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Varun Beverages share price & results

Varun Beverages Limited· Fast Moving Consumer Goods

Results to
Jun 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

World's second-largest PepsiCo franchisee outside the US, bottling beverages across 10 countries.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue8,451 ₹ crore+20.4% YoYQuarterly, as filedQuarter to Jun 2026Revenue from operations as filed.
Operating margin28.0 %0.0 pts YoYOperating profit / revenueQuarter to Jun 2026For the quarter; a change is in percentage points.
Net profit1,525 ₹ crore+15.1% YoYQuarterly, as filedQuarter to Jun 2026Profit after tax as filed.
Return on equity18.71 %−6.3 ptsFY Dec 2025 vs FY Dec 2024Trailing twelve monthsTTM to Jun 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin3.68 %+5.5 ptsFY Dec 2025 vs FY Dec 2024Fiscal yearFY ending Dec 2025(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)14.46 %−16.3 ptsFY Dec 2025 vs FY Dec 2024Trailing twelve monthsTTM to Jun 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

1 of 3 judged targets kept · 7 open · verdicts reflect calls analysed to Q1 FY27.

Varun Beverages Limited management guidance track record on Inve: 10 targets tracked across analysed earnings calls (1 achieved, 2 missed, 7 open).

TargetOriginal wordingSaidLatest callVerdict
Consolidated EBITDA Margin21%+
Call transcript, Q1 FY26 · 29 Jul 2025		Q1 FY26Q1 FY27:Q2 CY26 EBITDA margin was 27.7%, well above the 21%+ floor. Management expressed confidence in maintaining margins.
Call transcript, Q1 FY27 · 28 Jul 2026		Achieved
CY2025 CAPEXRs 31,000 million
Call transcript, Q3 FY25 · 10 Feb 2025		Q3 FY25Q1 FY27:CY2025 period is over; promise remains missed.
Call transcript, Q1 FY27 · 28 Jul 2026		Missed
India Volume GrowthDouble digit annually
Call transcript, Q3 FY25 · 10 Feb 2025		Q3 FY25Q1 FY27:India volume grew 14.4% in Q2 CY26. Management guided for '20% plus' growth post-June, reinforcing the double-digit growth trajectory.
Call transcript, Q1 FY27 · 28 Jul 2026		On Track

Source: Inve Guidance Tracker for Varun Beverages Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

2 of Varun Beverages Limited's 10 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 7 more targets are in the full ledger.

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Price

₹408 +3.26% · +₹12.9

Last close 26 Oct 2026 · NSE · INR · Source: Inve

Performance −11.6% 1Y

₹400₹450₹500₹550Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q2 FY26 — 29 Oct 2025Q3 FY26 — 3 Feb 2026Q4 FY26 — 27 Apr 2026Q1 FY27 — 28 Jul 2026

1Y: ₹461.4 on 24 Oct 2025 → ₹408. High ₹544.05 (17 Jun 2026), low ₹382.2 (23 Mar 2026).

Previous close
₹395.1
Market cap
₹1.4L Cr
52-week range
₹382.2 – ₹544.05
One year
−11.18%
Price to earnings (TTM to Jun 2026)
41.91×
Return on equity (TTM to Jun 2026)
18.71%

Overview

Symbol
NSE:VBL
Exchange
NSE
Currency
INR

What Varun Beverages Limited does

Based on the company's own presentations, annual report and earnings calls.

Varun Beverages manufactures, bottles and distributes PepsiCo's carbonated soft drinks, juice- and fruit-pulp-based drinks, energy and sports drinks, and packaged water under long-term franchise licenses, alongside its own beverage brands. It also produces and distributes PepsiCo snack foods and value-added dairy beverages in select territories. Revenue is earned primarily from beverage sales (on a per-unit-case basis) with a smaller non-beverage stream from snacks, dairy, preforms, closures and scrap, spanning India and international territories across South Asia and Africa.

Segments

  • Beverage sales
  • Non-beverage sales
Production / bottling facilities
53 (38 in India, 15 in international territories)
PepsiCo franchise position
Second-largest PepsiCo franchisee in the world outside the US
Countries with franchise operations
10 countries, plus distribution rights in 4 additional countries
Share of PepsiCo India sales volume
Over 90%
Backward-integration plants
22 (3 exclusive + 19 integrated)
Electric vehicles for last-mile distribution
2,000+
Founded 1995Headquarters Gurugram, Haryana, India Company website

How the price took the results

close before → close after

Q1 FY27
−7.4%
28 Jul
Q4 FY26
+5.8%
27 Apr
Q3 FY26
−3.3%
3 Feb
Q2 FY26
+9.1%
29 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

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