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Varun Beverages Ltd.

FMCGConsumer Food

www.varunbeverages.com BSE: 540180NSE: VBL

₹406.70BSE0.23%

07 Sep, 4:01 PM

₹406.70

₹1.38L Cr

40.63

6.32

16.94%

₹408.60

₹404.10

₹555.60

₹381.00

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Price Performance

Peer Comparison

Name
NESTLE (I) NESTLEIND	1,395.05	70.58	2,69,009.49	0.86	958.68	48.27%	6,378.18	25.16%	98.35
Varun Beverages Ltd. VBL	406.70	40.63	1,37,564.85	0.37	1,525.36	15.08%	8,650.57	20.77%	20.73
BRITANIA IND BRITANNIA	5,039.50	46.61	1,21,385.58	1.80	593.38	14.08%	4,999.97	8.17%	56.48
JUBL FOOD JUBLFOOD	477.90	72.66	31,534.00	0.25	100.03	6.03%	2,569.65	14.10%	25.56
HATSUN AGRO HATSUN	1,133.80	72.43	25,255.20	0.53	60.58	47.97%	2,363.72	17.61%	14.60
MILKYMIST MILKYMIST	276.30	167.47	21,270.77	0.00	64.68	889.73%	973.45	43.56%	13.79
ZYDUS WELL ZYDUSWELL	553.90	93.64	17,622.92	0.22	118.90	-7.04%	1,437.00	66.92%	4.42
DEVYANI DEVYANI	140.05		17,267.32	0.00	17.10	667.68%	1,580.52	16.47%	8.98

Quarterly Results

consolidated figures in ₹ Crores · Quarterly

Particulars	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	7,333.67	4,932.06	3,817.62	5,680.03	7,163.02	5,047.74	4,334.80	6,721.54	8,650.57
Expenses	5,342.46	3,780.94	3,237.64	4,416.06	5,164.25	3,900.37	3,695.54	5,192.61	6,307.53
	1,991.22	1,151.12	579.97	1,263.96	1,998.77	1,147.38	639.26	1,528.93	2,343.04
	27.15%	23.34%	15.19%	22.25%	27.90%	22.73%	14.75%	22.75%	27.09%
	44.03	24.25	44.64	28.06	77.16	148.03	99.11	43.53	104.38
Interest	129.16	118.54	109.01	41.12	36.55	45.21	46.69	48.53	56.92
	242.48	256.61	260.78	272.51	306.15	307.60	330.20	356.79	409.03
	1,663.07	800.13	254.14	977.81	1,732.04	940.91	358.89	1,163.19	1,977.18
	24.13%	21.41%	23.02%	25.20%	23.47%	20.80%	27.55%	24.46%	22.85%
	1,252.60	619.61	185.15	726.49	1,317.02	741.19	251.79	872.35	1,520.80
	9.64	1.91	0.55	2.15	3.89	2.19	0.74	2.58	4.50

