VBL

Varun Beverages share price & financials

Price
₹463.35
Market cap
₹1.5L Cr
Sector
Fast Moving Consumer Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 28 Jul 2026

Varun Beverages Limited Q2 CY2026

Revenue from Operations 84,512.3 million +20%EBITDA 23,430.4 million +17%EBITDA Margin 27.7% −1%PAT 15,253.6 million +15%

What went well

  • Consolidated sales volume grew by 19.8%, driven by strong performance across markets.
  • Net revenue from operations increased by 20.4% to Rs. 84,512.3 million in Q2 2026.
  • EBITDA increased by 17.2% to Rs. 23,430.4 million, and PAT grew by 15.1% to Rs. 15,253.6 million.

What to watch

  • EBITDA margin declined by 76 basis points year-on-year to 27.7% in Q2 2026, primarily due to the consolidation of the lower-margin Twizza business.
  • Depreciation increased by 33.6% due to commissioning of new plants and the Twizza acquisition.
Read the full call →

What Varun Beverages Limited does

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

Guidance record · Q1 FY27

what the last two calls moved 10 tracked 1 delivered 2 missed 7 open
  • Consolidated EBITDA Margin delivered said Q1 FY26 Promised: 21%+ Q1 FY27: Q2 CY26 EBITDA margin was 27.7%, well above the 21%+ floor. Management expressed confidence in maintaining margins.
  • CY2025 CAPEX missed said Q3 FY25 Promised: Rs 31,000 million Q1 FY27: CY2025 period is over; promise remains missed.
  • India Volume Growth on track said Q3 FY25 Promised: Double digit annually Q1 FY27: India volume grew 14.4% in Q2 CY26. Management guided for '20% plus' growth post-June, reinforcing the double-digit growth trajectory.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 13.0%, net profit up 14.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue3,087 2,014 4,053 5,305 3,064 −1%2,135 +6%4,501 +11%5,996 +13%
EBITDA801 323 1,010 1,641 787 −2%325 +1%1,172 +16%1,878 +14%
Net profit492 209 678 1,160 577 +17%261 +25%788 +16%1,324 +14%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −12.5% 1Y

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

1Y: ₹475.8 on 10 Sept 2025 → ₹416.5. High ₹544.05 (17 Jun 2026), low ₹382.2 (23 Mar 2026).

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.

Financials, as filed

Revenue grew 7.3% a year over 2 years, FY23 to FY25. Operating margin widened to 25.9%.

Year endingFY23FY24FY25
Revenue₹12.6k Cr₹14.3k Cr₹14.6k Cr
Operating profit₹3.0k Cr₹3.7k Cr₹3.8k Cr
Operating margin23.6%25.7%25.9%
Interest₹242 Cr₹350 Cr₹33 Cr
Depreciation₹518 Cr₹617 Cr₹702 Cr
Net profit₹1.8k Cr₹2.3k Cr₹2.7k Cr
Net margin14.1%16.2%18.4%
ROCE26.0%24.0%19.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY20FY21FY22FY23FY24FY25
Equity capital₹289 Cr₹433 Cr₹650 Cr₹650 Cr₹676 Cr₹676 Cr
Reserves₹3.7k Cr₹4.0k Cr₹4.9k Cr₹6.4k Cr₹15.9k Cr₹18.1k Cr
Borrowings₹3.1k Cr₹3.2k Cr₹3.6k Cr₹4.9k Cr₹881 Cr₹404 Cr
Other liabilities₹1.2k Cr₹1.5k Cr₹2.0k Cr₹2.1k Cr₹2.0k Cr₹1.8k Cr
Total liabilities₹8.3k Cr₹9.1k Cr₹11.1k Cr₹14.0k Cr₹19.5k Cr₹21.0k Cr
Fixed assets₹5.3k Cr₹5.0k Cr₹5.8k Cr₹6.9k Cr₹9.2k Cr₹10.8k Cr
Capital work in progress₹39 Cr₹478 Cr₹540 Cr₹1.6k Cr₹960 Cr₹141 Cr
Investments₹1.4k Cr₹1.4k Cr₹1.4k Cr₹1.4k Cr₹2.1k Cr₹3.8k Cr
Other assets₹1.6k Cr₹2.2k Cr₹3.4k Cr₹4.0k Cr₹7.2k Cr₹6.3k Cr
Total assets₹8.3k Cr₹9.1k Cr₹11.1k Cr₹14.0k Cr₹19.5k Cr₹21.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +4.64 pp while FIIs trimmed −2.83 pp. The shareholder count shrank 16% to 8,13,548.

