Varun Beverages Ltd.
VBLFast Moving Consumer Goods filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
18 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 18 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20220504 | 2022-03-31 | yes | |
| TRANSCRIPT | 20220805 | 2022-06-30 | yes | |
| TRANSCRIPT | 20221108 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230210 | 2022-12-31 | yes | |
| TRANSCRIPT | 20230508 | 2023-03-31 | yes | |
| TRANSCRIPT | 20230810 | 2023-06-30 | yes | |
| TRANSCRIPT | 20231110 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240210 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240520 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240803 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241028 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250217 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250507 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250804 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251104 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260210 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260504 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260804 | 2026-06-30 | yes |
VBL
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
The closes are adjusted for every split and bonus on record inside the period this series covers, and each adjustment is checked against the price move on its ex-date.
| Last close | 431.25 |
| 52-week range | 382.2 – 544.05 |
| Return 1M | -1.54% |
| Return 3M | -15.05% |
| Return 1Y | -4.72% |
| Return 3Y | 16.43% |
| Return 5Y | 248.42% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 8,651.00 |
| Other income | 104.00 |
| Total income | 8,755.00 |
| Cost of materials consumed | 3,653.00 |
| Purchases of stock-in-trade | 183.00 |
| Changes in inventories | -30.00 |
| Employee benefit expense | 683.00 |
| Finance costs | 57.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.59 | -0.00 |
| institutions foreign | 0.19 | -0.00 |
| institutions domestic | 0.15 | 0.01 |
| mutual funds | 0.09 | 0.01 |
| public | 0.41 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 18 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,248.00 | 2,257.00 | 3,953.00 | 5,700.00 | 3,938.00 | 2,731.00 | 4,398.00 | 7,334.00 | 4,932.00 | 3,818.00 | 5,680.00 | 7,163.00 | 5,048.00 | 4,335.00 | 6,722.00 | 8,651.00 |
| Other income | 11.00 | 9.00 | 10.00 | 42.00 | 19.00 | 9.00 | 8.00 | 44.00 | 24.00 | 45.00 | 28.00 | 77.00 | 148.00 | 99.00 | 44.00 | 104.00 |
| Total income | 3,259.00 | 2,266.00 | 3,963.00 | 5,741.00 | 3,956.00 | 2,740.00 | 4,406.00 | 7,378.00 | 4,956.00 | 3,862.00 | 5,708.00 | 7,240.00 | 5,196.00 | 4,434.00 | 6,765.00 | 8,755.00 |
| Cost of materials consumed | 1,462.00 | 1,188.00 | 1,964.00 | 2,219.00 | 1,635.00 | 1,209.00 | 1,931.00 | 2,872.00 | 1,785.00 | 1,705.00 | 2,671.00 | 2,845.00 | 1,899.00 | 1,922.00 | 3,152.00 | 3,653.00 |
| Purchases of stock-in-trade | 37.00 | 42.00 | 122.00 | 129.00 | 110.00 | 102.00 | 235.00 | 160.00 | 146.00 | 144.00 | 71.00 | 99.00 | 89.00 | 110.00 | 65.00 | 183.00 |
| Changes in inventories | -28.00 | -262.00 | -234.00 | 319.00 | -15.00 | -154.00 | -279.00 | 228.00 | 205.00 | -230.00 | -213.00 | 247.00 | 132.00 | -156.00 | -272.00 | -30.00 |
| Employee benefit expense | 311.00 | 320.00 | 339.00 | 365.00 | 372.00 | 371.00 | 394.00 | 499.00 | 513.00 | 479.00 | 512.00 | 550.00 | 553.00 | 586.00 | 619.00 | 683.00 |
| Finance costs | 45.00 | 47.00 | 63.00 | 69.00 | 62.00 | 74.00 | 94.00 | 129.00 | 119.00 | 109.00 | 41.00 | 37.00 | 45.00 | 47.00 | 49.00 | 57.00 |
