āagman

Not investment advice. Data and computed figures, for information only.

Varun Beverages Ltd

NSE: VBLF&O
₹429.25
−₹13.40 (−3.03%)
NSE · 15 Oct 2026, close
NSE
As of 31 Dec 2025
Market Cap
₹1,49,168 Cr
CMP
₹429.25
52-wk High / Low
₹556 / 381
P/E
44.0
P/B
7.6
Book Value
₹57.9
Div Yield
0.34%
ROCE
20.0%
ROE
16.2%
Face Value
₹2
D/E
0.13

Price−3.2% over 1Y

āagman read

Computed by āagman
Derived from 13 years and 14 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
6
/ 9
6 of 9 F-score tests passed
Graham Number
₹108
√(22.5 × EPS × book value per share)
ROIC
13.3%
vs 13.1% sector median
Cash flow to profit
1.15
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−80
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
13.8%
ROE × earnings retention ratio
ROE stability
6.8
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −1.98DII +1.94
Latest quarter vs the previous one
Cash-accrual divergence
−1.8%
of assets
Low = accruals track cash flow
Strengths
Watch-outs
−Price trades below its 200-day moving average (0.9x)
−Promoter holding fell by 4.5pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales5,6113,8712,6684,3177,1974,8053,6895,5677,0174,8974,2046,5748,451
Expenses4,1012,9892,2493,3295,2063,6543,1104,3045,0203,7513,5685,0496,112
Operating Profit1,5118824189891,9911,1515791,2631,9981,1466371,5252,339
OPM %26.9%22.8%15.7%22.9%27.7%24.0%15.7%22.7%28.5%23.4%15.2%23.2%27.7%
Other Income42199844244528771489944104
Interest69627494129119109413745474957
Depreciation172171166188242257261273306308330357409
Profit before tax1,3116671887161,6638002549781,7329413591,1631,977
Net Profit1,0055141445481,2626291967311,3257452608791,525
EPS (₹)3.061.540.411.653.861.910.552.153.892.190.742.584.50

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025TTMTTM
Sales2,5023,3943,8614,0045,1057,1306,4508,82313,17316,04320,00821,68522,69324,126
Expenses2,1162,7523,0523,1654,0695,6675,2357,12910,31012,32615,18916,61617,38818,480
Operating Profit3876428108381,0361,4621,2151,6942,8633,7174,8185,0705,3055,646
OPM %15.5%18.9%21.0%20.9%20.3%20.5%18.8%19.2%21.7%23.2%24.1%23.4%23.4%23.4%
Other Income14362714647−3051−18−545352368395
Interest187170435215223324294207204292483196177197
Depreciation2103173223473854895295316176819471,2161,3011,404
Profit before tax4191792914346963631,0072,0242,7393,4334,0104,1954,440
Net Profit−20113482143004723577461,5502,1022,6343,0623,2093,409
EPS (₹)−0.090.500.140.680.951.441.012.144.616.337.678.989.4010.01

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Mar 2026Jun 2026
Equity Capital134134182183183289289433650650676676——
Reserves9911,5111,5871,8163,0403,2353,6474,4536,28715,93418,902——
Borrowings2,6152,5272,2152,6542,8083,4173,2163,3873,8845,4312,8262,508——
Other Liabilities5331,6809158521,1921,6301,7072,1132,6322,8193,6883,454——
Total Liabilities3,2924,4314,8245,2765,9988,3768,4479,57911,61815,18723,12425,541——
Fixed Assets2,3553,4963,7163,9814,3876,4796,4096,3116,9328,40913,40216,759——
CWIP25389614535264674976071,9221,167271——
Investments3043781100002160174——
Other Assets6088941,0061,1411,2471,8331,9722,7724,0794,8358,4968,337——
Total Assets3,2924,4314,8245,2765,9988,3768,4479,57911,61815,18723,12425,541——

Cash Flows

As of 31 Dec 2025
Consolidated · ₹ Cr
Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from Operating Activity4315558266201,0001,3081,0121,2311,7902,3913,3813,509
Cash from Investing Activity−500−300−1,048−746−937−2,320−472−1,008−1,769−3,288−4,311−2,725
Cash from Financing Activity58−236230159−841,107−574−178−189852,954−1,266
Net Cash Flow−1119832−2295−33464882,024−482

