NSE/VBL

VBLVarun Beverages Ltd

Consumer Goods · NSE

₹473.9+2.93%

52-wk low52-WEEK RANGE52-wk high

₹382.2+24.0% from low ·-14.9% from high₹556.75

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

VBL-12.27% · 1Y

Range high ₹568.5Range low ₹381Latest ₹473.9252 bars · daily-close · NSE bhavcopy + 10Y history

Consumer GoodsBeverages - Non-AlcoholicLargecapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite38/100

Performance

Low

Hasn't fared well — amongst the weak performers.

· 52w return -13.3% — underperformer
· Just above 200-DMA (+0.3%)

Valuation

Medium

Valuation close to the sector median.

· P/E 52.1 close to sector median 45.4

Growth

Medium

Steady but not standout growth.

· Revenue YoY +14.0%
· Profit YoY +33.3% — strong earnings growth

Profitability

Medium

Average profitability vs peers.

· ROE 16.8%

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeB(64/100)

Durability

A+

93/100

Financially resilient — strong quality + solvency profile.

Show 3 drivers

Piotroski F-score1/1 (100pt)
Debt/Equity0.13 (100pt)
ROE16.8% (67pt)

Valuation

44/100

Trading at a premium — growth must keep delivering to justify.

Show 4 drivers

P/E vs sector (52.1 / 45.4)115% (51pt)
P/B8.06 (70pt)
Dividend yield0.32% (8pt)
EV/EBITDA32.6 (15pt)

Momentum

55/100

Constructive setup — momentum building, not extended.

Show 5 drivers

52w change-13.3% (28pt)
DMA-trend alignmentup (75pt)
RSI (14)71.4 (65pt)
Price vs 200-DMA+1.8% (50pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)52.07

FAIR

CheapestP/E 52.1 near sector median.Most expensive

P/B8.06

FAIR

CheapestP/B 8.06 at 50th %ile of sector.Most expensive

EV/EBITDA32.65

OVERVALUED

Monthly seasonality

Avg monthly return over 10 years · historical — not a forecast

Best: Nov +10.88% · Worst: Mar -2.32%

Jan

-0.6%

60% win

Feb

+1.8%

50% win

Mar

-2.3%

40% win

Apr

+9.4%

80% win

May

+3.6%

56% win

Jun

+4.5%

Monthly return distribution

Distribution of 113 monthly returns

Mean

+3.09%

Median

+2.53%

Std dev

9.92%

Best

+33.1%

Worst

-34.9%

% positive

61%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 1

Lean balance sheet (D/E 0.13)
Low leverage means earnings are less sensitive to rate cycles

WEAKNESSES · 1

Weak financial quality (Piotroski 1/1)
Score ≤3 signals multiple concerning accounting trends

OPPORTUNITIES · 0

No strong near-term catalysts visible

THREATS · 0

No immediate threats from the data

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+2.9%

+9.8%

+18.1%

-5.4%

+7.0%

-12.3%

+20.3%

+39.0%

10Y

+35.4%

Fundamentals

VALUATION

Market cap

₹1,57,792 Cr

P/E (TTM)

52.1

P/E (fwd)

40.1

next 12m

P/B

8.06

EV/EBITDA

32.6

Book value

₹57.89

per share

PROFITABILITY · QUALITY

ROE

16.8%

ROCE

—

Net margin

14.0%

Op margin

1.3%

Gross margin

55.2%

D/E

0.13

GROWTH · MARKET

Rev YoY

+14.0%

Profit YoY

+33.3%

Div yield

0.32%

Payout

16.7%

52w change

-13.3%

Beta

-0.01

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 5

+Forward P/E materially below trailing (40.1x vs 52.1x)Street expects earnings growth that compresses the multiple — positive surprise cushion
+Profit growing fast (+33.3% YoY)Operating leverage kicking in — bottom line out-growing top line
+3-year revenue CAGR of 17.3%Sustained multi-year growth — not a one-quarter flash
+3-year profit CAGR of 26.6%Consistently compounding earnings — the Buffett playbook
+Nearly debt-free (D/E 0.13)Low financial risk — funds growth from internal accruals, resilient in downturns

CONS · 0

No material concerns surface from the ratios alone — still layer qualitative research.

