AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 24 Sep - Chief Operating Officer Manmohan Rupal Paul resigned, effective September 24, 2026.
Source: Bse
Varun Beverages Limited (VBL)
Large CapFMCG stocks · Large cap · NSE
Varun Beverages Limited (VBL) is a key player in the global beverage industry and the second largest franchisee of PepsiCo outside the US. It produces and distributes a wide range of carbonated soft drinks (CSDs), non-carbonated beverages (NCBs), and packaged drinking water under PepsiCo trademarks across 10 countries with distribution rights in 4 additional countries.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result28 Jul, 05:40 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
32BearishSMA20 +4.4% / mo · MACD − · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 44
Sector RS: 14
Sector 3M: -11.3% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
VBLD candles · FIT view-21.3%Latest close ₹408.40 on 2026-10-21
Bar
-3.0%
RSI
37
MACD hist
-2.46
52W pos
16%
2026-10-21O ₹421.00H ₹421.70L ₹401.85C ₹408.40Vol 49.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
VBLNifty FMCGNifty 500
- VBL
- -11.9%
- Nifty 500
- -6.5%
- Nifty FMCG
- -10.7%
- Vs Nifty 500
- -5.4 pp
Chart stats
21 Oct 2026- From 52W high
- -26.5%
- 52W range position
- 16%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.98x
- Avg traded value
- ₹216 Cr
- 20D price channel
- ₹401.9 - ₹444.4
₹555.8
₹381 - ₹555.8
₹11.1
Latest completed session
20-session average
27.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE50
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +20.4% · PAT +15.1% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+9.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence79
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +20% YoY · PAT +15% YoY · +29% QoQ
Filed 28 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8,451 Cr | +20.4% | +28.6% |
| EBITDA | ₹2,339 Cr | +17.1% | +53.4% |
| Operating margin | 28.0% | +0 bps | +500 bps |
| PAT | ₹1,525 Cr | +15.1% | +73.5% |
| PAT margin | 18.1% | -83 bps | +468 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 42.90
- P/B
- 7.41
- EV/EBITDA
- 20.95
- Market Cap
- 145194.00Cr
Profitability
- ROE
- 16.20%
- ROCE
- 19.70%
- ROA
- 13.35%
- Dividend Y
- 0.35%
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 50.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 0.13
- Interest Coverage
- 28.66×
- Altman Z
- 8.99
- Book Value
- 57.90
Cash Flow
- FCF Yield
- 0.54%
- FCF Positive Y
- 6/5
- OCF
- 3509.00 Cr
- EPS TTM
- 10.01
Shareholding
- Promoter Hold
- 59.43%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 8,451+28.6% vs prev
Net Profit
₹ CrLatest: 1,525+73.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~4.2% over last month) — short-term momentum positive.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 27% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
34
RS percentile
Stage 1 Base / Transition
1M return
-3.9%
3M return
-11.9%
6M return
-15.7%
1Y return
-17.6%
RS 1D
-10
RS 20D
-5
Sector rank
#13
Industry rank
#18
Stage evidence
- Price is 11.7% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 94.15-1.98%
RS vs Nifty 50094
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation3/30
Growth19/25
Quality10/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
50
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
50/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Valuation is weaker at 3/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
42.9
PB
7.4
EV/EBITDA
20.9
ROE
16.2%
ROCE
19.7%
FCF Yield
0.5%
Debt/Equity
0.1
MoS
+9.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
50
Previous: 49 (+1)
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+9.3%
Previous: +6.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
49
49
49
49
49
49
49
49
49
49
49
49
Factor attribution
Valuation
3+1
was 2
Modelled fair value
Graham Number
₹114.2
-257.6% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹450.45
+9.3% MoS
PEG
1.08
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NESTLEIND
Large
Nestle India Limited
FMCG
match 157
49
61.4
74.2%
-377%
FAIR VALUE
LGEINDIA
Mid
LG Electronics India Limited
FMCG
match 142
44
64.4
24.7%
-617%
WATCHLIST
KAJARIACER
Large
Kajaria Ceramics Limited
FMCG
match 141
52
33.3
17.9%
+12%
FAIR VALUE
BRITANNIA
Large
Britannia Industries Limited
FMCG
match 138
48
45.4
53.5%
-209%
FAIR VALUE
TATACONSUM
Large
TATA CONSUMER PRODUCTS LIMITED
FMCG
match 135
32
58.7
7.3%
-30%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T18:55:24.242Z
Management commentary snapshot
VBL reported strong Q1 CY2026 results with consolidated sales volumes up 16.3% YoY, driven by India (14.4%) and international (21.4%). Net Revenue grew 18.1% YoY to Rs. 65,742 million, EBITDA rose 21.0% YoY to Rs. 15,289 million, and PAT increased 20.1% YoY to Rs. 8,787 million.
Strong Q1 CY2026 performance driven by robust volume growth in both India and international markets. Margin expansion supported by operational efficiencies and raw material stocking. Strategic acquisitions in South Africa strengthen international footprint and future synergies, aligning with the long-term growth thesis.
