Varun Beverages LimitedVBLCorporate

Consumer Defensive Beverages - Non-Alcoholic Latest results: Jun 2026 15 quarters of data

₹430.50

MCap ₹145,616 Cr · P/E 42.7

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₹8,451 Cr

Sales · Jun 2026

+18.0% YoY

₹2,343 Cr

Operating Profit · Jun 2026

+17.2% YoY

27.7%

OPM % · Jun 2026

-0.7% YoY

₹1,525 Cr

Net Profit · Jun 2026

+15.1% YoY

₹4.50

EPS · Jun 2026

+15.7% YoY

📝 Varun Beverages Limited — results explained

Quarter ended June 2026 (Q1 FY27)

Varun Beverages Limited reported revenue of ₹8,451 crore for the quarter ended June 2026 (Q1 FY27), up 18.0% from ₹7,163 crore in the same quarter last year, and up 28.6% sequentially over the March 2026 quarter.

Net profit rose 15.1% year-on-year to ₹1,525 crore, from ₹1,325 crore. Earnings per share (EPS) came in at ₹4.50.

Operating profit stood at ₹2,343 crore — an operating margin (OPM) of 27.7%, compared with 27.9% in the year-ago quarter.

Full year and trailing twelve months

For the full year FY26, Varun Beverages Limited posted revenue of ₹23,120 crore, a growth of 6.9% over FY25, with a net profit of ₹3,210 crore (up 13.9% year-on-year).

On a trailing-twelve-month (TTM) basis, revenue stands at ₹24,408 crore with a net profit of ₹3,410 crore.

Valuation snapshot

At the current price of ₹430.50, VBL has a market capitalisation of ₹145,616 crore and a trailing P/E of about 42.7.

Within the Consumer Defensive sector, it is the 5th-largest of the 31 companies we track by market value.

Shareholding pattern

As of Sep 2026, promoters held 59.43%, foreign institutional investors (FIIs) 17.53%, domestic institutional investors (DIIs) 16.34%, public shareholders 6.70% of Varun Beverages Limited.

📈 Share price & events

📊 Quarterly trend

₹ crore · OPM % on right axis

🎯 Key metrics

price-linked ratios use the latest close

Valuation

Market Cap ?

₹145,616 Cr

Current Price ?

₹430.5

P/E ?

42.71

Industry P/E ?

N/A

P/B ?

7.44

P/S ?

5.97

P/FCF ?

182.71

Enterprise Value ?

₹148,124 Cr

EV/EBITDA ?

26.20

PEG ?

1.78

Earnings Yield ?

2.9%

Dividend Yield ?

0.35%

Profitability & Returns

Sales (TTM) ?

₹24,408 Cr

OPM ?

23.2%

Profit after tax (TTM) ?

₹3,410 Cr

EPS (TTM) ?

₹10.08

ROCE ?

20.0%

ROE ?

17.4%

ROA ?

13.3%

Growth

Sales — latest qtr ?

₹8,451 Cr

PAT — latest qtr ?

₹1,525 Cr

YoY qtr sales growth ?

18.0%

YoY qtr profit growth ?

15.1%

Sales growth (3y) ?

18%

Sales growth (5y) ?

27%

Profit growth (3y) ?

24%

Profit growth (5y) ?

50%

Financial Health

Debt ?

₹2,508 Cr

Debt to Equity ?

0.13

Interest Coverage ?

22.6

Current Ratio ?

N/A

Ownership

Promoter holding ?

59.43%

Change in promoter holding ?

-0.39%

Pledged percentage ?

N/A

Market

Return 3 months ?

-7.1%

Return 6 months ?

-9.2%

🗓️ Quarterly results (15 quarters · ₹ Cr)

same fiscal quarter as Jun bestweakest per row · for costs (interest, NPAs) low is best Highlight

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	YoY %	QoQ %
Sales	2,257	3,953	5,700	3,938	2,731	4,398	7,334	4,932	3,689	5,680	7,163	5,048	4,335	6,574	8,451	+18.0%	+28.6%
Operating Profit	308	798	1,511	882	418	989	1,991	1,151	579	1,264	1,999	1,147	639	1,525	2,343	+17.2%	+53.6%
Other Income	9	10	42	19	9	8	44	24	45	28	77	148	97	44	104	+35.3%	+137.2%
Interest	47	63	69	62	74	94	129	119	109	41	37	45	47	49	57	+55.8%	+16.2%
Depreciation	180	172	172	171	166	188	242	257	261	273	306	308	330	357	409	+33.6%	+14.6%
Profit Before Tax	90	573	1,311	667	188	716	1,663	800	254	978	1,732	941	359	1,163	1,977	+14.2%	+70.0%
Net Profit	82	439	1,005	514	144	548	1,262	629	196	731	1,325	745	260	879	1,525	+15.1%	+73.5%
EPS	1.15	6.61	7.65	3.86	1.02	4.14	9.64	1.91	0.55	2.15	3.89	2.19	0.74	2.58	4.50	+15.7%	+74.4%
OPM %	13.6%	20.2%	26.5%	22.4%	15.3%	22.5%	27.2%	23.3%	15.7%	22.3%	27.9%	22.7%	14.7%	23.2%	27.7%	-0.7%	+19.4%