| Depreciation and amortisation | 153.00 | 180.00 | 172.00 | 172.00 | 171.00 | 166.00 | 188.00 | 242.00 | 257.00 | 261.00 | 273.00 | 306.00 | 308.00 | 330.00 | 357.00 | 409.00 |
| Other expenses | 767.00 | 662.00 | 964.00 | 1,158.00 | 954.00 | 784.00 | 1,128.00 | 1,583.00 | 1,132.00 | 1,138.00 | 1,375.00 | 1,423.00 | 1,228.00 | 1,233.00 | 1,628.00 | 1,818.00 |
| Total expenses | 2,748.00 | 2,177.00 | 3,389.00 | 4,430.00 | 3,289.00 | 2,552.00 | 3,690.00 | 5,714.00 | 4,156.00 | 3,607.00 | 4,730.00 | 5,507.00 | 4,253.00 | 4,072.00 | 5,598.00 | 6,773.00 |
| Profit before exceptional items and tax | 511.00 | 90.00 | 573.00 | 1,311.00 | 667.00 | 188.00 | 716.00 | 1,664.00 | 800.00 | 255.00 | 978.00 | 1,733.00 | 943.00 | 361.00 | 1,167.00 | 1,981.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 511.00 | 90.00 | 573.00 | 1,311.00 | 667.00 | 188.00 | 716.00 | 1,664.00 | 800.00 | 255.00 | 978.00 | 1,733.00 | 943.00 | 361.00 | 1,167.00 | 1,981.00 |
| Current tax | 107.00 | 9.00 | 150.00 | 288.00 | 142.00 | 47.00 | 148.00 | 397.00 | 174.00 | 33.00 | 229.00 | 366.00 | 179.00 | 66.00 | 270.00 | 442.00 |
| Deferred tax | 8.00 | -1.00 | -15.00 | 18.00 | 11.00 | -3.00 | 20.00 | 5.00 | -2.00 | 26.00 | 17.00 | 40.00 | 16.00 | 33.00 | 14.00 | 10.00 |
| Tax expense | 116.00 | 8.00 | 135.00 | 306.00 | 153.00 | 44.00 | 168.00 | 401.00 | 171.00 | 58.00 | 246.00 | 407.00 | 196.00 | 99.00 | 284.00 | 452.00 |
| Profit for the period | 395.00 | 82.00 | 439.00 | 1,005.00 | 514.00 | 144.00 | 548.00 | 1,262.00 | 629.00 | 196.00 | 731.00 | 1,325.00 | 745.00 | 260.00 | 879.00 | 1,525.00 |
| Profit attributable to owners | 381.00 | 75.00 | 429.00 | 994.00 | 501.00 | 132.00 | 537.00 | 1,253.00 | 620.00 | 185.00 | 726.00 | 1,317.00 | 741.00 | 252.00 | 872.00 | 1,521.00 |
| Profit attributable to non-controlling interests | 14.00 | 7.00 | 10.00 | 12.00 | 13.00 | 12.00 | 11.00 | 9.00 | 9.00 | 10.00 | 5.00 | 8.00 | 4.00 | 8.00 | 6.00 | 5.00 |
| Other comprehensive income | -54.00 | -12.00 | 18.00 | 5.00 | -10.00 | -22.00 | 20.00 | -20.00 | -20.00 | 77.00 | 18.00 | 22.00 | 134.00 | 260.00 | 91.00 | 42.00 |
| Total comprehensive income | 342.00 | 70.00 | 457.00 | 1,010.00 | 504.00 | 122.00 | 568.00 | 1,242.00 | 609.00 | 273.00 | 749.00 | 1,348.00 | 879.00 | 520.00 | 970.00 | 1,567.00 |
| Earnings per share, basic | 5.87 | 1.15 | 6.61 | 7.65 | 3.86 | 1.02 | 4.14 | 9.64 | 1.91 | 0.56 | 2.15 | 3.89 | 2.19 | 0.74 | 2.58 | 4.50 |
| Earnings per share, diluted | 5.87 | 1.15 | 6.60 | 7.65 | 3.85 | 1.02 | 4.13 | 9.63 | 1.91 | 0.56 | 2.15 | 3.89 | 2.19 | 0.74 | 2.58 | 4.50 |
Annual results, as filed
| Line | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 5,228.00 | 7,248.00 | 6,556.00 | 8,958.00 | 13,391.00 | 16,321.00 | 20,481.00 | 22,226.00 |
| Other income | 22.00 | 43.00 | 37.00 | 68.00 | 39.00 | 79.00 | 121.00 | 352.00 |
| Total income | 5,250.00 | 7,291.00 | 6,593.00 | 9,026.00 | 13,429.00 | 16,400.00 | 20,603.00 | 22,578.00 |
| Cost of materials consumed | 2,112.00 | 2,940.00 | 2,689.00 | 3,969.00 | 6,417.00 | 7,026.00 | 8,294.00 | 9,337.00 |
| Purchases of stock-in-trade | 194.00 | 424.00 | 93.00 | 165.00 | 189.00 | 463.00 | 686.00 | 369.00 |
| Changes in inventories | -62.00 | -144.00 | -17.00 | -100.00 | -345.00 | -84.00 | -75.00 | 9.00 |
| Employee benefit expense | 583.00 | 811.00 | 890.00 | 1,008.00 | 1,217.00 | 1,447.00 | 1,885.00 | 2,201.00 |
| Finance costs | 213.00 | 310.00 | 281.00 | 185.00 | 186.00 | 268.00 | 450.00 | 170.00 |
| Depreciation and amortisation | 385.00 | 489.00 | 529.00 | 531.00 | 617.00 | 681.00 | 947.00 | 1,216.00 |
| Other expenses | 1,394.00 | 1,771.00 | 1,700.00 | 2,261.00 | 3,125.00 | 3,860.00 | 4,981.00 | 5,260.00 |
