Varun Beverages Financial Statements

Name: Varun Beverages Financials — historical data
Creator: StockeZee

For Dec 2025, Varun Beverages reported revenue of ₹22,226 crore and net profit of ₹3,036 crore. Return on equity stands at 16.20%. Profit & loss, balance sheet and cash flow across 8 reported years are below.

Updated 31 Jul 2026Source: NSE & BSE company filingsNifty 100 constituent

Latest year revenue: ₹22,226 Cr
EBITDA: ₹5,049 Cr
Operating margin: 22.72%
Profit after tax: ₹3,036 Cr
Net margin: 13.66%
EPS: ₹8.98
Latest year: Dec 2025
Years reported: 8

Varun Beverages profit & loss

Reported annual performance for Varun Beverages, oldest to newest. Figures in ₹ crore unless a row states otherwise.

Varun Beverages annual profit and loss statement. Figures in ₹ crore unless a row states otherwise.
Line item	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue from Operations	5,228	7,248	6,556	8,958	13,391	16,321	20,481	22,226
Sales Growth YoY %	—	38.64%	-9.56%	36.65%	49.48%	21.88%	25.49%	8.52%
Other Income	22	43	37	68	39	79	121	352
Total Income	5,250	7,291	6,593	9,026	13,429	16,400	20,603	22,578
Cost of Goods Sold (COGS)	2,244	3,219	2,764	4,035	6,261	7,405	8,905	9,715
Cost of Materials Consumed	2,112	2,940	2,689	3,969	6,417	7,026	8,294	9,337
Purchases of Stock-in-Trade	194	424	93	165	189	463	686	369
Changes in Inventories	-62	-144	-17	-100	-345	-84	-75	9
Gross Profit	2,984	4,029	3,792	4,924	7,129	8,916	11,577	12,510
Gross Margin %	57.08%	55.58%	57.84%	54.96%	53.24%	54.63%	56.52%	56.29%
Total Operating Expenses	1,977	2,581	2,590	3,269	4,341	5,307	6,866	7,461
Employee Benefit Expense	583	811	890	1,008	1,217	1,447	1,885	2,201
Other Expenses	1,394	1,771	1,700	2,261	3,125	3,860	4,981	5,260
EBITDA	1,007	1,448	1,202	1,655	2,788	3,609	4,711	5,049
OPM %	19.25%	19.97%	18.33%	18.47%	20.82%	22.12%	23%	22.72%
Total Non-Operating Expenses	598	798	743	716	803	949	1,398	1,386
Depreciation & Amortisation	385	489	529	531	617	681	947	1,216
Finance Costs	213	310	281	185	186	268	450	170
Exceptional Items (Before Tax)	0	0	-67	0	0	0	0	0
Profit Before Tax (PBT)	431	692	363	1,007	2,024	2,740	3,435	4,016
Tax Expense	134	224	5	261	474	638	799	948
Current Tax	109	108	42	134	426	631	751	841
Deferred Tax	25	116	-37	126	48	6	48	107
Effective Tax %	31.09%	32.38%	1.44%	25.88%	23.4%	23.27%	23.26%	23.6%
Total Profit for Period	300	472	357	746	1,550	2,102	2,634	3,062
Less: Non-controlling Interests	7	3	28	52	53	46	40	26
Net Profit (Owner's PAT)	293	469	329	694	1,497	2,056	2,595	3,036
Net Profit Margin %	5.6%	6.47%	5.02%	7.75%	11.18%	12.6%	12.67%	13.66%
PAT Growth YoY %	—	60.15%	-29.85%	110.96%	115.75%	37.3%	26.2%	17.03%
Earnings Per Share (EPS)	₹0.95	₹1.44	₹1.01	₹2.14	₹4.61	₹6.33	₹7.67	₹8.98
Diluted Shares Outstanding (Cr.)	308	325	325	325	325	325	338	338
Profit/Loss from Associates	3	4	0	0	-0	-0	-1	-6
Other Comprehensive Income (Net of Tax)	-19	60	-62	-30	-372	-8	58	434
Expenses	4,819	6,599	6,230	8,020	11,406	13,661	17,168	18,562
Material Cost %	40.4%	40.55%	41.01%	44.3%	47.92%	43.05%	40.49%	42.01%
Employee Cost %	11.15%	11.19%	13.57%	11.25%	9.09%	8.86%	9.2%	9.9%
Other Cost %	26.67%	24.43%	25.94%	25.24%	23.33%	23.65%	24.32%	23.67%
Interest Coverage (x)	2.92	3.1	2.39	6.08	11.66	10.92	8.36	22.6

Varun Beverages revenue and profit trend

Reported annual revenue and net profit, oldest to newest. Two panels because the two measures live on different scales — one shared axis would distort both.

