NSE VBL · BSE 540180 · Beverages (Nonalcoholic) · NIFTY 500

Varun Beverages Share Price

Market closed · NSE price as of Fri 25 Sep, 10:20 AM IST
₹434.80 ▲ +₹2.64 · 0.61%
Day range · 25 Sep
₹426.25Low₹436.50High
52-week range
₹381.00Low · 23 Mar 2026₹555.60High · 17 Jun 2026

Varun Beverages Overview

Where the price stands, how it has moved and how it sits against its averages.

Varun Beverages shares last traded at ₹434.80 on the NSE, up 0.61% on the day. That is 21.7% below the 52-week high of ₹555.60 and 14.1% above the 52-week low of ₹381.00. The stock trades at 43.42× earnings, above the sector average of 16.93. Its market value is ₹1,47,020 Cr.

Price returns

1 Day▲ +0.61%
1 Week0.00%
This month▲ +8.58%
3 Months▼ −14.35%
6 Months▲ +11.69%
This year▼ −11.24%
1 Year▼ −3.77%

Against the market: 1 Month ▲ +9.81% · 3 Months ▼ −10.64% · 6 Months ▲ +11.22% · This year ▲ +2.37% · 1 Year ▲ +5.69%

Shading grows with the size of the move. We ask our data provider for a newer price every 15 minutes while the market is open (9:15 AM–3:30 PM IST); next check from Thu 15 Oct, 9:15 AM. Its quotes are not real-time — the time at the top shows how current the price is.

Moving averages — price is above 4 of 6

  1. 100-day average₹471.64 ▼ price 7.8% below
  2. 300-day average₹466.14 ▼ price 6.7% below
  3. Today's price₹434.80
  4. 50-day average₹432.00 ▲ price 0.6% above
  5. 5-day average₹431.44 ▲ price 0.8% above
  6. 10-day average₹423.11 ▲ price 2.8% above
  7. 20-day average₹415.52 ▲ price 4.6% above

Each average is the mean closing price over that many trading days; averages above the current price sit higher on the ladder.

Varun Beverages Financial Results

Revenue and net profit in ₹ crore, with the full statements underneath.

Revenue₹ crore
22,226
Net profit₹ crore · losses below zero
3,036

Year by year

Fiscal yearRevenueGrowthNet profitNet marginEPSDividend
FY 2025 ₹22,226 Cr ▲ +8.5% ₹3,036 Cr 13.7% ₹8.98 ₹1.50
FY 2024 ₹20,481 Cr ▲ +25.5% ₹2,595 Cr 12.7% ₹7.94 ₹1.00
FY 2023 ₹16,321 Cr ▲ +21.9% ₹2,056 Cr 12.6% ₹6.33 ₹1.20
FY 2022 ₹13,391 Cr ▲ +49.5% ₹1,497 Cr 11.2% ₹4.61 ₹0.50
FY 2021 ₹8,958 Cr ▲ +36.6% ₹694 Cr 7.7% ₹2.14 ₹0.33
FY 2020 ₹6,556 Cr ▼ −9.6% ₹329 Cr 5.0% ₹1.01 ₹0.22
FY 2019 ₹7,248 Cr — ₹469 Cr 6.5% ₹1.50 ₹0.22

Balance sheet — FY25

Owes (liabilities)Shareholders' equity
23%
77%
  • Total assets₹25,565 Cr
  • Total liabilities₹5,986 Cr
  • Shareholders' equity₹19,579 Cr
  • Total debt₹2,508 Cr
  • Cash & investments₹1,784 Cr
  • Current ratio1.94×
  • Revenue growth, 5 yr27.66% a year
  • EPS growth, 5 yr54.70% a year
  • Operating margin (TTM)17.19%
  • Net margin (TTM)13.77%

Cash flow — FY25

Operating activities
▲ ₹3,509 Cr
Investing activities
▼ −₹2,735 Cr
Financing activities
▼ −₹1,266 Cr
Free cash flow
▲ ₹770 Cr
Net change in cash
▼ −₹482 Cr

Right of the line = cash coming in, left = cash going out. Free cash flow = cash from operations minus capital spending.

