Varun Beverages Limited

Fast Moving Consumer Goods · Beverages

NSE: VBL BSE: 540180

₹432.00

Sept. 30, 2026 · NSE · nse_bhavcopy

Peers in Beverages

The largest companies in the same industry by market cap. This company ranks #1 of 32. PE, ROE, 1Y return and scores come from the daily/weekly precomputed snapshot.

Company	Market cap (₹ Cr)	PE (TTM)	ROE	1Y return	Div. yield	Quality	Valuation	Momentum
Varun Beverages Limited (this stock)	146,115	49.5	13.2%	-2.5%	—	87	3	68
United Spirits Limited	98,483	50.2	20.5%	0.5%	1.26%	80	24	28
Radico Khaitan Limited	58,474	84.1	16.8%	49.8%	0.21%	73	31	31
United Breweries Limited	30,621	77.3	9.1%	-35.6%	0.86%	55	0	10
Allied Blenders and Distillers Limited	20,108	73.0	13.1%	35.6%	0.75%	49	0	91
Tilaknagar Industries Limited	13,380	67.7	0.7%	19.5%	—	35	30	49
Piccadily Agro Industries Limited	5,839	40.5	12.9%	-12.3%	0.17%	64	26	63
Globus Spirits Limited	2,287	21.9	6.4%	-26.1%	0.83%	42	65	9

Valuation multiples

Current only. Market cap is the whole company's; sales/EBITDA are trailing-twelve-month standalone; debt and cash come from the latest filed standalone balance sheet (Dec. 31, 2025). EBITDA = PBT + interest + depreciation.

Enterprise value

₹144,921 Cr

EV / EBITDA

30.8x

EV / Sales

9.23x

Market cap / Sales

9.31x

Earnings yield

2.02%

Quarterly Financials

Download CSV

Standalone Consolidated

↑ Positive

Quarterly Revenue

Jun 2026 quarterly revenue is Rs 6,101 Cr, up 13.1% YoY.

↑ Positive

Quarterly Net Profit

Jun 2026 quarterly net profit is Rs 1,324 Cr, up 14.2% YoY.

Period end	Revenue (₹ Cr)	PBT (₹ Cr)	Net profit (₹ Cr)	Basic EPS
June 30, 2026	5,996	1,755	1,324	₹3.9200
March 31, 2026	4,501	1,043	788	₹2.3300
Dec. 31, 2025	2,135	342	261	₹0.7700
Sept. 30, 2025	3,064	757	577	₹1.7100
June 30, 2025	5,305	1,548	1,160	₹3.4300
March 31, 2025	4,053	897	678	₹2.0100
Dec. 31, 2024	2,014	259	209	₹0.6300
Sept. 30, 2024	3,087	645	492	₹1.5200
June 30, 2024	5,802	1,536	1,150	₹8.8500
March 31, 2024	3,446	630	469	₹3.6100
Dec. 31, 2023	1,846	154	119	₹0.9100
Sept. 30, 2023	2,892	555	416	₹3.2000
June 30, 2023	4,672	1,162	868	₹6.6800

Quarterly income statement (standalone, ₹ Cr)

Indicator	Jun 26	Mar 26	Dec 25	Sep 25	Jun 25	Mar 25	Dec 24	Sep 24	Jun 24	Mar 24	Dec 23	Sep 23	Jun 23
Total income (before exceptional items)	6,101	4,575	2,350	3,214	5,395	4,112	2,168	3,187	5,869	3,479	1,897	2,923	4,718
Operating revenue	5,996	4,501	2,135	3,064	5,305	4,053	2,014	3,087	5,802	3,446	1,846	2,892	4,672
Other income	104	74	214	150	90	60	154	100	67	33	51	31	46
Operating expenses	4,118	3,328	1,810	2,277	3,664	3,042	1,691	2,286	4,063	2,625	1,552	2,185	3,364
Operating profit	1,878	1,172	325	787	1,641	1,010	323	801	1,739	821	294	707	1,308
Operating profit margin	31.3%	26.0%	15.2%	25.7%	30.9%	24.9%	16.0%	25.9%	30.0%	23.8%	15.9%	24.5%	28.0%
Depreciation	223	199	185	172	180	165	154	157	167	139	125	128	129
Interest	4	4	13	8	4	8	64	99	103	84	67	56	62
Exceptional items, gain / (loss)	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit before tax	1,755	1,043	342	757	1,548	897	259	645	1,536	630	154	555	1,162
Tax	431	256	81	179	388	219	50	153	386	161	35	139	294
Net profit	1,324	788	261	577	1,160	678	209	492	1,150	469	119	416	868
EPS	3.92	2.33	0.77	1.71	3.43	2.01	0.63	1.52	8.85	3.61	0.91	3.20	6.68
Net profit (TTM)	2,951	2,786	2,677	2,624	2,539	2,529	2,320	2,230	2,154	1,871	1,775	1,715	1,587
EPS (TTM)	8.73	8.24	7.92	7.78	7.59	13.01	14.61	14.89	16.57	14.40	16.53	15.71	16.94

Total income excludes exceptional items, which are shown on their own row. Trendlyne and Screener fold exceptional items into revenue or other income, so their totals differ from this table by exactly that row.