Current business mix
Q1 CY2026 Sales Volumes by Category
Latest issuer-disclosed distribution across 3 reported categories.
CSD74.0%
Water19.0%
NCB7.0%
Growth engines
India Volume Growth Initiatives
Undertook targeted initiatives including pack upsizing, selective price-point launches to onboard new consumers, and new launches in energy and juice based drink segments.
International Expansion (Africa)
Consummated acquisition of Twizza in South Africa, strengthening manufacturing and route-to-market. Entered agreement to acquire Crickley Dairy in South Africa.
Diversified Portfolio
Across Africa, building scale in snacks and deepening presence in high-potential markets, in line with strategy of broadening portfolio and strengthening consumer relevance.
Capacity and execution
New Plant Commissioning & Stabilization
Facilities commissioned over the last year (Buxar, Prayagraj, Damtal and Meghalaya) have stabilized well and are expected to support growth and enhance operating efficiencies.
Tailwinds
Favorable Demographics & Urbanization
Long-term opportunity across markets supported by favorable demographics, rising incomes, growing urbanization, and increasing beverage consumption.
Operational Efficiencies
Improved gross margins and India EBITDA margins driven by operational efficiencies from robust volume growth.
Headwinds
Inflationary Raw Material Environment
Gross margins improved despite the inflationary raw material environment, indicating ongoing cost pressures.
Increased Depreciation
Depreciation increased by 30.9% on account of commissioning of new plants of last year, impacting profitability.
Increased Finance Costs
Finance cost increased by 18.0% on account of acquisition of Twizza in South Africa in the current quarter.
Risk radar
Regulatory Approvals for Acquisitions
Acquisition of Crickley Dairy is subject to regulatory and other approvals, including Competition Commissions of South Africa.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation explicitly compares Q1 CY2026 results against Q1 CY2025, indicating a focus on year-over-year performance for seasonal beverage business trends and long-term growth.
Sector KPIs management disclosed
Consolidated Sales Volume Growth
Grew by 16.3% to 363.4 million cases in Q1 CY2026 from 312.4 million cases in Q1 CY2025.
India Sales Volume Growth
Strong volume growth of 14.4% in India in Q1 CY2026.
International Sales Volume Growth
Strong volume growth of 21.4% in international territories in Q1 CY2026.
Consolidated Realization per Case
Improved by 1.6% at the consolidated level, supported by improved realizations in international territories primarily due to favorable currency movement.
Management forward view
Confidence in Long-Term Opportunity
Management remains confident in the long-term opportunity across markets, supported by favorable demographics, rising incomes, growing urbanization, and increasing beverage consumption.
Positioned for Sustained Growth
With adequate capacities, a diversified portfolio, and a strong distribution network, VBL is well-positioned to deliver sustained growth and create long-term value.
Synergies from Acquisitions
The Twizza acquisition is expected to generate meaningful operational and commercial synergies over time.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India Realization per Case | 1.5% decline YoY in Q1 CY2026 due to volume initiatives. | Stabilization or improvement in realization per case as volume initiatives mature and pricing power is restored. |
| International Acquisition Synergies | Twizza acquisition consummated, Crickley Dairy agreement signed in South Africa. | Realization of operational and commercial synergies from South African acquisitions and their contribution to overall profitability. |
| Raw Material Cost Trends | Gross margins improved despite inflationary raw material environment in Q1 CY2026. | Sustained ability to manage raw material inflation and maintain or further improve gross margins through efficient sourcing and product mix. |
| Low/No Sugar Product Mix | ~63% of consolidated sales volumes in Q1 CY2026. | Continued growth in the mix of low/no sugar products and its impact on overall product premiumization and margin profile. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
79Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 70th percentile within FMCG. Main check: financial discipline is weak at 58/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
126 docs text-extracted · 38 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
88th percentile
overall median 67 · FMCG: 70th pctile, median 79 · Large: 74th pctile, median 73
Evidence depth
Financial-only
126 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 59.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸6 years of positive FCF.
Trust risks
- ▸ROCE trend is -5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Varun Beverages Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep - Varun Beverages to attend investor meeting in Gurugram on September 25, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Sep - VBL Kenya launched BOLT UP and XTREME FIZZ in Kenya on September 14, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep - Varun Beverages to meet investors in Hong Kong on September 21-23, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 11 Sep - The Share Allotment Committee today approved the allotment of 29,750 Equity Shares of face value of Rs. 2 each upon exercise of stock options vested …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Sep - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, representatives of the Company shall participate in ....
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 6 Jul - VBL Kenya to acquire DFIL Kenya’s dairy, juices and water business for USD 32 million by August 1, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, representatives of the Company shall participate in ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 1 Jul - The Share Allotment Committee today approved the allotment of 1,68,750 Equity Shares of face value of Rs. 2 each upon exercise of stock options vested …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 18 Jun - Varun Beverages partners with Asahi to launch CALPIS in India from second half of 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.