VARUN BEVERAGES LIMITED (VBL) financials

VARUN BEVERAGES LIMITED (VBL) NSE/BSE financials on Fincrux: quarterly results, profit and loss, cash flow, balance sheet, ratios, and shareholding.

Varun Beverages Ltd has been associated with PepsiCo since the 1990s and is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world. The company produces and distributes a wide range of carbonated soft drinks, non-carbonated drinks and packaged water sold under trademarks owned by PepsiCo.PepsiCo brands produced and sold by the company include Pepsi, Seven-up,…

Market Cap: ₹1,46,563Cr.
Current Price: ₹433
Stock P/E: 49.7
ROE: 14.6%
ROCE: 19.1%
Book Value: ₹55.5
Dividend Yield: 0.35%
52W High / Low: ₹556/381

In Jun 2026, VARUN BEVERAGES LIMITED (VBL) reported sales ₹5,996 Cr and net profit ₹1,324 Cr.

Annual TTM: sales ₹15,696 Cr, net profit ₹2,951 Cr.

Shareholding: Promoters 59.43% (Sep 2026), FIIs 17.53% (Sep 2026), DIIs 16.29% (Sep 2026), Government 0.05% (Sep 2026), Public 6.71% (Sep 2026).

VBL quarterly results (₹ Cr.)
Category	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales	3,087	2,014	4,053	5,305	3,064	2,135	4,501	5,996
Expenses	2,286	1,691	3,042	3,664	2,277	1,810	3,328	4,118
Operating Profit	801	323	1,010	1,641	787	325	1,172	1,878
OPM %	26%	16%	25%	31%	26%	15%	26%	31%
Other Income	100	154	60	90	150	214	74	104
Interest	99	64	8	4	8	13	4	4
Depreciation	157	154	165	180	172	185	199	224
Profit before tax	645	259	897	1,548	757	342	1,043	1,755
Tax %	24%	19%	24%	25%	24%	24%	24%	25%
Net Profit	492	209	678	1,160	577	261	788	1,324
EPS in Rs	1.52	0.62	2.00	3.43	1.71	0.77	2.33	3.92
Raw PDF	—	—	—	—	—	—	—	—

VBL profit and loss (₹ Cr.)
Category	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	TTM
Sales	5,616	4,876	6,596	10,596	12,633	14,349	14,557	15,696
Expenses	4,411	4,016	5,394	8,371	9,572	10,585	10,792	11,533
Operating Profit	1,205	860	1,202	2,224	3,061	3,764	3,765	4,163
OPM %	21%	18%	18%	21%	24%	26%	26%	27%
Other Income	98	5	36	99	70	278	514	543
Interest	282	250	156	156	244	354	33	29
Depreciation	387	413	400	483	518	618	702	780
Profit before tax	634	203	682	1,684	2,368	3,070	3,543	3,897
Tax %	29%	-12%	28%	25%	25%	24%	24%	—
Net Profit	449	226	489	1,270	1,775	2,320	2,677	2,951
EPS in Rs	1.38	0.70	1.51	3.91	5.47	6.86	7.91	8.73
Dividend Payout %	16%	32%	22%	18%	18%	15%	19%	—

VBL balance sheet (₹ Cr.)
Category	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Equity Capital	183	289	289	433	650	650	676	676
Reserves	2,406	3,578	3,723	3,966	4,868	6,426	15,882	18,088
Borrowings	2,535	3,201	3,052	3,186	3,595	4,882	881	404
Other Liabilities	962	1,306	1,233	1,481	1,957	2,052	2,044	1,831
Total Liabilities	6,086	8,374	8,297	9,066	11,069	14,009	19,484	21,000
Fixed Assets	3,322	5,402	5,263	5,012	5,752	6,938	9,181	10,837
CWIP	339	59	39	478	540	1,576	960	141
Investments	774	908	1,352	1,352	1,354	1,450	2,096	3,770
Other Assets	1,651	2,005	1,642	2,224	3,423	4,045	7,247	6,252
Total Assets	6,086	8,374	8,297	9,066	11,069	14,009	19,484	21,000

VBL cash flows (₹ Cr.)
Category	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operating Activity	742	1,067	720	868	1,559	1,953	2,967	2,577
Cash from Investing Activity	-704	-2,229	-228	-725	-1,509	-2,770	-3,687	-2,057
Cash from Financing Activity	-67	1,193	-488	-155	-26	819	2,729	-979
Net Cash Flow	-29	31	4	-12	23	2	2,009	-459
Free Cash Flow	243	437	395	249	224	-637	599	1,051
CFO/OP	86%	98%	89%	80%	85%	84%	96%	90%