Annual Financials

Annual income statement (standalone, ₹ Cr; CAGR to the latest year)

Indicator	CAGR 3Y	CAGR 5Y	Dec 25	Dec 24	Dec 23	Dec 22	Dec 21	Dec 20	Dec 19	Dec 18	Dec 17
Total income (before exceptional items)	12.0%	24.9%	15,071^†	14,703^†	12,779^†	10,740^†	6,653^†	4,948^†	5,714^†	3,958^†	3,538^†
Operating revenue	11.2%	24.4%	14,557^†	14,349^†	12,633^†	10,596^†	6,596^†	4,876^†	5,616^†	3,862^†	3,473^†
Other income	—	—	514^†	354^†	146^†	144^†	57^†	72^†	98^†	96^†	65^†
Operating expenses	—	—	10,793^†	10,665^†	9,651^†	8,418^†	5,417^†	4,017^†	4,412^†	3,006^†	2,769^†
Operating profit	20.0%	34.4%	3,764^†	3,684^†	2,981^†	2,178^†	1,179^†	859^†	1,204^†	857^†	705^†
Operating profit margin	—	—	25.9%^†	25.7%^†	23.6%^†	20.6%^†	17.9%^†	17.6%^†	21.4%^†	22.2%^†	20.3%^†
Depreciation	—	—	702^†	618^†	518^†	483^†	400^†	413^†	387^†	296^†	274^†
Interest	—	—	32^†	350^†	241^†	154^†	155^†	249^†	280^†	194^†	192^†
Exceptional items, gain / (loss)	—	—	0^†	0^†	0^†	0^†	0^†	-67^†	0^†	0^†	0^†
Profit before tax	28.1%	77.2%	3,543^†	3,070^†	2,368^†	1,685^†	682^†	203^†	634^†	463^†	304^†
Tax	—	—	867^†	750^†	593^†	414^†	192^†	-24^†	186^†	131^†	69^†
Net profit	28.2%	63.9%	2,677^†	2,320^†	1,775^†	1,270^†	489^†	226^†	449^†	332^†	236^†
EPS	-26.9%	0.2%	7.92^†	14.61^†	16.53^†	20.24^†	12.75^†	7.84^†	17.46^†	—	—

^† Derived: the sum of that fiscal year's four quarterly filings (a real annual filing is used wherever one exists). Checked against filed annual figures, the sum lands within 0.5% for about 94% of company-years.

Annual ratios (standalone)

Ratio	Dec 25	Dec 24	Dec 23	Dec 22	Dec 21	Dec 20	Dec 19	Dec 18	Dec 17
Operating margin	25.9%^†	25.7%^†	23.6%^†	20.6%^†	17.9%^†	17.6%^†	21.4%^†	22.2%^†	20.3%^†
EBIT margin	24.6%^†	23.8%^†	20.7%^†	17.4%^†	12.7%^†	9.3%^†	16.3%^†	17.0%^†	14.3%^†
PBT margin	24.3%^†	21.4%^†	18.7%^†	15.9%^†	10.3%^†	4.2%^†	11.3%^†	12.0%^†	8.8%^†
Net margin	18.4%^†	16.2%^†	14.1%^†	12.0%^†	7.4%^†	4.6%^†	8.0%^†	8.6%^†	6.8%^†
Interest coverage	110.91x^†	9.78x^†	10.82x^†	11.92x^†	5.39x^†	1.81x^†	3.26x^†	3.38x^†	2.59x^†
Dividend payout	—	—	—	—	—	—	—	—	—
Earnings retention	—	—	—	—	—	—	—	—	—
Current ratio	3.99x	—	—	—	—	—	—	—	—
Quick ratio	2.69x	—	—	—	—	—	—	—	—
Debt to equity	0.02x	—	—	—	—	—	—	—	—
Return on equity	14.3%^†	—	—	—	—	—	—	—	—
Return on assets	12.7%^†	—	—	—	—	—	—	—	—
Return on capital employed	18.1%^†	—	—	—	—	—	—	—	—
Asset turnover	0.69x^†	—	—	—	—	—	—	—	—

Margins and asset turnover use operating revenue (interest earned for banks, excluding other income), not total income. Liquidity, leverage and return ratios need a filed standalone balance sheet, which exists only for recent years; returns use year-end equity/assets. Dividend payout is shown only for companies with a dividend record. † = built from a summed fiscal year.

Revenue Mix

Data unavailable.

Cash Flow

Year ended	Operating (₹ Cr)	Investing (₹ Cr)	Financing (₹ Cr)	Capex (₹ Cr)	Free Cash Flow (₹ Cr)
Dec. 31, 2025	3,509	-2,735	-1,266	1,538	1,971

Balance Sheet (standalone)

Year ended	Total Assets (₹ Cr)	Total Equity (₹ Cr)	Reserves (₹ Cr)	Borrowings, Current (₹ Cr)	Borrowings, Non-current (₹ Cr)	Current Assets (₹ Cr)	Current Liabilities (₹ Cr)	Cash & Equivalents (₹ Cr)	Net Block (₹ Cr)	Inventory (₹ Cr)
Dec. 31, 2025	21,000	18,765	18,088	112	292	5,099	1,277	1,599	10,281	1,659

Financial charts

Trend charts drawn from the standalone income-statement and ratio tables above (oldest year on the left); a gap means that period has no figure. Annual years marked † in the tables are derived from four quarters.