Varun Beverages share price today

Varun Beverages Ltd's share price was ₹438.00 at the close on 6 November 2026. It has been falling for 11 weeks. That is 3.8% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹389 and ₹544, and at that close it sat 31% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Varun Beverages Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row.

Over the last 10 years the share price moved +1,578% while the NIFTY 500 moved +216%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: indian funds and insurers (DIIs) raised their stake for 13 quarters in a row, profit up on a year earlier for 12 quarters in a row (every quarter we can compare) and foreign funds (FIIs) cut their stake for 4 quarters in a row.

1. Indian funds and insurers (DIIs) raised their stake for 13 quarters in a row

   From 3.2% to 16.3% of the company by the September 2026 quarter.

2. Profit up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter profit was ₹831 crore, +13.5% on a year earlier.

   Why: Profit rose because the company sold many more cases, and that was enough to offset the jump in packaging costs.

   Next results: check whether the gross margin, what is left after production costs, has stopped falling as the wider pack rollout starts.

   From the earnings call on 30 Oct 2026.

3. Foreign funds (FIIs) cut their stake for 4 quarters in a row

   From 21.9% to 17.5% of the company by the September 2026 quarter.

For July to September 2026 (the quarter ended 30 September 2026), Varun Beverages reported revenue of ₹6,608 crore, up 33.2% from ₹4,961 crore a year earlier, and a profit of ₹831 crore, up 13.5% from ₹732 crore.

Varun Beverages results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Varun Beverages' management discussed these results on a call held on 30 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Varun Beverages closed at ₹438.00 on 6 November 2026, down 6.8% from ₹470.20 a year earlier (7 November 2025) and up 250.6% over five years. Its highest weekly close since November 2016 was ₹670.66 on 26 July 2024.

Varun Beverages share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 6 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

528 weekly closes from 11 November 2016 to 6 November 2026.

6 Nov 2026: Varun Beverages closed at ₹438.00, up 11.7% on the week and down 0.7% on the month. 5 Nov 2026: ex-date for an interim dividend of ₹0.50 a share.

Earlier

• 30 Oct 2026: Varun Beverages held its results call for July to September 2026. Management guided: Significant Twizza-BevCo operational synergies to unlock over coming quarters as integration proceeds.
• Results for July to September 2026: Revenue up 33.2% and profit up 13.5% on a year earlier.
• 31 Jul 2026: ex-date for an interim dividend of ₹0.50 a share, record date 1 Aug 2026.
• 30 Apr 2026: ex-date for an interim dividend of ₹0.50 a share, record date 1 May 2026.
• 8 Apr 2026: ex-date for a dividend of ₹0.50 a share.
• 12 Sep 2024: Share split: face value cut from ₹5 to ₹2 a share (ex-date).

Varun Beverages paid ₹2 a share in regular dividends in the 12 months to 7 November 2026 (4 payments), a yield of 0.46% at the ₹438.00 close on 6 November 2026. The last was an interim dividend of ₹0.50 a share, ex-date 5 November 2026.

Varun Beverages dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Varun Beverages Ltd paid out 17% of its profit as dividends in FY25, and it paid a dividend in 9 of its last 12 reported years.

From the NSE corporate-actions record, read 7 November 2026.

On the call for July to September 2026, held on 30 October 2026, Varun Beverages' management guided: Significant Twizza-BevCo operational synergies to unlock over coming quarters as integration proceeds.

“If you look at this quarter, we performed fairly well in terms of volume and negated the 400 basis points of cost increase.”Varun Jaipuria, on the call for July to September 2026

What management guided

• 2027 India capital spending around ₹1,000 crore including Suratgarh greenfield and PET line with 2026 spend over.
• International 2027 capital spending $90-100 million for South Africa, Zimbabwe, Morocco, DRC and Zambia lines.
• Rest of portfolio pack-price to be reviewed with downsizing, price rises or trade cuts if costs persist.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 30 October 2026.

What is changing at Varun Beverages, from the latest results and calls: operating leverage on capacity-flush base, international expansion, africa scaling and portfolio premiumization, dairy, energy, juice.

• International Expansion, Africa Scaling. International volumes +21.4% in April to June 2026 as South Africa recovery completes, Tiza acquisition closes (~₹800 crore revenue), and snack food revenues doubled on a year earlier to ₹112 crore. ⚠ estimate
• Portfolio Premiumization, Dairy, Energy, Juice. Dairy growing 60-70% with 3x higher realization vs base; Tropicana PET >100%; Adrenaline Rush energy drink launched, non-CSD categories driving mix shift toward higher per-case realization. ⚠ estimate
• Interest Cost Reduction / Deleveraging. Interest expense declined from ₹129 crore (Jun-2024) to ₹37 crore (Jun-2025), 71% reduction after QIP proceeds retired debt; consolidated D/E negligible. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 31 May 2026.

2025 was management's own characterization as the worst seasonal year on record, India volumes declined 7.1% in July to September 2024 on abnormal rainfall; a repeat in July to September 2025 cuts profit 15-20% vs guidance.

