About
Varun Beverages Limited, together with its subsidiaries, manufactures, bottles, sells, and distributes beverages under the PepsiCo brands in India, Sri Lanka, Nepal, Zambia, Morocco, Zimbabwe, the Democratic Republic of Congo, Mozambique, South Africa, Lesotho, Eswatini, Namibia, and Botswana. The company offers carbonated soft drinks under the Pepsi, Pepsi Zero, Mountain Dew, Mirinda, and Seven-Up brands, as well as the Refreshhh, Coo-ee, and Jive brands; fruit pulp and juice-based drinks under the Slice, Tropicana, Tropicana Delight, and Seven-Up Nimbooz brands; club sodas under the Evervess and Duke's brands; and energy drinks under the Sting, Adrenaline Rush, and Rockstar brands. It also provides sports drinks under the Gatorade brand; carbonated juice-based drinks under the Seven-Up Nimbooz Masala Soda brand; ice-tea under the Lipton brand; packaged drinking water under the Aquafina and Aquavess brands, as well as the Refreshhh and Aquaclear brands; and snacks under the FritoLay, Cheetos, Doritos, Simba, and Kurkure brands. In addition, the company offers energy drinks under the Reboost Energy brand; and value-added dairy-based beverages under the Cream Bell brand. Varun Beverages Limited was incorporated in 1995 and is based in Gurugram, India.
Key Metrics
as of Sep 2026Market Cap137,246 Cr
P/E40.50
Div Yield0.37 %
Book Value₹57.90
52w High₹556.00
52w Low₹381.00
Face Value₹2.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,996.00 | 4,501.00 | 2,135.00 | 3,064.00 | 5,305.00 | 4,053.00 | 2,014.00 | 3,087.00 | 5,802.00 | 3,446.00 | 1,846.00 | 2,892.00 | 4,672.00 |
| Expenses | 4,118.00 | 3,328.00 | 1,810.00 | 2,277.00 | 3,664.00 | 3,042.00 | 1,691.00 | 2,286.00 | 4,063.00 | 2,625.00 | 1,552.00 | 2,185.00 | 3,364.00 |
| Operating Profit | 1,878.00 | 1,172.00 | 325.00 | 787.00 | 1,641.00 | 1,010.00 | 323.00 | 801.00 | 1,739.00 | 821.00 | 294.00 | 707.00 | 1,308.00 |
| OPM % | 31.00 | 26.00 | 15.00 | 26.00 | 31.00 | 25.00 | 16.00 | 26.00 | 30.00 | 24.00 | 16.00 | 24.00 | 28.00 |
| Other Income | 104.00 | 74.00 | 214.00 | 150.00 | 90.00 | 60.00 | 154.00 | 100.00 | 67.00 | 33.00 | 51.00 | 31.00 | 46.00 |
| Depreciation | 224.00 | 199.00 | 185.00 | 172.00 | 180.00 | 165.00 | 154.00 | 157.00 | 167.00 | 139.00 | 125.00 | 128.00 | 129.00 |
| Interest | 4.00 | 4.00 | 13.00 | 8.00 | 4.00 | 8.00 | 64.00 | 99.00 | 103.00 | 84.00 | 67.00 | 56.00 | 62.00 |
| Profit before tax | 1,755.00 | 1,043.00 | 342.00 | 757.00 | 1,548.00 | 897.00 | 259.00 | 645.00 | 1,536.00 | 630.00 | 154.00 | 555.00 | 1,162.00 |
| Tax % | 25.00 | 24.00 | 24.00 | 24.00 | 25.00 | 24.00 | 19.00 | 24.00 | 25.00 | 26.00 | 23.00 | 25.00 | 25.00 |
| Net Profit | 1,324.00 | 788.00 | 261.00 | 577.00 | 1,160.00 | 678.00 | 209.00 | 492.00 | 1,150.00 | 469.00 | 119.00 | 416.00 | 868.00 |
| EPS in Rs | 3.92 | 2.33 | 0.77 | 1.71 | 3.43 | 2.00 | 0.62 | 1.52 | 3.54 | 1.44 | 0.37 | 1.28 | 2.67 |
Profit & Loss
Annual · Rs. Crores| Metric | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 | Dec 2015 | Dec 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 14,557.00 | 14,349.00 | 12,633.00 | 10,596.00 | 6,596.00 | 4,876.00 | 5,616.00 | 3,862.00 | 3,063.00 | 2,980.00 | 2,864.00 | 2,019.00 |
| Expenses | 10,792.00 | 10,585.00 | 9,572.00 | 8,371.00 | 5,394.00 | 4,016.00 | 4,411.00 | 2,996.00 | 2,338.00 | 2,277.00 | 2,284.00 | 1,696.00 |