Full financial statements, FY19–FY25
₹ croreFY19FY20FY21FY22FY23FY24FY25
Total revenue7,248.466,555.798,958.2913,390.5616,321.0620,481.3322,225.58
Cost of revenue3,698.453,211.324,591.677,093.148,379.8810,176.9311,072.27
Gross profit3,550.013,344.474,366.626,297.427,941.1910,304.4011,153.31
Operating expenses6,191.225,939.747,817.8711,156.2413,250.7716,581.3718,392.14
Operating income1,057.23616.051,140.422,234.323,070.303,899.963,833.44
Depreciation488.63528.70531.26569.77680.91947.391,216.46
Profit before tax696.27362.511,006.612,023.642,739.363,433.094,009.65
Tax224.075.23260.56473.52637.55798.80947.61
Net profit468.98329.00694.051,497.432,055.922,594.633,036.49
EPS (₹)1.501.012.144.616.337.948.98
Dividend per share (₹)0.220.220.330.501.201.001.50

Shareholding Pattern

Who owns Varun Beverages shares, quarter by quarter (latest on top).

PromoterFIIMFOther
Jun '26
59.4%
19.0%
9.1%
12.5%
Mar '26
Dec '25
Sep '25
HolderSep '25Dec '25Mar '26Jun '26Change
Promoter59.44%59.44%59.44%59.43% ▼ −0.01 pts
FII21.93%20.31%19.51%19.03% ▼ −0.48 pts
MF7.12%8.36%8.30%9.06% ▲ +0.76 pts
Other11.51%11.89%12.75%12.48% ▼ −0.27 pts

Varun Beverages Key Metrics

Each ratio placed against a benchmark — the sector average, the company's own 5-year average, or a common rule of thumb.

Varun BeveragesBenchmarkRule-of-thumb bands

Valuation The price against earnings, book value and sales

P/E (TTM)Price ÷ yearly earnings per share
43.42
▲ 156% above the sector average of 16.93
P/E, 12-month rangeLow 39.55 · high 87.48
8%
Today's P/E sits 8% of the way from its low to its high
P/BPrice ÷ book value per share
7.51
P/SMarket cap ÷ last 12 months' revenue
5.94
P/CFPrice ÷ cash flow per share
30.56

Profitability Of every ₹100 of sales, how much is kept?

Gross marginKept after the cost of goods
54.05%
▲ above its 5-yr average of 49.23%
Operating marginKept after running costs
17.19%
▼ below its 5-yr average of 17.42%
Pre-tax marginKept before tax
17.94%
▲ above its 5-yr average of 16.24%
Net marginKept as profit
13.77%
▲ above its 5-yr average of 12.40%

Returns & efficiency How well does it use its money?

Return on equityProfit on shareholders' money
16.78%
▼ below its 5-yr average of 22.31%
Return on assetsProfit on everything it owns
12.57%
▼ below its 5-yr average of 13.19%
Return on investmentProfit on long-term capital
15.38%
▼ below its 5-yr average of 17.71%
Return on capital employedProfit before interest and tax on equity + debt
19.31%

Growth Is the business getting bigger?

Revenue — last 12 months
+14.6%
▲ growing
Revenue — 3 yr, a year
+18.4%
▲ growing
Revenue — 5 yr, a year
+27.7%
▲ growing (off the scale)
Net profit — 3 yr, a year
+26.6%
▲ growing (off the scale)
Net profit — 5 yr, a year
+56.0%
▲ growing (off the scale)
EPS — last 12 months
+17.7%
▲ growing
EPS — 3 yr, a year
+24.9%
▲ growing
EPS — 5 yr, a year
+54.7%
▲ growing (off the scale)
Dividend — 3 yr, a year
+44.2%
▲ growing (off the scale)
Book value — 5 yr, a year
+39.8%
▲ growing (off the scale)

Financial strength Can it pay its bills and debts?

Debt to equityBorrowings for every ₹1 of shareholders' money
0.13×
✓ Low debt
Current ratioShort-term assets for every ₹1 due within a year
1.94×
✓ Comfortable
Quick ratioLike the current ratio, without inventory
1.16×
✓ Comfortable
Interest coverOperating profit ÷ interest to pay
20.28×
✓ Strong
Payout ratioShare of profit paid as dividend
16.70%
• Keeps most

Per share What each share stands for

EPS (TTM)
₹10.01
Book value
₹57.89
Cash flow
₹14.23
Dividend
₹1.50
Revenue
₹73.20

The share price is 7.51× the book value behind each share.