The main risks

• Weather disruption to peak-season volumes: 2025 was management's own characterization as the worst seasonal year on record, India volumes declined 7.1% in July to September 2024 on abnormal rainfall; a repeat in July to September 2025 cuts profit 15-20% vs guidance. ✓ fact
• Input cost inflation, PET resin and sugar: PET resin and sugar are key input cost lines; PET is well-stocked for near term but a spike beyond current hedge periods would compress operating margin from the 23-28% range toward 20%. ✓ fact
• Management disclosure reliability, four documented cross-call contradictions: Four shareholder-material contradictions documented across last 3 concall cycles; the pattern matters more than any individual instance. ✓ fact
• Geopolitical exposure in international markets: DRC errors in Oct-2025, Gaza conflict impact on some territories, Zimbabwe sugar tax, each individual item small but Africa footprint carries country-specific risks not present in India. ✓ fact

Our read after the latest results, written 31 May 2026.

When Varun Beverages reports October to December 2026, these are the 2 checks that show whether the story is still on course. First: Gross trough confirmation next quarter at present input levels with pace of wider pack rollout as check.

Varun Beverages is on one of our India lists: 52 week high & low.

Varun Beverages Ltd earned ₹831 Cr of net profit in the Sep 2026 quarter, +13.5% on the same quarter a year earlier. That is the 12th quarter in a row of profit growth. Full-year FY25 profit was ₹3,062 Cr. Over 10 years profit has grown 39.1% a year on average. That is 12.6% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹732 Cr.

For the full year, FY25 profit was ₹3,062 Cr (+16.2% on the year before).

Why profit moved: revenue changed +33.2% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +20.1% and revenue +21.8%. Profit and revenue are moving at about the same pace.

Varun Beverages Ltd reported ₹6,608 Cr of revenue in the Sep 2026 quarter, +33.2% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 10 years it has grown 20.4% a year on average. The last full year, FY25, came in at ₹21,685 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. South Africa is the anchor of the international story. VBL has 17-18% market share and is growing mid-double-digits. The Bevco acquisition (3 plants, solar power, backward integrated) goals 23%+ margins within 2 years through freight and trade expense reduction. The Tiza acquisition (ZAR 2,053M) closed in Q1 FY27 and adds meaningful capacity. Snack food revenues are scaling from Rs 340 Cr in FY25 to Rs 112 Cr in Q1 FY27 alone, a trajectory toward Rs 400-450 Cr annualized. The DRC errors acknowledged in Oct-2025 have corrected, with management guiding teens growth from that market.

The last four reported quarters add to ₹25,931 Cr.

FY25 revenue was ₹21,685 Cr, +8.4% on the year before.

Recent pace: the last four quarters grew +21.8% on average, against 20.4% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +22.1%, against +16.9% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +16.6%, against +16.1% a year (stabilising).

Varun Beverages Ltd's operating margin was 22.0% in the Sep 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Across 12 years it has been between 15.0% and 24.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The capacity-build phase is complete. India has four new greenfields (Prayagraj, Buxar, Damtal, Mendipathar) and management guided Rs 500-600 Cr India capex for CY2026, down from Rs 45,000M in FY25. New plants deliver 5x throughput with same manpower, with 3-4 year payback periods. As volumes scale into this base, incremental revenue drops at higher margins. EBITDA margin sustained at 23.3% in Q1 FY27 despite new plant depreciation and lower India realization per case (mix effect from 250ml→400ml pack upsizing). The leverage arithmetic: with fixed costs spread and depreciation already baked in, each incremental volume case becomes margin-accretive.

Why the margin moved: operating margin changed −1.4 percentage points on the year while gross margin changed −3.3 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

Over the last 3 years, 119% of Varun Beverages Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in ₹3,509 Cr of operating cash against ₹3,062 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹3,677 Cr of spending on assets, free cash was −₹168 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 119% of profit came in as cash: the cash cycle stayed about the same between FY20 and FY25, so the cash follows profit, not the cycle.

What to look at next: the bigger use of cash is spending on new assets, at 4.3× depreciation over three years. The next section checks what that spending is building.

Varun Beverages Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 79 days in FY25, up from 69 days in FY20. It spent ₹12,335 Cr on assets over the last 3 years. Customers take 21 days to pay, and stock sits for 111 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY25 sales of ₹21,685 Cr, each day of that cycle ties up about ₹59.4 Cr, so roughly ₹4,693 Cr is tied up in the business at any time.

FY25: customers took 21 days to pay and stock sat for 111 days, about 3.7 months of sales sitting as stock, for a full cycle of 79 days, longer than FY20's 69.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 111 days. Customers pay about 21 days after that. Suppliers are paid at 53 days. Together that makes the 79-day cycle.

Spending on assets: ₹12,335 Cr over the last 3 years, against ₹2,844 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹271 Cr (FY25): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Varun Beverages Ltd's P/E is 42.9×, near the low end of its own history: it has been lower only 5% of the time. Its usual P/E (the middle reading) is 58.9×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.