Varun Beverages LimitedVBLCorporate

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

₹430.50

MCap ₹145,616 Cr · P/E 17.9

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₹5,996 Cr

Sales · Jun 2026

+13.0% YoY

₹1,878 Cr

Operating Profit · Jun 2026

+14.4% YoY

31.3%

OPM % · Jun 2026

+1.3% YoY

₹1,324 Cr

Net Profit · Jun 2026

+14.2% YoY

₹3.92

EPS · Jun 2026

+14.3% YoY

📝 Varun Beverages Limited — results explained

Quarter ended June 2026 (Q1 FY27)

Varun Beverages Limited reported revenue of ₹5,996 crore for the quarter ended June 2026 (Q1 FY27), up 13.0% from ₹5,305 crore in the same quarter last year, and up 33.2% sequentially over the March 2026 quarter.

Net profit rose 14.2% year-on-year to ₹1,324 crore, from ₹1,160 crore. Earnings per share (EPS) came in at ₹3.92.

Operating profit stood at ₹1,878 crore — an operating margin (OPM) of 31.3%, compared with 30.9% in the year-ago quarter.

Full year and trailing twelve months

For the full year FY26, Varun Beverages Limited posted revenue of ₹42,581 crore, a growth of 184.7% over FY25, with a net profit of ₹7,983 crore (up 215.6% year-on-year).

On a trailing-twelve-month (TTM) basis, revenue stands at ₹43,272 crore with a net profit of ₹8,147 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 17.9.

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 ?

17.87

Industry P/E ?

N/A

P/B ?

7.76

P/S ?

3.37

P/FCF ?

138.55

Enterprise Value ?

₹146,020 Cr

EV/EBITDA ?

12.99

PEG ?

0.71

Earnings Yield ?

6.1%

Dividend Yield ?

0.35%

Profitability & Returns

Sales (TTM) ?

₹43,272 Cr

OPM ?

26.0%

Profit after tax (TTM) ?

₹8,147 Cr

EPS (TTM) ?

₹24.09

ROCE ?

19.0%

ROE ?

43.4%

ROA ?

38.8%

Growth

Sales — latest qtr ?

₹5,996 Cr

PAT — latest qtr ?

₹1,324 Cr

YoY qtr sales growth ?

13.0%

YoY qtr profit growth ?

14.2%

Sales growth (3y) ?

11%

Sales growth (5y) ?

24%

Profit growth (3y) ?

25%

Profit growth (5y) ?

55%

Financial Health

Debt ?

₹404 Cr

Debt to Equity ?

0.02

Interest Coverage ?

87.3

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	1,544	3,222	4,672	2,892	1,846	3,446	5,802	3,087	2,014	4,053	5,305	30,640	2,135	4,501	5,996	+13.0%	+33.2%
Operating Profit	176	672	1,308	707	294	821	1,739	801	323	1,010	1,641	7,868	325	1,172	1,878	+14.4%	+60.3%
Other Income	74	19	46	31	51	33	67	100	154	60	90	1,497	214	74	104	+16.0%	+41.1%
Interest	43	57	62	56	67	84	103	99	64	8	4	79	13	4	4	+6.8%	-1.4%
Depreciation	147	136	129	128	125	139	167	157	154	165	180	1,720	185	199	223	+24.1%	+12.3%
Profit Before Tax	59	498	1,162	555	154	630	1,536	645	259	897	1,548	7,565	342	1,043	1,755	+13.4%	+68.3%
Net Profit	59	373	868	416	119	469	1,150	492	209	678	1,160	5,774	261	788	1,324	+14.2%	+68.1%
EPS	0.91	5.74	6.68	3.20	0.91	3.61	8.85	1.52	0.62	2.01	3.43	1.71	0.77	2.33	3.92	+14.3%	+68.2%
OPM %	11.4%	20.9%	28.0%	24.5%	15.9%	23.8%	30.0%	25.9%	16.0%	24.9%	30.9%	25.7%	15.2%	26.0%	31.3%	+1.3%	+20.4%

📆 Annual results (₹ Cr, FY = Apr–Mar)

Metric	FY25	FY26	TTM	YoY %
Sales	₹14,955 Cr	₹42,581 Cr	₹43,272 Cr	+184.7%
Operating Profit	₹3,873 Cr	₹11,007 Cr	₹11,244 Cr	+184.2%
OPM %	25.90%	25.85%	25.98%	-0.2%
NPM %	16.91%	18.75%	18.83%	+10.9%
Other Income	₹381 Cr	₹1,875 Cr	₹1,890 Cr	+391.9%
Depreciation	₹643 Cr	₹2,285 Cr	₹2,328 Cr	+255.2%
Interest	₹274 Cr	₹100 Cr	₹100 Cr	-63.5%
EBIT	₹3,230 Cr	₹8,722 Cr	₹8,915 Cr	+170.1%
PBT	₹3,337 Cr	₹10,498 Cr	₹10,705 Cr	+214.5%
Tax	₹758 Cr	₹2,259 Cr	₹2,303 Cr	+198.1%
Net Profit	₹2,530 Cr	₹7,983 Cr	₹8,147 Cr	+215.6%
EPS	₹13.00	₹8.24	₹8.73	-36.6%
Material Cost	₹5,842 Cr	₹16,035 Cr	₹16,505 Cr	+174.5%
Employee Cost	₹933 Cr	₹3,679 Cr	₹3,689 Cr	+294.3%
Extraordinary Items	—	—	—	—

🏛️ Balance Sheet (latest 4 periods)

Metric	Dec 2022	Dec 2023	Dec 2024	Dec 2025	% Chg
Equity Capital	650	650	676	676	+0.0%
Reserves	4,868	6,426	15,882	18,088	+13.9%
Borrowings	3,595	4,882	881	404	-54.1%
Other Liabilities	1,957	2,052	2,044	1,831	-10.4%
Total Liabilities	11,069	14,009	19,484	21,000	+7.8%
Fixed Assets	5,752	6,938	9,181	10,837	+18.0%
CWIP	540	1,576	960	141	-85.3%
Investments	1,354	1,450	2,096	3,770	+79.9%
Other Assets	3,423	4,045	7,247	6,252	-13.7%
Total Assets	11,069	14,009	19,484	21,000	+7.8%

💧 Cash Flow (latest 4 periods)

Metric	Dec 2022	Dec 2023	Dec 2024	Dec 2025	% Chg
Cash from Operating Activity	1,559	1,953	2,967	2,577	-13.1%
Cash from Investing Activity	-1,509	-2,770	-3,687	-2,057	+44.2%
Cash from Financing Activity	-26	819	2,729	-979	-135.9%
Net Cash Flow	23	2	2,009	-459	-122.8%
Free Cash Flow	224	-637	599	1,051	+75.5%
CFO/OP	85%	84%	96%	90%	-6.2%

➗ Ratios (latest 4 periods)

Metric	Dec 2022	Dec 2023	Dec 2024	Dec 2025	% Chg
Debtor Days	5	6	5	7	+40.0%
Inventory Days	99	94	93	90	-3.2%
Days Payable	40	30	31	24	-22.6%
Cash Conversion Cycle	64	70	68	72	+5.9%
Working Capital Days	-30	-12	28	56	+100.0%
ROCE %	23%	26%	24%	19%	-20.8%

👥 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?