| Operating Profit | 3,765.00 | 3,764.00 | 3,061.00 | 2,224.00 | 1,202.00 | 860.00 | 1,205.00 | 866.00 | 725.00 | 703.00 | 580.00 | 322.00 |
| OPM % | 26.00 | 26.00 | 24.00 | 21.00 | 18.00 | 18.00 | 21.00 | 22.00 | 24.00 | 24.00 | 20.00 | 16.00 |
| Other Income | 514.00 | 278.00 | 70.00 | 99.00 | 36.00 | 5.00 | 98.00 | 88.00 | 46.00 | 50.00 | 41.00 | 42.00 |
| Interest | 33.00 | 354.00 | 244.00 | 156.00 | 156.00 | 250.00 | 282.00 | 196.00 | 192.00 | 389.00 | 140.00 | 158.00 |
| Depreciation | 702.00 | 618.00 | 518.00 | 483.00 | 400.00 | 413.00 | 387.00 | 296.00 | 274.00 | 249.00 | 263.00 | 152.00 |
| Profit before tax | 3,543.00 | 3,070.00 | 2,368.00 | 1,684.00 | 682.00 | 203.00 | 634.00 | 463.00 | 304.00 | 114.00 | 219.00 | 55.00 |
| Tax % | 24.00 | 24.00 | 25.00 | 25.00 | 28.00 | -12.00 | 29.00 | 28.00 | 23.00 | 22.00 | 31.00 | 35.00 |
| Net Profit | 2,677.00 | 2,320.00 | 1,775.00 | 1,270.00 | 489.00 | 226.00 | 449.00 | 332.00 | 236.00 | 90.00 | 152.00 | 35.00 |
| EPS in Rs | 7.91 | 6.86 | 5.47 | 3.91 | 1.51 | 0.70 | 1.38 | 1.08 | 0.76 | 0.29 | 0.67 | 0.16 |
| Dividend Payout % | 19.00 | 15.00 | 18.00 | 18.00 | 22.00 | 32.00 | 16.00 | 14.00 | 19.00 | 0.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 | Dec 2015 | Dec 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 676.00 | 676.00 | 650.00 | 650.00 | 433.00 | 289.00 | 289.00 | 183.00 | 183.00 | 182.00 | 134.00 | 134.00 |
| Reserves | 18,088.00 | 15,882.00 | 6,426.00 | 4,868.00 | 3,966.00 | 3,723.00 | 3,578.00 | 2,406.00 | 2,114.00 | 1,954.00 | 277.00 | 120.00 |
| Borrowings | 404.00 | 881.00 | 4,882.00 | 3,595.00 | 3,186.00 | 3,052.00 | 3,201.00 | 2,535.00 | 2,087.00 | 1,460.00 | 2,204.00 | 2,231.00 |
| Other Liabilities | 1,831.00 | 2,044.00 | 2,052.00 | 1,957.00 | 1,481.00 | 1,233.00 | 1,306.00 | 962.00 | 915.00 | 1,003.00 | 1,527.00 | 387.00 |
| Total Liabilities | 21,000.00 | 19,484.00 | 14,009.00 | 11,069.00 | 9,066.00 | 8,297.00 | 8,374.00 | 6,086.00 | 5,299.00 | 4,600.00 | 4,142.00 | 2,872.00 |
| Fixed Assets | 10,837.00 | 9,181.00 | 6,938.00 | 5,752.00 | 5,012.00 | 5,263.00 | 5,402.00 | 3,322.00 | 3,278.00 | 2,992.00 | 2,916.00 | 1,733.00 |
| CWIP | 141.00 | 960.00 | 1,576.00 | 540.00 | 478.00 | 39.00 | 59.00 | 339.00 | 12.00 | 69.00 | 32.00 | 17.00 |
| Investments | 3,770.00 | 2,096.00 | 1,450.00 | 1,354.00 | 1,352.00 | 1,352.00 | 908.00 | 774.00 | 627.00 | 501.00 | 304.00 | 523.00 |
| Other Assets | 6,252.00 | 7,247.00 | 4,045.00 | 3,423.00 | 2,224.00 | 1,642.00 | 2,005.00 | 1,651.00 | 1,381.00 | 1,039.00 | 889.00 | 599.00 |
| Total Assets | 21,000.00 | 19,484.00 | 14,009.00 | 11,069.00 | 9,066.00 | 8,297.00 | 8,374.00 | 6,086.00 | 5,299.00 | 4,600.00 | 4,142.00 | 2,872.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 | Dec 2015 | Dec 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 2,577.00 | 2,967.00 | 1,953.00 | 1,559.00 | 868.00 | 720.00 | 1,067.00 | 742.00 | 500.00 | 752.00 | 510.00 | 378.00 |
| Cash from Investing Activity | -2,057.00 | -3,687.00 | -2,770.00 | -1,509.00 | -725.00 | -228.00 | -2,229.00 | -704.00 | -809.00 | -1,108.00 | -360.00 | -500.00 |
| Cash from Financing Activity | -979.00 | 2,729.00 | 819.00 | -26.00 | -155.00 | -488.00 | 1,193.00 | -67.00 | 326.00 | 353.00 | -134.00 | 116.00 |
| Net Cash Flow | -459.00 | 2,009.00 | 2.00 | 23.00 | -12.00 | 4.00 | 31.00 | -29.00 | 16.00 | -4.00 | 16.00 | -6.00 |