Ratios

As of 31 Dec 2025
12 periods
Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
ROCE %7.012.016.012.015.018.011.017.027.029.025.020.0
ROE %———————————16.2
EPS (₹)−0.090.500.140.680.951.441.012.144.616.337.678.98
Book Value (₹)———————————57.9
Face Value (₹)———————————2
P/E———————————44.0
Div Yield %———————————0.34
NPM %−0.83.31.25.35.96.65.68.411.813.113.113.9
OPM %15.019.021.021.020.021.019.019.022.023.024.023.0
D/E18.2911.231.311.501.401.030.910.830.760.780.170.13
P/B———————————7.6

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+20.0%
5 years+27.0%
3 years+18.0%
TTM+14.0%
Compounded profit growth
10 years+40.0%
5 years+50.0%
3 years+24.0%
TTM+19.0%
Stock price CAGR
5 years+29.0%
3 years+6.0%
Last year−1.0%
Return on equity
10 years21.0%
5 years22.0%
3 years21.0%
Last year16.0%

Shareholding pattern

As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters73.66%73.66%73.66%73.57%73.56%68.04%66.40%64.89%63.90%62.91%60.23%59.43%59.43%
FIIs10.55%10.55%10.55%13.41%13.51%19.82%20.28%21.03%26.00%25.79%22.98%19.51%17.53%
DIIs1.07%1.07%1.07%4.91%6.42%6.30%5.90%7.21%3.67%4.16%9.19%14.35%16.29%
Government0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.04%0.05%
Public14.72%14.72%14.72%8.11%6.51%5.84%7.42%6.87%6.41%7.16%7.59%6.66%6.71%
No. of shareholders51,09051,09051,09031,53130,23546,36056,2131,37,2082,61,2864,89,8878,73,9158,77,6048,37,179
Change since Jun 2023 (pp)
Promoters −14.23FIIs +6.98DIIs +15.22Public −8.01

Documents

As of 11 Oct 2026
Announcements
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 - UpdateClosure of Trading WindowAnnouncement under Regulation 30 (LODR)-Change in ManagementDisclosure Under Regulation 30 Read With Para B Of Part A Of Schedule III Of The SEBI (LODR) Regulations 2015
Annual reports
Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026RecordingMay 2026TranscriptMay 2026PPTMay 2026RecordingFeb 2026TranscriptFeb 2026PPTFeb 2026RecordingNov 2025TranscriptNov 2025PPTNov 2025RecordingAug 2025TranscriptAug 2025PPTAug 2025Recording

Corporate actions

As of 31 Jul 2026
31 Jul 2026DIVIDENDInterim Dividend - Re 0.50 Per Share—
30 Apr 2026DIVIDENDInterim Dividend - Re 0.50 Per Share—
8 Apr 2026DIVIDENDDividend - Re 0.50 Per Share—
1 Aug 2025DIVIDENDInterim Dividend - Re 0.50 Per Share—
7 May 2025DIVIDENDInterim Dividend - Re 0.50 Per Share—
4 Apr 2025DIVIDENDDividend - Re 0.50 Per Share—
12 Sep 2024SPLITFace Value Split (Sub-Division) - From Rs 5/- Per Share To Rs 2/- Per Share5 : 2
9 Aug 2024DIVIDENDInterim Dividend - Rs 1.25 Per Sh—
4 Apr 2024DIVIDENDDividend - Rs 1.25 Per Share—
14 Aug 2023DIVIDENDInterim Dividend - Rs 1.25 Per Share—
15 Jun 2023SPLITFace Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 5/- Per Share10 : 5
12 Apr 2023DIVIDENDDividend - Re 1 Per Share—
11 Aug 2022DIVIDENDInterim Dividend - Rs 2.50 Per Share—
6 Jun 2022BONUSBonus 1:2—
11 Aug 2021DIVIDEND Interim Dividend - Rs 2.50 Per Share—
10 Jun 2021BONUS Bonus 1:2—
14 Aug 2020DIVIDEND Interim Dividend - Rs 2.50 Per Share—
26 Aug 2019DIVIDEND Interim Dividend - Rs 2.50 Per Share—
25 Jul 2019BONUS Bonus 1:2—
20 Aug 2018DIVIDEND Interim Dividend- Rs 2.50 Per Share (Purpose Revised)—
16 Aug 2017DIVIDEND Interim Dividend - Rs 2.50 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman