# Varun Beverages share price today (Varun Beverages Ltd, NSE: VBL)

> Varun Beverages share price today: ₹420.45 at the NSE close on 4 November 2026, down 10.6% in a year. Varun Beverages (NSE: VBL) is worth ₹1,42,217 crore, trades at a P/E of 41.2 and has closed between ₹389.30 and ₹544.05 over the past 52 weeks. > Varun Beverages Ltd's earnings have grown faster than its share price. Earnings per share grew +17.1% in a year while the price moved −10.6%. VBL · FMCG - Contract Mfg · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/varun-beverages-ltd

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## Key numbers

- Business trend: Mixed, from fewer quarters than usual
- Price: ₹420.45 (−10.6% in a year)
- P/E: 41.2× (lower than 98% of the last 10 years)
- Revenue (Sep 2026): ₹6,608 Cr (+33.2% on a year ago)
- Profit (Sep 2026): ₹831 Cr (+13.5% on a year ago)
- Operating margin: 22.0% (−1.0 points on a year ago)
- ROCE: 20%, FY25
- Profit that came in as cash: 119%, last 3 years

The main question: yearly earnings per share moved +17.1% while the share price moved −10.6%. ## What is the Varun Beverages share price today? Varun Beverages Ltd's share price was ₹420.45 at the close on 4 November 2026. It has been falling for 11 weeks. That is 7.7% 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 20% of the way up from that low. 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 +1,510% 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. ## What changed at Varun Beverages this quarter? 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. ## What are Varun Beverages' latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹6,608 crore | ₹4,961 crore | +33.2% |
| Profit | ₹831 crore | ₹732 crore | +13.5% |
| Earnings per share | ₹2.45 | ₹2.15 | +14.0% |
| Operating margin | 22.0% | 23.0% | −1.0 points |

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.)

## What is the Varun Beverages share price history? Varun Beverages closed at ₹420.45 on 4 November 2026, down 10.6% from ₹470.20 a year earlier (7 November 2025) and up 236.5% over five years. Its highest weekly close since November 2016 was ₹670.66 on 26 July 2024. ### Varun Beverages share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹392.00 | +7.3% |
| 1 month ago · 1 Oct 2026 | ₹425.30 | −1.1% |
| 6 months ago · 8 May 2026 | ₹508.85 | −17.4% |
| 1 year ago · 7 Nov 2025 | ₹470.20 | −10.6% |
| 3 years ago · 3 Nov 2023 | ₹380.74 | +10.4% |
| 5 years ago · 4 Nov 2021 | ₹124.93 | +236.5% |
| 10 years ago · 11 Nov 2016 | ₹26.11 | +1,510.3% |
| Earliest weekly close in our records · 11 Nov 2016 | ₹26.11 | +1,510.3% |
| Highest weekly close since November 2016 · 26 Jul 2024 | ₹670.66 | −37.3% |
| Lowest weekly close since November 2016 · 17 Mar 2017 | ₹21.09 | +1,893.6% |
| 52-week high (weekly close) · 17 Jun 2026 | ₹544.05 | −22.7% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹389.30 | +8.0% |

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 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (528 weekly closes from 11 November 2016 to 4 November 2026.)

## What is the latest news on Varun Beverages? 5 Nov 2026: ex-date for an interim dividend of ₹0.50 a share. 4 Nov 2026: Varun Beverages closed at ₹420.45, up 7.3% on the week and down 1.1% on the month. ### 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). ## What dividend does Varun Beverages pay? Varun Beverages paid ₹2 a share in regular dividends in the 12 months to 5 November 2026 (4 payments), a yield of 0.48% at the ₹420.45 close on 4 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

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 5 Nov 2026 | ₹0.50 | Interim | same day |
| 31 Jul 2026 | ₹0.50 | Interim | 1 Aug 2026 |
| 30 Apr 2026 | ₹0.50 | Interim | 1 May 2026 |
| 8 Apr 2026 | ₹0.50 | Dividend | same day |
| 1 Aug 2025 | ₹0.50 | Interim | 2 Aug 2025 |
| 7 May 2025 | ₹0.50 | Interim | same day |
| 4 Apr 2025 | ₹0.50 | Dividend | same day |
| 9 Aug 2024 | ₹1.25 | Interim | same day |
| 4 Apr 2024 | ₹1.25 | Dividend | same day |
| 14 Aug 2023 | ₹1.25 | Interim | 16 Aug 2023 |
| 12 Apr 2023 | ₹1 | Dividend | same day |
| 11 Aug 2022 | ₹2.50 | Interim | 12 Aug 2022 |
| 11 Aug 2021 | ₹2.50 | Interim | 12 Aug 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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 5 November 2026.)