Sector-relative context

Consumer Goods · 20 peers

P/E (TTM)

This stock

52.07

Sector median

45.41

Rank 13/20 (40th %ile)

ROE

This stock

16.8%

Sector median

18.8%

Rank 11/20 (50th %ile)

P/B

This stock

8.06

Sector median

8.55

Rank 10/20 (55th %ile)

Quality score · Piotroski F-score

1 / 1

Too little data to score

—Profitable (positive net income)· Most basic check — company makes money
—Positive return on assets· Assets generate returns
—Positive operating cash flow· Profits are backed by real cash, not accruals
—Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
—Long-term debt decreased YoY· Deleveraging — lower refinancing risk
—ROA improved YoY· Getting more productive with the asset base
—Operating margin expanded YoY· Pricing power or cost discipline
—

Analyst consensus

26 analysts · STRONG_BUY

Target mean

₹536.50

Target high

₹657.00

Target low

₹422.00

Upside vs today

+15.0%

Street consensus target is +15.0% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Beverages - Non-Alcoholic

Employees

10,654

Shares out

338.2

Revenue (TTM)

₹21,685 Cr

EBITDA

₹4,930 Cr

Total debt

₹2,508 Cr

Cash

₹1,998 Cr

Net debt

₹510 Cr

Quarterly results

Last 5 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q4
Revenue	4,805	3,689	5,567	7,017	4,204
Operating profit	895	319	991	1,693	309
OPM %	18.6%	8.7%	17.8%	24.1%	7.3%
Interest	119

Annual P&L

Last 5 years · ₹ Cr · all line items

Metric	2021-FY	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	—	12,921	15,622	19,445	20,835
Operating profit	—	2,309	3,126	4,003	3,860
OPM %	—	17.9%	20.0%	20.6%	18.5%
Interest	—	184

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
VBLTHIS Varun Beverages Limited	₹473.9	-13.3%	1,57,792	52.1	8.06	16.8%	0.13	+14.0%
HINDUNILVR Hindustan Unilever Limited	₹2,240.8	-4.7%	5,24,387	51.9	10.76	20.7%	0.04	+3.9%
ITC ITC Limited	₹306.8	-27.4%	3,82,149	18.8	5.38	28.7%	0.01	+6.7%
NESTLEIND Nestle India Limited	₹1,285.6	-46.4%	2,48,058	75.8	55.94	73.8%	0.11	+18.6%
ASIANPAINT Asian Paints Limited	₹2,464	+0.8%	2,41,259	62.7	12.32	19.6%	0.18	+3.7%
BRITANNIA Britannia Industries Limited	₹5,735.5	+6.3%	1,37,295	56.8	36.77	64.8%	0.58	+8.2%
GODREJCP Godrej Consumer Products Limited	₹1,109.4	-8.6%	1,13,048	61.9	9.29	15.0%	0.34	+8.8%
MARICO Marico Limited	₹757.3	+8.9%	98,411	57.3	24.30	—	0.14	+12.2%
DABUR Dabur India Limited	₹442.85	-6.9%	78,344	42.4	7.15	16.9%	0.12	+6.1%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	0.78	0.74	-5.4%
-2q	2.02	2.19	+8.2%
-3q	3.00	3.89	+29.6%
-4q	2.16	2.15	-0.6%

Date	Amount
2026-04-08	₹0.50
2025-08-01	₹0.50
2025-05-07	₹0.50
2025-04-04	₹0.50
2024-08-09	₹0.50
2024-04-04	₹0.50
2023-08-14	₹0.50
2023-04-12	₹0.20
2022-08-11	₹0.50
2021-08-11	₹0.33
2020-08-14	₹0.22
2019-08-26	₹0.22
2018-08-20	₹0.15
2017-08-16	₹0.15

Date	Ratio
2024-09-12	5:2
2023-06-15	2:1
2022-06-06	3:2
2021-06-10	3:2
2019-07-25	3:2

Metric	2021-FY	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	—	650	650	676	676
Reserves	—	2,740	4,566	6,858	9,407
Borrowings	—	3,884	5,431	2,826	2,508
Other liabilities	1	1	—	5	0
Total liabilities	—	11,618	15,187	23,144	25,565
Fixed assets	—	7,575	10,279	13,634	15,749
CWIP	—	1,218	2,442	1,649	542
Investments	—	0	7	11	11
Other assets	184	627	—	512	302
Total assets	—	11,618	15,187	23,144	25,565

Metric	2021-FY	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	—	1,790	2,391	3,381	3,509
CF Investing	—	-1,705	-3,290	-4,317	-2,735
CF Financing	—	-18	985	2,954	-1,266
Net cash flow	—	4	88	2,024	-482
Free cash flow	—	-11	-873	-398	770

VBLVarun Beverages Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Consumer Goods

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Recent news

Stock scorecard

SWOT analysis

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Ratios

Peer comparison · Consumer Goods