
Performance
Historical price movement and trading activity
Trading Data

Today's High
412.65

Today's Low
406.1

Open
407.55

Previous Close
407.6

Volume
4144842

Total Traded Value High
1693655647.95

Overview
Varun Beverages Limited, part of the RJ Corp group, a diversified business conglomerate with interests in beverages, quick-service restaurants, dairy and healthcare, is the second largest franchisee in the world (outside US) of carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs) sold under trademarks owned by PepsiCo. The company produces and distributes a wide range of CSDs, as well as a large selection of NCBs, including packaged drinking water. The Company has presence in 26 States and 6 Union Territories in India and 9 other countries across the world viz. Nepal, Sri Lanka, Morocco, Zambia, Zimbabwe, Democratic Republic of Congo, South Africa, Lesotho & Eswatini). Further, It is is having 50 manufacturing facilities, of which 38 are in India and 12 in International territories. PepsiCo CSD brands produced and sold by the company include Pepsi, Diet Pepsi, Seven-Up, Mirinda Orange, Mirinda Lemon, Mountain Dew, Seven-Up Nimbooz Masala Soda, Evervess Soda, Sting and Gatorade. PepsiCo NCB brands produced and sold by the company include Tropicana (100%, Essentials & Delight), Tropicana Slice, Tropicana Frutz, Seven-Up Nimbooz and Quaker Oat Milk as well as packaged drinking water under the brand Aquafina. In addition, the company has also been granted the franchise for Ole brand of PepsiCo products in Sri Lanka. Varun Beverages Limited was established on 16 June 1995 at New Delhi as a Public limited company. The company obtained a certificate of commencement of business on 4 July 1995. The company started its operations at Jaipur in 1996. In 1999, the company started operations at Alwar, Jodhpur and Kosi. Devyani Beverages Limited was merged with Varun Beverages pursuant to the order of High Court of Delhi dated 6 October 2004. Varun Beverages (International) Limited was merged with Varun Beverages pursuant to the order of High Court of Delhi dated 12 March 2013. In 2013, Varun Beverages acquired the business of manufacturing and marketing of soft drink beverages and syrup mix in Delhi, India. In 2015, through a business transfer agreement Varun Beverages acquired PepsiCo India's business of manufacturing, marketing, selling and distributing soft drink beverages and syrup mix in the Indian states of Uttar Pradesh (excluding certain territories), Uttarakhand, Himachal Pradesh, Haryana (excluding certain territories) and the Union Territory of Chandigarh. During the year, the company through a business transfer agreement acquired PepsiCo India's business of manufacturing, marketing, selling and distributing soft drink beverages and syrup mix in Bazpur, Jainpur, Satharia and Panipat. During the year, the company acquired the business of selling and distribution of soft drinks beverages and syrup mix in one district undertaking situated in Punjab. In 2016, Varun Beverages acquired entire shareholding of Arctic International Private Limited in Varun Beverages Mozambique, Limitada. During the year, the company acquired entire shareholding of Arctic International Private Limited in Varun Beverages (Zambia) Limited. During the year, Varun Beverages acquired 85% shareholding of Varun Beverages (Zimbabwe) (Private) Limited (VBZPL). Varun Beverages came out with an initial public offer (IPO) during the period from 26 October 2016 to 28 October 2016. The IPO was a combination of fresh issue of 1.5 crore shares and offer for sale of 1 crore shares from the promoters. The IPO was priced at Rs 445 per share. The company's shares were listed on the bourses on 8 November 2016. On 23 February 2017, Varun Beverages announced that it has increased its stake in its Zambia subsidiary, Varun Beverages (Zambia) Limited, to 90% from 60%. VBL has been successfully running the Zambia operations since its acquisition in 2016. The increase in stake reflects the company's confidence in the future growth prospects of the subsidiary and will be an effective catalyst to drive further business growth in a fast-growing emerging market. On 9 March 2017, Varun Beverages Limited (VBL) announced that it has divested 41% stake in its Mozambique subsidiary, Varun Beverages Mozambique Limitada. The divestment of the stake is in view of limited opportunity to scale-up operations which would have enabled the company to turnaround the loss making subsidiary. VBL continues to hold a residual stake of 10% in the unit. On 4 May 2017, Varun Beverages announced that the company has set up a new unit for manufacturing of Pepsi range of products at District Hardoi, Uttar Pradesh and the commercial production/operation has started with effect from 3 May2017. On 28 September 2017, Varun Beverages announced that the company has concluded the acquisition of PepsiCo India's previously franchised territories in the state of Odisha and parts of Madhya Pradesh along with two manufacturing units at Bargarh and Bhopal (Mandideep). On 4 January 2018, Varun Beverages announced that it has further deepened its relationship with PepsiCo by entering into a strategic partnership for the larger Tropicana portfolio along with Gatorade and Quaker Value-Added Dairy in territories across North and East India. This is part of VBL's strategy to expand its product portfolio through its valued relationship with PepsiCo. On 11 January 2018, Varun Beverages announced that it has concluded the acquisition of PepsiCo India's previously franchised rights for the state of Chhattisgarh. The Board of Directors of Varun Beverages at its meeting held on 17 January 2018 considered and approved to acquire franchisee rights for PepsiCo India's previously franchised sub-territory in the State of Bihar. Varun Beverages' subsidiary Varun Beverages (Zimbabwe) (Private) started Commercial Production at a Greenfield facility for Pepsico's products with effect from 16 February 2018. On 23 March 2018, Varun Beverages announced that it has