Varun Beverages Ltd. (VBL)
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Varun Beverages Ltd. (VBL) reported consolidated revenue from operations of ₹8,651 crore for Q2 FY2026, the quarter ended 30 June 2026, up 20.8% on the same quarter a year earlier. Profit after tax was ₹1,525 crore, up 15.1% on the year, and earnings per share ₹4.50. The figures are the company's own, from the un-audited results it filed with NSE on 28 July 2026.
Ratios
From the filings
At the close of 22 September 2026
Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, NSE, security-wise price and volume, here, for bonus issues and splits, from the exchange's corporate actions. Nothing here is a valuation or a view.
Price, 17 September 2021 to 22 September 2026
Daily closes from NSE, security-wise price and volume, here, for bonus issues and splits, from the exchange's corporate actions; the last is 22 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.
The public record on VBL
| Announcements | 95 to NSE in twelve months; latest 18 September 2026, analysts/institutional investor meet/con. call updates |
| Corporate actions | dividends of ₹1.50 per share went ex in twelve months; latest action interim dividend - re 0.50 per share, ex 31 July 2026 |
| Calendar | nothing dated ahead; last listed 28 July 2026, board meeting intimation |
| Shareholder votes | 20 resolutions across 6 meetings: 0 failed, 2 with ten percent or more against; latest 1 April 2026 |
| Shareholding pattern | promoters 59.43% at 30 June 2026, down 0.01 points on the quarter; mutual funds 9.06%, FPIs 19.03% |
| Insider trading disclosures | none on NSE in twelve months |
| Documents | 10 annual reports, 4 investor presentations, 20 call notices or transcripts, the rating letters |
| Bulk and block deals | 0 bulk and 2 block in twelve months, ₹20.96 crore; latest 26 September 2025 |
Quarterly results, the last 12 quarters
| Q3 FY2023 | Q4 FY2023 | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,938 | 2,731 | 4,398 | 7,334 | 4,932 | 3,818 | 5,680 | 7,163 | 5,048 | 4,335 | 6,722 | 8,651 |
| Expenses | 3,289 | 2,552 | 3,690 | 5,714 | 4,156 | 3,607 | 4,730 | 5,507 | 4,253 | 4,072 | 5,598 | 6,773 |
| Operating profit | 882 | 418 | 989 | 1,991 | 1,151 | 580 | 1,264 | 1,999 | 1,147 | 639 | 1,529 | 2,343 |
| OPM % | 22% | 15% | 22% | 27% | 23% | 15% | 22% | 28% | 23% | 15% | 23% | 27% |
| Other income | 19 | 9 | 8 | 44 | 24 | 45 | 28 | 77 | 148 | 99 | 44 | 104 |
| Interest | 62 | 74 | 94 | 129 | 119 | 109 | 41 | 37 | 45 | 47 | 49 | 57 |
| Depreciation | 171 | 166 | 188 | 242 | 257 | 261 | 273 | 306 | 308 | 330 | 357 | 409 |
| Exceptional items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 667 | 188 | 716 | 1,664 | 800 | 255 | 978 | 1,733 | 943 | 361 | 1,167 | 1,981 |
| Tax % | 23% | 24% | 23% | 24% | 21% | 23% | 25% | 23% | 21% | 27% | 24% | 23% |
| Net profit | 514 | 144 | 548 | 1,262 | 629 | 196 | 731 | 1,325 | 745 | 260 | 879 | 1,525 |
| EPS in ₹ | ₹3.86 | ₹1.02 | ₹4.14 | ₹9.64 | ₹1.91 | ₹0.56 | ₹2.15 | ₹3.89 | ₹2.19 | ₹0.74 | ₹2.58 | ₹4.50 |
| Filing | NSE | NSE | NSE | NSE | NSE | NSE | Filing | Filing | Filing | Filing | Filing | Filing |
₹ crore except per share, consolidated, as filed with the exchange. Operating profit is sales less the expenses other than interest and depreciation, OPM is that over sales, and tax % is tax over profit before tax: arithmetic on the filed lines; everything else is as filed. Quarters before December 2024 are from the exchange's earlier results feed, which carries the filed lines without the filing itself; the column links to the exchange's page for the company.