📆 Annual results (₹ Cr, FY = Apr–Mar)

Metric	FY25	FY26	TTM	YoY %
Sales	₹21,635 Cr	₹23,120 Cr	₹24,408 Cr	+6.9%
Operating Profit	₹4,985 Cr	₹5,310 Cr	₹5,655 Cr	+6.5%
OPM %	23.04%	22.97%	23.17%	-0.3%
NPM %	13.03%	13.88%	13.97%	+6.5%
Other Income	₹141 Cr	₹366 Cr	₹393 Cr	+158.7%
Depreciation	₹1,033 Cr	₹1,301 Cr	₹1,404 Cr	+26.0%
Interest	₹398 Cr	₹177 Cr	₹198 Cr	-55.4%
EBIT	₹3,953 Cr	₹4,009 Cr	₹4,251 Cr	+1.4%
PBT	₹3,695 Cr	₹4,195 Cr	₹4,440 Cr	+13.5%
Tax	₹819 Cr	₹701 Cr	₹746 Cr	-14.4%
Net Profit	₹2,818 Cr	₹3,210 Cr	₹3,410 Cr	+13.9%
EPS	₹14.25	₹9.40	₹10.01	-34.0%
Material Cost	₹7,706 Cr	₹6,964 Cr	₹7,856 Cr	-9.6%
Employee Cost	₹1,524 Cr	₹1,689 Cr	₹1,823 Cr	+10.9%
Extraordinary Items	—	₹-2 Cr	₹-6 Cr	—

🏛️ Balance Sheet (latest 4 periods)

Metric	Dec 2022	Dec 2023	Dec 2024	Dec 2025	% Chg
Equity Capital	650	650	676	676	+0.0%
Reserves	4,453	6,287	15,934	18,902	+18.6%
Borrowings	3,884	5,431	2,826	2,508	-11.3%
Other Liabilities	2,632	2,819	3,688	3,454	-6.3%
Total Liabilities	11,618	15,187	23,124	25,541	+10.5%
Fixed Assets	6,932	8,409	13,402	16,759	+25.0%
CWIP	607	1,922	1,167	271	-76.8%
Investments	0	21	60	174	+190.0%
Other Assets	4,079	4,835	8,496	8,337	-1.9%
Total Assets	11,618	15,187	23,124	25,541	+10.5%

💧 Cash Flow (latest 4 periods)

Metric	Dec 2022	Dec 2023	Dec 2024	Dec 2025	% Chg
CFO/OP	76%	82%	85%	87%	+2.4%
Cash from Operating Activity	1,790	2,391	3,381	3,509	+3.8%
Cash from Investing Activity	-1,769	-3,288	-4,311	-2,725	+36.8%
Cash from Financing Activity	-18	985	2,954	-1,266	-142.9%
Net Cash Flow	4	88	2,024	-482	-123.8%
Free Cash Flow	40	-803	-359	797	+322.0%

➗ Ratios (latest 4 periods)

Metric	Dec 2022	Dec 2023	Dec 2024	Dec 2025	% Chg
Debtor Days	8	8	15	21	+40.0%
Inventory Days	116	106	114	111	-2.6%
Days Payable	48	37	64	53	-17.2%
Cash Conversion Cycle	76	77	66	79	+19.7%
Working Capital Days	-24	-9	16	31	+93.8%
ROCE %	27%	29%	25%	20%	-20.0%

👥 Shareholding (latest 5 periods)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Sep 2026	% Chg
Promoters	59.82%	59.44%	59.44%	59.43%	59.43%	+0.0%
FIIs	21.86%	21.93%	20.31%	19.51%	17.53%	-10.1%
DIIs	10.52%	11.78%	13.56%	14.35%	16.34%	+13.9%
Government	0.00%	0.00%	0.00%	0.04%	—	—
Public	7.80%	6.84%	6.69%	6.66%	6.70%	+0.6%
No. of Shareholders	9,68,419	9,02,881	8,72,933	8,77,604	8,37,179	-4.6%

