Varun Beverages Limited
Fast Moving Consumer Goods›Fast Moving Consumer Goods›Beverages›Other Beverages
Key metrics
Price as of 2026-07-17
Stock price
₹463.35
Market cap
1,56,677 Cr
Stock P/E
51.2
P/B
7.94
Dividend yield
0.3%
Sign in for full ratios and TTM. Learn about these metrics →
Share price
NSE closing price from historical market data.
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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 · NSE preferred when both exchanges report the same period · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Mar 2023 | Jun 2023 | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,953 Cr | 5,700 Cr | 3,938 Cr | 2,731 Cr | 4,398 Cr | 7,334 Cr | 4,932 Cr | 3,818 Cr | 5,680 Cr | 7,163 Cr | 5,048 Cr | 4,335 Cr |
| Operating expenses (approx.) | 3,155 Cr | 4,189 Cr | 3,056 Cr | 2,313 Cr | 3,409 Cr | 5,342 Cr | 3,781 Cr | 3,238 Cr | 4,416 Cr | 5,164 Cr | 3,900 Cr | 3,696 Cr |
| EBITDA | 798 Cr | 1,511 Cr | 882 Cr | 418 Cr | 989 Cr | 1,991 Cr | 1,151 Cr | 580 Cr | 1,264 Cr | 1,999 Cr | 1,147 Cr | 639 Cr |
| OPM % | 20.2% | 26.5% | 22.4% | 15.3% | 22.5% | 27.2% | 23.3% | 15.2% | 22.3% | 27.9% | 22.7% | 14.7% |
| Other income | 10 Cr | 42 Cr | 19 Cr | 9 Cr | 8 Cr | 44 Cr | 24 Cr | 45 Cr | 28 Cr | 77 Cr | 148 Cr | 99 Cr |
| Interest | 63 Cr | 69 Cr | 63 Cr | 74 Cr | 94 Cr | 129 Cr | 119 Cr | 109 Cr | 41 Cr | 37 Cr | 45 Cr | 47 Cr |
| Depreciation | 172 Cr | 172 Cr | 171 Cr | 166 Cr | 188 Cr | 242 Cr | 257 Cr | 261 Cr | 273 Cr | 306 Cr | 308 Cr | 330 Cr |
| Profit before tax | 573 Cr | 1,311 Cr | 667 Cr | 188 Cr | 716 Cr | 1,664 Cr | 800 Cr | 255 Cr | 978 Cr | 1,733 Cr | 943 Cr | 361 Cr |
| Tax % | 23.5% | 23.3% | 22.9% | 23.5% | 23.4% | 24.1% | 21.4% | 23.0% | 25.2% | 23.5% | 20.8% | 27.4% |
| Net profit | 439 Cr | 1,005 Cr | 514 Cr | 144 Cr | 548 Cr | 1,262 Cr | 629 Cr | 196 Cr | 731 Cr | 1,325 Cr | 745 Cr | 260 Cr |
| EPS (₹) | ₹6.61 | ₹7.65 | ₹3.86 | ₹1.02 | ₹4.14 | ₹9.64 | ₹1.91 | ₹0.56 | ₹2.15 | ₹3.89 | ₹2.19 | ₹0.74 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,228 Cr | 7,248 Cr | 6,556 Cr | 8,958 Cr | 13,391 Cr | 16,321 Cr | 20,481 Cr | 22,226 Cr | Sign in for TTM |
| Operating expenses (approx.) | 4,222 Cr | 5,801 Cr | 5,420 Cr | 7,304 Cr | 10,602 Cr | 12,712 Cr | 15,770 Cr | 17,176 Cr | Sign in for TTM |
| EBITDA | 1,007 Cr | 1,448 Cr | 1,135 Cr | 1,655 Cr | 2,788 Cr | 3,609 Cr | 4,711 Cr | 5,049 Cr | Sign in for TTM |
| OPM % | 19.3% | 20.0% | 17.3% | 18.5% | 20.8% | 22.1% | 23.0% | 22.7% | Sign in for TTM |
| Other income | 22 Cr | 43 Cr | 37 Cr | 68 Cr | 39 Cr | 79 Cr | 121 Cr | 352 Cr | Sign in for TTM |
| Interest | 213 Cr | 310 Cr | 281 Cr | 185 Cr | 186 Cr | 268 Cr | 450 Cr | 170 Cr | Sign in for TTM |
| Depreciation | 385 Cr | 489 Cr | 529 Cr | 531 Cr | 617 Cr | 681 Cr | 947 Cr | 1,216 Cr | Sign in for TTM |
