as of —
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Change
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Day Open
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Day High
₹—
Day Low
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NSE Close — 25 Sep 2026
₹434.8
Change
+3.55 (0.82%)
Open
₹428.3
Prev. Close
₹431.25
Day High
₹436.6
Day Low
₹428.3
Volume Analysis
Traded
5,365,431
Delivered
3,246,176
Delivery %
60.5%
End-of-day NSE price via the official Bhavcopy — updated once daily after market close, not a live tick.
Strengths, Weaknesses, Opportunities & Threats
Strengths (1)
- •Strong operating margin (23.0%)
Weaknesses (1)
- •Promoter holding is falling
Opportunities (2)
- •Strong 3-year EPS growth (24.9%)
- •Strong 3-year revenue growth (18.1%)
Threats (1)
- •FII holding has been falling
Rule-based signals from the fundamentals below — not investment advice.
Pivot Levels
| Type | R3 | R2 | R1 | Pivot | S1 | S2 | S3 |
|---|---|---|---|---|---|---|---|
| Classic | ₹446.46 | ₹441.53 | ₹438.16 | ₹433.23 | ₹429.86 | ₹424.93 | ₹421.56 |
| Fibonacci | ₹441.53 | ₹438.36 | ₹436.4 | ₹433.23 | ₹430.06 | ₹428.1 | ₹424.93 |
| Camarilla | ₹437.08 | ₹436.32 | ₹435.56 | ₹433.23 | ₹434.04 | ₹433.28 | ₹432.52 |
Support/resistance levels for today, calculated from the previous trading day's high/low/close.
Absolute Returns
YTD
-11.58%
1 Week
+2.31%
1 Month
+5.02%
3 Months
-14.33%
6 Months
+8.21%
1 Year
-2.24%
2Y/3Y/5Y not shown yet — price history tracking only goes back to mid-2025 so far.
Stock Vitals
Computed from the latest available annual financials.
Graham Number
₹108.16
Current price is above the Graham Number — Benjamin Graham's estimate of fair value based on earnings and book value.
DuPont ROE Breakdown
15.61%
Net margin 14.13% × asset turnover 0.85x × equity multiplier 1.3x
Company Overview
Sector
Fast Moving Consumer Goods
Market Cap
₹147,071 Cr
P/E (TTM)
43.4
ROE
16.2%
Book Value
₹57.9
Face Value
₹2.0
Source: Screener.in (Consolidated figures) — data as of 27 Sep 2026. Not investment advice.
TopFund Analysis
Varun Beverages Limited holds up reasonably well on TopFund's composite fundamentals check within the Fast Moving Consumer Goods sector, at 67/100. The strongest factor is Financial Strength (100/100), while Valuation (6/100) is the weakest area to weigh before deciding. Notably: Strong operating margin (23.0%); promoter holding is falling. FII holding has been falling.
TopFund Score — Fundamentals Quality
67/100 — GoodData confidence: 79/100 (Moderate Confidence) — based on how complete and how fresh the underlying data is.
As of 27 Sep 2026 · How we calculate this →
Financial Strength
Growth
Valuation
Cash Flow
Corporate Governance
Momentum
Institutional Ownership
Business Quality
Risk & Volatility
Liquidity
From Screener.in
- +Company has delivered good profit growth of 50.2% CAGR over last 5 years
- +Company's median sales growth is 23.2% of last 10 years
- −Stock is trading at 7.51 times its book value
- −Promoter holding has decreased over last 3 years: -4.18%
Not investment advice — an automated read of public fundamentals data, for research context only.
Corporate Actions
Trading window closes from October 1, 2026 until 48 hours after Q2 and nine-month results.
Chief Operating Officer Manmohan Rupal Paul resigned, effective September 24, 2026.
Subsidiary signed exclusive Mondelez distribution agreement in Zimbabwe, effective October 1, 2026.
Varun Beverages to attend investor meeting in Gurugram on September 25, 2026.
Varun Beverages to meet investors in Hong Kong on September 21-23, 2026.
Source: BSE regulatory filings, via Screener.in.