⚖️ Peer comparison

Sector: Consumer Defensive · top 25 of 31 companies · full page →

#	Company	CMP	MCap (Cr)	P/E	Sales TTM	NP TTM	OPM%	NPM%	Sales YoY%	NP YoY%	Qtr Rev Δ%	Qtr NP Δ%
1	HINDUNILVR Hindustan Unilever	₹1,927.00	452,766	30.3	66,374	14,971	23.1%	22.6%	3.8%	41.1%	5.0%	-3.2%
2	ITC ITC	₹259.85	325,586	16.4	78,722	20,184	32.6%	25.6%	-5.2%	-40.0%	-11.1%	-15.6%
3	NESTLEIND Nestlé India	₹1,383.30	266,744	64.5	25,582	4,134	24.0%	16.2%	14.6%	6.9%	20.3%	36.3%
4	DMART Avenue Supermarts	₹3,720.00	242,636	77.8	74,223	3,115	7.5%	4.2%	15.9%	9.7%	17.8%	8.5%
5	VBL Varun Beverages	₹410.40	138,818	41.0	24,408	3,410	23.2%	14.0%	6.9%	13.9%	18.0%	15.1%
6	BRITANNIA Britannia Industries	₹4,962.00	119,519	45.9	19,530	2,610	18.4%	13.4%	6.7%	16.5%	8.2%	14.1%
7	MARICO Marico	₹802.10	104,111	59.0	13,611	1,813	17.1%	13.3%	35.1%	21.3%	22.1%	18.3%
8	UNITDSPR UNITED SPIRITS	₹1,389.50	98,662	52.8	12,626	1,884	18.1%	14.9%	-17.4%	16.2%	-10.4%	11.0%
9	TATACONSUM Tata Consumer	₹991.00	98,078	60.0	20,861	1,661	13.5%	8.0%	17.6%	62.7%	51.6%	-37.7%
10	GODREJCP Godrej Consumer	₹865.00	88,516	46.2	16,050	1,914	20.3%	11.9%	7.8%	0.5%	15.4%	11.5%
11	DABUR Dabur India	₹376.00	66,701	33.8	13,552	1,947	18.6%	14.4%	5.0%	7.3%	10.6%	15.3%
12	RADICO Radico Khaitan	₹4,368.10	58,525	83.1	6,229	703	18.3%	11.3%	24.7%	74.8%	11.8%	75.9%
13	COLPAL Colgate-Palmolive (India)	₹1,797.40	48,887	36.3	6,204	1,348	30.6%	21.7%	-0.1%	-7.7%	11.8%	6.9%
14	PWL Physicswallah	₹136.10	39,481	n/m	4,107	15	10.6%	0.4%	—	—	24.4%	30.7%
15	CUPID Cupid	₹279.70	37,610	272.6	470	137	37.9%	29.1%	104.5%	165.2%	158.7%	194.1%
16	PATANJALI Patanjali Foods	₹341.00	37,097	20.4	40,338	1,815	4.3%	4.5%	18.2%	39.5%	15.1%	46.1%
17	UBL United Breweries	₹1,266.10	33,476	84.6	9,443	395	8.2%	4.2%	3.6%	-6.6%	7.1%	-9.6%
18	GODFRYPHLP Godfrey Phillips	₹1,927.00	30,058	22.0	6,454	1,368	23.2%	21.2%	-2.1%	42.3%	-18.9%	-44.3%
19	HATSUN Hatsun Agro	₹1,229.90	27,396	73.7	10,364	372	11.3%	3.6%	13.2%	35.3%	21.9%	-9.7%
20	PGHH Procter & Gamble	₹7,520.00	24,410	30.9	4,244	790	25.3%	18.6%	-0.4%	19.2%	-4.9%	-34.3%
21	AWL AWL Agri	₹185.17	23,921	20.8	77,721	1,158	3.2%	1.5%	17.3%	-14.8%	17.5%	47.6%
22	GILLETTE Gillette India	₹7,305.00	23,804	35.6	3,176	668	30.3%	21.0%	7.6%	22.7%	10.8%	9.2%
23	ABDL ALLIED BLEND	₹699.15	19,556	89.3	3,979	210	13.7%	5.3%	11.4%	13.0%	6.1%	-18.6%
24	ZYDUSWELL Zydus Wellness	₹524.75	16,695	88.6	4,537	188	13.1%	4.1%	70.2%	-57.7%	1538.5%	1600.0%
25	EMAMILTD Emami	₹364.30	15,902	21.2	3,915	750	24.9%	19.2%	-0.8%	-3.4%	14.9%	-15.4%

❓ Frequently asked questions

What was Varun Beverages Limited's revenue in Q1 FY27?

What was Varun Beverages Limited's net profit in Q1 FY27?