Varun Beverages quarterly results and financials

Varun Beverages (VBL)₹435.000.00%(9 Nov 2026 close)Other Beverages

Key facts

In the Sep 2026 quarter (consolidated), Varun Beverages reported sales of ₹6,609 Cr, up 33.1% from Sep 2025, and net profit of ₹833 Cr, up 13.6% year on year. For the year to Dec 2025, sales were ₹21,716 Cr and net profit ₹3,070 Cr.

Sales (Sep 2026): ₹6,609 Cr
Net profit (Sep 2026): ₹833 Cr
Sales (FY Dec 2025): ₹21,716 Cr
Net profit (FY Dec 2025): ₹3,070 Cr
EPS (Sep 2026): ₹2.44
Borrowings (Dec 2025): ₹2,514 Cr

Company filings, consolidated accounts; latest reported quarter Sep 2026

Varun Beverages quarterly results

₹ crore unless stated; each column is a quarter.

Varun Beverages Quarterly results
	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales	2,669	4,318	7,202	4,811	3,694	5,572	7,018	4,967	4,210	6,578	8,549	6,609
Expenses	2,250	3,331	5,208	3,657	3,111	4,309	5,020	3,822	3,569	5,055	6,219	5,187
Operating Profit	419	991	1,995	1,153	580	1,266	2,001	1,142	638	1,527	2,331	1,426
OPM %	16.0%	23.1%	28.0%	24.1%	16.0%	23.0%	28.0%	23.0%	15.0%	23.0%	27.1%	22.1%
Other Income	8.97	7.97	43.86	23.92	44.81	27.91	76.77	148	98.60	43.84	105	120
Interest	74.10	94.15	129	119	109	41.03	37.04	47.07	47.05	49.04	59.06	72.03
Depreciation	167	189	243	258	262	274	307	313	331	359	415	422
Profit before tax	188	715	1,661	799	253	976	1,729	926	358	1,162	1,958	1,051
Tax %	24.1%	23.1%	24.1%	21.0%	23.1%	25.0%	23.1%	21.1%	28.1%	24.1%	23.0%	21.0%
Net Profit	144	550	1,265	630	196	733	1,328	733	261	881	1,514	833
EPS (Rs)	0.40	1.64	3.85	1.90	0.54	2.14	3.88	2.14	0.73	2.57	4.44	2.44

Varun Beverages profit and loss

₹ crore unless stated; years end in March. TTM is the last four quarters.

Varun Beverages Profit and loss
	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025	TTM
Sales	3,394	3,862	4,005	5,112	7,140	6,457	8,828	13,194	16,046	20,034	21,716	25,946
Expenses	2,754	3,052	3,164	4,070	5,670	5,241	7,129	10,323	12,330	15,193	16,620	20,031
Operating Profit	643	812	839	1,039	1,464	1,217	1,696	2,870	3,726	4,828	5,077	5,922
OPM %	19.1%	21.0%	21.1%	20.0%	21.0%	19.1%	19.1%	22.1%	23.0%	24.0%	23.0%	22.8%
Other Income	35.85	26.89	13.96	5.98	46.84	−29.89	50.85	−17.93	−4.98	44.81	351	367
Interest	170	436	215	223	324	294	207	204	292	484	196	227
Depreciation	318	323	348	386	491	531	533	620	684	951	1,221	1,526
Profit before tax	191	78.82	290	433	695	362	1,006	2,020	2,735	3,425	4,001	4,529
Tax %	41.1%	39.0%	26.1%	31.1%	32.1%	1.0%	26.1%	23.1%	23.1%	23.1%	24.1%	—
Exceptional items	10.03	−5.02	2.01	−13.04	1.01	−59.14	−13.02	−44.10	−64.14	−57.15	104	—
Net Profit	113	48.10	214	301	473	358	747	1,554	2,106	2,641	3,070	3,489
EPS (Rs)	0.49	0.13	0.67	0.94	1.43	1.00	2.13	4.60	6.31	7.65	8.95	10.18
Dividend payout %	0.0%	0.0%	22.1%	16.1%	15.1%	22.1%	16.0%	15.0%	16.0%	13.1%	17.1%	—

Varun Beverages balance sheet

₹ crore, at each year end.

