Varun Beverages Ltd (VBL) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↓

-0.31%

Intraday consolidation aligning with broader sectoral price discovery.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 19.0%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 16.2%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹418.47

200-Day DMA ● Overlay

₹388.12

14-Day RSI ● Overlay

50.9 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹1.49 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

44.0x

Price / EPS

Book Value (₹) Assets

₹57.9

P/B: 7.6x

ROE (%) Quality

16.2%

Net Profit / Equity

ROCE (%) Efficiency

19.7%

EBIT / Capital

Dividend Yield Yield

0.34%

Face Value: ₹10

Debt / Equity Solvency

0.13x

Manageable

EPS (TTM) Per Share

₹10.02

Trailing 12M

OPM (%) Spread

23.0%

EBITDA Margin

Free Cash Flow Cash

₹797.00 Cr

CFO - Capex

About Varun Beverages Ltd

Varun Beverages Ltd (VBL) is an Indian publicly listed company operating in the Fast Moving Consumer Goods sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 16.6% × Turnover: 0.85x × Leverage: 1.13x = ROE: 16.2%

✓ Company Strengths (Pros)

• Company has maintained a healthy low debt-to-equity ratio of 0.13.
• Delivers solid shareholder returns with an ROE of 16.2%.

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 7.6x its book value.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹24,126 Cr

Latest PAT

₹3,409 Cr

EPS (TTM)

₹10.02

OPM %

23.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	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
Sales / Revenue	₹5,611 Cr	₹3,871 Cr	₹2,668 Cr	₹4,317 Cr	₹7,197 Cr	₹4,805 Cr	₹3,689 Cr	₹5,567 Cr	₹7,017 Cr	₹4,897 Cr	₹4,204 Cr	₹6,574 Cr	₹8,451 Cr
Operating Profit (EBITDA)	₹1,511 Cr	₹882.00 Cr	₹418.00 Cr	₹989.00 Cr	₹1,991 Cr	₹1,151 Cr	₹579.00 Cr	₹1,263 Cr	₹1,998 Cr	₹1,146 Cr	₹637.00 Cr	₹1,525 Cr	₹2,339 Cr
OPM %	27.0%	23.0%	16.0%	23.0%	28.0%	24.0%	16.0%	23.0%	28.0%	23.0%	15.0%	23.0%	28.0%
Interest Expense	₹69.00 Cr	₹62.00 Cr	₹74.00 Cr	₹94.00 Cr	₹129.00 Cr	₹119.00 Cr	₹109.00 Cr	₹41.00 Cr	₹37.00 Cr	₹45.00 Cr	₹47.00 Cr	₹49.00 Cr	₹57.00 Cr
Depreciation	₹172.00 Cr	₹171.00 Cr	₹166.00 Cr	₹188.00 Cr	₹242.00 Cr	₹257.00 Cr	₹261.00 Cr	₹273.00 Cr	₹306.00 Cr	₹308.00 Cr	₹330.00 Cr	₹357.00 Cr	₹409.00 Cr
Profit before Tax (PBT)	₹1,311 Cr	₹667.00 Cr	₹188.00 Cr	₹716.00 Cr	₹1,663 Cr	₹800.00 Cr	₹254.00 Cr	₹978.00 Cr	₹1,732 Cr	₹941.00 Cr	₹359.00 Cr	₹1,163 Cr	₹1,977 Cr
Net Profit (PAT)	₹1,005 Cr	₹514.00 Cr	₹144.00 Cr	₹548.00 Cr	₹1,262 Cr	₹629.00 Cr	₹196.00 Cr	₹731.00 Cr	₹1,325 Cr	₹745.00 Cr	₹260.00 Cr	₹879.00 Cr	₹1,525 Cr
EPS in ₹	₹3.06	₹1.54	₹0.41	₹1.65	₹3.86	₹1.91	₹0.55	₹2.15	₹3.89	₹2.19	₹0.74	₹2.58	₹4.50

