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Varun Beverages (VBL) had a P/E of 151.6× on 6 Nov 2026, above the industry P/E of 29.6×, and the shares are 21% below their 52-week high. Its ROCE of 19% is the second-highest among its 5 Beverages (Non-Alcoholic) peers, and sales and net profit grew 17% and 27% a year over 3 years. Its dividend yield is 0.5%, and debt is 0.16× equity. It is a large-cap company with a market cap of ₹1.5 lakh crore, the largest of 6 Beverages (Non-Alcoholic) companies by market cap; the shares fell 8.0% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹431.25
Day high
₹438.00
Day low
₹429.95
Prev. close
₹433.30
Volume
46.7 L

Health check

1 good · 3 fair · 2 to check
  • ReturnsIn line

    −8.0% over a year, better than 2 of 5 peers.

  • Price tagPricier

    P/E 151.6 vs industry 29.6.

  • GrowthSteady

    Sales +17.3%, profit +26.6% a year over 3 years.

  • ProfitabilityAverage

    ROCE 19.4% vs peer median 15.3%.

  • Balance sheetSolid

    Debt 0.16× equity, interest covered 24.8×, Piotroski 7 of 9.

  • Red flags1 to check

    P/E of 151.6 against an industry P/E of 29.6.

Compared with 5 industry peers. Computed from reported figures. Educational, not a recommendation.

Beverages - Non-Alcoholic

5 listed peers. Screen the industry

Large cap

₹1.5L Cr, the largest of 6 in its industry.

Defensive

Beta 0.35 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹25,811 Cr · profit ₹3,470 Cr
Market cap
₹1.5L Cr
Large cap
P/E
151.6
Industry 29.6
Price to book
6.80
Peers 1.40
Dividend yield
0.46%
ROE
16.8%
Peers 16.6%
ROCE
19.4%
Peers 15.3%
Debt to equity
0.16
Debt ₹3,484 Cr
EPS (TTM)
₹2.89
Face value ₹2
OPM (TTM)
23.0%
Net margin 13.4%
Sales growth
+33.2%
Latest quarter vs a year ago
Profit growth
+13.8%
Latest quarter vs a year ago
Price to sales
5.74
EV/EBITDA 26.2

Strengths and risks

Strengths

  • Quarterly sales up 33.2% on a year ago.
  • Positive operating cash flow in each of the last 4 years.

Risks to check

  • P/E of 151.6 against an industry P/E of 29.6.

Derived automatically from reported figures. Not a recommendation.

About Varun Beverages

Varun Beverages Limited, together with its subsidiaries, manufactures, bottles, sells, and distributes beverages under the PepsiCo brands in India, Sri Lanka, Nepal, Zambia, Morocco, Zimbabwe, the Democratic Republic of Congo, Mozambique, South Africa, Lesotho, Eswatini, Namibia, and Botswana. The company offers carbonated soft drinks under the Pepsi, Pepsi Zero, Mountain Dew, Mirinda, and Seven-Up brands, as well as the Refreshhh, Coo-ee, and Jive…

Headquarters
Gurugram
Employees
10,654
Sector
Consumer Defensive
ISIN
INE200M01039
Website
varunbeverages.com

Price range

52 weeks

₹381.00₹555.80

Today

₹429.95₹438.00
Avg volume (3M)
57.2 L
1-year return
minus 8.0%
From 52-week high
minus 21.2%

Analyst consensus

27 analysts
Strong buyMean target ₹520.00 plus 18.7%

Target range, with today’s price

Low ₹400.00High ₹657.00

Consensus from Yahoo Finance. Not a recommendation.

Peers · Beverages - Non-Alcoholic

Compare with peersScreen the whole industry
Company
VBLVarun Beverages438.00plus 1.08%1,48,153151.66.8019.4%16.8%23.0%17.3%26.6%0.46%minus 8.0%
VINCOFEVintage Coffee And Beverages159.95minus 3.74%2,34329.64.2415.4%16.6%18.5%106.4%165.3%0.09%plus 1.9%
SPICEISLINSpice Islands Industries132.00minus 1.71%41149.829.3440.5%69.1%8.2%202.0%–0.09%plus 629.9%
RAMANEWSShree Rama Newsprint26.14minus 3.22%393–−3.731.1%–−1.9%−11.2%–0.00%minus 4.4%
ORIBEVEROrient Beverages163.20minus 0.49%358.31.4015.3%16.6%4.5%15.5%10.7%0.00%minus 20.2%
GALACTICOGalactico Corporate Services1.81minus 0.55%3312.10.636.0%3.7%7.8%−11.9%−47.2%0.00%minus 19.5%
Median of 5 peers–−1.71%39320.81.4015.3%16.6%7.8%15.5%10.7%0.00%−4.4%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrSep 25Dec 25Mar 26Jun 26Sep 26
4,9614,2046,5748,4516,608
3,8203,5655,0456,1085,181
1,1406391,5292,3431,427
23.0%15.2%23.3%27.7%21.6%
14696.539.6100118
46.746.648.556.971.7
312330357409420
9273591,1631,9771,053
–27.6%24.5%22.9%21.1%
7282528721,521828
4.450.742.584.502.45

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+17.3%
Profit CAGR 3Y
+26.6%
EPS CAGR 3Y
+24.9%
ROE
16.8%
Net profitSelect a row below to chart it
₹ CrDec 2022Dec 2023Dec 2024Dec 2025
12,92115,62219,44520,835
–+20.9%+24.5%+7.1%
9,99511,81414,49415,758
2,9263,8074,9515,077
22.6%24.4%25.5%24.4%
10.7−36.2−44.8234
184267449168
6176819471,216
−112−84.3−76.883.5
2,0242,7393,4334,010
23.4%23.3%23.3%23.6%
1,4972,0562,5953,036
–+37.3%+26.2%+17.0%
4.616.337.948.98

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrDec 2022Dec 2023Dec 2024Dec 2025
650650676676
4,4536,28715,93418,902
3,8845,4312,8262,508
2,6322,8193,7083,478
11,61815,18723,14425,565
7,57510,27913,63415,749
1,2182,4421,649542
06.610.811
1542422611,784
2,6712,2177,5907,479
11,61815,18723,14425,565

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrDec 2022Dec 2023Dec 2024Dec 2025
1,7902,3913,3813,509
−1,705−3,290−4,317−2,735
−17.99852,954−1,266
67.585.82,018−492
−1,801−3,264−3,779−2,739
−11−873−398770
−162−227−325−507

Shareholding pattern

Source: NSE filings

NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 24.1% (Yahoo estimate).

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you