## What did Varun Beverages management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/5727-30-Oct-2026.pdf). (From the call for July to September 2026, 30 October 2026.)

## What is the future of Varun Beverages? What is changing in the business? 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.)

## What could change the Varun Beverages story? What are the risks? 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.)

## What to watch in Varun Beverages' next results? 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. - What to check (from the call)
- Gross trough confirmation next quarter at present input levels with pace of wider pack rollout as check. - Sting staying in positive territory after label disruption with KIVA commercial clarity promised for next call as check. ## Which stock lists is Varun Beverages on? Varun Beverages is on one of our India lists: 52 week high & low. [52 week high & low 52-week position: Near 52-week low](https://www.sectoralpha.in/52-week-high-stocks-india)

## Is Varun Beverages profitable? 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. 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. ## How much revenue does Varun Beverages make, and is it growing? 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. 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). ## How much of every ₹100 of sales does Varun Beverages keep? 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. 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. ## Is Varun Beverages' profit turning into cash? 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. 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. ## Where does Varun Beverages' cash go? 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. 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. ## What is Varun Beverages' P/E ratio, and how does it compare with its own history? Varun Beverages Ltd's P/E is 41.2×, about the lowest it has ever been. 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. Why the multiple is where it is: over the past year earnings per share moved +17.1% while the price moved −10.6%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +27.5% a year; about +38.1% a year came from earnings growth and about −10.6 percentage points from the multiple (the market paying less); over 10 years the price moved +32.0% a year; about +48.2% a year came from earnings growth and about −16.2 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. The PEG ratio and its quarterly curve, which only the second data source has, are not shown on this page: its two data sources disagree by up to 8.2% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What growth does the Varun Beverages share price assume? Worked out from its price on 20 July 2026, Varun Beverages Ltd's share price assumed profit growth of about 26.5% a year. Over the past 10 years its profit actually grew 39.1% a year. Today its P/E is 41.2×, lower than 98% of its own last 10 years. This is a one-day reading, taken on 20 July 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Varun Beverages business getting better or worse? Varun Beverages Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE falling at 20.0%; each line tells part of the story. This is based on 9 quarters of 4 measures, with some gaps. Why it matters: when the lines disagree, each line above matters more than any single label. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the Varun Beverages story, and has it been checked? Varun Beverages Ltd's story is not scored yet against the checks our research set on 31 May 2026. Where it sits in its own cycle: MID CYCLE. Still open: 2025 was management's own characterization as the worst seasonal year on record, India volumes declined 7.1% in Q2 FY25 on abnormal rainfall; a repeat in FY26 Q2 cuts PAT 15-20% vs guidance. Our read, 31 May 2026. From the numbers. The contraction is earnings-driven (EPS building, price flat-to-down). FII stake declined from 22.98% (Mar-2025) to…

From the price. Price stage 4, week 11, below its 200-day line, relative strength rising. From the research. Where they disagree. The contraction is earnings-driven (EPS building, price flat-to-down). FII stake declined from 22.98% (Mar-2025) to 19.51% (Mar-2026), net FII stake-cutting over the past year. What is proven. What is not proven yet. 2025 was management's own characterization as the worst seasonal year on record, India volumes declined 7.1% in Q2 FY25 on abnormal rainfall; a repeat in FY26 Q2 cuts PAT 15-20% vs guidance. The test written in advance. Weather disruption to peak-season volumes. Measured by: Weather disruption to peak-season volumes India volumes in Jun-2026 quarter vs prior year, threshold for alert is <8% growth by the next result.

The test written in advance. Input cost inflation, PET resin and sugar. Measured by: Input cost inflation, PET resin and sugar OPM trajectory; any quarterly OPM below 20% in a peak-season quarter (Jun or Sep) would be a material alarm by the next result.

The test written in advance. Management disclosure reliability, four documented cross-call contradictions. Measured by: Management disclosure reliability, four documented cross-call contradictions Q2 FY27 concall, Carlsberg brewery status, any capex commitment clarity by the next result.

What the company does. Q1 FY27 delivered consolidated volume +16.3% (India +14.4%, International +21.4%), revenue +18.1%, PAT +20.1%. Four greenfield plants commissioned in FY25, capacity headroom for 50%+ volume growth without new India capex; EBITDA margin 23.3% with +55 bps YoY in Q1 FY27.