Annual P&L (₹ Cr)	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	TTM
Sales	₹2,502 Cr	₹3,394 Cr	₹3,861 Cr	₹4,004 Cr	₹5,105 Cr	₹7,130 Cr	₹6,450 Cr	₹8,823 Cr	₹13,173 Cr	₹16,043 Cr	₹20,008 Cr	₹21,685 Cr	₹24,126 Cr
Expenses	₹2,116 Cr	₹2,752 Cr	₹3,052 Cr	₹3,165 Cr	₹4,069 Cr	₹5,667 Cr	₹5,235 Cr	₹7,129 Cr	₹10,310 Cr	₹12,326 Cr	₹15,189 Cr	₹16,616 Cr	₹18,480 Cr
Operating Profit	₹387.00 Cr	₹642.00 Cr	₹810.00 Cr	₹838.00 Cr	₹1,036 Cr	₹1,462 Cr	₹1,215 Cr	₹1,694 Cr	₹2,863 Cr	₹3,717 Cr	₹4,818 Cr	₹5,070 Cr	₹5,646 Cr
OPM %	15%	19%	21%	21%	20%	21%	19%	19%	22%	23%	24%	23%	23%
Interest	₹187.00 Cr	₹170.00 Cr	₹435.00 Cr	₹215.00 Cr	₹223.00 Cr	₹324.00 Cr	₹294.00 Cr	₹207.00 Cr	₹204.00 Cr	₹292.00 Cr	₹483.00 Cr	₹196.00 Cr	₹197.00 Cr
Depreciation	₹210.00 Cr	₹317.00 Cr	₹322.00 Cr	₹347.00 Cr	₹385.00 Cr	₹489.00 Cr	₹529.00 Cr	₹531.00 Cr	₹617.00 Cr	₹681.00 Cr	₹947.00 Cr	₹1,216 Cr	₹1,404 Cr
Profit before Tax	₹4.00 Cr	₹191.00 Cr	₹79.00 Cr	₹291.00 Cr	₹434.00 Cr	₹696.00 Cr	₹363.00 Cr	₹1,007 Cr	₹2,024 Cr	₹2,739 Cr	₹3,433 Cr	₹4,010 Cr	₹4,440 Cr
Net Profit	-₹20.00 Cr	₹113.00 Cr	₹48.00 Cr	₹214.00 Cr	₹300.00 Cr	₹472.00 Cr	₹357.00 Cr	₹746.00 Cr	₹1,550 Cr	₹2,102 Cr	₹2,634 Cr	₹3,062 Cr	₹3,409 Cr
EPS in Rs	-0.09	0.50	0.14	0.68	0.95	1.44	1.01	2.14	4.61	6.33	7.67	8.98	10.01

Balance Sheet (₹ Cr)	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Equity Capital	₹134.00 Cr	₹134.00 Cr	₹182.00 Cr	₹183.00 Cr	₹183.00 Cr	₹289.00 Cr	₹289.00 Cr	₹433.00 Cr	₹650.00 Cr	₹650.00 Cr	₹676.00 Cr	₹676.00 Cr
Reserves & Surplus	₹9.00 Cr	₹91.00 Cr	₹1,511 Cr	₹1,587 Cr	₹1,816 Cr	₹3,040 Cr	₹3,235 Cr	₹3,647 Cr	₹4,453 Cr	₹6,287 Cr	₹15,934 Cr	₹18,902 Cr
Borrowings (Debt)	₹2,615 Cr	₹2,527 Cr	₹2,215 Cr	₹2,654 Cr	₹2,808 Cr	₹3,417 Cr	₹3,216 Cr	₹3,387 Cr	₹3,884 Cr	₹5,431 Cr	₹2,826 Cr	₹2,508 Cr
Total Liabilities	₹3,292 Cr	₹4,431 Cr	₹4,824 Cr	₹5,276 Cr	₹5,998 Cr	₹8,376 Cr	₹8,447 Cr	₹9,579 Cr	₹11,618 Cr	₹15,187 Cr	₹23,124 Cr	₹25,541 Cr
Fixed Assets	₹2,355 Cr	₹3,496 Cr	₹3,716 Cr	₹3,981 Cr	₹4,387 Cr	₹6,479 Cr	₹6,409 Cr	₹6,311 Cr	₹6,932 Cr	₹8,409 Cr	₹13,402 Cr	₹16,759 Cr
Total Assets	₹3,292 Cr	₹4,431 Cr	₹4,824 Cr	₹5,276 Cr	₹5,998 Cr	₹8,376 Cr	₹8,447 Cr	₹9,579 Cr	₹11,618 Cr	₹15,187 Cr	₹23,124 Cr	₹25,541 Cr

