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Dossier · VARUN BEVERAGES LIMITED · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
VARUN BEVERAGES LIMITED NSE: VBL · BSE: 540180
Fast Moving Consumer Goods › Fast Moving Consumer Goods › Beverages › Other Beverages
VARUN BEVERAGES LIMITED
StateQ1 FY27 filed
Last close · 27 Oct 2026₹416.00
Market cap₹140.7k cr
TTM P/E · P/B · EV/EBITDA41.6 · 6.41 · 23.5
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Carbonated soft drinks (PepsiCo franchise and own brands) (74%), Packaged drinking water (19%), Non-carbonated beverages (8%), Energy drinks, Dairy beverages (Calpis, Crickley Dairy). Asset-heavy bottling and distribution; volume-led FMCG with seasonal demand peak in summer.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
—
—
—
—
—
EBITDA (ex other income)
—
—
—
—
—
margin %
—
—
—
—
—
Owners' profit
—
—
—
—
—
EPS, as reported (₹)
—
—
—
—
—
ROE % · ROCE %
— · —
— · —
— · —
— · —
— · —
Debt / equity (x)
—
—
—
—
—
Cash from operations
—
—
—
—
—
Capex
—
—
—
—
—
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · VARUN BEVERAGES LIMITED · 28 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
4,932
3,818
5,680
7,163
5,048
4,335
6,722
8,651
Profit before tax
800
255
978
1,733
943
361
1,167
1,981
Net profit
629
196
731
1,325
745
260
879
1,525
EPS (₹)
1.91
0.56
2.15
3.89
2.19
0.74
2.58
4.50
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
VARUN BEVERAGES LIMITED ◆
1,40,703
41.6
6.41
—
11.0
12.6
—
28.3
SHREE RAMA NEWSPRINT LTD
407
—
—
—
82.9
(10.7)
—
9.5
Valencia Nutrition Limited
95
77.6
—
—
—
1.9
—
—
ORIENT BEVERAGES LTD.
34
8.7
1.33
6.5
15.3
6.3
30.8
5.7
ANS INDUSTRIES LTD
23
16.1
4.44
—
43.1
(12.3)
—
—
TRANSGLOBE FOODS LTD.
19
49.0
—
—
—
—
—
79.7
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
41.6
36.0
16 of 26
40%
P/B
6.4
1.9
23 of 28
19%
ROCE
12.6
2.4
10 of 31
70%
ROE
10.9
8.7
12 of 28
59%
Debt / Equity
0.2
0.5
6 of 28
82%
EBITDA margin
28.3
6.5
4 of 27
89%
Revenue growth
20.8
10.0
8 of 25
71%
Profit growth
15.1
1.1
11 of 27
62%
Market cap
140703
476
1 of 32
100%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · VARUN BEVERAGES LIMITED · 28 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
27 Oct 2026 · Varun Beverages schedules Q3 and 9M CY2026 earnings call
board shareholder meetings
low
—
—
23 Oct 2026 · Varun Beverages to approve Q3 results and third interim dividend
results
low
—
—
7 Oct 2026 · VBL to take 26 percent stake in Jager Renewables for captive solar power
strategic transactions
low
—
—
30 Sept 2026 · VBL's Crickley acquisition fails, referred to arbitration
strategic transactions
high
—
—
30 Sept 2026 · VBL Crickley dairy acquisition referred to arbitration, terminated
24 Sept 2026 · VBL COO Manmohan Rupal Paul resigns, last working day Sep 24 2026
management changes
medium
—
—
24 Sept 2026 · COO Manmohan Rupal Paul resigns from Varun Beverages, last day Sep 24
management changes
medium
—
—
24 Sept 2026 · VBL Zimbabwe subsidiary signs exclusive distribution deal with Mondelez for Zimbabwe
strategic transactions
high
—
—
18 Sept 2026 · Varun Beverages to attend JP Morgan India Consumption Forum in Gurugram on Sept 25
board shareholder meetings
low
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