Varun Beverages Balance sheet
	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	183	184	184	290	290	435	652	653	679	679
Reserves	9.01	91.07	1,513	1,588	1,820	3,045	3,240	3,652	4,457	6,297	15,960	18,940
Borrowings	2,619	2,527	2,217	2,656	2,813	3,421	3,220	3,392	3,887	5,442	2,829	2,514
Other Liabilities	536	1,688	919	856	1,198	1,638	1,715	2,123	2,645	2,833	3,706	3,471
Total Liabilities	3,299	4,440	4,833	5,284	6,013	8,394	8,465	9,600	11,641	15,224	23,173	25,604
Fixed Assets	2,360	3,502	3,722	3,985	4,396	6,492	6,422	6,322	6,942	8,426	13,421	16,794
CWIP	25.10	38.11	96.31	145	353	64.15	67.18	499	608	1,928	1,170	272
Investments	303	2.99	6.99	7.99	10.98	0.00	0.00	0.00	0.00	20.96	59.87	174
Other Assets	610	897	1,009	1,145	1,252	1,838	1,977	2,780	4,091	4,850	8,523	8,364
Inventories	289	425	490	439	578	882	928	1,448	1,994	2,152	2,790	2,953
Trade receivables	96.61	97.69	130	149	128	172	241	220	298	357	842	1,244
Cash & equivalents	33.89	57.82	65.83	93.77	92.79	171	189	336	284	459	2,444	1,992
Total Assets	3,299	4,440	4,833	5,284	6,013	8,394	8,465	9,600	11,641	15,224	23,173	25,604

Varun Beverages cash flow

₹ crore, for each year.

Varun Beverages Cash flow
	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	430	555	825	619	998	1,307	1,012	1,229	1,789	2,390	3,379	3,508
Cash from investing activity	−499	−299	−1,046	−744	−934	−2,316	−471	−1,005	−1,766	−3,280	−4,302	−2,720
Cash from financing activity	58.01	−236	230	159	−84.01	1,107	−574	−178	−17.99	986	2,953	−1,266
Net cash flow	−11.04	19.08	8.03	32.11	−22.08	95.35	−33.12	46.17	4.01	88.32	2,032	−484
Capex	221	270	795	535	862	756	562	838	1,807	3,279	3,795	2,750
Free cash flow	211	290	45.08	103	191	576	476	417	40.07	−804	−359	798
CFO / OP %	114.0%	94.0%	109.0%	81.0%	104.0%	97.9%	90.0%	80.0%	75.9%	82.0%	85.0%	87.0%

Varun Beverages ratios

Working-capital days and returns, by year.

Varun Beverages 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	15	12	13	15	10	10	15	10	9	9	16	22
Inventory days	77	90	103	88	94	100	123	131	116	106	114	111
Days payable	47	38	57	37	51	53	67	63	47	36	63	52
Cash conversion cycle	42	61	57	63	51	54	68	75	75	76	65	78
Working capital days	−99	−73	−89	−65	−50	−37	−47	−34	−24	−9	16	31
ROCE %	7.1%	12.1%	16.1%	12.1%	15.1%	18.1%	11.1%	17.1%	27.1%	29.1%	25.1%	20.1%

Varun Beverages: frequently asked questions

What are the latest quarterly results of Varun Beverages?

For the Sep 2026 quarter, Varun Beverages reported sales of ₹6,609 Cr, up 33.1% year on year and net profit of ₹833 Cr, up 13.6% year on year. The operating margin was 22.1%.

What is the annual revenue of Varun Beverages?

Varun Beverages' sales for the year to Dec 2025 were ₹21,716 Cr; over the last twelve months they were ₹25,946 Cr.

What is the net profit of Varun Beverages?

Net profit for the year to Dec 2025 was ₹3,070 Cr, and ₹3,489 Cr over the last twelve months. Earnings per share over the same trailing period were ₹10.18.

How much debt does Varun Beverages have?

Varun Beverages reported borrowings of ₹2,514 Cr at Dec 2025, against cash and equivalents of ₹1,992 Cr.

What is the free cash flow of Varun Beverages?

Cash from operations was ₹3,508 Cr in the year to Dec 2025; after capital spending, free cash flow was ₹798 Cr.

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