| Free Cash Flow | 1,051.00 | 599.00 | -637.00 | 224.00 | 249.00 | 395.00 | 437.00 | 243.00 | 175.00 | 98.00 | 278.00 | 204.00 |
| CFO/OP % | 90.00 | 96.00 | 84.00 | 85.00 | 80.00 | 89.00 | 98.00 | 86.00 | 69.00 | 107.00 | 94.00 | 119.00 |
Ratios
Annual · Days / % — latest first| Metric | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 | Dec 2015 | Dec 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 7.00 | 5.00 | 6.00 | 5.00 | 7.00 | 13.00 | 8.00 | 13.00 | 11.00 | 6.00 | 6.00 | 6.00 |
| Inventory Days | 90.00 | 93.00 | 94.00 | 99.00 | 124.00 | 112.00 | 94.00 | 86.00 | 82.00 | 96.00 | 86.00 | 67.00 |
| Days Payable | 24.00 | 31.00 | 30.00 | 40.00 | 54.00 | 45.00 | 44.00 | 37.00 | 22.00 | 39.00 | 24.00 | 29.00 |
| Cash Conversion Cycle | 72.00 | 68.00 | 70.00 | 64.00 | 78.00 | 80.00 | 58.00 | 62.00 | 72.00 | 63.00 | 68.00 | 44.00 |
| Working Capital Days | 56.00 | 28.00 | -12.00 | -30.00 | -39.00 | -51.00 | -33.00 | -43.00 | -56.00 | -75.00 | -55.00 | -83.00 |
| ROCE % | 19.00 | 24.00 | 26.00 | 23.00 | 12.00 | 7.00 | 15.00 | 14.00 | 12.00 | 16.00 | 14.00 | 9.00 |
Corporate Actions
30 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 31 Jul 2026 | 01 Aug 2026 | — | 0.50 | |
| Dividend | 30 Apr 2026 | 01 May 2026 | — | 0.50 | |
| Dividend | 08 Apr 2026 | 08 Apr 2026 | — | 0.50 | |
| Dividend | 01 Aug 2025 | 02 Aug 2025 | — | 0.50 | |
| Dividend | 07 May 2025 | 07 May 2025 | — | 0.50 | |
| Dividend | 04 Apr 2025 | 04 Apr 2025 | — | 0.50 | |
| Split | 12 Sep 2024 | 12 Sep 2024 | 5:2 | — | |
| Dividend | 09 Aug 2024 | 09 Aug 2024 | — | 1.25 | |
| Dividend | 04 Apr 2024 | 04 Apr 2024 | — | 1.25 | |
| Other | 26 Mar 2024 | — | — | — | Annual General Meeting |
| Dividend | 14 Aug 2023 | 16 Aug 2023 | — | 1.25 | |
| Split | 15 Jun 2023 | 15 Jun 2023 | 10:5 | — | |
| Dividend | 12 Apr 2023 | 12 Apr 2023 | — | 1.00 | |
| Other | 17 Mar 2023 | — | — | — | Annual General Meeting |
| Dividend | 11 Aug 2022 | 12 Aug 2022 | — | 2.50 | |
| Bonus | 06 Jun 2022 | 07 Jun 2022 | 1:2 | — | |
| Other | 29 Mar 2022 | — | — | — | Annual General Meeting |
| Dividend | 11 Aug 2021 | 12 Aug 2021 | — | 2.50 | |
| Bonus | 10 Jun 2021 | 12 Jun 2021 | 1:2 | — | |
| Other | 26 Mar 2021 | — | — | — | Annual General Meeting |
| Dividend | 14 Aug 2020 | 17 Aug 2020 | — | 2.50 | |
| Other | 17 Jun 2020 | — | — | — | Annual General Meeting |
| Other | 30 Mar 2020 | — | — | — | Annual General Meeting |
| Dividend | 26 Aug 2019 | 27 Aug 2019 | — | 2.50 | |
| Bonus | 25 Jul 2019 | 27 Jul 2019 | 1:2 | — | |
| Other | 08 Apr 2019 | — | — | — | Annual General Meeting |
| Dividend | 20 Aug 2018 | 21 Aug 2018 | — | 2.50 | |
| Other | 06 Apr 2018 | — | — | — | Annual General Meeting |
| Dividend | 16 Aug 2017 | 18 Aug 2017 | — | 2.50 | |
| Other | 07 Apr 2017 | — | — | — | Annual General Meeting |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update21 Apr from crisil
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Rating update18 Feb 2025 from crisil
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Rating update27 Dec 2023 from crisil
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Rating update29 Sep 2023 from crisil
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Rating update1 Jul 2022 from crisil
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Rating update26 May 2022 from crisil
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