Profit & Loss

consolidated figures in ₹ Crores · Annual

Particulars	FY 2020-21 (Dec)	FY 2021-22 (Dec)	FY 2022-23 (Dec)	FY 2023-24 (Dec)	FY 2024-25 (Dec)
No of Months	12.00	12.00	12.00	12.00	12.00
INCOME :
	9,310.32	13,771.66	16,653.77	21,234.14	23,118.47
Less: Excise Duty	135.06	217.42	278.48	473.68	540.21
	8,823.23	13,173.14	16,042.58	20,007.65	21,685.38
EXPENDITURE :
Increase/Decrease in Stock	-99.72	-344.51	-84.27	-74.94	8.91
Raw Material Consumed	4,134.38	6,605.66	7,489.16	8,979.66	9,706.52
Power & Fuel Cost	329.93	479.22	550.29	629.51	636.56
Employee Cost	1,007.70	1,216.64	1,446.59	1,885.03	2,200.74
Other Manufacturing Expenses	1,074.15	1,531.97	1,828.22	2,373.18	2,558.19
General and Administration Expenses	344.48	371.91	503.78	618.95	673.88
Selling and Distribution Expenses	316.32	418.00	509.55	669.55	770.55
Miscellaneous Expenses	39.08	88.18	166.29	183.16	54.25
	7,146.32	10,367.07	12,409.60	15,264.11	16,609.61
Operating Profit (Excl OI)	1,676.91	2,806.07	3,632.98	4,743.54	5,075.77
	68.26	38.85	79.36	121.27	352.35
	1,745.18	2,844.92	3,712.34	4,864.81	5,428.12
Interest	207.31	204.09	291.59	482.86	195.98
PBDT	1,537.87	2,640.83	3,420.75	4,381.95	5,232.14
	531.26	617.19	680.91	947.39	1,216.46
Profit Before Taxation & Exceptional Items	1,006.61	2,023.64	2,739.84	3,434.57	4,015.68
	1,006.61	2,023.64	2,739.36	3,433.09	4,009.65
Provision for Tax	260.56	473.52	637.55	798.80	947.61
	746.05	1,550.11	2,101.81	2,634.29	3,062.04
Minority Interest	-52.00	-52.68	-45.89	-39.65	-25.55
Consolidated Net Profit	694.05	1,497.43	2,055.92	2,594.63	3,036.49
Profit Balance B/F	804.24	1,396.74	2,739.88	4,566.35	6,858.21
Appropriations	1,498.30	2,894.18	4,795.81	7,160.98	9,894.70
Equity Dividend %	25.00%	35.00%	50.00%	50.00%	75.00%
	16.03	23.05	15.82	7.67	8.98
Adjusted EPS	2.14	4.61	6.33	7.67	8.98

Balance Sheet

consolidated figures in ₹ Crores

Particulars	FY 2020-21 (Dec)	FY 2021-22 (Dec)	FY 2022-23 (Dec)	FY 2023-24 (Dec)	FY 2024-25 (Dec)
	433.03	649.55	649.61	676.30	676.40
Share Warrants & Outstandings		2.91	8.85	18.47	18.52
Total Reserves	3,646.88	4,449.92	6,278.04	15,915.06	18,883.79
Reserve excluding Revaluation Reserve	3,646.88	4,449.92	6,278.04	15,915.06	18,883.79
	4,079.91	5,102.38	6,936.50	16,609.83	19,578.70
Minority Interest	116.79	113.11	148.16	129.81	162.25
Secured Loans	1,813.33	1,727.02	3,188.94	840.69	540.45
Deferred Tax Assets / Liabilities	308.73	336.85	343.01	468.28	594.75
Other Long Term Liabilities	31.94	166.02	204.73	361.82	400.15
Long Term Provisions	208.54	204.11	212.64	189.43	190.46
Total Non-Current Liabilities	2,362.54	2,434.00	3,949.32	1,860.22	1,725.82
Trade Payables	711.75	824.26	758.25	1,560.43	1,401.30
Other Current Liabilities	1,616.32	2,412.04	2,270.21	1,537.87	1,337.54
Short Term Borrowings	628.49	627.70	1,003.20	1,286.61	1,272.29
Short Term Provisions	63.68	104.76	121.55	139.52	62.81
Total Current Liabilities	3,020.25	3,968.75	4,153.21	4,524.43	4,073.94
Total Liabilities	9,579.48	11,618.24	15,187.18	23,124.28	25,540.72
Gross Block	9,409.89	10,441.42	12,445.09	18,801.84	23,600.15
Less: Accumulated Depreciation	3,099.12	3,509.20	4,035.92	5,400.11	6,841.22
Net Block	6,310.78	6,932.22	8,409.17	13,401.74	16,758.93
Capital Work in Progress	496.61	606.63	1,922.22	1,162.34	266.30
Non Current Investments	0.00	0.01	21.08	59.50	174.28
Long Term Investment	0.00	0.01	21.08	59.50	174.28
Long Term Loans & Advances	222.11	671.74	591.16	622.36	432.43
Other Non Current Assets	3.87	3.62	7.92	9.99	8.25
Total Non-Current Assets	7,033.37	8,214.21	10,951.55	15,260.31	17,644.67
Inventories	1,448.09	1,993.89	2,150.53	2,791.23	2,951.79
Sundry Debtors	221.25	299.34	359.39	845.84	1,249.03
Cash and Bank	336.62	285.27	459.86	2,450.05	1,998.49
Other Current Assets	251.27	401.53	739.89	858.79	1,185.47
Short Term Loans and Advances	288.89	424.01	525.96	918.05	504.62
Total Current Assets	2,546.11	3,404.03	4,235.63	7,863.97	7,889.40
Net Current Assets (Including Current Investments)	-474.13	-564.72	82.42	3,339.55	3,815.46
Total Assets	9,579.48	11,618.24	15,187.18	23,124.28	25,540.72
Contingent Liabilities	282.92	230.05	225.40	302.44	484.79
Total Debt	3,341.90	3,694.81	5,194.39	2,364.27	2,024.12
	94.22	78.51	53.32	49.06	57.84
Adjusted Book Value	12.56	15.70	21.33	49.06	57.84