| Total expenses | 4,819.00 | 6,599.00 | 6,164.00 | 8,020.00 | 11,406.00 | 13,661.00 | 17,168.00 | 18,562.00 |
| Profit before exceptional items and tax | 431.00 | 692.00 | 429.00 | 1,007.00 | 2,024.00 | 2,740.00 | 3,435.00 | 4,016.00 |
| Exceptional items | 0.00 | 0.00 | -67.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 431.00 | 692.00 | 363.00 | 1,007.00 | 2,024.00 | 2,740.00 | 3,435.00 | 4,016.00 |
| Current tax | 109.00 | 108.00 | 42.00 | 134.00 | 426.00 | 631.00 | 751.00 | 841.00 |
| Deferred tax | 25.00 | 116.00 | -37.00 | 126.00 | 48.00 | 6.00 | 48.00 | 107.00 |
| Tax expense | 134.00 | 224.00 | 5.00 | 261.00 | 474.00 | 638.00 | 799.00 | 948.00 |
| Profit for the period | 300.00 | 472.00 | 357.00 | 746.00 | 1,550.00 | 2,102.00 | 2,634.00 | 3,062.00 |
| Profit attributable to owners | 293.00 | 469.00 | 329.00 | 694.00 | 1,497.00 | 2,056.00 | 2,595.00 | 3,036.00 |
| Profit attributable to non-controlling interests | 7.00 | 3.00 | 28.00 | 52.00 | 53.00 | 46.00 | 40.00 | 26.00 |
| Other comprehensive income | -19.00 | 60.00 | -62.00 | -30.00 | -372.00 | -8.00 | 58.00 | 434.00 |
| Total comprehensive income | 281.00 | 532.00 | 295.00 | 716.00 | 1,178.00 | 2,094.00 | 2,692.00 | 3,496.00 |
| Earnings per share, basic | 16.04 | 16.83 | 11.40 | 16.03 | 23.05 | 15.83 | 7.95 | 8.98 |
| Earnings per share, diluted | 16.03 | 16.83 | 11.40 | 16.03 | 23.05 | 15.82 | 7.94 | 8.98 |
Balance sheet, as filed
| Line | 2022-12-31 | 2023-06-30 | 2023-12-31 | 2024-06-30 | 2024-12-31 | 2025-06-30 | 2025-12-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 11,618.00 | 13,419.00 | 15,187.00 | 19,380.00 | 23,144.00 | 24,716.00 | 25,565.00 | 30,211.00 |
| Non-current assets | 8,214.00 | 9,562.00 | 10,952.00 | 13,710.00 | 15,280.00 | 16,702.00 | 17,669.00 | 19,676.00 |
| Current assets | 3,404.00 | 3,857.00 | 4,236.00 | 5,670.00 | 7,864.00 | 8,013.00 | 7,889.00 | 10,527.00 |
| Property, plant and equipment | 6,357.00 | 8,001.00 | 7,838.00 | 10,913.00 | 11,986.00 | 14,181.00 | 15,206.00 | 16,027.00 |
| Capital work-in-progress | 607.00 | 531.00 | 1,922.00 | 942.00 | 1,162.00 | 591.00 | 266.00 | 488.00 |
| Goodwill | 24.00 | 24.00 | 24.00 | 693.00 | 301.00 | 318.00 | 354.00 | 823.00 |
| Other intangible assets | 551.00 | 549.00 | 547.00 | 664.00 | 1,115.00 | 1,133.00 | 1,198.00 | 1,546.00 |
| Inventories | 1,994.00 | 2,091.00 | 2,151.00 | 2,796.00 | 2,791.00 | 3,073.00 | 2,952.00 | 3,990.00 |
| Trade receivables | 299.00 | 604.00 | 359.00 | 1,025.00 | 846.00 | 1,199.00 | 1,249.00 | 1,648.00 |
| Cash and cash equivalents | 154.00 | 207.00 | 242.00 | 212.00 | 2,266.00 | 1,974.00 | 1,784.00 | 2,126.00 |
| Total equity and liabilities | 11,618.00 | 13,419.00 | 15,187.00 | 19,380.00 | 23,144.00 | 24,716.00 | 25,565.00 | 30,211.00 |
| Equity | 5,215.00 | 6,623.00 | 7,085.00 | 8,746.00 | 16,740.00 | 18,507.00 | 19,741.00 | 21,952.00 |
| Equity share capital | 650.00 | 650.00 | 650.00 | 650.00 | 676.00 | 676.00 | 676.00 | 676.00 |
| Other equity | 4,453.00 | 5,839.00 | 6,287.00 | 7,928.00 | 15,934.00 | 17,687.00 | 18,902.00 | 21,094.00 |
| Total liabilities | 6,403.00 | 6,796.00 | 8,103.00 | 10,634.00 | 6,404.00 | 6,209.00 | 5,824.00 | 8,258.00 |
| Non-current liabilities | 2,434.00 | 2,532.00 | 3,949.00 | 4,546.00 | 1,880.00 | 1,751.00 | 1,750.00 | 3,078.00 |
| Current liabilities | 3,969.00 | 4,264.00 | 4,153.00 | 6,088.00 | 4,524.00 | 4,458.00 | 4,074.00 | 5,180.00 |
| Borrowings, non-current | 1,727.00 | 1,990.00 | 3,387.00 | 3,930.00 | 1,198.00 | 994.00 | 940.00 | 2,127.00 |
| Borrowings, current | 1,968.00 | 1,736.00 | 2,044.00 | 2,831.00 | 1,628.00 | 1,144.00 | 1,568.00 | 1,356.00 |