VBL shareholding pattern (%)
Category	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters	60.20%	60.23%	59.82%	59.44%	59.44%	59.43%	59.43%	59.43%
FIIs	25.27%	22.98%	21.86%	21.93%	20.31%	19.51%	19.03%	17.53%
DIIs	7.00%	9.19%	10.52%	11.78%	13.56%	14.35%	15.16%	16.29%
Government	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.05%	0.05%
Public	7.52%	7.59%	7.80%	6.84%	6.69%	6.66%	6.33%	6.71%
No. of Shareholders	7,42,488	8,73,915	9,68,419	9,02,881	8,72,933	8,77,604	8,13,548	8,37,179

VBL key ratios
Category	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Debtor Days	13	8	13	7	5	6	5	7
Inventory Days	86	94	112	124	99	94	93	90
Days Payable	37	44	45	54	40	30	31	24
Cash Conversion Cycle	62	58	80	78	64	70	68	72
Working Capital Days	-43	-33	-51	-39	-30	-12	28	56
ROCE %	14%	15%	7%	12%	23%	26%	24%	19%

VBLUpdated 13 Oct 2026, 4:31

Varun Beverages Limited

VBLUpdated 13 Oct 2026, 4:31

Market Cap

₹1,46,563Cr.

Current Price

₹433

High / Low

₹556/381

Stock P/E

49.7

ROE14.6%

ROCE19.1%

Book Value₹55.5

Face Value₹2.00

Dividend Yield0.35%

About

Quarterly results

Last reported quarters₹ Cr.

Quarter	Sales	Interest	Expenses	Other Income	Depreciation	Profit Before Tax	Tax	Net Profit	EPS (₹)
Jun 2023	4672	62	3364	46	129	1162	25	868	2.67
Sep 2023	2892	56	2185	31	128	555	25	416	1.28
Dec 2023	1846	67	1552	51	125	154	23	119	0.37
Mar 2024	3446	84	2625	33	139	630	26	469	1.44
Jun 2024	5802	103	4063	67	167	1536	25	1150	3.54
Sep 2024	3087	99	2286	100	157	645	24	492	1.52
Dec 2024	2014	64	1691	154	154	259	19	209	0.62
Mar 2025	4053	8	3042	60	165	897	24	678	2
Jun 2025	5305	4	3664	90	180	1548	25	1160	3.43
Sep 2025	3064	8	2277	150	172	757	24	577	1.71
Dec 2025	2135	13	1810	214	185	342	24	261	0.77
Mar 2026	4501	4	3328	74	199	1043	24	788	2.33
Jun 2026	5996	4	4118	104	224	1755	25	1324	3.92

Profit & loss

Annual statement₹ Cr.

Year	Sales	Interest	Expenses	Other Income	Depreciation	Profit Before Tax	Tax	Net Profit	EPS (₹)
Dec 2014	2019	158	1696	42	152	55	35	35	0.16
Dec 2015	2864	140	2284	41	263	219	31	152	0.67
Dec 2016	2980	389	2277	50	249	114	22	90	0.29
Dec 2017	3063	192	2338	46	274	304	23	236	0.76
Dec 2018	3862	196	2996	88	296	463	28	332	1.08
Dec 2019	5616	282	4411	98	387	634	29	449	1.38
Dec 2020	4876	250	4016	5	413	203	-12	226	0.7
Dec 2021	6596	156	5394	36	400	682	28	489	1.51
Dec 2022	10596	156	8371	99	483	1684	25	1270	3.91
Dec 2023	12633	244	9572	70	518	2368	25	1775	5.47
Dec 2024	14349	354	10585	278	618	3070	24	2320	6.86
Dec 2025	14557	33	10792	514	702	3543	24	2677	7.91
TTM	15696	29	11533	543	780	3897	—	2951	8.73

Shareholding pattern

As of Sep 2026%

Holder	Share
Promoters	59.43%
FIIs	17.53%
DIIs	16.29%
Government	0.05%
Public	6.71%

Shareholding trend

Ownership over time%

Quarter	Promoters	FIIs	DIIs	Government	Public
Dec 2023	63.09%	26.58%	3.58%	0%	6.74%
Mar 2024	62.91%	25.79%	4.16%	0%	7.16%
Jun 2024	62.67%	25.32%	4.54%	0%	7.46%
Sep 2024	62.67%	24.18%	4.97%	0%	8.19%
Dec 2024	60.2%	25.27%	7%	0%	7.52%
Mar 2025	60.23%	22.98%	9.19%	0%	7.59%
Jun 2025	59.82%	21.86%	10.52%	0%	7.8%
Sep 2025	59.44%	21.93%	11.78%	0%	6.84%
Dec 2025	59.44%	20.31%	13.56%	0%	6.69%
Mar 2026	59.43%	19.51%	14.35%	0.04%	6.66%
Jun 2026	59.43%	19.03%	15.16%	0.05%	6.33%
Sep 2026	59.43%	17.53%	16.29%	0.05%	6.71%

Balance sheet

Assets & liabilities₹ Cr.