Quarterly Results
Last several quarters
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 5,611 | 3,871 | 2,668 | 4,317 | 7,197 | 4,805 | 3,689 | 5,567 | 7,017 | 4,897 | 4,204 | 6,574 | 8,451 |
| Expenses + | 4,101 | 2,989 | 2,249 | 3,329 | 5,206 | 3,654 | 3,110 | 4,304 | 5,020 | 3,751 | 3,568 | 5,049 | 6,112 |
| Operating Profit | 1,511 | 882 | 418 | 989 | 1,991 | 1,151 | 579 | 1,263 | 1,998 | 1,146 | 637 | 1,525 | 2,339 |
| OPM % | 27.0% | 23.0% | 16.0% | 23.0% | 28.0% | 24.0% | 16.0% | 23.0% | 28.0% | 23.0% | 15.0% | 23.0% | 28.0% |
| Other Income + | 42 | 19 | 9 | 8 | 44 | 24 | 45 | 28 | 77 | 148 | 99 | 44 | 104 |
| Interest | 69 | 62 | 74 | 94 | 129 | 119 | 109 | 41 | 37 | 45 | 47 | 49 | 57 |
| Depreciation | 172 | 171 | 166 | 188 | 242 | 257 | 261 | 273 | 306 | 308 | 330 | 357 | 409 |
| Profit before tax | 1,311 | 667 | 188 | 716 | 1,663 | 800 | 254 | 978 | 1,732 | 941 | 359 | 1,163 | 1,977 |
| Tax % | 23.0% | 23.0% | 24.0% | 23.0% | 24.0% | 21.0% | 23.0% | 25.0% | 23.0% | 21.0% | 28.0% | 24.0% | 23.0% |
| Net Profit + | 1,005 | 514 | 144 | 548 | 1,262 | 629 | 196 | 731 | 1,325 | 745 | 260 | 879 | 1,525 |
| EPS in Rs | 3 | 2 | 0 | 2 | 4 | 2 | 1 | 2 | 4 | 2 | 1 | 3 | 5 |
| Raw PDF | — | — | — | — | — | — | — | — | — | — | — | — | — |
Source: Screener.in — figures in ₹ Crores unless marked %.
Profit & Loss (Yearly)
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,502 | 3,394 | 3,861 | 4,004 | 5,105 | 7,130 | 6,450 | 8,823 | 13,173 | 16,043 | 20,008 | 21,685 | 24,126 |
| Expenses + | 2,116 | 2,752 | 3,052 | 3,165 | 4,069 | 5,667 | 5,235 | 7,129 | 10,310 | 12,326 | 15,189 | 16,616 | 18,480 |
| Operating Profit | 387 | 642 | 810 | 838 | 1,036 | 1,462 | 1,215 | 1,694 | 2,863 | 3,717 | 4,818 | 5,070 | 5,646 |
| OPM % | 15.0% | 19.0% | 21.0% | 21.0% | 20.0% | 21.0% | 19.0% | 19.0% | 22.0% | 23.0% | 24.0% | 23.0% | 23.0% |
| Other Income + | 14 | 36 | 27 | 14 | 6 | 47 | -30 | 51 | -18 | -5 | 45 | 352 | 395 |
| Interest | 187 | 170 | 435 | 215 | 223 | 324 | 294 | 207 | 204 | 292 | 483 | 196 | 197 |
| Depreciation | 210 | 317 | 322 | 347 | 385 | 489 | 529 | 531 | 617 | 681 | 947 | 1,216 | 1,404 |
| Profit before tax | 4 | 191 | 79 | 291 | 434 | 696 | 363 | 1,007 | 2,024 | 2,739 | 3,433 | 4,010 | 4,440 |
| Tax % | 658.0% | 41.0% | 39.0% | 26.0% | 31.0% | 32.0% | 1.0% | 26.0% | 23.0% | 23.0% | 23.0% | 24.0% | — |
| Net Profit + | -20 | 113 | 48 | 214 | 300 | 472 | 357 | 746 | 1,550 | 2,102 | 2,634 | 3,062 | 3,409 |
| EPS in Rs | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 2 | 5 | 6 | 8 | 9 | 10 |
| Dividend Payout % | 0.0% | 0.0% | 0.0% | 22.0% | 16.0% | 15.0% | 22.0% | 16.0% | 15.0% | 16.0% | 13.0% | 17.0% | — |
Source: Screener.in — figures in ₹ Crores unless marked %.
Balance Sheet
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reserves | 9 | 91 | 1,511 | 1,587 | 1,816 | 3,040 | 3,235 | 3,647 | 4,453 | 6,287 | 15,934 | 18,902 |
| Borrowings + | 2,615 | 2,527 | 2,215 | 2,654 | 2,808 | 3,417 | 3,216 | 3,387 | 3,884 | 5,431 | 2,826 | 2,508 |
| Other Liabilities + | 533 | 1,680 | 915 | 852 | 1,192 | 1,630 | 1,707 | 2,113 | 2,632 | 2,819 | 3,688 | 3,454 |
| Total Liabilities | 3,292 | 4,431 | 4,824 | 5,276 | 5,998 | 8,376 | 8,447 | 9,579 | 11,618 | 15,187 | 23,124 | 25,541 |
| Fixed Assets + | 2,355 | 3,496 | 3,716 | 3,981 | 4,387 | 6,479 | 6,409 | 6,311 | 6,932 | 8,409 | 13,402 | 16,759 |
| CWIP | 25 | 38 | 96 | 145 | 352 | 64 | 67 | 497 | 607 | 1,922 | 1,167 | 271 |
| Investments | 304 | 3 | 7 | 8 | 11 | 0 | 0 | 0 | 0 | 21 | 60 | 174 |
| Other Assets + | 608 | 894 | 1,006 | 1,141 | 1,247 | 1,833 | 1,972 | 2,772 | 4,079 | 4,835 | 8,496 | 8,337 |
| Total Assets | 3,292 | 4,431 | 4,824 | 5,276 | 5,998 | 8,376 | 8,447 | 9,579 | 11,618 | 15,187 | 23,124 | 25,541 |
| Equity Capital | 134 | 134 | 182 | 183 | 183 | 289 | 289 | 433 | 650 | 650 | 676 | 676 |
Source: Screener.in — figures in ₹ Crores unless marked %.
