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Last Updated: April 2, 2026, 2:31 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 540180 | NSE: VBL

Varun Beverages Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹348.30Overvalued by 13.36%vs CMP ₹402.00

P/E (46.3) × ROE (16.2%) × BV (₹57.90) × DY (0.25%)

₹198.49Overvalued by 50.62%vs CMP ₹402.00
MoS: -102.5% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹464.0023%Under (+15.4%)
Graham NumberEarnings₹108.1617%Over (-73.1%)
Earnings PowerEarnings₹57.0811%Over (-85.8%)
DCFCash Flow₹214.7911%Over (-46.6%)
Net Asset ValueAssets₹57.917%Over (-85.6%)
EV/EBITDAEnterprise₹215.709%Over (-46.3%)
Earnings YieldEarnings₹89.807%Over (-77.7%)
ROCE CapitalReturns₹64.137%Over (-84%)
Revenue MultipleRevenue₹96.216%Over (-76.1%)
Consensus (9 models)₹198.49100%Overvalued
Key Drivers: EPS CAGR 33.2% lifts DCF — verify sustainability. | Wide model spread (₹57–₹464) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 33.2%

*Investments are subject to market risks

Investment Snapshot

59
Varun Beverages Ltd scores 59/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health68/100 · Strong
ROCE 19.7% GoodROE 16.2% GoodD/E 0.76 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -2.67% (6mo) SellingDII holding up 4.37% MF buyingPromoter holding at 59.4% Stable
Earnings Quality50/100 · Moderate
OPM stable around 24% Steady
Quarterly Momentum68/100 · Strong
Revenue (4Q): +8% YoY GrowingProfit (4Q): +16% YoY Positive
Industry Rank50/100 · Moderate
P/E 46.3 vs industry 46.3 In-lineROCE 19.7% vs industry 19.7% Average3Y sales CAGR: 18% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:31 am

Market Cap 1,35,910 Cr.
Current Price 402
Intrinsic Value₹198.49
High / Low 568/381
Stock P/E46.3
Book Value 57.9
Dividend Yield0.25 %
ROCE19.7 %
ROE16.2 %
Face Value 2.00
PEG Ratio1.39

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Varun Beverages Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Varun Beverages Ltd 1,35,910 Cr. 402 568/38146.3 57.90.25 %19.7 %16.2 % 2.00
Industry Average135,910.00 Cr402.0046.3057.900.25%19.70%16.20%2.00

All Competitor Stocks of Varun Beverages Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 2,2143,8935,6113,8712,6684,3177,1974,8053,6895,5677,0174,8974,204
Expenses 1,9073,0954,1012,9892,2493,3295,2063,6543,1104,3045,0203,7513,568
Operating Profit 3077981,5118824189891,9911,1515791,2631,9981,146637
OPM % 14%20%27%23%16%23%28%24%16%23%28%23%15%
Other Income 910421998442445287714899
Interest 47636962749412911910941374547
Depreciation 180172172171166188242257261273306308330
Profit before tax 905731,3116671887161,6638002549781,732941359
Tax % 9%24%23%23%24%23%24%21%23%25%23%21%28%
Net Profit 824391,0055141445481,2626291967311,325745260
EPS in Rs 0.231.323.061.540.411.653.861.910.552.153.892.190.74

Last Updated: February 6, 2026, 10:47 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 16, 2026, 11:40 am

MetricDec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Sales 2,5023,3943,8614,0045,1057,1306,4508,82313,17316,04320,00821,685
Expenses 2,1162,7523,0523,1654,0695,6675,2357,12910,31012,32615,18916,616
Operating Profit 3876428108381,0361,4621,2151,6942,8633,7174,8185,070
OPM % 15%19%21%21%20%21%19%19%22%23%24%23%
Other Income 14362714647-3051-18-545352
Interest 187170435215223324294207204292483196
Depreciation 2103173223473854895295316176819471,216
Profit before tax 4191792914346963631,0072,0242,7393,4334,010
Tax % 658%41%39%26%31%32%1%26%23%23%23%24%
Net Profit -20113482143004723577461,5502,1022,6343,062
EPS in Rs -0.090.500.140.680.951.441.012.144.616.337.678.98
Dividend Payout % 0%0%0%22%16%15%22%16%15%16%13%17%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year
YoY Net Profit Growth (%)
Change in YoY Net Profit Growth (%)

No data available for trend analysis.