Period	Equity Capital	Reserves	Borrowings	Other Liabilities	Total Liabilities	Fixed Assets	CWIP	Investments	Other Assets	Total Assets
Dec 2014	134	120	2231	387	2872	1733	17	523	599	2872
Dec 2015	134	277	2204	1527	4142	2916	32	304	889	4142
Dec 2016	182	1954	1460	1003	4600	2992	69	501	1039	4600
Dec 2017	183	2114	2087	915	5299	3278	12	627	1381	5299
Dec 2018	183	2406	2535	962	6086	3322	339	774	1651	6086
Dec 2019	289	3578	3201	1306	8374	5402	59	908	2005	8374
Dec 2020	289	3723	3052	1233	8297	5263	39	1352	1642	8297
Dec 2021	433	3966	3186	1481	9066	5012	478	1352	2224	9066
Dec 2022	650	4868	3595	1957	11069	5752	540	1354	3423	11069
Dec 2023	650	6426	4882	2052	14009	6938	1576	1450	4045	14009
Dec 2024	676	15882	881	2044	19484	9181	960	2096	7247	19484
Dec 2025	676	18088	404	1831	21000	10837	141	3770	6252	21000

Cash flows

Operating, investing & financing₹ Cr.

Period	Operating	Investing	Financing	Net cash flow
Dec 2014	378	-500	116	-6
Dec 2015	510	-360	-134	16
Dec 2016	752	-1108	353	-4
Dec 2017	500	-809	326	16
Dec 2018	742	-704	-67	-29
Dec 2019	1067	-2229	1193	31
Dec 2020	720	-228	-488	4
Dec 2021	868	-725	-155	-12
Dec 2022	1559	-1509	-26	23
Dec 2023	1953	-2770	819	2
Dec 2024	2967	-3687	2729	2009
Dec 2025	2577	-2057	-979	-459

Key ratios

Historical financial ratios

Category	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Debtor Days	6	6	6	11	13	8	13	7	5	6	5	7
Inventory Days	67	86	96	82	86	94	112	124	99	94	93	90
Days Payable	29	24	39	22	37	44	45	54	40	30	31	24
Cash Conversion Cycle	44	68	63	72	62	58	80	78	64	70	68	72
Working Capital Days	-83	-55	-75	-56	-43	-33	-51	-39	-30	-12	28	56
ROCE %	9%	14%	16%	12%	14%	15%	7%	12%	23%	26%	24%	19%

Frequently asked questions

Quick answers about this company's financials on Fincrux

What is the market cap of VARUN BEVERAGES LIMITED (VBL)?

The reported market capitalisation for VARUN BEVERAGES LIMITED (VBL) is ₹1,46,563Cr. on Fincrux. Figures may update with market data and filings.

What is the current share price of VBL?

The current price shown for VARUN BEVERAGES LIMITED (VBL) on Fincrux is ₹433 with a 52-week high/low of ₹556/381.

What is the P/E ratio of VARUN BEVERAGES LIMITED (VBL)?

The stock P/E for VARUN BEVERAGES LIMITED (VBL) is 49.7 on Fincrux, with ROE at 14.6% and ROCE at 19.1%.

What were VBL latest quarterly results?

For Jun 2026, VARUN BEVERAGES LIMITED (VBL) reported sales ₹5,996 Cr and net profit ₹1,324 Cr (figures in ₹ crore unless noted).

What are VBL annual sales and net profit?

For TTM, VARUN BEVERAGES LIMITED (VBL) shows sales of ₹15,696 Cr and net profit of ₹2,951 Cr on the Fincrux profit & loss statement.

Who owns VARUN BEVERAGES LIMITED (VBL)?

Latest shareholding for VARUN BEVERAGES LIMITED (VBL) on Fincrux: Promoters 59.43% (Sep 2026), FIIs 17.53% (Sep 2026), DIIs 16.29% (Sep 2026), Government 0.05% (Sep 2026), Public 6.71% (Sep 2026).

Where can I find VARUN BEVERAGES LIMITED (VBL) financials?

VARUN BEVERAGES LIMITED (VBL) financials on Fincrux include quarterly results, profit and loss, cash flow, balance sheet, key ratios, and shareholding patterns for NSE/BSE research.

Does Fincrux show VBL balance sheet and cash flow?

Yes. The VARUN BEVERAGES LIMITED (VBL) page on Fincrux includes balance sheet, cash flow statements, historical ratios, and ownership trends alongside quarterly and annual results.

Figures in ₹ crore unless noted. Data sourced for research and may lag filings.

Last updated 13 October 2026 at 4:31