Lever 10 · New geographies: building. International volumes +21.4% in Q1 FY27 as South Africa recovery completes, Tiza acquisition closes (~Rs 800 Cr revenue), and snack food revenues doubled YoY to Rs 112 Cr. What proves it keeps working: International Expansion, Africa Scaling. It stops working if India volumes in Jun-2026 quarter vs prior year, threshold for alert is <8% growth.

Lever 7 · Consolidation: building. 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. What proves it keeps working: Portfolio Premiumization, Dairy, Energy, Juice. It stops working if India volumes in Jun-2026 quarter vs prior year, threshold for alert is <8% growth. Lever 5 · Regulatory approval: building. Interest expense declined from Rs 129 Cr (Jun-2024) to Rs 37 Cr (Jun-2025), 71% reduction after QIP proceeds retired debt; consolidated D/E negligible. What proves it keeps working: Interest Cost Reduction / Deleveraging. It stops working if India volumes in Jun-2026 quarter vs prior year, threshold for alert is <8% growth. Sources: our stock research file (31 May 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Varun Beverages management deliver what it promised? What Varun Beverages Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. International Capacity Reversal · 30 October 2026. In Apr 2026, management said the business was fully prepared to support even 50% growth without adding capacity. In Oct 2026, management said capacity was insufficient in Morocco and Zimbabwe and that new capex was required, without reconciling why the earlier capacity assurance no longer held. This raises execution and capex risk for the international growth thesis. Low-Sugar Transition Not Consistent With Earlier Completion Claim · 30 October 2026. Apr 2026 said the portfolio conversion was complete and that sugar would have no future impact. Oct 2026 instead reported a 48% low-sugar and no-sugar share in India and said the benefit only largely offset a 16% sugar price increase, while referring to a transition to a low-sugar portfolio. Management did not reconcile the earlier claim of complete conversion with this materially different level of structural protection against sugar costs. Distribution Expansion Run-Rate Shifted Lower · 30 October 2026. Apr 2026 described an annual distribution expansion pace of approximately 300,000 to 400,000 outlets, with the potential to add 500,000 outlets that year. Oct 2026 stated a lower ongoing ambition of a couple hundred thousand outlets per year. The latest call did not explain whether this represents a deliberate reduction in distribution spending or a revised expectation, which could lower the distribution-led growth embedded in earlier comments. Twizza Margin Expectations vs. Actual Outcome · 28 July 2026. In February 2026, management characterized Twizza as margin accretive for BevCo and expected freight and scale benefits from the acquisition. In July 2026, management instead said Twaiza was operating at lower margins and was the primary reason consolidated EBITDA margin declined by 76 basis points year-over-year, without explaining why the earlier margin-accretion expectation had not materialized. Every quote above is taken word for word from the company’s own earnings calls. ## What is Varun Beverages management's track record? Tiza + Quickly Dairy add ~₹1,000 crore revenue; ROCE 19.7%/ROE 16.2% above CoE. ### Regulatory and governance record

No SEBI/CBI/ED action; FY25 minor/curable secretarial disclosure non-compliance (Reg 4)

0% Promoter shares pledged

Sources:

- [investywise.com](https://investywise.com)

(Checked 30 June 2026.)

