▲ NIFTY 50 top gainers HDFCLIFE₹557.00▲ 5.05% TMPV₹314.50▲ 4.49% SBILIFE₹1,766.90▲ 4.06% DRREDDY₹1,175.00▲ 3.07% BEL₹395.45▲ 2.51% INDIGO₹4,845.00▲ 2.36% TATASTEEL₹187.29▲ 2.34% JIOFIN₹229.30▲ 1.98% ETERNAL₹322.35▲ 1.69% SHRIRAMFIN₹995.00▲ 1.63% ▼ NIFTY 50 top losers ONGC₹232.43▼ 1.85% TITAN₹4,841.00▼ 1.38% HDFCBANK₹713.00▼ 1.18% COALINDIA₹418.00▼ 1.01% HINDUNILVR₹1,942.20▼ 1.01% NESTLEIND₹1,370.60▼ 1.00% ICICIBANK₹1,347.60▼ 0.82% BAJAJ-AUTO₹11,500.00▼ 0.80% GRASIM₹3,173.10▼ 0.44% WIPRO₹166.40▼ 0.29% NSE most active PNB₹116.47▼ 0.28% ITC₹266.20▲ 0.78% KOTAKBANK₹416.50▲ 0.36% CANBK₹123.90▲ 0.57%

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

Varun Beverages Share Price

Market closed · updated 25 Sep, 4:52 PM IST
₹431.25 ▼ −₹3.57 · 0.82% NSE · as of 24 Sep 2026, 10:25 AM · BSE ₹432.00
Today's range
₹428.00Low₹436.80High
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 ₹431.25 on the NSE, down 0.82% on the day. That is 22.4% below the 52-week high of ₹555.60 and 13.2% above the 52-week low of ₹381.00. The stock trades at 50.68× earnings, above the sector average of 16.96. Its market value is ₹1,46,124 Cr.

Price returns

1 Day▼ −0.82%
5 Days▲ +6.27%
This month▲ +8.91%
3 Months▼ −13.92%
6 Months▲ +8.64%
This year▼ −10.96%
1 Year▼ −4.87%

Against the market: 1 Month ▲ +7.20% · 3 Months ▼ −11.44% · 6 Months ▲ +9.29% · This year ▲ +1.40% · 1 Year ▲ +4.37%

Shading grows with the size of the move. Prices refresh every 15 minutes while the market is open (9:15 AM–3:30 PM IST); next update from Mon 28 Sep, 9:15 AM.

Moving averages — price is above 3 of 6

  1. 100-day average₹473.94 ▼ price 9.0% below
  2. 300-day average₹466.70 ▼ price 7.6% below
  3. 50-day average₹433.97 ▼ price 0.6% below
  4. Today's price₹431.25
  5. 5-day average₹420.56 ▲ price 2.5% above
  6. 10-day average₹415.21 ▲ price 3.9% above
  7. 20-day average₹414.31 ▲ price 4.1% above

Averages above today's price sit higher on the ladder. Price above most of its averages is usually read as an upward trend.

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

What Analysts Say

25 analysts

Recommendations from 25 analysts who cover Varun Beverages.

Strong Buy average rating 1.56 on a 1–5 scale

▲ 22 bullish (88.0%) · 3 hold (12.0%) · ▼ 0 bearish (0.0%)

Votes

Strong Buy
14 (56%)
Buy
8 (32%)
Hold
3 (12%)
Sell
0 (0%)
Strong Sell
0 (0%)

How the votes changed

Rating3M ago2M ago1M ago1W agoNow3-month change
Strong Buy1111131314 ▲ +3
Buy1111988 ▼ −3
Hold33333 —
Sell00000 —
Strong Sell00000 —

Analyst ratings are opinions, not a guarantee of returns.

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 BeveragesBenchmarkComfortable → stretched

Valuation Is the price reasonable?

P/E (TTM)Price ÷ yearly earnings per share
50.68
▲ 199% above the sector average of 16.96
P/E, 12-month rangeLow 39.55 · high 87.48
23%
Today's P/E sits 23% of the way from its low to its high
P/BPrice ÷ book value per share
7.53
P/SPrice ÷ sales per share
5.96
P/CFPrice ÷ cash flow per share
30.65
PEGP/E ÷ earnings growth (≈1 is fair)
1.75

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%

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)
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
16.71%
• 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 7.45× 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 127 metrics from the data provider

Valuation

P/E excluding extraordinary items, most recent fiscal year48.59
Current Dividend Yield - Common Stock Primary Issue, LTM0.34
Price to Book - most recent fiscal year7.53
P/E Basic excluding extraordinary items - TTM50.68
P/E including extraordinary items - TTM43.55
P/E excluding extraordinary items low, trailing 12 months39.55
Price to Tangible Book - most fiscal year8.18
Dividend Yield - 5 Year Average0.23
Price to sales - most recent fiscal year6.64
Net Debt, LFI−7,671.34
Price to Tangible Book - most recent quarter7.60
Price to Book - most recent quarter6.78
Dividend Yield - indicated annual dividend divided by closing price0.34
Price to Cash Flow per share - trailing 12 month30.65
Peg Ratio1.75
Price to Free Cash Flow per Share - most recent fiscal year561.03
P/E Normalized, most recent fiscal year48.63
P/E excluding extraordinary items high, trailing 12 months87.48
P/E excluding extraordinary items, most recent fiscal year quarter43.55
Price to sales - trailing 12 month5.96
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, LFY143.79
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 Cap1,46,123.77
52 week Low Date23 Mar 2026
Price - 1 Day % Change1.43
Relative (S&P500) price percent change - 13 week−11.44
Avg trading volume last 10 days6.07
Price - 13 week price percent change−13.92
Price - 52 week price percent change−4.87
Avg Trading Volume Last 3 months134.45
Price - 5 Day % Change6.27
Price % Change Month To Date8.91
Relative (S&P500) price percent change - 04 week7.20
52 week High Date17 Jun 2026
Price - 26 week price percent change8.64
PDATE23 Sep 2026
Price - YTD price percent change−10.96
Relative (S&P500) price percent change - 52 week4.37
NPRICE436.15
Relative (S&P500) price percent change - 26 week9.29
52 week Low381.00
52 week High555.80
Beta1.14
Relative (S&P500) price percent change - Year to Date1.40

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 ratio16.71%
  • 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₹1,46,124 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 and may be delayed. It is for information only and is not a recommendation to buy or sell. See all stocks →

Frequently Asked Questions

Varun Beverages (NSE: VBL) last traded at ₹431.25 on the NSE, down 0.82% (₹3.57) on the day, as of 24 Sep 2026, 10:25 AM. On the BSE it was ₹432.00. The day's range was ₹428.00 – ₹436.80.

Varun Beverages's 52-week high is ₹555.60 (17 Jun 2026) and its 52-week low is ₹381.00 (23 Mar 2026). At ₹431.25 the share is 22.4% below its high and 13.2% above its low.

Varun Beverages's market capitalisation is ₹1,46,124 Cr (₹1.46L Cr). It is part of the NIFTY 500 index.

Varun Beverages's P/E ratio (trailing 12 months) is 50.68. The sector average is 16.96, so investors pay 199% 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 4.87% over the last year, down 10.96% so far this year, up 8.64% over 6 months, down 13.92% over 3 months. Over the last year the stock did 4.37% 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.

Of 25 analysts covering Varun Beverages, 22 are bullish (14 strong buy, 8 buy), 3 say hold and 0 are bearish. The consensus is Strong Buy (average rating 1.56 on a scale where 1 is Strong Buy and 5 is Strong Sell). Analyst views are opinions, not a guarantee.

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.