| Trade payables | 824.00 | 1,102.00 | 758.00 | 1,409.00 | 1,560.00 | 1,370.00 | 1,401.00 | 2,019.00 |
Cash flow, as filed
| Line | 2022-12-31 | 2023-06-30 | 2023-12-31 | 2024-06-30 | 2024-12-31 | 2025-06-30 | 2025-12-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 1,790.00 | 2,213.00 | 2,391.00 | 2,377.00 | 3,381.00 | 2,565.00 | 3,509.00 | 2,536.00 |
| Net cash from investing activities | -1,705.00 | -1,740.00 | -3,290.00 | -2,379.00 | -4,317.00 | -1,616.00 | -2,735.00 | -2,497.00 |
| Net cash from financing activities | -18.00 | -425.00 | 985.00 | -29.00 | 2,954.00 | -1,242.00 | -1,266.00 | 298.00 |
| Purchase of property, plant and equipment | 1,801.00 | 1,787.00 | 3,264.00 | 2,013.00 | 3,779.00 | 1,627.00 | 2,739.00 | 1,141.00 |
| Net increase in cash | 4.00 | 52.00 | 88.00 | -30.00 | 2,024.00 | -292.00 | -482.00 | 342.00 |
| con:CFO.BEFORE_TAX | 2,163.00 | 2,489.00 | 3,059.00 | 2,646.00 | 4,109.00 | 2,874.00 | 4,397.00 | 2,931.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 373.00 | 276.00 | 668.00 | 269.00 | 728.00 | 309.00 | 888.00 | 395.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 2.00 | 26.00 | 81.00 | 38.00 |
| con:PPE_DISPOSALS | 51.00 | 23.00 | 70.00 | 27.00 | 39.00 | 13.00 | 27.00 | 30.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 9.00 | 32.00 | 426.00 | 642.00 | 77.00 | 121.00 | 1,131.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 78.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-11-19 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 63.62 | 63.10 | 63.09 | 62.91 | 62.66 | 62.66 | 60.20 | 60.20 | 60.23 | 59.82 | 0.59 | 0.59 | 0.59 | 0.59 |
| Domestic institutions | 3.16 | 3.36 | 3.58 | 4.15 | 4.55 | 4.98 | 6.49 | 7.02 | 9.21 | 10.52 | 0.12 | 0.14 | 0.14 | 0.15 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 6.46 | 0.07 | 0.08 | 0.08 | 0.09 |
| Insurance companies | 0.56 | 0.89 | 0.95 | 1.52 | 1.62 | 1.69 | 1.79 | 1.80 | 2.06 | 2.68 | 0.04 | 0.04 | 0.05 | 0.05 |
| Foreign institutions | 26.71 | 27.55 | 26.58 | 25.78 | 25.32 | 24.18 | 25.24 | 25.26 | 22.98 | 21.85 | 0.22 | 0.20 | 0.20 | 0.19 |
| Government | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 36.38 | 36.90 | 36.91 | 37.09 | 37.34 | 37.34 | 39.80 | 39.80 | 39.77 | 40.18 | 0.41 | 0.41 | 0.41 | 0.41 |
| Non-institutional | 6.51 | 6.00 | 6.75 | 7.16 | 7.46 | 8.18 | 8.06 | 7.52 | 7.58 | 7.80 | 0.07 | 0.07 | 0.07 | 0.06 |
| Shares outstanding | 1299136476 | 1299136476 | 1299214976 | 1299403713 | 1299440413 | 3248677405 | 3381468767 | 3381510017 | 3381865692 | 3381916894 | 3381961269 | 3381988769 | 3382094394 | 3382296144 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-12-31, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Varun Beverages RDC SAS | Subsidiary Company | Any other transaction, Interest received, Loan, Sale | 4,990,930,000.00 | 9 |
| Varun Beverages International DMCC | Subsidiary Company | Any other transaction, Interest received, Loan, Sale | 2,877,660,000.00 | 5 |
| Lunarmech Technologies Private Limited | Subsidiary Company | Any other transaction, Investment, Purchase of goods | 2,635,790,000.00 | 5 |
| Varun Beverages (Zimbabwe) (Private) Limited | Subsidiary Company | Any other transaction, Interest received, Loan, Sale | 2,254,580,000.00 | 11 |
| Varun Beverages (Nepal) Private Limited | Subsidiary Company | Any other transaction, Dividend received, Purchase o | 1,169,040,000.00 | 8 |
| Varun Beverages (Zambia) Limited | Subsidiary Company | Any other transaction, Interest received, Loan, Sale | 891,810,000.00 | 11 |
| Varun Beverages Lanka (Private) Limited | Subsidiary Company | Any other transaction, Dividend received, Interest r | 495,860,000.00 | 10 |
