Varun Beverages Ltd (VBL) — shareholding pattern, promoter holding, financials and share price
About Varun Beverages Ltd (VBL)
Varun Beverages Ltd operates in the Other Beverages industry, within the Fast Moving Consumer Goods sector. It trades on the NSE as VBL and on the BSE under scrip code 540180. Its ISIN is INE200M01039.
Varun Beverages Ltd has been associated with PepsiCo since the 1990s and is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world. The company produces and distributes a wide range of carbonated soft drinks, non-carbonated drinks and packaged water sold under trademarks owned by PepsiCo. PepsiCo brands produced and sold by the company include Pepsi, Seven-up, Mirinda Orange, Mountain Dew, Tropicana Juices and many more. [1]
Varun Beverages Limited is a prominent beverage producer and distributor, and a key PepsiCo franchisee outside the U.S. Their portfolio includes a wide range of carbonated and non-carbonated beverages.
The company reported robust sales volume growth of 7.9% in 2025, driven by a strong distribution network and strategic geographic expansions yielding a commendable 8.4% increase in revenue and notable EBITDA growth despite climatic challenges.
Listed peers in Other Beverages: United Spirits Ltd, Radico Khaitan Ltd, United Breweries Ltd, Allied Blenders & Distillers Ltd, Tilaknagar Industries Ltd, India Glycols Ltd.
Valuation & Returns
10 Jul 2026At ₹478.15 a share on 10 Jul 2026, Varun Beverages Ltd (VBL) was valued at a price-to-earnings ratio of 50.39x against an industry P/E of 54.25x and a price-to-book of 8.26x on a book value of ₹57.89 per share as of Dec 2025. Solomo computes return on equity of 16.39% and return on capital employed of 19.79% from filed results. Earnings ratios use consolidated results for the twelve months Jun 2025 to Mar 2026.
- P/E
- 50.39x
- Industry P/E
- 54.25x
- P/B
- 8.26x
- EPS (TTM)
- ₹9.49
- Book value / share
- ₹57.89
- ROE
- 16.39%
- ROCE
- 19.79%
- ROA
- 12.55%
- Debt / equity
- 0.13x
- Dividend yield
- 0.31%
- EBITDA margin
- 24.38%
- 52-week range
- ₹381 – ₹555.8
Ratios are computed from filed results and the last recorded price. Not investment advice.
Financial Performance
Dec 2025In the year ended Dec 2025, Varun Beverages Ltd (VBL) reported revenue of ₹21,685 crore, net profit of ₹3,062 crore and earnings per share of ₹8.98. That compares with revenue of ₹20,008 crore and net profit of ₹2,634 crore in Dec 2024. Figures are consolidated, as filed with the exchanges.
In the quarter ended Mar 2026, revenue was ₹6,574 crore and net profit ₹879 crore (consolidated).
| Metric | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue (₹ cr) | 8,823 | 13,173 | 16,043 | 20,008 | 21,685 |
| Net profit (₹ cr) | 746 | 1,550 | 2,102 | 2,634 | 3,062 |
| EPS (₹) | 2.14 | 4.61 | 6.33 | 7.67 | 8.98 |
| Measure | 10Y | 5Y | 3Y | 1Y |
|---|---|---|---|---|
| Sales growth | 16.88% | 24.45% | 11.17% | 8.39% |
| Profit growth | 45.87% | 63.88% | 28.21% | 16.24% |
| Stock price CAGR | - | 34% | 12% | -3% |
Ownership Summary
Jun 2026As of Jun 2026, promoters hold 59.43% of Varun Beverages Ltd (VBL) (down 0.01 pp QoQ), foreign institutional investors (FII) hold 19.03% and domestic institutional investors (DII) hold 15.21%. Market capitalisation was ₹1,61,724 crore on 10 Jul 2026. Shareholding is filed quarterly with BSE and NSE; Solomo carries every filing back to Dec 2016.
Largest disclosed public shareholders in Jun 2026: LICI NEW PENSION PLUS GROWTH FUND 2.31%, GOVERNMENT PENSION FUND GLOBAL 1.83%, NIPPON LIFE INDIA TRUSTEE LTD.-A/C NIPPON INDIA AC 1.55%, SBI ARBITRAGE OPPORTUNITIES FUND 1.4%, NPS TRUST - A/C SBI PENSION FUND SCHEME - NPS TIER 1.16%. Only stakes above the 1% disclosure threshold are named in filings.
| Quarter | Promoter | Pledged | FII | DII | Public |
|---|---|---|---|---|---|
| Jun 2026 | 59.43% | - | 19.03% | 15.21% | 40.57% |
| Mar 2026 | 59.44% | - | 19.51% | 14.4% | 40.56% |
| Dec 2025 | 59.44% | - | 20.31% | 13.56% | 40.56% |
| Sep 2025 | 59.44% | - | 21.93% | 11.79% | 40.56% |
| Jun 2025 | 59.82% | - | 21.85% | 10.52% | 40.18% |
| Mar 2025 | 60.23% | - | 22.98% | 9.21% | 39.77% |
| Dec 2024 | 60.2% | - | 25.26% | 7.02% | 39.8% |
| Sep 2024 | 62.66% | - | 24.18% | 4.98% | 37.34% |