Financials of Varun Beverages Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Varun Beverages Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +3,8935,6113,8712,6684,3177,1974,8053,6895,5677,0174,8974,2046,574
Expenses +3,0954,1012,9892,2493,3295,2063,6543,1104,3045,0203,7513,5685,049
Operating Profit7981,5118824189891,9911,1515791,2631,9981,1466371,525
OPM %20%27%23%16%23%28%24%16%23%28%23%15%23%
Other Income +1042199844244528771489944
Interest63696274941291191094137454749
Depreciation172172171166188242257261273306308330357
Profit before tax5731,3116671887161,6638002549781,7329413591,163
Tax %24%23%23%24%23%24%21%23%25%23%21%28%24%
Net Profit +4391,0055141445481,2626291967311,325745260879
EPS in Rs1.323.061.540.411.653.861.910.552.153.892.190.742.58

Financials of Varun Beverages Ltd

Profit & Loss

Annual income statement trend

Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025TTM
Sales +2,5023,3943,8614,0045,1057,1306,4508,82313,17316,04320,00821,68522,693
Expenses +2,1162,7523,0523,1654,0695,6675,2357,12910,31012,32615,18916,61617,388
Operating Profit3876428108381,0361,4621,2151,6942,8633,7174,8185,0705,305
OPM %15%19%21%21%20%21%19%19%22%23%24%23%23%
Other Income +14362714647-3051-18-545352368
Interest187170435215223324294207204292483196177
Depreciation2103173223473854895295316176819471,2161,301
Profit before tax4191792914346963631,0072,0242,7393,4334,0104,195
Tax %658%41%39%26%31%32%1%26%23%23%23%24%
Net Profit +-20113482143004723577461,5502,1022,6343,0623,209
EPS in Rs-0.090.500.140.680.951.441.012.144.616.337.678.989.40
Dividend Payout %0%0%0%22%16%15%22%16%15%16%13%17%

Financials of Varun Beverages Ltd

Balance Sheet

Capital structure and asset base

Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Equity Capital134134182183183289289433650650676676
Reserves9911,5111,5871,8163,0403,2353,6474,4536,28715,93418,902
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 Liabilities3,2924,4314,8245,2765,9988,3768,4479,57911,61815,18723,12425,541
Fixed Assets +2,3553,4963,7163,9814,3876,4796,4096,3116,9328,40913,40216,759
CWIP25389614535264674976071,9221,167271
Investments3043781100002160174
Other Assets +6088941,0061,1411,2471,8331,9722,7724,0794,8358,4968,337
Total Assets3,2924,4314,8245,2765,9988,3768,4479,57911,61815,18723,12425,541

Financials of Varun Beverages Ltd

Cash Flows

Operating, investing and financing cash movement

Dec 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 Flow2112904510319157547641640-803-359797
CFO/OP114%94%109%81%104%98%90%80%76%82%85%87%

Financials of Varun Beverages Ltd

Ratios

Working capital efficiency and return ratios

Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Debtor Days1411121499149881521
Inventory Days77901038894100123131116106114111
Days Payable483958385254686448376453
Cash Conversion Cycle436258645255697676776679
Working Capital Days-99-73-89-65-50-37-47-34-24-91631
ROCE %7%12%16%12%15%18%11%17%27%29%25%20%