concluded the acquisition of PepsiCo India's previously franchised sub territory in the State of Jharkhand along with one manufacturing unit at Jamshedpur. The company is now a franchisee for PepsiCo products across 21 States and 2 Union Territories of India. On 5 April 2018, Varun Beverages announced its plans to set-up a greenfield production facility (subject to receipt of necessary approvals) to create in-house production capacity at Pathankot district of Punjab for Tropicana fruit juices, Quaker Oats Milk based Beverages and Gatorade. Spread over ~41 acres, it will be the first fully backward integrated facility in India to manufacture the complete range of above products including carbonated soft drinks (CSD) at a single location. The expansion is to take advantage of the growing demand of Juice Based beverages for health conscious consumers. On 3 May 2018, Varun Beverages informed the stock exchanges that a new unit at Nawalparasi District in Napal, under Varun Beverages (Nepal) Private Limited, a wholly owned subsidiary of the company, started commercial production with effect from 2 May 2018. The Board of Directors in their meeting held on February 18, 2019 approved, its intent to enter into a binding agreement with PepsiCo India Holdings Private Limited to acquire franchise rights in South and West regions o f India from PepsiCo for a national bottling, sales and distribution footprint in 7 States and 5 Union Territories. In May 2019, the Company acquired franchise rights in South and West regions from PepsiCo for a national bottling, sales and distribution footprint in 7 States and 5 Union Territories of India. It acquired franchise rights in the states of Gujarat, Telangana, Kerala, Tamil Nadu and parts of Maharashtra, Karnataka, Andhra Pradesh and in Union Territories of Daman & Diu, Dadra & Nagar Haveli, Andaman & Nicobar Islands, and Lakshadweep and Puducherry, except Yanam. In February 2019, it acquired territorial rights from SMV Group for parts of Maharashtra (14 districts), Karnataka (13 districts) and Madhya Pradesh (3 districts). The Company acquired an additional 20% stake in Lunarmech Technologies Private Limited during the year, which makes and sells PET bottle caps and crown caps, increasing their shareholding to 55% of the effective equity share capital. Post-acquisition, Company holds 55% of the effective equity share capital of Lunarmech. Subsequently, Company acquired control of Angelica Technologies Private Limited by appointment of majority of Directors on the Board of Angelica. Post acquisition of control, both Angelica and Lunarmech (in which Angelica holds 74% equity share capital) became subsidiaries of the Company. Additionally, it acquired two production facilities, one at Dharwad, Karnataka for a total consideration of Rs. 747.25 million; and the second at Tirunelveli, Tamil Nadu for a total consideration of Rs. 200 million. Apart from these, it launched 3 new variants of ambient temperature value-added dairy beverages, Belgian Choco Shake, Cold Coffee and Mango Shake in 200ml PET bottle, with a 180-day shelf life during year 2019-20. During the year 2021, the Company incorporated a new company with the name Varun Beverages RDC SAS' in Democratic Republic of Congo (DRC) to initially import finished products like carbonated and non-carbonated beverages, distribute to test and establish the market before setting up a manufacturing facility locally. A new plant in Bihar was set up to improve market presence and gain a foothold in the territory. Apart from this, a new plant was set up for manufacturing of plastic preforms and plastic closures in Jammu & Kashmir. During the year 2022, Company issued and allotted 216,516,540 Bonus Equity Shares in the proportion of 1:2 (i.e. one equity share for every two equity shares). As part of the aforesaid allotment, 38,418 Bonus Equity Shares representing fractional entitlement(s) of 76,836 eligible Members were consolidated and allotted to 'Varun Beverages Limited and the aforesaid 38,418 Equity Shares were sold by the Trust on June 23, 2022 & June 24, 2022 and the net sale proceeds of the same were distributed to the eligible Members. During the year 2022, the Company commenced manufacturing carbonated soft drinks, juice-based drinks and packaged drinking water in Bihar; manufacturing plastic preforms and closures at plant in Jammu & Kashmir and established a business line for production of Kurkure Puffcorn for PepsiCo in Kosi, Uttar Pradesh. In March 2024, Company acquired 100% stake in The Beverage Company (Proprietary) Limited', South Africa along with its wholly-owned subsidiaries (BevCo) and accordinglym Bevco became the subsidiary of the Company. It also incorporated new subsidiary - VBL Mozambique, SA, South Africa, to carry on the business of distribution. The Company acquired 100% share capital of SBC Tanzania Limited and SBC Beverages Ghana Limited respectively, making them the wholly owned subsidiary of the Company effective on November 13, 2024. In 2025, Company acquired a 100% stake in Twizza (Pty) Limited, South Africa on December 21, 2025. It incorporated wholly-owned subsidiary in Kenya i.e. VBL Industries (Kenya) Ltd. The Company entered into an exclusive Distribution Agreement with Carlsberg Breweries A/S for its brand, Carlsberg, to test market beer in the territories of certain African subsidiaries of VBL. The Company commissioned 4 new greenfield production facilities in India at Prayagraj; Uttar Pradesh, Damtal; Himachal Pradesh, Buxar; Bihar, and Mendipathar; Meghalaya. Further, it set up backward integration facilities at the Prayagraj Plant in India as well as at the DRC Plant in the international region. Company acquired 50% equity share capital of Everest Industrial Lanka (Private) Limited in Sri Lanka. It formed a joint venture, 'White Peak Refrigeration Private Limited' in partnership with EIL, to carry on the business of manufacturing of visi-coolers and refrigeration equipment in India.
Fundamentals
Financial strength and ownership structure
Valuation & Ratios