| Varun Beverages Morocco SA | Subsidiary Company | Any other transaction, Interest received, Loan, Sale | 394,130,000.00 | 6 |
| SMV Beverages Private Limited | Entities in which a director or hi | Any other transaction, Interest paid, Purchase of go | 321,410,000.00 | 5 |
| VBL Employees' Gratuity Trust | Entities which are post employment | Any other transaction | 300,000,000.00 | 1 |
| RJ Foundation (Trust) | Entities in which a director or hi | Any other transaction, Sale of goods or services | 153,110,000.00 | 2 |
| IDVB Recycling Operations Private Limited | Joint Venture and Associate ( or a | Interest received, Investment, Loan | 150,000,000.00 | 3 |
| Mr. Ravi Kant Japuria | Key managerial personnel (KMPs)/Di | Remuneration | 103,040,000.00 | 1 |
| Ole Spring Bottlers (Private) Limited | Step down subsidiary | Any other transaction, Purchase of goods or services | 91,970,000.00 | 6 |
| The Beverage Company Proprietary Limited | Fellow subsidiaries and entities c | Sale of fixed assets, Sale of goods or services | 79,450,000.00 | 2 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-04 | Q1FY27 | Read the call | |
| 2026-05-04 | Q4FY26 | Read the call | |
| 2026-02-10 | Q3FY26 | Read the call | |
| 2025-11-04 | Q2FY26 | Read the call | |
| 2025-08-04 | Q1FY26 | Read the call | |
| 2025-05-07 | Q4FY25 | Read the call | |
| 2025-02-17 | Q3FY25 | Read the call | |
| 2024-10-28 | Q2FY25 | Read the call | |
| 2024-08-03 | Q1FY25 | Read the call | |
| 2024-05-20 | Q4FY24 | Read the call | |
| 2024-02-10 | Q3FY24 | Read the call | |
| 2023-11-10 | Q2FY24 | Read the call | |
| 2023-08-10 | Q1FY24 | Read the call | |
| 2023-05-08 | Q4FY23 | Read the call | |
| 2023-02-10 | Q3FY23 | Read the call | |
| 2022-11-08 | Q2FY23 | Read the call | |
| 2022-08-05 | Q1FY23 | Read the call | |
| 2022-05-04 | Q4FY22 | Read the call |
What they said about it, quarter by quarter
| Topic | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY22 | Q4FY23 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | On the balance sheet front, our net CAPEX stood at approximately Rs. | On the balance sheet front net CAPEX stood at Rs. | This is despite the addition of four new plants, which have added to our costs considerably. | So, these are the international CAPEX plan. | Last question, what was the net debt at the end of the quarter and any clarity on the CAPEX spend for the year? | Finance costs increased by 49.7%, primarily due to higher debt for acquisitions and CAPEX as well as increased borrowing costs. | Depreciation increased by 45.3% during the quarter, primarily due to the commissioning of three new plants last year, Supa, Gorakhpur, and Khordha, wh… | Depreciation increased by 30.9% on account of commissioning of 4 new plants last year in Buxar, Prayagraj, Damtal, and Meghalaya. |
| Capital allocation | Marking a key milestone in our growth journey, we are delighted to announce the acquisition of the Beverage Company (BevCo) subject to regulatory and … | Further, in line with our commitment to deliver value to shareholders, we are pleased to share that the board has recommended a final dividend of Rs. | And Latika, just to add to what Chairman has said, the South Africa is going to be a star territory and to totally avail benefit of that and the brand… | Before Pepsi acquisition, you had shared that your market share in south and west would be around 25% and in your existing geographies, it was about 4… | It gives me immense pleasure to announce, as approved by shareholders in our Annual General Board meeting, the final dividend of Re. | A significant highlight of the quarter was successful completion of the strategic acquisition of the Beverage Company (BevCo) in South Africa. | In line with our dividend policy, the Board of Directors has approved an interim dividend of 25% of face value, i.e., Rs. | We consummated the acquisition of Twizza in South Africa through BevCo, strengthening our manufacturing footprint and route-to-market capabilities in … |
