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.
| ₹ 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 | — | — | — | — | — |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| VARUN BEVERAGES LIMITED ◆ | 1,40,873 | 41.6 | 6.42 | — | 11.0 | 12.6 | — | 28.3 |
| SHREE RAMA NEWSPRINT LTD | 457 | — | — | — | 82.9 | (10.7) | — | 9.5 |
| Valencia Nutrition Limited | 110 | 89.5 | — | — | — | 1.9 | — | — |
| ORIENT BEVERAGES LTD. | 36 | 7.0 | 1.43 | 6.7 | 15.3 | 6.3 | 30.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Varun Beverages allots 29,750 shares under ESOP 2016 | capital market events | low | — | — |
| 11 Sept 2026 · ESOP allotment of 29,750 shares to employees under ESOP 2016 | capital market events | low | — | — |
| 9 Sept 2026 · Participation in Jefferies India Forum 2026 investor meeting | board shareholder meetings | low | — | — |
| 31 Aug 2026 · VBL incorporates wholly-owned subsidiary KIVA Spirits and Company Limited | strategic transactions | medium | — | — |
| 25 Aug 2026 · VBL to set up India subsidiary for alcoholic beverages and JV in Tunisia | management changes | high | — | — |
| 25 Aug 2026 · VBL to incorporate alcohol subsidiary, Tunisia JV; appoints ex-Diageo exec as CEO | management changes | high | — | — |
| 17 Aug 2026 · VBL completes merger of South African arm Twizza with Bevco | strategic transactions | medium | — | — |
| 11 Aug 2026 · Varun Beverages ESG rating rises to 63 for FY 2026 | business updates | low | — | — |
| 11 Aug 2026 · Varun Beverages gets ESG Rating of 63 for FY26, up from 62 | business updates | medium | — | — |
| 10 Aug 2026 · VBL to attend Motilal Oswal 22nd Global Investor Conference on Aug 17 | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 5.7 |
| ANS INDUSTRIES LTD | 28 | 7.1 | 5.24 | — | 43.1 | (12.3) | — | — |
| TRANSGLOBE FOODS LTD. | 17 | 45.1 | — | — | — | — | — | 79.7 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.6 | 24.9 | 19 of 29 | 36% |
| P/B | 6.4 | 2.3 | 22 of 28 | 22% |
| ROCE | 12.6 | 2.4 | 10 of 31 | 70% |
| ROE | 10.9 | 9.1 | 13 of 29 | 57% |
| Debt / Equity | 0.2 | 0.5 | 7 of 29 | 79% |
| 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 | 140873 | 511 | 1 of 32 | 100% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.
