Skip to content

    Varun Beverages Limited

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

    Fast Moving Consumer Goods
    Fast Moving Consumer Goods
    View VBL earnings calls
    ₹463.35
    -9.22% from avg

    Overview

    Price

    ₹463.35

    Market Cap

    ₹1.6L Cr

    Sector

    Fast Moving Consumer Goods

    Fast Moving Consumer Goods

    Rank

    5

    Performance

    Explore VBL

    Promise TrackerConcall Analysis

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY20FY21FY22FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital289289433650650676676676
    Reserves3.6k3.7k4.0k4.9k6.4k15.9k17.7k18.1k
    Borrowings3.2k3.1k3.2k3.6k4.9k8812.1k404
    Other Liabilities1.3k1.2k1.5k2.0k2.1k2.0k4.2k1.8k
    Total Liabilities8.4k8.3k9.1k11.1k14.0k19.5k24.7k21.0k
    AssetsFixed Assets5.4k5.3k5.0k5.8k6.9k9.2k15.6k10.8k
    CWIP59394785401.6k960591141
    Investments9081.4k1.4k1.4k1.4k2.1k1353.8k
    Other Assets2.0k1.6k2.2k3.4k4.0k7.2k8.4k6.3k
    Total Assets8.4k8.3k9.1k11.1k14.0k19.5k24.7k21.0k

    Valuation

    Assumptions

    Current — VBL
    Price
    ₹463
    EPS (TTM)
    ₹7.77
    PE (TTM)
    59.6
    Profit growth
    16.7%
    ₹

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (70.3×) and current (59.6×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹463
    vs
    Fair value · 15% return
    ₹448
    3%Overvalued

    At 16.7% growth and a 60× exit, ₹463 only delivers your return if you pay ₹448. The price is currently baking in 17% growth.

    EPS grows 16.7%/yr for 5 years, then fades to 6% over 2, exits at 60×.

    YearGrowthEPS (₹)
    FY2716.7%9.07
    FY2816.7%10.58
    FY2916.7%12.35
    FY3016.7%14.41
    FY3116.7%16.82
    FY3211.3% ·fade18.73
    FY336.0% ·fade19.85

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

    Learn to analyse Varun Beverages Limited

    Guides on how to read this kind of business and the numbers that matter.