Varun Beverages Ltd

540180

Summary

Fair Value Assessment
Overvalued (39% Premium)
Fair ValueQ371.41UncertaintyVery High
Close Price517.25Mar 25, 2025
Market Closed
527.95
Price Up by 10.70 | 2.07 %
Previous Close
517.25
Day Range
516.45 – 535.45
Year Range
419.40 – 682.84
Bid / Ask
Market Cap
1.8 Tril
Volume / Average
370.0 k / 258.5 k
Beta (5-Year)
1.31
Shares Outstanding
3,381.87 Mil
Primary Exchange
Bombay Stock Exchange

Business Description
Varun Beverages Ltd is engaged in manufacturing, selling, bottling, and distribution of beverages of the Pepsi brand in geographically pre-defined territories of India, Sri Lanka, Nepal, Zambia, Morocco, and Zimbabwe. Its brands include Seven-Up, Mountain Dew, Mirinda, Nimbooz, Tropicana Slice, and other related products. The firm generates a majority of its revenue within India.
Contact
Plot No. 31, Institutional Area Sector - 44, RJ Corp House, Gurugram, HR 122 002
T +91 1244643100
www.varunbeverages.com opens in a new tab
Sector
Consumer Defensive
Industry
Beverages - Non-Alcoholic
Most Recent Earnings
Dec 31, 2024
Fiscal Year End
Dec 31, 2025
Employees
14,828

Key Metrics

Income Statement (in Bil, except ratios)
12/31/2024
12/2024
12/2023
12/2022
12/2021
12/2020
Revenue
194.45 194.45 156.22 129.21 86.42 64.50
Revenue Growth %
24.47% 24.47% 20.90% 49.51% 35.88% -9.53%
Gross Profit
103.71 103.71 80.71 65.25 45.16 36.11
Gross Profit Margin %
53.34% 53.34% 51.66% 50.50% 52.25% 55.99%
Operating Income
40.03 40.03 31.26 23.09 11.77 7.19
Operating Margin %
20.59% 20.59% 20.01% 17.87% 13.62% 11.15%
EBIT
38.40 38.40 29.82 21.85 11.75 6.25
EBIT Margin %
19.75% 19.75% 19.09% 16.91% 13.60% 9.68%
EBITDA
47.87 47.87 36.63 28.02 17.07 11.53
EBITDA Margin %
24.62% 24.62% 23.45% 21.68% 19.75% 17.88%
Net Income
25.95 25.95 20.56 14.97 6.94 3.29
Net Profit Margin %
13.55% 13.55% 13.45% 12.00% 8.63% 5.54%
Basic EPS
7.95 7.95 6.33 4.61 2.14 1.01
Diluted EPS
7.94 7.94 6.33 4.61 2.14 1.01
Normalized EPS
16.49 16.49 16.32 11.44 3.41 3.68
Total Dividends per Share
1.00 1.00 0.70 0.50 0.33 0.22
Balance Sheet (in Bil, except ratios)
12/31/2024
12/2024
12/2023
12/2022
12/2021
12/2020
Total Assets
231.44 231.44 151.87 116.18 95.82 84.58
Total Liabilities
64.04 64.04 81.03 64.03 53.85 48.70
Total Debt
28.26 28.26 54.31 38.84 33.87 32.41
Total Equity
167.40 167.40 70.85 52.15 41.97 35.89
Cash And Cash Equivalents
2.61 2.61 2.42 1.54 1.51 1.05
Working Capital
33.40 33.40 0.82 -5.65 -4.74 -6.35
Shares Outstanding (Bil)
3.25
Book Value Per Share
49.06 49.06 21.33 15.70 12.56 10.85
Total Debt To Equity
0.17 0.17 0.77 0.74 0.81 0.90
Cash Flow Statement (in Bil, except ratios)
12/31/2024
12/2024
12/2023
12/2022
12/2021
12/2020
Cash From Operating Activities
33.81 33.81 23.91 17.90 12.31 10.12
Cash From Investing Activities
-43.17 -43.17 -32.90 -17.05 -10.11 -4.71
Cash From Financing Activities
29.54 29.54 9.85 -0.18 -1.78 -5.74
Capital Expenditures
37.79 37.79 32.64 18.01 9.42 5.60
Free Cash Flow
-1.93 -1.93 -4.69 4.03 3.79 2.86
Change in Cash
20.18 20.18 0.86 0.67 0.43 -0.33

Profile

There is no Key Executive Team data available.
Transaction History

Shares in Thousands
0 5 10 15 20 25 30 35 40
>
No Data Available
There is no available information for this investment.
Sep
2023
    • Buy
    • Acquisition
    • Option Exercise
    • Disposition
    • Sell
Transaction Detail
No Data Available
There is no available information for this investment.

Ownership

Name
% Total
Shares Held
% Total
Assets
Trend
Prev. 8 Qtrs
Change Amount
Change %
Date
American Funds New World A 1.28 0.52 43,296,188
2,999,508
7.44%
Dec 31, 2024
Capital Group New Geography Equity Comp 1.28 0.52 43,296,188
2,999,508
7.44%
Dec 31, 2024
Vanguard Total Intl Stock Index Inv 0.48 0.02 16,375,941
Feb 28, 2025
Vanguard Emerging Mkts Stock Idx Inv 0.44 0.07 15,024,643
94,094
0.63%
Feb 28, 2025
iShares Core MSCI Emerging Markets ETF 0.35 0.07 11,981,643
1,465,310
13.93%
Feb 28, 2025
Total (for Top 5) 3.84 129,974,603
7,558,420

© Copyright 2025 Morningstar, Inc. All rights reserved.
Terms of Use    Privacy Policy
© Copyright 2025 Morningstar, Inc. All rights reserved. Please read our Terms of Use above. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
As of December 1st, 2023, the ESG-related information, methodologies, tools, ratings, data and opinions contained or reflected herein are not directed to or intended for use or distribution to India-based clients or users and their distribution to Indian resident individuals or entities is not permitted, and Morningstar/Sustainalytics accepts no responsibility or liability whatsoever for the actions of third parties in this respect.
Company: Morningstar India Private Limited; Regd. Office: 9th floor, Platinum Technopark, Plot No. 17/18, Sector 30A, Vashi, Navi Mumbai – 400705, Maharashtra, India; CIN: U72300MH2004PTC245103; Telephone No.: +91-22-61217100; Fax No.: +91-22-61217200; Contact: Morningstar India Help Desk (e-mail: helpdesk.in@morningstar.com) in case of queries or grievances.
Top