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PepsiCo's largest bottling franchisee outside the US, producing and distributing Pepsi, 7Up and other beverages across India and international markets.
PepsiCo's largest bottling franchisee outside the US, producing and distributing Pepsi, 7Up and other beverages across India and international markets.
Buys concentrate from PepsiCo, bottles the drinks in its own plants and sells to distributors and retailers using its own trucks and coolers, within exclusive territories PepsiCo has granted. Sales peak in the hot months, so summer decides the year. The Jaipuria family's RJ Corp controls it.
In one line: A large PepsiCo bottling franchisee, similar to Coca-Cola Consolidated.
Moat: narrow (scale, distribution, regulatory licence). Exclusive long-term bottling franchise rights from PepsiCo across a large, growing geographic footprint.
Headquarters: Gurugram, India · Founded: 1995 · Employees: 29,434
Size Varun Beverages (VBL.NS) is an India Consumer Staples company (Beverages: Non-Alcoholic) with a market value of $15.7B, the 66th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹438.00 on 6 Nov 2026.
Performance Over six months the shares fell 14.2%, against +8.7% for the median peer and 0.0% for the India market (cap-weighted) — 2nd lowest of 16 in its peer set.
Growth Revenue grew 22.1% over the last twelve months (peer median +10.7%); the operating margin is 17.1% (peer median 12.1%).
Valuation It trades at 42.8× forward earnings against a peer median of 16.4× (most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 37% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.1 points above its cost of capital (14.7% WACC).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹258B | ₹209B | ₹195B | ₹157B | ₹130B |
| Revenue growth | — | +7% | +24% | +21% | — |
| Gross profit | ₹101B | ₹65.8B | ₹65.9B | ₹51.7B | ₹40.7B |
| EBITDA | ₹59.4B | ₹43.5B | ₹44.3B | ₹34.5B | ₹27.0B |
| Net income | ₹34.7B | ₹30.4B | ₹25.9B | ₹20.6B | ₹15.0B |
| Free cash flow | n/a | ₹7.08B | -₹7.94B | -₹11.0B | -₹1.55B |
| Capital expenditure | n/a | ₹27.4B | ₹37.8B | ₹32.6B | ₹18.0B |
| Total debt | n/a | ₹25.1B | ₹28.3B | ₹54.3B | ₹38.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Varun Beverages VBL.NS | $15.7B | -14% | +22% | 17% | 42.8× | 37.2% |
| Tata Consumer Products TATACONSUM.NS | $11.4B | -6% | +15% | 11% | 55.5× | 42.8% |
| Dabur India DABUR.NS | $7.13B | -19% | +9% | 15% | 32.1× | 27.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VBL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.6% | +11.3% | 3rd lowest of 16 |
| 6-month return | -14.2% | +8.7% | 2nd lowest of 16 |
| Distance from 52-week high | -21.2% | -8.1% | 3rd lowest of 16 |
| Revenue growth (TTM) | +22.1% | +10.7% | 4th highest of 16 |
| Operating margin | 17.1% | 12.1% | 3rd highest of 16 |
| Forward P/E | 42.8× | 16.4× | most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 37.2% | 3.2% | most demanding of 16 |
| Growth delivered (Del g) | +26.8% | +10.4% | 4th highest of 16 |
| Hurdle (Req g minus delivered) | +10.5 pp | -14.6 pp | most demanding of 16 |
| ROIC minus cost of capital | +2.1 pp | +6.6 pp | 5th lowest of 16 |
| EV / EBITDA | 24.9× | 10.2× | most expensive of 15 |
| Net debt / EBITDA | 0.1× | 1.5× | 4th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Varun Beverages VBL.NS | India | $15.7B | -14% | +22% | 17% | 42.8× | 37.2% | +26.8% |
| Swire Pacific 0019.HK | Hong Kong | $17.0B | +23% | +7% | 12% | 11.4× | 6.9% | +2.9% |
| Coca-Cola Consolidated COKE | United States | $13.8B | +19% | +11% | 13% | n/a | -1.3% | +7.6% |
| Coca-Cola HBC CCH.L | United Kingdom | $20.5B | -2% | +13% | 11% | 17.2× | 4.9% | +12.8% |
| Eastroc Beverage (Group) 9980.HK | Hong Kong | $11.7B | -40% | +18% | 26% | 13.2× | 3.2% | +32.2% |
| Tingyi 0322.HK | Hong Kong | $9.59B | +17% | +4% | 9% | 14.1× | -12.9% | +2.4% |
| Suntory Beverage & Food 2587.T | Japan | $9.58B | +9% | +7% | 9% | 17.2× | -7.5% | +7.8% |
| Fomento Economico Mexicano SAB de CV Sponsored ADR FMX | United States | $26.1B | +7% | +18% | 9% | 24.2× | -6.9% | +13.8% |
| Celsius CELH | United States | $8.14B | 0% | +83% | 19% | 22.7× | 7.6% | +80.7% |
| Primo Brands PRMB | United States | $8.10B | -4% | +28% | 10% | 16.2× | 9.2% | +27.8% |
| Coca-Cola FEMSA SAB de CV Sponsored ADR KOF | United States | $6.01B | +8% | +17% | 14% | 16.5× | -20.1% | +12.2% |
| Keurig Dr Pepper KDP | United States | $49.8B | +28% | +43% | 17% | 14.8× | 6.3% | +7.4% |
| Coca-Cola Europacific Partners CCEP | United States | $51.0B | +23% | +10% | 14% | 21.8× | 3.9% | +14.3% |
| Coca-Cola Bottlers Japan 2579.T | Japan | $4.60B | +31% | -2% | 4% | 31.7× | 8.4% | +2.4% |
| Uni-President China 0220.HK | Hong Kong | $4.56B | +12% | +4% | 8% | 14.0× | -8.3% | +6.1% |
| Embotelladora Andina S.A. Sponsored ADR Pfd AKO-B | United States | $4.26B | +7% | +10% | 13% | 14.6× | -4.2% | +10.4% |