| Profit before tax | 431 Cr | 692 Cr | 363 Cr | 1,007 Cr | 2,024 Cr | 2,740 Cr | 3,435 Cr | 4,016 Cr | Sign in for TTM |
| Tax % | 31.1% | 32.4% | 1.4% | 25.9% | 23.4% | 23.3% | 23.3% | 23.6% | Sign in for TTM |
| Net profit | 300 Cr | 472 Cr | 357 Cr | 746 Cr | 1,550 Cr | 2,102 Cr | 2,634 Cr | 3,062 Cr | Sign in for TTM |
| EPS (₹) | ₹16.04 | ₹16.83 | ₹11.40 | ₹16.03 | ₹23.05 | ₹15.83 | ₹7.95 | ₹8.98 | Sign in for TTM |
| Dividend payout % | — | — | — | 14.5% | 10.5% | 10.8% | 12.3% | 16.6% | Sign in for TTM |
Sign in for TTM
Trailing twelve months totals and margin rows
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 183 Cr | 289 Cr | 289 Cr | 433 Cr | 650 Cr | 650 Cr | 676 Cr | 676 Cr |
| Reserves | 1,816 Cr | 3,040 Cr | 3,235 Cr | 3,647 Cr | 4,453 Cr | 6,287 Cr | 15,934 Cr | 18,902 Cr |
| Borrowings | 2,358 Cr | 2,823 Cr | 2,693 Cr | 2,442 Cr | 3,695 Cr | 5,431 Cr | 2,826 Cr | 2,508 Cr |
| Other liabilities | 1,667 Cr | 2,207 Cr | 2,176 Cr | 2,943 Cr | 2,708 Cr | 2,671 Cr | 3,578 Cr | 3,316 Cr |
| Total liabilities | 6,031 Cr | 8,388 Cr | 8,458 Cr | 9,582 Cr | 11,618 Cr | 15,187 Cr | 23,144 Cr | 25,565 Cr |
| Fixed assets (net) | 3,860 Cr | 5,893 Cr | 5,827 Cr | 5,728 Cr | 6,357 Cr | 7,838 Cr | 11,986 Cr | 15,206 Cr |
| CWIP | 352 Cr | 64 Cr | 67 Cr | 497 Cr | 607 Cr | 1,922 Cr | 1,162 Cr | 266 Cr |
| Investments | 0.0010 Cr | 0.0010 Cr | 0.0010 Cr | 0.0010 Cr | 0.0010 Cr | 3 Cr | 6 Cr | 11 Cr |
| Other assets | 1,142 Cr | 1,679 Cr | 1,810 Cr | 2,556 Cr | 3,404 Cr | 4,236 Cr | 7,864 Cr | 7,889 Cr |
| Total assets | 6,031 Cr | 8,388 Cr | 8,458 Cr | 9,582 Cr | 11,618 Cr | 15,187 Cr | 23,144 Cr | 25,565 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | — | — | — | 1,231 Cr | 1,790 Cr | 2,391 Cr | 3,381 Cr | 3,509 Cr |
| Cash from investing | — | — | — | -1,011 Cr | -1,705 Cr | -3,290 Cr | -4,317 Cr | -2,735 Cr |
| Cash from financing | — | — | — | -178 Cr | -18 Cr | 985 Cr | 2,954 Cr | -1,266 Cr |
| Net cash flow | — | — | — | 46 Cr | 4 Cr | 88 Cr | 2,024 Cr | -482 Cr |
| Free cash flow (OCF − Capex) | — | — | — | 397 Cr | -11 Cr | -873 Cr | -398 Cr | 770 Cr |
Ratios
Ratios as reported or derived per annual period.
| Metric | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| ROCE % | 14.2% | 15.5% | 9.7% | 16.9% | 24.4% | 23.4% | 19.2% | 17.2% |
| ROE % | 14.6% | 14.0% | 9.2% | 16.5% | 28.7% | 29.0% | 15.5% | 15.4% |
| Debtor days | 9 | 9 | 13 | 9 | 8 | 8 | 15 | 20 |
| Inventory days | 100 | 109 | 126 | 133 | 113 | 111 | 123 | 115 |
| Days payable | 55 | 59 | 69 | 65 | 47 | 39 | 69 | 55 |
| Cash conversion cycle | 54 | 59 | 70 | 77 | 74 | 80 | 69 | 81 |
| Debt / equity | 1.18 | 0.85 | 0.76 | 0.60 | 0.72 | 0.78 | 0.17 | 0.13 |
| Current ratio | 0.66 | 0.75 | 0.74 | 0.84 | 0.86 | 1.02 | 1.74 | 1.94 |
| Net debt / EBITDA | 2.30 | 1.85 | 2.28 | 1.38 | 1.27 | 1.44 | 0.12 | 0.14 |
Compare with peers
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