Varun Beverages balance sheet

Assets, liabilities and shareholders' equity as reported, in Schedule III order. Figures in ₹ crore unless a row states otherwise.

Varun Beverages annual balance sheet with assets, liabilities and equity. Figures in ₹ crore unless a row states otherwise.
Line item	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Equity	2,006	3,359	3,589	4,197	5,215	7,085	16,740	19,741
Equity Share Capital	183	289	289	433	650	650	676	676
Reserves & Surplus	1,816	3,040	3,235	3,647	4,453	6,287	15,934	18,902
Equity Method Investments	11	—	—	—	0	18	53	163
Total Equity	2,006	3,359	3,589	4,197	5,215	7,085	16,740	19,741
Non-Current Liabilities	2,284	2,809	2,435	2,365	2,434	3,949	1,880	1,750
Long-term Borrowings	1,980	2,355	1,980	1,813	1,727	3,387	1,198	940
Deferred Tax Liabilities	192	283	226	311	337	343	488	619
Non-Current Provisions	105	170	204	209	204	213	189	190
Other Non-Current Liabilities	7	1	1	1	1	7	5	—
Non-Current Financial Liabilities	1,980	2,355	2,004	1,845	1,892	3,387	1,198	941
Current Liabilities	1,741	2,220	2,435	3,020	3,969	4,153	4,524	4,074
Short-term Borrowings	378	467	714	628	1,968	2,044	1,628	1,568
Trade Payables	317	478	511	712	824	758	1,560	1,401
Current Financial Liabilities	1,546	1,971	2,080	2,647	3,375	3,567	3,893	3,565
Other Current Financial Liabilities	851	1,026	854	1,307	583	764	704	595
Other Current Liabilities	147	204	318	310	489	465	492	447
Current Provisions	16	30	33	50	29	83	74	51
Current Tax Liabilities	33	15	4	14	76	39	66	12
Total Liabilities	4,025	5,029	4,870	5,385	6,403	8,103	6,404	5,824
Total Non-Current Assets	4,891	6,717	6,659	7,036	8,214	10,952	15,280	17,669
Property, Plant & Equipment (PPE)	3,860	5,893	5,827	5,728	6,357	7,838	11,986	15,206
Capital Work-in-Progress	352	64	67	497	607	1,922	1,162	266
Intangible Assets	525	562	557	559	551	547	1,115	1,198
Non-Current Investments	0	0	0	0	0	3	6	11
Loans – Non-Current	20	45	42	41	—	—	22	26
Other Non-Current Assets	86	115	130	184	627	537	512	302
Non-Current Financial Assets	21	45	42	42	49	65	127	150
Net Fixed Assets	4,737	6,519	6,451	6,783	7,515	10,307	14,263	16,671
Total Current Assets	1,141	1,672	1,800	2,546	3,404	4,236	7,864	7,889
Inventories	578	882	929	1,448	1,994	2,151	2,791	2,952
Trade Receivables	128	173	242	221	299	359	846	1,249
Cash & Cash Equivalents	43	138	105	151	154	242	2,266	1,784
Loans – Current	2	7	10	9	—	—	—	—
Current Financial Assets	364	570	609	795	982	1,558	4,132	4,420
Other Current Assets	198	220	252	302	428	527	936	512
Other Current Financial Assets	140	219	167	228	398	739	836	1,172
Assets Held for Sale	—	—	—	—	—	—	—	7
Current Tax Assets	0	1	10	1	—	0	5	6
Net Working Capital	-600	-548	-635	-474	-565	82	3,340	3,815
Additional Asset Fields	41	44	76	119	113	148	149	187
Def Tax Assets	33	13	11	2	—	—	20	24
Non Controlling Int	8	31	65	117	113	148	130	162
Total Assets	6,031	8,388	8,458	9,582	11,618	15,187	23,144	25,565
Total Borrowings	2,358	2,823	2,693	2,442	3,695	5,431	2,826	2,508
Net Debt	2,315	2,685	2,589	2,291	3,540	5,189	560	724
Debt to Equity (x)	1.18	0.84	0.75	0.58	0.71	0.77	0.17	0.13
Current Ratio (x)	0.66	0.75	0.74	0.84	0.86	1.02	1.74	1.94

Varun Beverages cash flow statement

Cash generated and used across operating, investing and financing activities. Figures in ₹ crore unless a row states otherwise.