| Costs | — | — | — | Despite the raw material prices going up so much. | During the quarter gross margins improved by 89 basis points to the level of 52.4% from 51.5% in Q1 CY23, driven by marginal savings and raw material … | — | We don't see the raw material prices going up significantly. | Gross margins improved by 62 bps to 55.2%, supported by early stocking of key raw materials despite an inflationary input environment. |
| Debt and cash | We would like to highlight that major reason for the increase in net debt is due to increase in CWIP and capital advances incrementally by Rs. | We are pleased to share that during the current quarter the company became net debt free following the prepayment of loans using proceeds from QIP iss… | — | As of the quarter ending Q4 CY21 we had a net debt of approximately Rs. | Final question is, Mr. Gandhi, what should be modeled in terms of year end net debt at the end of this year? | How much the cash flow we are generating? | — | In addition, BevCo entered into a share purchase agreement for the acquisition of Crickley Dairy Proprietary Limited at an enterprise value of approxi… |
| Demand | This acquisition which aligns perfectly with our strategic goals offers an excellent opportunity to significantly enhance our presence in the African … | This, coupled with the commissioning of new Greenfield facilities in India and DRC shall enhance our manufacturing and distribution capabilities ensur… | — | In the current quarter because the demand was quite strong and the commodity prices had gone up, we curtailed the discounts to the maximum. | Sales volume grew by 24.7% to the level of 224.1 million cases in Q1 CY23 from 179.7 million cases in Q1 CY22, driven by strong demand across regions … | This expansion is designed to meet the rising demand for beverages in India and support our long-term growth trajectory. | Does it make sense for us to introduce more new products, take up that pipeline much faster than what we have done in the past? | We are pleased to report a strong performance in the first quarter of CY2026, supported by healthy demand, disciplined execution, and continued progre… |
| Guidance | Further, we expect to additionally incur approximately Rs. | What should we expect in terms of the growth over the next 3 years here, if we look at something like a Zimbabwe, Zambia, you've grown like significan… | We expect a much better and much higher volume in 2026 as Zimbabwe will have its full year. | We are already at 100% capacity utilization on Tropicana, and we expect to develop further capacity by next year in this segment since there is huge p… | We expect the facility to be operational by the end of the year. | As these new capacities begin to contribute to our performance, we expect these costs to be better absorbed enhancing our financial efficiency moving … | We have always said that we can grow in double digit, and this is what we are expecting happening this year and we are quite comfortable with that gui… | The demand for both these products is much higher than what we anticipated. |