## How much does Varun Beverages earn on its capital? Varun Beverages Ltd earned a ROCE of 20% in FY25. That is up from a low of 7% in FY14. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 14.1% net margin and 0.85× asset turnover (sales divided by assets). Why the return is what it is (FY25): a 14.1% net margin × 0.85× asset turnover × 1.30× leverage (assets divided by equity) ≈ 15.6% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 8.2% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Does Varun Beverages have too much debt? Varun Beverages Ltd had ₹2,508 Cr of borrowings against ₹19,578 Cr of equity in FY25, so its debt is 0.13× its equity. Its operating profit is 26 times its interest bill. Over 5 years borrowings went from ₹3,216 Cr to ₹2,508 Cr. Over the last 3 of those years it spent ₹12,335 Cr on assets. Why this happened. Distribution density compounds into volume market share. VBL and Everest formed a JV for in-house Visi-cooler manufacturing, reducing reliance on third-party supply and improving cold chain economics. The Everest Sri Lanka plant is used for South and West India territories. Industry-wide, ~1M Visi-coolers are added annually; VBL claims disproportionate market share from this infrastructure spending. Rural and semi-urban penetration are the next frontier of India volume growth. The spending on assets is being paid for from cash, not new debt. The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 8.2% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What is the Varun Beverages shareholding pattern? Domestic institutions raised their stake in Varun Beverages Ltd by 11.3 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 16.3% of the company. Foreign institutions moved −6.6 points over the same period, to 17.5%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +11.3 points over 8 quarters, to 16.3%; Foreign institutions: −6.6 points over 8 quarters, to 17.5%; Promoters: −3.2 points over 8 quarters, to 59.4%. Why the owners changed: foreign institutions moved −6.6 points and domestic institutions +11.3 points over 8 quarters, while promoters moved −3.2 points. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Varun Beverages from balance-sheet trouble? For Varun Beverages Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. Why this happened. The debt elimination is largely complete at the India level. India is net cash (Rs 12,250M) and the consolidated balance sheet carries negligible net debt. This driver is nearly fully realized, the Rs 37 Cr quarterly interest in Q1 FY27 vs Rs 129 Cr a year earlier represents a Rs 370 Cr annualized PAT benefit already captured in run-rate numbers. Going forward this driver maintains rather than accelerates. ## How does Varun Beverages rank in its industry? 52.3 out of 100, rank 4 of 4 in FMCG - Contract Mfg, with 79% of the evidence available. Varun Beverages Ltd scores 52.3 out of 100 against the 4 companies it is compared with in FMCG - Contract Mfg, ranking 4. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 16.4 + 20.1 + 13.4 + 2.4 = 52.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Varun Beverages compared with? Varun Beverages ranks 4 of 4 FMCG - Contract Mfg companies on the 4-Factor Sector Score, with 52.3 out of 100. 1. [ADF Foods Ltd](https://www.sectoralpha.in/stocks/adf-foods-ltd) ADFFOODS · quiet · Most evidence points up · 93% evidence 67.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.6/35 · Revenue 19.7% · Profit 30% · Operating margin change 0 points · 88% evidence Capital efficiency 20.3/25 · ROCE 21.8% · Operating margin 18% · 100% evidence Valuation 14.4/20 · P/E 26.7× · PEG 0.98 · 85% evidence Relative strength 5.1/20 · Lead over its industry -3.3% · Lead over NIFTY 500 2.2% · 1 year 7.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 27.6 + 20.3 + 14.4 + 5.1 = 67.4 · What this means: Earnings are strong; relative strength in its sector is -3.3% and the one-year return is 7.2%. 2. [Hindustan Foods Ltd](https://www.sectoralpha.in/stocks/hindustan-foods-ltd) HNDFDS · losing its lead · Evidence leans up · 93% evidence 61.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.6/35 · Revenue 17.6% · Profit 37.1% · Operating margin change 0 points · 88% evidence Capital efficiency 10.0/25 · ROCE 14.1% · Operating margin 8% · 100% evidence Valuation 18.0/20 · P/E 40.3× · PEG 0.8 · 85% evidence Relative strength 9.4/20 · Lead over its industry -2.1% · Lead over NIFTY 500 4.5% · 1 year 2.4% · 100% evidence · 9 of 12 weeks ahead Exact sum: 23.6 + 10 + 18 + 9.4 = 61 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Tasty Bite Eatables Ltd](https://www.sectoralpha.in/stocks/tasty-bite-eatables-ltd) TASTYBITE · leader · Evidence leans up · 75% evidence 55.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.6/35 · Revenue -1.2% · Profit -4.1% · Operating margin change -3.5 points · 83% evidence Capital efficiency 12.3/25 · ROCE 14% · Operating margin 9.5% · 76% evidence Valuation 11.6/20 · P/E 68.8× · PEG n/a · 35% evidence Relative strength 20.0/20 · Lead over its industry 16% · Lead over NIFTY 500 23.5% · 1 year 8.5% · 100% evidence · 11 of 12 weeks ahead Exact sum: 11.6 + 12.3 + 11.6 + 20 = 55.5 · What this means: Relative strength against the index is 23.5%, and revenue and profit growth are weak. 4. Varun Beverages Ltd this page VBL · basing · Evidence leans up · 79% evidence 52.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.4/35 · Revenue 22.1% · Profit 16.6% · Operating margin change -1 points · 95% evidence Capital efficiency 20.1/25 · ROCE 19.7% · Operating margin 22% · 76% evidence Valuation 13.4/20 · P/E 38.4× · PEG n/a · 35% evidence Relative strength 2.4/20 · Lead over its industry -16.8% · Lead over NIFTY 500 -10.7% · 1 year -16.5% · 100% evidence · 0 of 12 weeks ahead Exact sum: 16.4 + 20.1 + 13.4 + 2.4 = 52.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [FMCG - Contract Mfg](https://www.sectoralpha.in/sectors/fmcg-contract-mfg), all 4 compared on one page. ## Which companies are close to Varun Beverages in size? Varun Beverages is the largest of 4 FMCG - Contract Mfg companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Hindustan Foods, ADF Foods and Tasty Bite Eatables. ### FMCG - Contract Mfg companies close in size

