Varun Beverages Ltd.
NSE: VBL · Other Beverages
Snapshot
Unlock Varun Beverages Ltd.'s vital signs
Growth · Profitability · Valuation · Strength · Conviction
Company Overview
Business
Varun Beverages Limited is a key franchisee of PepsiCo, engaged in the manufacturing, bottling, distribution, and sale of a wide range of carbonated soft drinks, non-carbonated beverages, and packaged drinking water. The company operates across India and several international territories including Nepal, Sri Lanka, Morocco, Zambia, and Zimbabwe.
Business Model
The company generates revenue by acting as a strategic bottling and distribution partner for PepsiCo, leveraging an extensive network of retail outlets and distributors. It earns margins on the production and sale of branded beverages across diverse product categories.
Growth Outlook
Growth is driven by the expansion of distribution footprints in both domestic and international markets, alongside the continuous introduction of new beverage categories. The company benefits from the strong brand equity of PepsiCo products and increasing consumer demand for packaged beverages.
Key Risks
- Dependency on PepsiCo. The company's business model is heavily reliant on its franchise agreements with PepsiCo, making it vulnerable to changes in the relationship or brand strategy.
- Regulatory and Health Risks. Increasing global scrutiny regarding sugar content and plastic waste management could lead to stricter regulations or shifts in consumer preferences.
- Geopolitical and Currency Risk. Operating in multiple international markets exposes the company to foreign exchange volatility and geopolitical instability in emerging economies.
- Raw Material Price Volatility. Fluctuations in the costs of key inputs such as sugar, packaging materials, and fuel can significantly impact operating margins.
Price
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Key Metrics
REVENUE
₹23,267 Cr
TTM · consolidated
NET PROFIT
₹3,209 Cr
TTM · consolidated
EPS
₹9.40
TTM · consolidated
RETURN ON EQUITY
18.5%
TTM · consolidated
RETURN ON CAPITAL EMPLOYED
22.7%
TTM · consolidated
P/E
49.6x
Q4 FY26 · consolidated
EV/EBITDA
27.9x
Q4 FY26 · consolidated
EBITDA MARGIN
24.4%
TTM · consolidated
NET PROFIT MARGIN
13.1%
Q4 FY26 · consolidated
DEBT TO EQUITY
0.1x
Q4 FY26 · consolidated
Peers · Other Beverages
| Company | Mkt Cap (Cr) | P/E | EV/EBITDA | Rev Gr YoY | EBITDA Mgn | ROE | ROCE | 1Y Return |
|---|---|---|---|---|---|---|---|---|
Varun Beverages Ltd.VBL | 1,32,290 | 49.63 | 27.90 | 6.9% | 24.4% | 18.5% | 22.7% | -2.8% |
United Spirits Ltd.UNITDSPR | 96,701 | 52.57 | 33.27 | 3.7% | 10.6% | 22.1% | 29.6% | +0.3% |
United Breweries Ltd.UBL | 41,962 | 86.35 | 42.76 | -10.0% | 4.9% | 9.4% | 14.1% | -32.9% |
Radico Khaitan LtdRADICO | 35,549 | 74.78 | 43.63 | 53.8% | 4.8% | 25.4% | 32.7% | +49.9% |
Allied Blenders & Distillers Ltd.ABDL | 11,161 | 77.73 | 32.77 | -6.2% | 7.5% | 14.0% | 27.7% | +27.8% |
Tilaknagar Industries Ltd.TI | 10,863 | 220.97 | 24.78 | 67.7% | 8.4% | 1.5% | 6.6% | +12.9% |
As of Q4 FY26
Financials
Varun Beverages Ltd.
NSE: VBL · Other Beverages
Snapshot
Unlock Varun Beverages Ltd.'s vital signs
Growth · Profitability · Valuation · Strength · Conviction
Company Overview
Business
Varun Beverages Limited is a key franchisee of PepsiCo, engaged in the manufacturing, bottling, distribution, and sale of a wide range of carbonated soft drinks, non-carbonated beverages, and packaged drinking water. The company operates across India and several international territories including Nepal, Sri Lanka, Morocco, Zambia, and Zimbabwe.
Business Model
The company generates revenue by acting as a strategic bottling and distribution partner for PepsiCo, leveraging an extensive network of retail outlets and distributors. It earns margins on the production and sale of branded beverages across diverse product categories.
Growth Outlook
Growth is driven by the expansion of distribution footprints in both domestic and international markets, alongside the continuous introduction of new beverage categories. The company benefits from the strong brand equity of PepsiCo products and increasing consumer demand for packaged beverages.
Key Risks
- Dependency on PepsiCo. The company's business model is heavily reliant on its franchise agreements with PepsiCo, making it vulnerable to changes in the relationship or brand strategy.
- Regulatory and Health Risks. Increasing global scrutiny regarding sugar content and plastic waste management could lead to stricter regulations or shifts in consumer preferences.
- Geopolitical and Currency Risk. Operating in multiple international markets exposes the company to foreign exchange volatility and geopolitical instability in emerging economies.
- Raw Material Price Volatility. Fluctuations in the costs of key inputs such as sugar, packaging materials, and fuel can significantly impact operating margins.
Price
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Unlock AI insights, financials, peers and live data on Varun Beverages Ltd. and 5,000+ companies — free.
Key Metrics
REVENUE
₹23,267 Cr
TTM · consolidated
NET PROFIT
₹3,209 Cr
TTM · consolidated
EPS
₹9.40
TTM · consolidated
RETURN ON EQUITY
18.5%
TTM · consolidated
RETURN ON CAPITAL EMPLOYED
22.7%
TTM · consolidated
P/E
49.6x
Q4 FY26 · consolidated
EV/EBITDA
27.9x
Q4 FY26 · consolidated
EBITDA MARGIN
24.4%
TTM · consolidated
NET PROFIT MARGIN
13.1%
Q4 FY26 · consolidated
DEBT TO EQUITY
0.1x
Q4 FY26 · consolidated
Peers · Other Beverages
As of Q4 FY26