Growth

Compounded Sales Growth
10 Years:23%
5 Years:23%
3 Years:31%
TTM:17%
Compounded Profit Growth
10 Years:63%
5 Years:41%
3 Years:55%
TTM:18%
Stock Price CAGR
10 Years:%
5 Years:49%
3 Years:33%
1 Year:-20%
Return on Equity
10 Years:23%
5 Years:25%
3 Years:28%
Last Year:22%

Last Updated: September 4, 2025, 9:40 pm

Balance Sheet

Last Updated: April 3, 2026, 1:30 am

MonthDec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Equity Capital 134134182183183289289433650650676676
Reserves 9911,5111,5871,8163,0403,2353,6474,4536,28715,93418,902
Borrowings 2,6152,5272,2152,6542,8083,4173,2163,3873,8845,4312,8262,508
Other Liabilities 5331,6809158521,1921,6301,7072,1132,6322,8193,6883,454
Total Liabilities 3,2924,4314,8245,2765,9988,3768,4479,57911,61815,18723,12425,541
Fixed Assets 2,3553,4963,7163,9814,3876,4796,4096,3116,9328,40913,40216,759
CWIP 25389614535264674976071,9221,167271
Investments 3043781100002160174
Other Assets 6088941,0061,1411,2471,8331,9722,7724,0794,8358,4968,337
Total Assets 3,2924,4314,8245,2765,9988,3768,4479,57911,61815,18723,12425,541

Reserves and Borrowings Chart

Cash Flow

MonthDec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from Operating Activity + 4315558266201,0001,3081,0121,2311,7902,3913,3813,509
Cash from Investing Activity + -500-300-1,048-746-937-2,320-472-1,008-1,769-3,288-4,311-2,725
Cash from Financing Activity + 58-236230159-841,107-574-178-189852,954-1,266
Net Cash Flow -1119832-2295-33464882,024-482
Free Cash Flow 2112904510319157547641640-803-359797
CFO/OP 114%94%109%81%104%98%90%80%76%82%85%87%

Free Cash Flow

MonthDec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Free Cash Flow385.00640.00808.00836.00-1.00-2.00-2.00-2.00-1.00-2.002.003.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthDec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Debtor Days 1114111214991498815
Inventory Days 7577901038894100123131116106114
Days Payable 424839583852546864483764
Cash Conversion Cycle 444362586452556976767766
Working Capital Days 28-99-73-89-65-50-37-47-34-24-916
ROCE %5%7%12%16%12%15%18%11%17%27%29%25%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 63.90%63.61%63.09%63.09%62.91%62.67%62.67%60.20%60.23%59.82%59.44%59.44%
FIIs 26.00%26.71%27.55%26.58%25.79%25.32%24.18%25.27%22.98%21.86%21.93%20.31%
DIIs 3.67%3.16%3.36%3.58%4.16%4.54%4.97%7.00%9.19%10.52%11.78%13.56%
Public 6.41%6.52%6.01%6.74%7.16%7.46%8.19%7.52%7.59%7.80%6.84%6.69%
No. of Shareholders 2,61,2863,53,7423,75,5344,40,2784,89,8875,09,6076,98,7597,42,4888,73,9159,68,4199,02,8818,72,933

