What the business is, and whether it's a good one at a fair price.
Bottles and distributes non-alcoholic beverages in India and internationally, primarily carbonated soft drinks manufactured under license from PepsiCo. In Q2 CY2026 consolidated sales volume reached 466.7M cases (+19.8% YoY) on net revenue of Rs 84,512 mn (+20.4% YoY) and EBITDA of Rs 23,430 mn (+17.2%). The Q1 CY2026 volume mix was carbonated soft drinks 73.6%, packaged drinking water 18.9%, and non-carbonated beverages 7.5%, with low/no-sugar variants at roughly 63% of consolidated volume in Q1 rising to about 73% by Q2 CY2026. Gross margin stood at 50.0% in Q2 (+44 bps YoY) and consolidated EBITDA margin was 27.7% (down 76 bps as the Twiga mix diluted margins). The PepsiCo exclusive bottling and trademark license for India was extended to April 2049 in Q2 CY2026, with earlier restrictions requiring the licensee to operate solely as a special-purpose vehicle removed, unlocking non-soft-drink categories. International operations include South Africa via Bevco and Twizza (the Twizza deal cost ZAR 2,053M / ~Rs 1,140 crore) and Kenya, where a USD 32 million (~Rs 3,050 mn) acquisition of Devyani Food Industries Kenya adds a 52-acre dairy/juice/water facility in Nakuru. Adjacent categories are being added through the Asahi Group alliance to launch Calpis fermented dairy in India, the Crickley Dairy deal (~Rs 160 crore revenue), the announced Kevian Kenya buy for carbonated soft drinks and energy drinks, and growth in energy drinks (Ad-Rush, Sting Classic), juice (Nimbooz) and Tropicana PET. H1 CY2026 revenue was Rs 150,254 mn (+19.4% YoY), with Rs 9,500 mn of H1 net capex and Rs 11,314 mn of inorganic spend on Twiga; the India balance sheet was net debt-free with Rs 14,941 mn of surplus cash.
Measured from the filed financials, judged against its Beverages peers · as of FY26 — not investment advice
Not enough history to assess.How has the market priced it — with filings on the timeline?
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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Answered from VARUN BEVERAGES LIMITED's filed financials and exchange disclosures
VARUN BEVERAGES LIMITED is a Beverages company listed on NSE and BSE, trading under the symbol VBL.
Yes. Over the trailing twelve months VARUN BEVERAGES LIMITED reported a net profit of ₹3,409 Cr on revenue of ₹24,755 Cr.
No. It carries net debt of ₹1,358 Cr. That is lower than 79% of its 29 Beverages peers.
On trailing P/E, VARUN BEVERAGES LIMITED ranks 19 of 29 in Beverages — cheaper than 36% of them, against an industry median of 24.9×. This is a position, not a valuation judgement.
On a typical session VARUN BEVERAGES LIMITED moves 1.01% — that is the median absolute close-to-close move across its last 268 trading days. Announcement days are routinely larger.
Every NSE and BSE filing by VARUN BEVERAGES LIMITED appears on this page, AI-summarised, alongside the price reaction that followed it. Follow the company to get each new filing on WhatsApp within minutes.
Figures are as last reported and may lag the latest filing. Not investment advice.