Market Capitalisation
₹1,65,666.72

Price to Book (PB)
8.46

Price to Earnings (PE)
54.55

Return on Equity (ROE)
16.92%

Earnings Per Share (EPS)
9.05

Dividend Yield
0.31%
Financial Performance
Shareholding Pattern
Technicals
Price-based indicators and levels
Indicators
| Indicator | Value | Signal |
|---|---|---|
| Relative Strength Index (RSI) | +36.40 | Neutral |
| MACD | -12.78 | Bearish |
Support and Resistance Levels

Moving Averages
| Period | SMA | EMA |
|---|---|---|
| 20D Moving Average | 426.40 | 424.51 |
| 50D Moving Average | 451.53 | 446.58 |
| 200D Moving Average | 469.08 | 471.64 |
News

Varun Beverages drops as Q2 margins disappoint
28 Jul 2026
Varun Beverages declined 6.48% to Rs 434.40 after the beverage maker reported its financial results for the quarter ended 30 June 2026.
The stock came under pressure as EBITDA margin contracted 76 basis points following the consolidation of the lower-margin Twizza business in South Africa. The company's consolidated net profit increased 15.1% year-on-year to Rs 1,525.36 crore in Q2 CY2026. Revenue from operations (net of excise/GST) rose 20.4% YoY to Rs 8,451.23 crore. Consolidated sales volume increased 19.8% to 466.7 million cases, driven by volume growth of 14.4% in India and 38.4% in international markets. The Twizza acquisition contributed 11.8 million cases during the quarter. EBITDA rose 17.2% YoY to Rs 2,343.04 crore from Rs 1,998.77 crore. However, EBITDA margin declined 76 basis points to 27.7%, mainly due to the consolidation of the lower-margin Twizza business. In India, EBITDA margin improved 38 basis points, supported by operating leverage from healthy volume growth. Profit before tax increased 14.2% YoY to Rs 1,977.18 crore in Q2 CY2026. Total expenses climbed 22.6% YoY to Rs 6,574.15 crore. Cost of materials consumed rose 28.4% to Rs 3,653.49 crore, employee benefits expense increased 24.3% to Rs 683.24 crore, finance costs jumped 55.8% to Rs 56.92 crore, depreciation and amortisation expense rose 33.6% to Rs 409.04 crore, while other expenses increased 26.7% to Rs 1,618.60 crore. Gross margin improved 44 basis points to 55.0%, supported by a higher contribution from international operations. In India, early procurement of key raw materials and a higher mix of low-sugar and no-sugar beverages helped offset input cost inflation. During the quarter, the company extended its exclusive bottling and trademark licence agreement with PepsiCo in India until April 2049 and removed the earlier restriction requiring Varun Beverages to operate solely as a special purpose vehicle for PepsiCo's business in India. It also entered into a strategic alliance with Asahi Group Holdings to introduce the CALPIS brand in India and signed an agreement to acquire the business of Devyani Food Industries (Kenya), expanding its presence in East Africa. Chairman Ravi Jaipuria said strong volume growth across India and international markets, along with strategic initiatives and capacity expansion, positions the company for sustained long-term growth. The board approved an interim dividend of Rs 0.50 per share, resulting in a total cash outflow of approximately Rs 169.10 crore. Varun Beverages is one of PepsiCo's largest franchisees globally outside the US and manufactures, bottles and distributes a broad portfolio of carbonated soft drinks, juices, sports drinks and packaged drinking water under brands including Pepsi, Mountain Dew, Sting, Mirinda, Seven-Up, Slice, Tropicana, Gatorade and Aquafina. The company operates across 26 states and six Union Territories in India, with the domestic market contributing about 67% of its FY2025 revenue, and also has franchise and distribution rights across several international markets, including Nepal, Sri Lanka, Morocco, South Africa, Zambia and Zimbabwe. Powered by Capital Market - Live News