Benchmarks: sector averages and 5-year averages come from the data provider; the debt and liquidity bands are common rules of thumb, not investment advice.

All 126 metrics from the data provider

Valuation

P/E excluding extraordinary items, most recent fiscal year48.44
Current Dividend Yield - Common Stock Primary Issue, LTM0.34
Price to Book - most recent fiscal year7.51
P/E Basic excluding extraordinary items - TTM50.68
P/E including extraordinary items - TTM43.42
P/E excluding extraordinary items low, trailing 12 months39.55
Price to Tangible Book - most fiscal year8.16
Dividend Yield - 5 Year Average0.23
Price to sales - most recent fiscal year6.62
Net Debt, LFI−7,671.34
Price to Tangible Book - most recent quarter7.58
Price to Book - most recent quarter6.76
Dividend Yield - indicated annual dividend divided by closing price0.34
Price to Cash Flow per share - trailing 12 month30.56
Price to Free Cash Flow per Share - most recent fiscal year559.30
P/E Normalized, most recent fiscal year48.48
P/E excluding extraordinary items high, trailing 12 months87.48
P/E excluding extraordinary items, most recent fiscal year quarter43.42
Price to sales - trailing 12 month5.94
Net Debt, LFY7,240.06

Per share

Dividend Per Share - 5 year average0.91
Cash Flow per share - trailing 12 month14.23
Cash Flow per share - most recent fiscal year12.65
Book value (tangible) per share - most recent quarter57.36
Cash per share - most recent quarter12.57
EPS including extraordinary items - trailing 12 month10.01
EPS including extraordinary items - most recent fiscal year8.98
EBITD per share - trailing 12 month16.73
Revenue/share - trailing 12 month73.20
EPS excluding extraordinary items - trailing 12 month10.01
EPS Basic excluding extraordinary items - most recent fiscal year8.98
EPS Basic excluding extraordinary items - trailing 12 month10.02
Book value per share - most recent fiscal year57.89
Book value per share - most recent quarter64.37
Dividend per share - most recent fiscal year1.50
Revenue/share - most recent fiscal year65.70
EPS Normalized - most recent fiscal year8.97
Book value (tangible) per share - most recent fiscal year53.30
Dividends per share - trailing 12 month1.50
EPS excluding extraordinary items - most recent fiscal year8.98
Cash per share - most recent fiscal year5.28

Margins

Operating margin - trailing 12 month17.19
Gross Margin - 5 year average49.23
Operating margin - 1st historical fiscal year17.25
Operating Margin - 5 year average17.42
Net Profit Margin % - 1st historical fiscal year13.78
Gross Margin - 1st historical fiscal year50.18
Net Profit Margin % - trailing 12 month13.77
Net Profit Margin - 5 year average12.40
Pretax Margin - 5 year average16.24
Pretax margin - 1st historical fiscal year18.04
Pretax margin - trailing 12 month17.94
Free Operating Cash Flow/Revenue, 5 Year Average−1.78
Gross Margin - trailing 12 month54.05

Growth

EPS Change %, TTM over TTM17.70
Revenue growth rate, 5 year27.66
EPS growth rate, 5 year54.70
Revenue Change % - most recent quarter 1 year ago20.77
Growth rate% - dividend, 3 year44.22
Growth rate% - EPS, 3 year24.87
Revenue/share (5 yr growth)26.62
Free Operating Cash Flow, 5 Year CAGR−7.11
Tangible Book Value, Total Equity, 5 Year CAGR43.69
Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year Interim CAGR30.32
Capital Spending growth rate, 5 year37.38
Revenue Change %, TTM over TTM14.64
Growth rate% - Revenue, 3 year18.40
Book value per share growth rate, 5 year39.78
EPS Change % - most recent quarter 1 year ago15.68
Net Profit Margin growth rate, 5 year20.38
Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR33.03
Total Debt, 5 Year CAGR−4.99