Promoters
59.4%
FIIs
19.0%
DIIs
15.2%
Government
0.1%
Public
6.3%

Since Jun 2025

  • DIIs +4.64 pp
  • FIIs −2.83 pp
  • Public −1.47 pp

How it drifted, 12 quarters

Over this window DIIs went from 3.4% to 15.2% — +11.8 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 63.1%, FIIs 27.6%, DIIs 3.4%, Public 6.0%.Dec '23: Promoters 63.1%, FIIs 26.6%, DIIs 3.6%, Public 6.7%.Mar '24: Promoters 62.9%, FIIs 25.8%, DIIs 4.2%, Public 7.2%.Jun '24: Promoters 62.7%, FIIs 25.3%, DIIs 4.5%, Public 7.5%.Sep '24: Promoters 62.7%, FIIs 24.2%, DIIs 5.0%, Public 8.2%.Dec '24: Promoters 60.2%, FIIs 25.3%, DIIs 7.0%, Public 7.5%.Mar '25: Promoters 60.2%, FIIs 23.0%, DIIs 9.2%, Public 7.6%.Jun '25: Promoters 59.8%, FIIs 21.9%, DIIs 10.5%, Public 7.8%.Sep '25: Promoters 59.4%, FIIs 21.9%, DIIs 11.8%, Public 6.8%.Dec '25: Promoters 59.4%, FIIs 20.3%, DIIs 13.6%, Public 6.7%.Mar '26: Promoters 59.4%, FIIs 19.5%, DIIs 14.3%, Government 0.0%, Public 6.7%.Jun '26: Promoters 59.4%, FIIs 19.0%, DIIs 15.2%, Government 0.1%, Public 6.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 3 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Varun Beverages Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Rj Corp Limited 25.28%unchanged
Ravi Kant Jaipuria 16.71%unchanged
Varun Jaipuria 15.43%unchanged
LICI New Pension Plus Growth Fund Insurer2.31%newly disclosed
Devyani Jaipuria 1.94%unchanged
Government Pension Fund Global Sovereign1.83%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Nif Mutual fund1.55%−0.20 pp
SBI Arbitrage Opportunities Fund Mutual fund1.40%+0.28 pp
NPS Trust - A/C SBI Pension Fund Scheme - NPS Tier Pension / PF1.16%newly disclosed
Vivek Gupta 0.07%unchanged
Madhu Rajendra Jindal 0.00%unchanged
Aishwarya M Mariwala 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in VBL

Filings to Aug 2026

0 new, 16 added, 6 trimmed, 2 sold out — net +56.73 L shares (+4.6%).

Held by funds
₹5.1k Cr
39 schemes
Biggest holder
SBI Large Cap Fund
₹981 Cr · 1.8% of that fund
SchemeHoldingLast month
SBI Large Cap Fund SBI Mutual Fund₹981 Crheld
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹901 Cr+35.00 L
SBI Flexicap Fund SBI Mutual Fund₹415 Cr−1.86 L
Nippon India Focused Fund Nippon India Mutual Fund₹281 Crheld
SBI Arbitrage Fund SBI Mutual Fund₹271 Cr+12.98 L
Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund₹244 Cr+5.00 L
Nippon India Large Cap Fund Nippon India Mutual Fund₹238 Crheld
Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund₹193 Cr+1.55 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

16 added, 6 trimmed — net +56.73 L shares (+4.6%)

Funds are sitting on
+2%
vs est. average cost
Held by funds
₹5.1k Cr
39 schemes · ≈ 4.0% of the company
Biggest holder
SBI Large Cap Fund
₹981 Cr · 1.8% of that fund
Longest holder
Nippon India Growth Mid Cap Fund
8y 8m · since Jan '18

Shares held by these funds +566%

Aug '23 12.29 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹416, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~16%. At that growth it is worth ₹191 — downside of 54%.

Growth the price implies
31.5% a year
for 7 years, fading to 4%
It has actually compounded at
16.8% a year
net profit, FY23–FY26 · EPS 16.1%
The gap
0.2 pp
-54% downside if it only repeats history
Price today ₹416.5 Value at the reference growth ₹191.49

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Varun Beverages Limited

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