Shareholding Pattern Chart

No. of Shareholders

Varun Beverages Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Large Cap Fund 24,500,000 2.11 1154.5615,670,2582025-12-15 03:24:4956.35%
Nippon India Growth Mid Cap Fund 14,700,000 1.66 692.7413,800,0002026-02-23 03:40:386.52%
Mirae Asset Large Cap Fund 12,423,074 1.45 585.4412,719,9232026-01-25 09:29:53-2.33%
Tata Large & Mid Cap Fund 7,000,000 4.06 329.88N/AN/AN/A
Nippon India Focused Fund 6,012,573 3.34 283.34N/AN/AN/A
Nippon India Multi Cap Fund 5,614,570 0.54 264.59N/AN/AN/A
Invesco India Contra Fund 5,385,676 1.27 253.85,128,2752026-01-25 02:12:335.02%
Axis ELSS Tax Saver Fund 5,365,940 0.77 252.874,620,6212025-12-15 03:24:4916.13%
Nippon India Large Cap Fund 5,225,787 0.49 246.27N/AN/AN/A
Canara Robeco Large Cap Fund 4,956,703 1.37 233.584,681,7032026-01-25 09:29:535.87%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthDec 24Dec 23Dec 22Dec 21Dec 20
FaceValue 2.005.0010.0010.0010.00
Basic EPS (Rs.) 7.9515.8323.0516.0311.40
Diluted EPS (Rs.) 7.9415.8223.0516.0311.40
Cash EPS (Rs.) 10.6021.4233.3729.5032.99
Book Value[Excl.RevalReserv]/Share (Rs.) 49.1254.5380.2996.91124.31
Book Value[Incl.RevalReserv]/Share (Rs.) 49.1254.5380.2996.91124.31
Revenue From Operations / Share (Rs.) 59.17123.48202.80203.75223.43
PBDIT / Share (Rs.) 14.2928.3943.5239.7842.91
PBIT / Share (Rs.) 11.4923.1534.0227.5124.60
PBT / Share (Rs.) 10.1621.0931.1523.2514.86
Net Profit / Share (Rs.) 7.7916.1823.8617.2314.68
NP After MI And SOA / Share (Rs.) 7.6715.8223.0516.0311.40
PBDIT Margin (%) 24.1522.9921.4519.5219.20
PBIT Margin (%) 19.4118.7416.7713.5011.00
PBT Margin (%) 17.1617.0715.3611.406.65
Net Profit Margin (%) 13.1713.1011.768.456.57
NP After MI And SOA Margin (%) 12.9612.8111.367.865.10
Return on Networth / Equity (%) 15.6229.6429.3417.019.33
Return on Capital Employeed (%) 20.8627.2628.8818.1511.78
Return On Assets (%) 11.2113.5312.887.243.88
Long Term Debt / Equity (X) 0.050.450.330.440.56
Total Debt / Equity (X) 0.140.740.720.590.76
Asset Turnover Ratio (%) 1.041.201.240.750.58
Current Ratio (X) 1.741.020.850.840.73
Quick Ratio (X) 1.120.500.350.360.35
Inventory Turnover Ratio (X) 3.363.393.733.092.73
Dividend Payout Ratio (NP) (%) 12.5211.0510.8415.5921.93
Dividend Payout Ratio (CP) (%) 9.178.307.678.838.41
Earning Retention Ratio (%) 87.4888.9589.1684.4178.07
Cash Earning Retention Ratio (%) 90.8391.7092.3391.1791.59
Interest Coverage Ratio (X) 10.7313.7615.199.334.41
Interest Coverage Ratio (Post Tax) (X) 6.858.849.335.042.51
Enterprise Value (Cr.) 215936.52165536.9989425.6440612.5328996.25
EV / Net Operating Revenue (X) 10.7910.326.794.604.50
EV / EBITDA (X) 44.6944.8831.6323.5823.41
MarketCap / Net Operating Revenue (X) 10.7910.016.524.354.10
Retention Ratios (%) 87.4788.9489.1584.4078.06
Price / BV (X) 13.0023.1616.849.417.50
Price / Net Operating Revenue (X) 10.7910.016.524.354.10
EarningsYield 0.010.010.010.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Varun Beverages Ltd. is a Public Limited Listed company incorporated on 16/06/1995 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L74899DL1995PLC069839 and registration number is 069839. Currently Company is involved in the business activities of Manufacture of soft drinks; production of mineral waters and other bottled waters. Company's Total Operating Revenue is Rs. 14556.82 Cr. and Equity Capital is Rs. 676.40 Cr. for the Year ended 31/12/2025.
INDUSTRYADDRESSCONTACT
Non-Alcoholic BeveragesF- 2/7, Okhla Industrial Area, Phase-I, New Delhi Delhi 110020Contact not found
Management
NamePosition Held
Mr. Ravi Kant JaipuriaNon Executive Chairman
Mr. Varun JaipuriaExe.Vice Chairman & Whole Time Director
Mr. Raj Pal GandhiExecutive & Wholetime Director
Mr. Rajinder Jeet Singh BaggaExecutive & Wholetime Director
Ms. Sita KhoslaInd. Non-Executive Director
Dr. Ravi GuptaInd. Non-Executive Director
Ms. Rashmi DhariwalInd. Non-Executive Director
Mr. Abhiram SethInd. Non-Executive Director
Mr. Anil Kumar SondhiInd. Non-Executive Director
Dr. Naresh TrehanNon Exe.Non Ind.Director

FAQ

What is the intrinsic value of Varun Beverages Ltd and is it undervalued?

As of 13 April 2026, Varun Beverages Ltd's intrinsic value is ₹198.49, which is 50.62% lower than the current market price of ₹402.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (16.2 %), book value (₹57.9), dividend yield (0.25 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Varun Beverages Ltd?

Varun Beverages Ltd is trading at ₹402.00 as of 13 April 2026, with a FY2026-2027 high of ₹568 and low of ₹381. The stock is currently near its 52-week low. Market cap stands at ₹1,35,910 Cr..

How does Varun Beverages Ltd's P/E ratio compare to its industry?

Varun Beverages Ltd has a P/E ratio of 46.3, which is below the industry average of 46.30. This is broadly in line with or below the industry average.

Is Varun Beverages Ltd financially healthy?

Key indicators for Varun Beverages Ltd: ROCE of 19.7 % indicates efficient capital utilization; ROE of 16.2 % shows strong shareholder returns. Dividend yield is 0.25 %.

Is Varun Beverages Ltd profitable and how is the profit trend?

Varun Beverages Ltd reported a net profit of ₹3,062 Cr in Dec 2025 on revenue of ₹21,685 Cr. Compared to ₹1,550 Cr in Dec 2022, the net profit shows an improving trend.

Does Varun Beverages Ltd pay dividends?

Varun Beverages Ltd has a dividend yield of 0.25 % at the current price of ₹402.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Varun Beverages Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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