Financial strength

Total debt/total equity - most recent quarter0.16
Free Cash Flow - most recent fiscal year2,629.56
LT debt/equity - most recent fiscal year0.05
Quick ratio - most recent fiscal year1.16
Quick ratio - most recent quarter1.26
Payout ratio - trailing 12 month9.99
Current ratio - most recent fiscal year1.94
Current EV/Free Cash Flow, LFY143.35
LT debt/equity - most recent quarter0.10
Total debt/total equity - most recent fiscal year0.13
Net Interest coverage - trailing 12 month20.28
Current ratio - most recent quarter2.03
Payout ratio - most recent fiscal year16.71

Returns & efficiency

Return on average equity - 5 year average22.31
Net Income/employee - trailing 12 month31,99,985.00
Revenue/employee - most recent fiscal year2,04,89,130.00
Return on investment - most recent fiscal year15.38
Return on average assets - most recent fiscal year12.57
Receivables turnover - most recent fiscal year20.97
Return on investment - trailing 12 month15.16
Return on average assets - trailing 12 month12.41
Inventory turnover - most recent fiscal year3.37
Inventory turnover - trailing 12 month3.22
Revenue/employee - trailing 12 month2,32,35,070.00
Return on average assets - 5 year average13.19
Net Income/employee - most recent fiscal year28,22,809.00
Return on average equity - trailing 12 month16.87
Receivables turnover - trailing 12 month17.39
Asset turnover - most recent fiscal year0.91
Asset turnover - trailing 12 month0.90
Return on average equity - most recent fiscal year16.78
Return on investment - 5 year average17.71

Price & volume

Market Cap1,47,020.13
52 week Low Date23 Mar 2026
Price - 1 Day % Change0.82
Relative (S&P500) price percent change - 13 week−10.64
Avg trading volume last 10 days5.20
Price - 13 week price percent change−14.35
Price - 52 week price percent change−3.77
Avg Trading Volume Last 3 months136.53
Price - 5 Day % Change3.05
Price % Change Month To Date8.58
Relative (S&P500) price percent change - 04 week9.81
52 week High Date17 Jun 2026
Price - 26 week price percent change11.69
PDATE25 Sep 2026
Price - YTD price percent change−11.24
Relative (S&P500) price percent change - 52 week5.69
NPRICE434.80
Relative (S&P500) price percent change - 26 week11.22
52 week Low381.00
52 week High555.80
Beta1.12
Relative (S&P500) price percent change - Year to Date2.37

Dividends & Corporate Events

Payouts to shareholders, splits and bonus issues, and company meetings — newest first.

Dividend per share₹ per share, by fiscal year
₹1.50
  • Dividend yield0.34%
  • Payout ratio16.70%
  • 5-year average dividend₹0.91 a share
  • Latest dividend₹0.50 per share · 31 Jul 2026

Corporate calendar

  • Dividend₹0.50 per share · 25% · Interim dividend
  • BoardQuarterly Results & Interim Dividend
  • Dividend₹0.50 per share · 25% · Interim dividend
  • BoardAudited Results & Interim Dividend
  • Dividend₹0.50 per share · 25% · Final dividend
  • MeetingAnnual General Meeting
  • BoardAudited Results & Final Dividend
  • MeetingPostal Ballot
Show 19 older events
  • BoardQuarterly Results
  • Dividend₹0.50 per share · 25% · Interim dividend
  • BoardQuarterly Results & Interim Dividend
  • Dividend₹0.50 per share · 25% · Interim dividend
  • BoardQuarterly Results & Interim Dividend
  • Dividend₹0.50 per share · 25% · Final dividend
  • MeetingAnnual General Meeting
  • BoardAudited Results & Final Dividend
  • MeetingPostal Ballot
  • BoardQuarterly Results
  • SplitStock split — face value ₹5 → ₹2
  • MeetingPostal Ballot
  • Dividend₹1.25 per share · 25% · Interim dividend
  • Dividend₹1.25 per share · 25% · Final dividend
  • MeetingAnnual General Meeting
  • SplitStock split — face value ₹10 → ₹5
  • BonusBonus issue in the ratio of 1:2 of Rs. 10/-..
  • BonusBonus issue in the ratio of 1:2 of Rs. 10/-.
  • BonusBonus issue in the ratio of 1:2 of Rs. 10/-.