Cash Flow

consolidated figures in ₹ Crores

Particulars	FY 2020-21 (Dec)	FY 2021-22 (Dec)	FY 2022-23 (Dec)	FY 2023-24 (Dec)	FY 2024-25 (Dec)
No of Months	12.00	12.00	12.00	12.00	12.00
	1,006.61	2,023.64	2,739.84	3,434.57	4,015.68
Adjustment	617.79	724.91	992.36	1,343.48	952.84
Changes In working Capital	-268.75	-585.19	-673.48	-669.39	-571.05
Cash Flow after changes in Working Capital	1,355.65	2,163.36	3,058.72	4,108.66	4,397.47
Cash Flow from Operating Activities	1,231.42	1,790.03	2,390.78	3,381.10	3,509.31
Cash Flow from Investing Activities	-1,010.64	-1,704.60	-3,289.87	-4,316.78	-2,734.94
Cash Flow from Financing Activitie	-177.68	-17.94	984.90	2,953.54	-1,266.47
Net Cash Inflow / Outflow	43.10	67.49	85.81	2,017.85	-492.09
Opening Cash & Cash Equivalents	104.56	150.75	154.33	242.21	2,266.28
Effect of Foreign Exchange Fluctuations	3.09	-63.91	2.07	6.22	9.98
Closing Cash & Cash Equivalent	150.75	154.33	242.21	2,266.28	1,784.18

Ratios

Valuation

40.63

6.32

22.79

5.56

10.01

64.36

Profitability

16.94

20.73

12.58

21.96

13.25

Leverage & Liquidity

0.10

1.94

21.46

Returns

0.37

0.95

Shareholding Pattern

Numbers in percentages

Particulars	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
	62.66	62.66	60.20	60.23	59.82	59.44	59.44	59.44	59.43
	29.86	29.17	32.27	32.18	32.37	33.72	33.87	33.91	34.24
	7.47	8.18	7.52	7.59	7.80	6.84	6.70	6.66	6.33
	37.34	37.34	39.80	39.77	40.18	40.56	40.56	40.56	40.57
No. of Shareholders	5,09,607	6,98,759	7,42,488	8,73,915	9,68,419	9,02,881	8,72,933	8,77,604	8,13,548

Corporate Actions

Showing: All

Date	Type	Details	Ex-Date	Record Date
2026-07-28	Ex Dividend	Rs.0.5000 per share(25%)Interim Dividend	2026-07-31	2026-08-01
2026-07-21	Board Meeting	Quarterly Results & Interim Dividend
2026-04-27	Ex Dividend	Rs.0.5000 per share(25%)Interim Dividend	2026-04-30	2026-05-01

Insider Trading

Date	Person	Category	Transaction Type	Shares	Value (₹)

No insider trading data available.

Sector Overview

FMCGConsumer Food

Varun Beverages Ltd. operates in the FMCG sector under the Consumer Food industry. This sector is one of the key drivers of the Indian economy and is closely tracked by the relevant Nifty sectoral index.

Company Profile

Corporate information and contact details

Key Management

11 members across the board and senior leadership

Ravi Jaipuria

Chairman

—

Varun Jaipuria

Vice Chairman & Whole Time Director

₹7.21 Cr

Dec '25

Raj Gandhi

Whole Time Director

₹8.82 Cr

Dec '25

Rajinder Jeet Singh Bagga

Whole Time Director

₹6.91 Cr

Dec '25

Naresh Trehan

Non Independent & Non Executive Director

—

Ravi Gupta