1. Varun Beverages Ltd ₹1,32,594 crore
2. [Hindustan Foods Ltd](https://www.sectoralpha.in/stocks/hindustan-foods-ltd) ₹6,522 crore
3. [ADF Foods Ltd](https://www.sectoralpha.in/stocks/adf-foods-ltd) ₹2,586 crore
4. [Tasty Bite Eatables Ltd](https://www.sectoralpha.in/stocks/tasty-bite-eatables-ltd) ₹2,497 crore

[All 4 FMCG - Contract Mfg companies, largest first](https://www.sectoralpha.in/sectors/fmcg-contract-mfg#all-companies)

### Companies close in size in other industries

1. [Bharat Heavy Electricals Ltd](https://www.sectoralpha.in/stocks/bharat-heavy-electricals-ltd) ₹1,34,965 crore · Capital Goods - Engineering Heavy
2. [ICICI Prudential Asset Management Co Ltd](https://www.sectoralpha.in/stocks/icici-prudential-asset-management-co-ltd) ₹1,33,791 crore · Finance - AMC
3. Varun Beverages Ltd ₹1,32,594 crore
4. [Laurus Labs Ltd](https://www.sectoralpha.in/stocks/laurus-labs-ltd) ₹1,29,972 crore · Pharma - API & CRAMS
5. [Vodafone Idea Ltd](https://www.sectoralpha.in/stocks/vodafone-idea-ltd) ₹1,28,170 crore · Telecom Services

## What else do people ask about Varun Beverages? ### What is Varun Beverages's share price today? Varun Beverages Ltd's share price is ₹420.45, −10.6% over the past year. The whole company is worth ₹1,42,217 Cr on the market. In the last 52 weeks it traded between ₹389 to ₹544; today it is 20% of the way up from the low, 7.7% below its 200-day average (as of 4 November 2026). ### What were Varun Beverages's latest quarterly results? Varun Beverages Ltd reported revenue of ₹6,608 Cr and net profit of ₹831 Cr for the Sep 2026 quarter. Revenue rose 33.2% and profit rose 13.5% compared with a year earlier. Earnings per share were ₹2.45. The operating margin was 22.0%, 1.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is Varun Beverages's market cap? Varun Beverages Ltd's market capitalisation is ₹1,42,217 Cr at a share price of ₹420.45. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### What is Varun Beverages's P/E ratio? Varun Beverages Ltd's P/E is 41.2×, higher than 2% of its own last 10 years. Its usual level (the middle reading) is 58.9×. This compares the price with the company's own past; it is not a view on what the shares are worth (as of 4 November 2026). ### How is Varun Beverages valued against its own history? Against its own history, Varun Beverages Ltd's valuation is low: its P/E of 41.2× has been lower only 2% of the time in 10 years (usual level 58.9×). This compares the price with the company's own past; it is not a view on what the shares are worth or where the price goes next (as of 4 November 2026). ### How is Varun Beverages performing? Varun Beverages Ltd's share price has been falling for 11 weeks. In its latest quarter, revenue rose 33.2% and profit rose 13.5% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 4 November 2026). ### Will Varun Beverages's share price go up? This page does not forecast Varun Beverages Ltd's share price. What it shows instead: the share price is ₹420.45, and it has been falling for 11 weeks. Its P/E of 41.2× is higher than 2% of its own last 10 years (as of 4 November 2026). ### Who owns Varun Beverages? Promoters own 59.4% of Varun Beverages Ltd, foreign institutions 17.5%, domestic institutions 16.3% and the public 6.7% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 11.3 percentage points over 8 quarters (as of 4 November 2026). ### Where is Varun Beverages in its business cycle? Varun Beverages Ltd's FY25 operating margin was 23.0%, against a 12-year range of 15.0% to 24.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 22.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Varun Beverages story? The main question: yearly earnings per share moved +17.1% while the share price moved −10.6%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Varun Beverages a stock worth studying right now? What the numbers show: Varun Beverages Ltd's earnings have grown faster than its share price. Earnings per share grew +17.1% in a year while the price moved −10.6%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Varun Beverages share price forecast for 2026? What management itself guided: Significant Twizza-BevCo operational synergies to unlock over coming quarters as integration proceeds. 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. What would change the story: 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. ### Where does this page get Varun Beverages' management information? From Varun Beverages' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- 52 week high & low: https://www.sectoralpha.in/52-week-high-stocks-india

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