Varun Beverages' Kenya arm to acquire DFIL Kenya's dairy, juice and packaged water business for $32 million
7 Jul 2026
Varun Beverages (VBL) has announced that its subsidiary, VBL Industries (Kenya), has entered into an agreement to acquire the value-added dairy beverages, juices and packaged drinking water business of Devyani Food Industries (Kenya) (DFIL Kenya).
The acquisition will be executed for a consideration of $32 million (approximately Rs 3,050 million). The acquisition includes the business along with all assets associated with it as a going concern. The transaction is expected to be completed on or before 1 August 2026, subject to the terms of the agreement. The company said the acquisition will strengthen VBL's presence in Kenya and the broader East African region by leveraging DFIL Kenya's established manufacturing infrastructure and distribution network. DFIL Kenya's manufacturing facility is located in Nakuru, Kenya, on a strategically positioned 52-acre land parcel with a built-up area of approximately 17,500 square metres along a national highway. The plant manufactures value-added dairy beverages, juices and packaged drinking water and is equipped with modern infrastructure, including a reverse osmosis (RO) plant, boiler, effluent treatment plant, diesel generator set and air compressor. VBL Kenya is also preparing to commence production of carbonated soft drinks at the facility. VBL clarified that the acquisition is a related-party transaction, as VBL Industries (Kenya) is a wholly owned subsidiary of Varun Beverages, while DFIL Kenya is a promoter group company. However, the company stated that the transaction has been undertaken on an arm's length basis. Varun Beverages is a key player in the beverage industry and one of the largest franchisees of PepsiCo in the world (outside the USA). As of this date, VBL has been granted franchises for various PepsiCo products across 26 states and 6 union territories in India. VBL has also been granted the franchise for various PepsiCo products for the territories of Nepal, Sri Lanka, Morocco, Zambia, Zimbabwe, South Africa, Lesotho, Eswatini & DRC and distribution rights for Namibia, Botswana, Mozambique and Madagascar. The company reported a 20.08% jump in consolidated net profit to Rs 872.35 crore in Q1 CY26 as compared with Rs 726.49 crore posted in Q1 CY25. Revenue from operations (excluding excise duty) surged 18.09% YoY to Rs 6,574.19 crore in Q1 CY26. The counter fell 1.90% to currently trade at Rs 486.30 on the BSE. Powered by Capital Market - Live News