Cash Flows (₹ Cr)	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations (CFO)	₹431.00 Cr	₹555.00 Cr	₹826.00 Cr	₹620.00 Cr	₹1,000 Cr	₹1,308 Cr	₹1,012 Cr	₹1,231 Cr	₹1,790 Cr	₹2,391 Cr	₹3,381 Cr	₹3,509 Cr
Cash from Investing (CFI)	-₹500.00 Cr	-₹300.00 Cr	-₹1,048 Cr	-₹746.00 Cr	-₹937.00 Cr	-₹2,320 Cr	-₹472.00 Cr	-₹1,008 Cr	-₹1,769 Cr	-₹3,288 Cr	-₹4,311 Cr	-₹2,725 Cr
Cash from Financing (CFF)	₹58.00 Cr	-₹236.00 Cr	₹230.00 Cr	₹159.00 Cr	-₹84.00 Cr	₹1,107 Cr	-₹574.00 Cr	-₹178.00 Cr	-₹18.00 Cr	₹985.00 Cr	₹2,954 Cr	-₹1,266 Cr
Free Cash Flow (FCF)	₹211.00 Cr	₹290.00 Cr	₹45.00 Cr	₹103.00 Cr	₹191.00 Cr	₹575.00 Cr	₹476.00 Cr	₹416.00 Cr	₹40.00 Cr	-₹803.00 Cr	-₹359.00 Cr	₹797.00 Cr

Efficiency Ratios	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Debtor Days (DSO)	14	11	12	14	9	9	14	9	8	8	15	21
Inventory Days	77	90	103	88	94	100	123	131	116	106	114	111
Cash Conversion Cycle (Days)	43	62	58	64	52	55	69	76	76	77	66	79
ROCE %	7%	12%	16%	12%	15%	18%	11%	17%	27%	29%	25%	20%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹153.03 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹433.65

DCF Fair Value

₹153.03

Graham Number

₹114.25

Margin of Safety

-68.7%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹153.03

Premium / Overvalued (Margin: -68.7%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹149	₹148	₹146	₹145
10%	₹152	₹150	₹149	₹148
12%	₹154	₹153	₹152	₹150
14%	₹157	₹156	₹154	₹153

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹153	Fairly Valued
Benjamin Graham Number	₹114	Market Priced
Historical Sector P/E	₹220	Premium
EV / EBITDA Multiplier	₹455	In-Line
Free Cash Flow Yield Model	₹425	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 9/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

9 / 9 Pass

Altman Z-Score

5.86 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.13x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 23.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

59.43%

FIIs (Foreign)

19.03%

DIIs (Domestic)

15.16%

Government

0.15%

Public / Retail

6.33%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	63.09%	63.09%	62.91%	62.67%	62.67%	60.20%	60.23%	59.82%	59.44%	59.44%	59.43%	59.43%
+ FIIs (Foreign Portfolio)	27.55%	26.58%	25.79%	25.32%	24.18%	25.27%	22.98%	21.86%	21.93%	20.31%	19.51%	19.03%
+ DIIs (Mutual Funds / Insurance)	3.36%	3.58%	4.16%	4.54%	4.97%	7.00%	9.19%	10.52%	11.78%	13.56%	14.35%	15.16%
+ Public (Retail & HNIs)	6.01%	6.74%	7.16%	7.46%	8.19%	7.52%	7.59%	7.80%	6.84%	6.69%	6.66%	6.33%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Fast Moving Consumer Goods.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

VBL Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

VBL Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

VBL Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹555.07

Accelerated market share capture in Fast Moving Consumer Goods, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹485.69

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 44x P/E.

🐻 Bear Case (15%) -12.0%

₹381.61

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Fast Moving Consumer Goods)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:18 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Varun Beverages Ltd (VBL)	Target Stock	₹433.65	-0.31%	44.0x	16.2%	19.7%	0.13	₹1.49 Lakh Cr
Hindustan Unilever Ltd (HINDUNILVR)	Household & Personal Care	₹2,022.40	+1.61%	38.2x	31.0%	28.4%	0.03	₹4.31 Lakh Cr
ITC Ltd (ITC)	Cigarettes, FMCG Foods, Hotels & Paper	₹285.00	+2.22%	16.2x	29.3%	38.9%	0.03	₹3.21 Lakh Cr
Nestle India Ltd (NESTLEIND)	Packaged Foods & Nutrition	₹1,288.00	-0.76%	68.3x	74.2%	85.3%	0.09	₹2.53 Lakh Cr
Britannia Industries Ltd (BRITANNIA)	Bakery & Dairy Products	₹4,820.00	+0.63%	44.2x	53.5%	56.0%	0.27	₹1.15 Lakh Cr
Marico Ltd (MARICO)	Sector Peer	₹925.00	+2.55%	54.2x	42.8%	47.0%	0.13	₹1.02 Lakh Cr
United Spirits Ltd (UNITEDSPR)	Sector Peer	₹1,335.10	-1.40%	52.6x	21.4%	26.4%	0.05	₹97,396 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:18:48 IST	✓ Live Sync
Financial Statements (10Y)	Varun Beverages Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Varun Beverages Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Varun Beverages Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Fast Moving Consumer Goods)

Metric Explainer

Stock DNA Methodology

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