Varun Beverages Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1.40L Cr
- P/E
- 41.45
- ROE
- 16.21%
- PEG
- 1.72
- Price to sales
- 5.81
- Debt to equity
- 0.13
- 52W high / low
- ₹544 / ₹382
- Sales growth (5Y)
- 27.44%
- EBITDA margin
- 23.40%
- Net profit margin
- 13.64%
- Promoter holding
- 59.43%
- Sales (last year)
- ₹24,126 Cr
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]
Guidance scorecard · Q2 FY27 call
What Varun Beverages Ltd's management guided
and where it ranks in Beverages
Beverages
RevenueQ1 FY27 call
20–40%- Varun Beverages expects sustained strong growth supported by expanded capacities, diversified portfolio, and extensive distribution network.
- In India, favorable demand trends, increasing beverage penetration, and investments in market infrastructure provide a strong foundation for future growth.
- Internationally, all countries except a minor one are experiencing fast growth, with Africa showing huge potential.
- The company is targeting double-digit volume growth; post-April weather impacts, growth in healthy 20%+ range is being observed.
- New product launches like Calpis and expansion into value-added dairy beverages are expected to contribute to growth.
- Their strategy focuses on profitable growth rather than entering low-margin Rs. 10 price categories.
2 more points from Varun Beverages Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Varun Beverages Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Capital work-in-progress as of June 30, 2026 was ~Rs. 4,900 million, mainly for expansion in South Africa and a carbonated soft drink (CSD) line in Kenya.
- Inorganic capex of Rs. 11,314 million was incurred for acquiring Twizza Limited in South Africa.
- The company is expanding international operations, including acquiring Devyani Food Industries (Kenya) Limited to provide ready GTM for soft drink expansion.
- Continued focus on leveraging expanded capacities, diversified portfolio, and distribution network for sustained growth.
FundraisingQ1 FY27 call
See what Varun Beverages Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Ask what Varun Beverages Ltd said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Beverages
on management's own guidance
- 2
- Strong growth1
- FratelliVineyardGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Beverages companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹5,815 Cr | 41.4 | |
| 2 | Varun BeveragesThis stock | 20–40% | Flat | ₹1.46L Cr | 43.0 |
| 3 | FratelliVineyard | 20–40% | Flat | ₹537 Cr | — |
| 4 | 10–20% | Up 2%+ | ₹19,866 Cr | 89.0 | |
| 5 | 10–20% | Up 2%+ | ₹13,672 Cr | 60.5 | |
| 6 | 10–20% | Flat | ₹31,771 Cr | 91.9 |
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Pro shows every company guiding 40%+ revenue growth →Full Beverages rankingFinancials 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 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 3,893 | 5,611 | 3,871 | 2,668 | 4,317 | 7,197 | 4,805 | 3,689 | 5,567 | 7,017 | 4,897 | 4,204 | 6,574 |
| Expenses + | 3,095 | 4,101 | 2,989 | 2,249 | 3,329 | 5,206 | 3,654 | 3,110 | 4,304 | 5,020 | 3,751 | 3,568 | 5,049 |
| Operating Profit | 798 | 1,511 | 882 | 418 | 989 | 1,991 | 1,151 | 579 | 1,263 | 1,998 | 1,146 | 637 | 1,525 |
| OPM % | 20% | 27% | 23% | 16% | 23% | 28% | 24% | 16% | 23% | 28% | 23% | 15% | 23% |
| Other Income + | 10 | 42 | 19 | 9 | 8 | 44 | 24 | 45 | 28 | 77 | 148 | 99 | 44 |
| Interest | 63 | 69 | 62 | 74 | 94 | 129 | 119 | 109 | 41 | 37 | 45 | 47 | 49 |
| Depreciation | 172 | 172 | 171 | 166 | 188 | 242 | 257 | 261 | 273 | 306 | 308 | 330 | 357 |
| Profit before tax | 573 | 1,311 | 667 | 188 | 716 | 1,663 | 800 | 254 | 978 | 1,732 | 941 | 359 | 1,163 |
| Tax % | 24% | 23% | 23% | 24% | 23% | 24% | 21% | 23% | 25% | 23% | 21% | 28% | 24% |
| Net Profit + | 439 | 1,005 | 514 | 144 | 548 | 1,262 | 629 | 196 | 731 | 1,325 | 745 | 260 | 879 |
| EPS in Rs | 1.32 | 3.06 | 1.54 | 0.41 | 1.65 | 3.86 | 1.91 | 0.55 | 2.15 | 3.89 | 2.19 | 0.74 | 2.58 |
Financials of Varun Beverages Ltd
Profit & Loss
Annual income statement trend