Profit and loss, 10 fiscal years and the trailing twelve months
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,531 | 4,516 | 5,228 | 7,248 | 6,556 | 8,958 | 13,391 | 16,321 | 20,481 | 22,226 | 24,755 |
| Expenses | 4,490 | 4,239 | 4,819 | 6,599 | 6,164 | 8,020 | 11,406 | 13,661 | 17,168 | 18,562 | 20,697 |
| Operating profit | 363 | 624 | 1,007 | 1,448 | 1,202 | 1,655 | 2,788 | 3,609 | 4,711 | 5,049 | 5,659 |
| OPM % | 8% | 14% | 19% | 20% | 18% | 18% | 21% | 22% | 23% | 23% | 23% |
| Other income | n/a | n/a | 22 | 43 | 37 | 68 | 39 | 79 | 121 | 352 | 395 |
| Interest | n/a | n/a | 213 | 310 | 281 | 185 | 186 | 268 | 450 | 170 | 197 |
| Depreciation | 322 | 347 | 385 | 489 | 529 | 531 | 617 | 681 | 947 | 1,216 | 1,404 |
| Exceptional items | 0 | 0 | 0 | 0 | -67 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 77 | 290 | 431 | 692 | 362 | 1,007 | 2,024 | 2,740 | 3,435 | 4,016 | 4,453 |
| Tax % | 41% | 27% | 31% | 32% | 1% | 26% | 23% | 23% | 23% | 24% | 23% |
| Net profit | 46 | 213 | 300 | 472 | 357 | 746 | 1,550 | 2,102 | 2,634 | 3,062 | 3,409 |
| EPS in ₹ | ₹2.92 | ₹11.52 | ₹16.04 | ₹16.83 | ₹11.40 | ₹16.03 | ₹23.05 | ₹15.83 | ₹7.95 | ₹8.98 | ₹10.01 |
| Filing | NSE | NSE | NSE | NSE | NSE | NSE | NSE | NSE | NSE | Filing |
₹ crore except per share, consolidated, from the audited results for each year, linked. Operating profit, OPM and tax % are arithmetic on the filed lines. TTM is the sum of the last four quarters.
Balance sheet at year end
| FY2025 | TTM | |
|---|---|---|
| Equity capital | 676 | 676 |
| Reserves | 18,902 | 21,094 |
| Equity, owners of the parent | 19,579 | 21,771 |
| Non-controlling interest | 162 | 182 |
| Borrowings | 2,508 | 3,484 |
| Total liabilities | 5,824 | 8,258 |
| Fixed assets | 15,206 | 16,027 |
| Capital work in progress | 266 | 488 |
| Goodwill and intangibles | 1,553 | 2,370 |
| Investments | 11 | 20 |
| Inventories | 2,952 | 3,990 |
| Receivables | 1,249 | 1,648 |
| Cash and bank balances | 1,998 | 2,568 |
| Total assets | 25,565 | 30,211 |
| Filing | Filing |
From the statement of assets and liabilities in the audited fourth-quarter filing, which the exchange carries from FY2025; the TTM column is the latest half-year or year-end statement. Borrowings, investments and cash each add the current and non-current lines as filed.
Cash flows
| FY2025 | |
|---|---|
| Cash from operating activities | 3,509 |
| Purchase of fixed assets | 2,739 |
| Free cash flow | 770 |
| Cash from investing activities | -2,735 |
| Borrowings raised | 384 |
| Borrowings repaid | 885 |
| Dividends paid | 507 |
| Interest paid | 159 |
| Buyback | 0 |
| Cash from financing activities | -1,266 |
| Net change in cash | -482 |
| Filing | Filing |
From the cash flow statement in the audited fourth-quarter filing, which the exchange carries from FY2025. Free cash flow is cash from operations less the purchase of fixed assets, arithmetic on the two filed lines.
Compounded growth
| 10 years | 5 years | 3 years | TTM | |
|---|---|---|---|---|
| Sales growth, compounded | n/a | 27.7% | 18.4% | 14.6% |
| Profit growth, compounded | n/a | 53.7% | 25.5% | 18.3% |
| Return on equity, average | 18.2% | 22.1% | 20.6% | 15.6% |
Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net profit over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the owners' equity from the balance sheet, or paid-up capital plus reserves where the older feed carries only those. Arithmetic on filed numbers, nothing forecast.
