%	11.10%	6.00%	-0.70%	-8.60%	17.60%	9.10%	6.70%	—	—	—	—
	14.20%	16.20%	25.10%	17.30%	0.90%	44.50%	75.90%	18.50%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	15,696	14,557	14,349	12,633	10,596	6,596	4,876	5,616	3,862	3,491
	542.83	513.93	353.94	146.14	143.76	57.30	71.99	98.01	96.22	47.53
	12,342	11,528	11,633	10,411	9,055	5,972	4,679	5,079	3,496	3,234
	7,333	6,602	6,362	5,903	5,459	3,086	2,131	2,348	1,660	1,455
	87.60	140.45	202.91	149.43	120.18	119.43	87.48	396.33	182.90	15.89
	1,292	1,260	1,178	1,037	920.47	741.12	695.06	630.81	411.47	319.13
	28.96	32.24	349.65	241.09	154.26	155.14	249.01	280.25	194.40	191.71
	779.79	702.42	617.91	518.33	483.13	399.83	412.82	387.20	295.55	273.64
	2,983	2,777	2,884	2,624	2,220	1,546	1,107	1,169	819.70	617.00
	3,897	3,543	3,070	2,368	1,684	681.52	269.21	634.29	462.96	304.19
	0.00	0.00	—	—	—	—	-66.53	—	—	—
	3,897	3,543	3,070	2,368	1,684	681.52	202.68	634.29	462.96	304.19
	946.13	866.60	749.58	593.04	414.30	192.03	23.75	185.74	130.60	68.59
	2,951	2,677	2,320	1,775	1,270	489.49	226.43	448.55	332.36	235.60
	8.73	7.91	7.11	13.66	19.56	11.30	7.84	16.10	18.20	—
Key metrics
	4,706	4,278	4,038	3,128	2,322	1,236	864.51	1,302	952.91	769.54
	29.98%	29.40%	28.10%	24.80%	21.90%	18.70%	17.70%	23.20%	24.70%	22.00%
	18.80%	18.40%	16.20%	14.10%	12.00%	7.40%	4.60%	8.00%	8.60%	6.70%
	—	1.50%	13.60%	19.20%	60.60%	35.30%	-13.20%	45.40%	10.60%	—
	—	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%
Sales CAGR 10Y: —
Profit CAGR 3Y: +28.21%
Profit CAGR 5Y: +63.88%
Profit CAGR 10Y: —
Sales YoY (TTM): +8.56%
Profit YoY (TTM): +16.21%

Consolidated

Sales CAGR 3Y: +18.40%
Sales CAGR 5Y: +27.66%
Sales CAGR 10Y: —
Profit CAGR 3Y: +25.47%
Profit CAGR 5Y: +53.67%
Profit CAGR 10Y: —
Sales YoY (TTM): +14.64%
Profit YoY (TTM): +18.32%

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 Jun 2026

Promoter holding: 59.43%

Holder	Type	Holding	Previous	Change
RJ Corp Limited	Promoter	25.28%	—	—
Ravi Kant Jaipuria	Promoter	16.71%	—	—
Varun Jaipuria	Promoter	15.43%	—	—
LICI NEW PENSION PLUS GROWTH FUND	Public	2.31%	—	—
Devyani Jaipuria	Promoter Group	1.94%	—	—
GOVERNMENT PENSION FUND GLOBAL	Public	1.83%	—	—
NIPPON LIFE INDIA TRUSTEE LTD.-A/C NIPPON INDIA AC	Public	1.55%	—	—
SBI ARBITRAGE OPPORTUNITIES FUND	Public	1.40%	—	—
NPS TRUST - A/C SBI PENSION FUND SCHEME - NPS TIER	Public	1.16%	—	—
Vivek Gupta	Promoter Group	0.07%	—	—
Empire Stocks Private Limited	Promoter Group	0.00%	—	—
Gee Kay Builder And Development Services Private Limited	Promoter Group	0.00%	—	—
Devyani International (Nepal) Private Limited	Promoter Group	0.00%	—	—
Accor Developers Private Limited	Promoter Group	0.00%	—	—
Africare Limited	Promoter Group	0.00%	—	—

Public shareholders are disclosed individually only above 1%.

Filings & corporate actions

Recent announcements

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
The Board of Directors of The Beverage Company Proprietary Limited (Bevco, subsidiary company) and Twizza Proprietary Limited (Twizza, step-down subsidiary company) have approved to merge ....2 Jul 2026 · Company Update / General
The Share Allotment Committee today approved the allotment of 1,68,750 Equity Shares of face value of Rs. 2 each upon exercise of stock options vested under the Employees Stock Option Scheme ....1 Jul 2026 · Company Update / Allotment of ESOP / ESPS
Intimation regarding Closure of Trading Window25 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
News Release - Introducing the "Calpis" Brand in India through alliance between Asahi Group Holdings Ltd & our Company.18 Jun 2026 · Company Update / Press Release / Media Release
Newspaper Publication6 Jun 2026 · Company Update / Newspaper Publication
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 ....26 May 2026 · Company Update / Analyst / Investor Meet
Revision of Exclusive Bottling Appointment and Trademark License Agreement with Pepsico Inc. as per details enclosed.21 May 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 ....11 May 2026 · Company Update / Analyst / Investor Meet
Transcript of Investors & Analysts Conference Call.4 May 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 ....27 Apr 2026 · Company Update / Analyst / Investor Meet
The Share Allotment Committee today approved the allotment of 2,01,750 Equity Shares of face value of Rs. 2 each upon exercise of stock options vested under the Employees Stock Option Scheme ....27 Apr 2026 · Company Update / Allotment of ESOP / ESPS
Board of Directors at their meeting held today inter-alia approved Interim dividend for FY 2026.27 Apr 2026 · Corp. Action / Dividend
Record Date for Interim Dividend for FY 202627 Apr 2026 · Corp. Action / Record Date
Press Release27 Apr 2026 · Company Update / Press Release / Media Release
Presentation on Unaudited Financial Results (Standalone & Consolidated) for the Quarter ended March 31, 202627 Apr 2026 · Company Update / Investor Presentation

Corporate actions

Purpose	Ex date	Record date	Payment date
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

28 Jul 2026 Board Meeting - Financial Results