| 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 | 3,394 | 3,861 | 4,004 | 5,105 | 7,130 | 6,450 | 8,823 | 13,173 | 16,043 | 20,008 | 21,685 | 22,693 |
| Expenses + | 2,116 | 2,752 | 3,052 | 3,165 | 4,069 | 5,667 | 5,235 | 7,129 | 10,310 | 12,326 | 15,189 | 16,616 | 17,388 |
| Operating Profit | 387 | 642 | 810 | 838 | 1,036 | 1,462 | 1,215 | 1,694 | 2,863 | 3,717 | 4,818 | 5,070 | 5,305 |
| OPM % | 15% | 19% | 21% | 21% | 20% | 21% | 19% | 19% | 22% | 23% | 24% | 23% | 23% |
| Other Income + | 14 | 36 | 27 | 14 | 6 | 47 | -30 | 51 | -18 | -5 | 45 | 352 | 368 |
| Interest | 187 | 170 | 435 | 215 | 223 | 324 | 294 | 207 | 204 | 292 | 483 | 196 | 177 |
| Depreciation | 210 | 317 | 322 | 347 | 385 | 489 | 529 | 531 | 617 | 681 | 947 | 1,216 | 1,301 |
| Profit before tax | 4 | 191 | 79 | 291 | 434 | 696 | 363 | 1,007 | 2,024 | 2,739 | 3,433 | 4,010 | 4,195 |
| Tax % | 658% | 41% | 39% | 26% | 31% | 32% | 1% | 26% | 23% | 23% | 23% | 24% | |
| Net Profit + | -20 | 113 | 48 | 214 | 300 | 472 | 357 | 746 | 1,550 | 2,102 | 2,634 | 3,062 | 3,209 |
| 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 | 9.40 |
| 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 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 | 134 | 182 | 183 | 183 | 289 | 289 | 433 | 650 | 650 | 676 | 676 |
| Reserves | 9 | 91 | 1,511 | 1,587 | 1,816 | 3,040 | 3,235 | 3,647 | 4,453 | 6,287 | 15,934 | 18,902 |
| Borrowings + | 2,615 | 2,527 | 2,215 | 2,654 | 2,808 | 3,417 | 3,216 | 3,387 | 3,884 | 5,431 | 2,826 | 2,508 |
| Other Liabilities + | 533 | 1,680 | 915 | 852 | 1,192 | 1,630 | 1,707 | 2,113 | 2,632 | 2,819 | 3,688 | 3,454 |
| Total Liabilities | 3,292 | 4,431 | 4,824 | 5,276 | 5,998 | 8,376 | 8,447 | 9,579 | 11,618 | 15,187 | 23,124 | 25,541 |
| Fixed Assets + | 2,355 | 3,496 | 3,716 | 3,981 | 4,387 | 6,479 | 6,409 | 6,311 | 6,932 | 8,409 | 13,402 | 16,759 |
| CWIP | 25 | 38 | 96 | 145 | 352 | 64 | 67 | 497 | 607 | 1,922 | 1,167 | 271 |
| Investments | 304 | 3 | 7 | 8 | 11 | 0 | 0 | 0 | 0 | 21 | 60 | 174 |
| Other Assets + | 608 | 894 | 1,006 | 1,141 | 1,247 | 1,833 | 1,972 | 2,772 | 4,079 | 4,835 | 8,496 | 8,337 |
| Total Assets | 3,292 | 4,431 | 4,824 | 5,276 | 5,998 | 8,376 | 8,447 | 9,579 | 11,618 | 15,187 | 23,124 | 25,541 |
Financials of Varun Beverages Ltd
Cash Flows
Operating, investing and financing cash movement
| 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 Operating Activity + | 431 | 555 | 826 | 620 | 1,000 | 1,308 | 1,012 | 1,231 | 1,790 | 2,391 | 3,381 | 3,509 |
| 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 | -236 | 230 | 159 | -84 | 1,107 | -574 | -178 | -18 | 985 | 2,954 | -1,266 |
| Net Cash Flow | -11 | 19 | 8 | 32 | -22 | 95 | -33 | 46 | 4 | 88 | 2,024 | -482 |
| Free Cash Flow | 211 | 290 | 45 | 103 | 191 | 575 | 476 | 416 | 40 | -803 | -359 | 797 |
| CFO/OP | 114% | 94% | 109% | 81% | 104% | 98% | 90% | 80% | 76% | 82% | 85% | 87% |
Financials of Varun Beverages Ltd
Ratios
Working capital efficiency and return 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 | 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 |
| Days Payable | 48 | 39 | 58 | 38 | 52 | 54 | 68 | 64 | 48 | 37 | 64 | 53 |
| Cash Conversion Cycle | 43 | 62 | 58 | 64 | 52 | 55 | 69 | 76 | 76 | 77 | 66 | 79 |
| Working Capital Days | -99 | -73 | -89 | -65 | -50 | -37 | -47 | -34 | -24 | -9 | 16 | 31 |
| ROCE % | 7% | 12% | 16% | 12% | 15% | 18% | 11% | 17% | 27% | 29% | 25% | 20% |
Guidance history
How Varun Beverages Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | None planned | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
17 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −16.3% | 41% |
| Last 6 months | −19.3% | 20% |
| Last 3 months | −8.1% | 46% |
The price is 38.2% below its all-time high of ₹670.66 (26 Jul 2024). Stocks more than 20% below their peak have their score halved, so 33 became 17.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Varun Beverages Ltd: 0.4 × 41 + 0.4 × 20 + 0.2 × 46 = 33, halved to 17 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Varun Beverages Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
- Q4 FY23 earnings call →
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