Shareholding pattern
| Quarter ended | Promoter | Change points | Of it encumbered | Mutual funds | FPIs | Insurers | Domestic institutions | Retail to ₹2 lakh | Holders | Filing |
|---|---|---|---|---|---|---|---|---|---|---|
| 30 June 2026 | 59.43% | -0.01 | 0.00% | 9.06% | 19.03% | 4.67% | 15.21% | 4.10% | 813,548 | XBRL |
| 31 March 2026 | 59.44% | +0.00 | 0.00% | 8.30% | 19.51% | 4.68% | 14.40% | 4.38% | 877,604 | XBRL |
| 31 December 2025 | 59.44% | +0.00 | 0.04% | 8.36% | 20.31% | 3.99% | 13.56% | 4.35% | 872,933 | XBRL |
| 30 September 2025 | 59.44% | -0.38 | 0.04% | 7.12% | 21.93% | 3.59% | 11.79% | 4.61% | 902,881 | XBRL |
| 30 June 2025 | 59.82% | -0.41 | 0.04% | 6.46% | 21.85% | 2.68% | 10.52% | 5.40% | 968,419 | XBRL |
| 31 March 2025 | 60.23% | +0.03 | 0.04% | 5.77% | 22.98% | 2.06% | 9.21% | 4.70% | 873,915 | XBRL |
| 31 December 2024 | 60.20% | +0.00 | 0.04% | 4.08% | 25.26% | 1.80% | 7.02% | 4.26% | 742,488 | XBRL |
| 19 November 2024 | 60.20% | n/a | 0.04% | 3.75% | 25.24% | 1.79% | 6.49% | 4.54% | 772,415 | XBRL |
Percentages are of the total share count, as the company filed them under Regulation 31. Encumbered is the part of the promoters' own holding that is pledged, under a non-disposal undertaking or otherwise encumbered. All domestic institutions includes mutual funds, insurers, banks, pension funds and AIFs. Retail is resident individuals holding up to ₹2 lakh of nominal capital. Each row links to the filing.
The shareholding pattern, quarter by quarter, on its own page
Peers: Fast Moving Consumer Goods
| Company | Market cap | P/E | ROE | OPM | Sales growth TTM | Promoter | Div. yield |
|---|---|---|---|---|---|---|---|
| Hindustan Unilever Ltd. HINDUNILVR | ₹4,54,364 cr | 43.36 | 30.7% | 23.1% | 3.8% | 61.9% | n/a |
| ITC Ltd. ITC | ₹3,33,033 cr | 16.78 | 27.8% | 26.7% | 11.8% | 0.0% | n/a |
| Nestle India Ltd. NESTLEIND | ₹2,63,003 cr | 69.02 | 73.9% | 23.5% | 19.3% | 62.8% | n/a |
| Varun Beverages Ltd. VBL | ₹1,45,439 cr | 42.96 | 15.7% | 22.9% | 14.6% | 59.4% | n/a |
| Britannia Industries Ltd. BRITANNIA | ₹1,18,459 cr | 45.49 | 51.1% | 18.6% | 6.6% | 50.5% | n/a |
| United Spirits Ltd. UNITDSPR | ₹1,01,684 cr | 58.86 | 21.0% | 8.1% | 2.9% | 56.7% | n/a |
| Tata Consumer Products Ltd. TATACONSUM | ₹97,391 cr | 59.57 | 7.5% | 13.9% | 15.6% | 33.8% | n/a |
| Godrej Consumer Products Ltd. GODREJCP | ₹89,391 cr | 46.69 | 15.1% | 20.3% | 9.2% | 53.0% | n/a |
The names on this site in the same industry (the exchange's industry for the index), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.
Filings
| Filing | Period | Filed | Where |
|---|---|---|---|
| Quarterly results | 30 June 2026 | 28 July 2026 | NSE |
| Quarterly results | 31 March 2026 | 27 April 2026 | NSE |
| Quarterly results | 31 December 2025 | 3 February 2026 | NSE |
| Quarterly results | 30 September 2025 | 29 October 2025 | NSE |
| Quarterly results | 30 June 2025 | 29 July 2025 | NSE |
| Quarterly results | 31 March 2025 | 30 April 2025 | NSE |
| Quarterly results | 31 December 2024 | 10 February 2025 | NSE |
| Quarterly results | 30 September 2024 | 22 October 2024 | NSE |
| Quarterly results | 30 June 2024 | 30 July 2024 | NSE |
| Quarterly results | 31 March 2024 | 13 May 2024 | NSE |
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