Varun Beverages annual cash flow statement across operating, investing and financing activities. Figures in ₹ crore unless a row states otherwise.
Line item	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Net Cash from Operating Activities	1,231	1,790	2,391	3,381	3,509
Profit Before Tax	1,007	2,024	2,740	3,435	4,016
Depreciation & Amortisation	531	617	681	947	1,216
Finance Costs	185	185	268	450	170
Working Capital Changes	-275	-586	-673	-669	-571
Tax Paid	-124	-373	-668	-728	-888
Net Cash from Investing Activities	-1,011	-1,705	-3,290	-4,317	-2,735
Purchase of PPE	-835	-1,801	-3,264	-3,779	-2,739
Sale of Fixed Assets	19	51	70	39	27
Interest Received	13	23	22	28	46
Net Cash from Financing Activities	-178	-18	985	2,954	-1,266
Proceeds from Borrowings	769	1,478	2,783	1,957	384
Repayment of Borrowings	-641	-1,138	-1,277	-5,508	-885
Interest Paid	-179	-172	-269	-465	-159
Dividend Paid	-108	-162	-227	-325	-507
Buyback / Redemption of Shares	0	0	0	0	0
Lease Liabilities Paid	-19	-23	-30	-156	-108
Net Change in Cash	46	4	88	2,024	-482
Effect of Foreign Exchange Changes	3	-64	2	6	10
Free Cash Flow	397	-11	-873	-398	770
CFO / PBT (x)	1.22	0.88	0.87	0.98	0.87

Varun Beverages key ratios

Valuation, profitability, return, leverage and per-share measures computed from reported statements — not from adjusted or normalised earnings.

Varun Beverages trades at a P/E of 45.08× against a sector median of 34.07× — a 32% premium. Sector comparisons can mislead for conglomerates with mixed business lines.

Varun Beverages valuation, profitability, return and leverage ratios
Ratio	Category	Value
P/E (TTM)	Valuation	45.08
Forward P/E	Valuation	42.42
P/B	Valuation	7.01
PEG (TTM)	Valuation	2.21
EV / EBITDA (TTM)	Valuation	23.27
P/S (TTM)	Valuation	7.18
Operating margin	Profitability	23.4%
Net margin (TTM)	Profitability	13.56%
Return on equity	Return ratios	16.2%
Return on capital employed	Return ratios	19.7%
Debt to equity	Leverage & liquidity	0.13
Beta	Leverage & liquidity	0.93
EPS (TTM)	Per share	₹9.41
Book value	Per share	₹57.9
Revenue / share (TTM)	Per share	₹69.07
Cash flow / share	Per share	₹10.38
Dividend yield	Shareholder returns	0.33%
Dividend payout (TTM)	Shareholder returns	20.99%

How this is calculated

Statements are as filed with the exchanges. Consolidated figures are shown where reported. Figures are in rupees crore unless the table states otherwise. Ratios are computed from the same reported statements, not from adjusted or normalised earnings.

Index membership reflects the Nifty 100 as published by NSE Indices, effective 2026-03-30.

Varun Beverages: frequently asked questions

What is Varun Beverages's annual revenue?

Varun Beverages reported revenue of ₹22,226 crore in Dec 2025, up 8.5% on the previous financial year.

Is Varun Beverages profitable?

Varun Beverages reported a net profit of ₹3,036 crore in Dec 2025, up 17.0% on the previous financial year.

What is Varun Beverages's EPS?

Varun Beverages reported earnings per share of ₹8.98 for Dec 2025.

What is Varun Beverages's operating margin?

Varun Beverages's operating margin for Dec 2025 was 22.72%.

What is Varun Beverages's return on equity?

Varun Beverages's return on equity stands at 16.20%. ROE measures profit generated per rupee of shareholder equity.

How many years of Varun Beverages financials are shown?

8 reported financial years are tabulated on this page, the most recent being Dec 2025.

Are these figures consolidated or standalone?

Consolidated figures are shown wherever the company reports them, and standalone otherwise. The basis in use is labelled on the statement table.

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Disclaimer

The data, ratios and commentary about Varun Beverages Ltd (VBL) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.