Varun Beverages forms alliance with Asahi Group to introduce CALPIS in India
18 Jun 2026
Varun Beverages said that Japan-based Asahi Group Holdings has entered into a business alliance agreement for franchising the CALPIS brand with the company, to introduce the CALPIS products into the Indian market.
Starting in the second half of 2026, a ready-to-drink, non-alcohol/non-carbonated dairy based product will be launched under the name CALPIS, with two flavor offerings - original and mango. This marks Asahi Group's first entry into India's non-alcohol/non-carbonated beverage market. Under this alliance, Asahi Group Holdings will be responsible for product development and providing technical support for the production of CALPIS-branded beverages, while its local subsidiary will oversee marketing and brand management. Varun Beverages will handle manufacturing, distribution and sales. This alliance enables Asahi Group to focus on product development and marketing in India, while Varun Beverages adds a product with unique value to its portfolio'creating a partnership expected to deliver mutual benefits. India is an extremely promising market for non-alcohol beverages. The market has grown remarkably, expanding by approximately 2.3 times in volume over the past decade through 2025. The market is expected to offer numerous growth opportunities, driven by factors such as population growth, the expansion of the wealthy middle-class, and rising health-consciousness among consumers. Varun Jaipuria, executive vice chairman at Varun Beverages Limited, said: 'We are honored to partner with Asahi Group, one of the world's leading beverage companies, renowned for its iconic brands and deep understanding of consumer preferences across markets. CALPIS is a brand with over a hundred years of heritage and consumer trust, and we are excited to introduce it to India. This is a category we are committed to building at Varun Beverages and one in which we see significant long-term potential. By combining Asahi's global expertise with Varun Beverages' manufacturing strength and extensive distribution network, we look forward to establishing CALPIS as one of the leading brands for Indian consumers.' Varun Beverages is a key player in the beverage industry and one of the largest franchisees of PepsiCo in the world (outside the USA). As of this date, VBL has been granted franchises for various PepsiCo products across 26 states and 6 union territories in India. VBL has also been granted the franchise for various PepsiCo products for the territories of Nepal, Sri Lanka, Morocco, Zambia, Zimbabwe, South Africa, Lesotho, Eswatini & DRC and distribution rights for Namibia, Botswana, Mozambique and Madagascar. The company reported a 20.08% jump in consolidated net profit to Rs 872.35 crore in Q1 CY26 as compared with Rs 726.49 crore posted in Q1 CY25. Revenue from operations (excluding excise duty) surged 18.09% YoY to Rs 6,574.19 crore in Q1 CY26. The scrip shed 0.56% to currently trade at Rs 541.10 on the BSE. Powered by Capital Market - Live News

Varun Beverages Ltd soars 1.44%, Gains for third straight session
29 May 2026
Varun Beverages Ltd is quoting at Rs 542.2, up 1.44% on the day as on 12:49 IST on the NSE. The stock is up 13.92% in last one year as compared to a 3.63% fall in NIFTY and a 9.7% fall in the Nifty FMCG index.
Varun Beverages Ltd is up for a third straight session in a row. The stock is quoting at Rs 542.2, up 1.44% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.23% on the day, quoting at 23851.2. The Sensex is at 75767.34, down 0.13%. Varun Beverages Ltd has added around 5.55% in last one month. Meanwhile, Nifty FMCG index of which Varun Beverages Ltd is a constituent, has added around 2.26% in last one month and is currently quoting at 50141.9, down 0.45% on the day. The volume in the stock stood at 39.13 lakh shares today, compared to the daily average of 54.84 lakh shares in last one month. The benchmark June futures contract for the stock is quoting at Rs 543.95, up 1.24% on the day. Varun Beverages Ltd is up 13.92% in last one year as compared to a 3.63% fall in NIFTY and a 9.7% fall in the Nifty FMCG index. The PE of the stock is 64.87 based on TTM earnings ending March 26. Powered by Capital Market - Live News

Varun Beverages rises after extending bottling pact with PepsiCo till 2049
22 May 2026
Varun Beverages added 2.24% to Rs 531.95 after the company said that it has entered into a revised exclusive bottling appointment and trademark license agreement (EBA) with PepsiCo Inc. for India.
The changes in the aforesaid agreement include extension of the EBA for a term up to 30 April 2049, revised from earlier term up to 30 April 2039. The earlier EBA restricted VBL from carrying out any activity other than to act as an SPV for PepsiCo business, now this requirement is deleted in the revised EBA. Varun Beverages is a key player in the beverage industry and one of the largest franchisees of PepsiCo in the world (outside the USA). As of this date, VBL has been granted franchises for various PepsiCo products across 26 states and 6 union territories in India. VBL has also been granted the franchise for various PepsiCo products for the territories of Nepal, Sri Lanka, Morocco, Zambia, Zimbabwe, South Africa, Lesotho, Eswatini & DRC and distribution rights for Namibia, Botswana, Mozambique and Madagascar. The company reported a 20.08% jump in consolidated net profit to Rs 872.35 crore in Q1 CY26 as compared with Rs 726.49 crore posted in Q1 CY25. Revenue from operations (excluding excise duty) surged 18.09% YoY to Rs 6,574.19 crore in Q1 CY26. Powered by Capital Market - Live News