Cash Flow
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 431 | 555 | 826 | 620 | 1,000 | 1,308 | 1,012 | 1,231 | 1,790 | 2,391 | 3,381 | 3,509 |
| Cash from Investing Activity + | -500 | -300 | -1,048 | -746 | -937 | -2,320 | -472 | -1,008 | -1,769 | -3,288 | -4,311 | -2,725 |
| Cash from Financing Activity + | 58 | -236 | 230 | 159 | -84 | 1,107 | -574 | -178 | -18 | 985 | 2,954 | -1,266 |
| Net Cash Flow | -11 | 19 | 8 | 32 | -22 | 95 | -33 | 46 | 4 | 88 | 2,024 | -482 |
| CFO/OP | 114 | 94 | 109 | 81 | 104 | 98 | 90 | 80 | 76 | 82 | 85 | 87 |
| Free Cash Flow | 211 | 290 | 45 | 103 | 191 | 575 | 476 | 416 | 40 | -803 | -359 | 797 |
Source: Screener.in — figures in ₹ Crores unless marked %.
Shareholding Pattern
Quarter-by-quarter — Promoters, FII, DII & public holding trend
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Public | 6.01% | 6.74% | 7.16% | 7.46% | 8.19% | 7.52% | 7.59% | 7.8% | 6.84% | 6.69% | 6.66% | 6.33% |
| Promoters | 63.09% | 63.09% | 62.91% | 62.67% | 62.67% | 60.2% | 60.23% | 59.82% | 59.44% | 59.44% | 59.43% | 59.43% |
| Government | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.04% | 0.05% |
| FII | 27.55% | 26.58% | 25.79% | 25.32% | 24.18% | 25.27% | 22.98% | 21.86% | 21.93% | 20.31% | 19.51% | 19.03% |
| DII | 3.36% | 3.58% | 4.16% | 4.54% | 4.97% | 7.0% | 9.19% | 10.52% | 11.78% | 13.56% | 14.35% | 15.16% |
Source: Screener.in — quarterly shareholding disclosures.
Peers Comparison
Fast Moving Consumer Goods — ranked by market cap
| Company | Market Cap (Cr) | P/E | P/B | ROE |
|---|---|---|---|---|
| Varun Beverages Limited (this stock) | 147,071 | 43.4 | 7.51 | 16.2% |
| Britannia Industries Ltd | 119,035 | 45.7 | 23.31 | 53.5% |
| Marico Limited | 106,487 | 56.4 | 25.28 | 42.8% |
| United Spirits Limited | 103,560 | 55.9 | 11.58 | 21.4% |
| Tata Consumer Product Ltd | 97,307 | 59.0 | 4.47 | 7.35% |
| Godrej Consumer Products | 89,463 | 43.1 | 7.05 | 16.1% |
| Dabur India Ltd | 68,785 | 34.7 | 6.02 | 17.0% |
Which Mutual Funds Hold Varun Beverages Limited?
Frequently Asked Questions about Varun Beverages Limited
Varun Beverages Limited (VBL) closed at ₹434.8 on NSE on 25 September 2026, up 3.55 (0.82%) from the previous close.
Varun Beverages Limited trades on the NSE (National Stock Exchange of India) under the symbol VBL.
Varun Beverages Limited has a trailing twelve-month P/E (price-to-earnings) ratio of 43.4.
Varun Beverages Limited has a dividend yield of 0.34%.
Varun Beverages Limited's 52-week high is ₹556.0 and its 52-week low is ₹381.0.
Varun Beverages Limited has a market capitalisation of ₹147,071 crore.
Varun Beverages Limited has a TopFund Quality Score of 67/100 (Good), a composite of profitability, balance-sheet health, growth and valuation. This is an analytical score based on public data, not personalized investment advice — see the full breakdown below before deciding.
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