| Margin | As a result of improved realization per case and enhanced gross margins, EBITDA increased by 29.5% to the level of Rs. | Our gross margin during the year expanded by 165 basis points to the level of 55.5% from 53.8% due to strategic procurement and the storage of PET chi… | Because I do see gross margin also being slightly down by around 30-40 bps. So that is my first question. | Firstly, just to understand this quarter’s performance, I mean, there was a commendable reduction in expenses below the gross margin line. | In terms of profitability, the Company has achieved remarkable growth with EBITDA and PAT growing at a 5-year CAGR of 35.1% and 50.8% respectively. | Overall, EBITDA increased by 23.9% Y-o-Y and PAT increased by 24.9%. | Due to relatively lower margin profile of owned brands in the South African market and the higher mix of CSD in India, gross margins stood at 54.6%, a… | 65,742 million and EBITDA improved by 21% YoY to Rs. |
| People | It depends on the utilization of the machines and a lot of other things. | But this time around there are reports of an early summer so what is your sense on capacity utilization for the upcoming season? | What was the capacity utilization this quarter with the added capacity? | Could you share the utilization level currently and previous year, if I am not wrong, it was around 60% - 65% in the peak season? | We are doing co-packing for PepsiCo and we are practically getting complete utilization of our plant but nothing beyond that. | I wanted to check if you can call out the utilization levels of your plants for the month of April as in how are we trending on that front? | — | Well, utilization is definitely helping, as our volumes are going up and the plants are getting more utilized. |
| Pricing | And this would not force you to take any pricing action, right? | I mean tomorrow if the competition increases then who would take the decision for any change in pricing, how does that would play out? | Do you still expect the pricing mix to be slightly negative? | In terms of gross margins, can you talk a bit about in the current quarter, how are we seeing our raw material prices, whether we might need some amou… | 173.7, primarily driven by price increase taken towards the end of the corresponding quarter last year in selected SKUs and continued improvement in t… | — | Fortunately for us oil prices are not going up, so our packaging material pricing are quite stable or rather even slightly lower. | And the second bit was in your assessment with this kind of inflation, which is going to come up, not necessarily for you but for the industry, do you… |
| Revenue growth | Both these together contributed to our remarkable revenue growth of 21.8% and an impressive PAT growth of 35.6%. | Consolidated volumes increased by 23.2% largely led by new territories resulting in consolidated revenue increase by 24.7%, EBITDA growth of 30.5% and… | The first quarter was not soft and had a strong base in last year, with volume growth of ~15% - 16% in India. | For India, what we are saying is that capex incurred will be equal to the depreciation for an organic growth of approximately 12%, however if we grow,… | 7980.4 million and EBITDA margins improved by 172 bps to 20.5% in Q1 CY23, driven by operational efficiencies on the back of strong revenue growth. | We achieved a consolidated sales revenue growth of 10.9% with the breakup of volume growth of 7.2% and net realization per case growth of 3.5% in Q1, … | Consolidated sales volume grew by 30.1% YoY driven by healthy organic volume growth of 15.5% in India. | Consolidated sales volumes grew by 16.3% in Q1 CY2026 driven by volume growth of 14.4% in India and 21.4% in international territories. |