About Varun Beverages

Beverages (Nonalcoholic)

Varun Beverages Limited is an India-based company, which is a franchisee of PepsiCo. It produces and distributes a range of carbonated soft drinks (CSDs), as well as non-carbonated beverages (NCBs), including packaged drinking water sold under trademarks owned by PepsiCo. PepsiCo CSD brands produced and sold by the Company include Pepsi, Pepsi Black, Mountain Dew, Sting, Seven-Up, Mirinda Orange, Seven-Up Nimbooz Masala Soda and Evervess. PepsiCo NCB brands produced and sold by it include Tropicana Slice, Tropicana Juices (100% and Delight), Seven-Up Nimbooz, Gatorade as well as packaged drinking water under the brand Aquafina. It is also engaged in co-manufacturing of Kurkure puffcorn in India.Its subsidiaries include Varun Beverages (Nepal) Private Limited, The Beverage Company Proprietary Limited, and Varun Beverages Lanka (Private) Limited, and others.

Key people

  • Varun JaipuriaExecutive Vice Chairman of the Board, Whole-Time Director, Promoter
  • Pankaj MadanChief Financial Officer
  • Ravi BatraChief Risk Officer, Group Company Secretary, Compliance Officer
  • Rajinder Jeet Singh BaggaWhole-Time Director
  • Raj Pal GandhiWhole-Time Director

Company facts

  • NSE symbolVBL
  • BSE code540180
  • ISININE200M01039
  • IndustryBeverages (Nonalcoholic)
  • IndexNIFTY 500
  • Market cap₹1,47,020 Cr
  • Revenue (FY25)₹22,226 Cr
  • Net profit (FY25)₹3,036 Cr

In the News

Recent headlines about Varun Beverages — they open on Mint in a new tab.

Stock data comes from the exchange feed via our data provider. It is not real-time and can be delayed, so check the price with your broker before you trade. This page is for information and education only. It is not investment advice, research or a recommendation to buy, sell or hold any security. Investments in the securities market are subject to market risks; read all related documents carefully before investing. See all stocks →

Frequently Asked Questions

Varun Beverages (NSE: VBL) last traded at ₹434.80 on the NSE, up 0.61% (₹2.64) on the day, as of 25 Sep 2026, 10:20 AM IST. On the BSE it was ₹434.65. The day's range was ₹426.25 – ₹436.50.

Varun Beverages's 52-week high is ₹555.60 (17 Jun 2026) and its 52-week low is ₹381.00 (23 Mar 2026). At ₹434.80 the share is 21.7% below its high and 14.1% above its low.

Varun Beverages's market capitalisation is ₹1,47,020 Cr (₹1.47L Cr). It is part of the NIFTY 500 index.

Varun Beverages's P/E ratio (trailing 12 months) is 43.42. The sector average is 16.93, so investors pay 156% more for each rupee of its earnings than for the average company in its sector. Its earnings per share (TTM) are ₹10.01.

Varun Beverages shares are down 3.77% over the last year, down 11.24% so far this year, up 11.69% over 6 months, down 14.35% over 3 months. Over the last year the stock did 5.69% better than the market.

In FY25 (year to Dec 2025), Varun Beverages reported revenue of ₹22,226 Cr (up 8.52% on the year before) and a net profit of ₹3,036 Cr. Earnings per share were ₹8.98.

Yes. Varun Beverages's latest dividend is ₹0.50 per share (25%, interim dividend), with an ex-date of 31 Jul 2026. The dividend yield is 0.34%. It has paid 8 dividends in the records shown on this page.

As of Jun 2026: Promoter 59.43%, FII 19.03%, MF 9.06%, Other 12.48%. Promoter holding fell by 0.01 percentage points from Mar 2026.

No. Varun Beverages has debt — its debt-to-equity ratio is 0.13 and total debt was ₹2,508 Cr in FY25.

In Q1 FY26 (quarter to Jun 2026), revenue was ₹8,651 Cr and net profit ₹1,521 Cr. Revenue was up 28.70% on the previous quarter.