Financials Varun Beverages Limited

Equities

VBL

INE200M01039

Non-Alcoholic Beverages

Market Closed - NSE India S.E. Other stock markets 05:19:43 18/07/2025 pm IST			5-day change	1st Jan Change
484.85 ^INR	-1.08%		+7.21%	-24.06%

09/07	INDIA STOCKS-Indian equity benchmarks edge lower as Reliance, metals losses outpace consumer gains	RE
09/07	Indian equity benchmarks edge lower as Reliance, metals losses outpace consumer gains	RE

Projected Income Statement: Varun Beverages Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	64,501	88,912	1,31,731	1,60,426	2,00,076	2,33,192	2,68,443	3,02,566
Change	-	37.84%	48.16%	21.78%	24.72%	16.55%	15.12%	12.71%
EBITDA ¹	12,019	16,546	27,881	36,095	47,111	53,941	62,076	70,305
Change	-	37.67%	68.5%	29.46%	30.52%	14.5%	15.08%	13.26%
EBIT ¹	6,732	11,234	21,709	29,286	37,637	42,880	49,697	56,973
Change	-	66.88%	93.25%	34.9%	28.52%	13.93%	15.9%	14.64%
Interest Paid ¹	-2,811	-1,847	-1,861	-2,681	-4,504	-1,425	-1,237	-1,148
Earnings before Tax (EBT) ¹	3,625	10,066	20,236	27,398	34,346	42,652	50,284	56,089
Change	-	177.68%	101.04%	35.39%	25.36%	24.19%	17.89%	11.55%
Net income ¹	3,290	6,941	14,974	20,559	25,946	32,099	37,752	42,679
Change	-	110.96%	115.75%	37.3%	26.2%	23.71%	17.61%	13.05%
Announcement Date	16/02/21	03/02/22	06/02/23	05/02/24	10/02/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	16,764	16,402	18,026	13,309	22,409	24,498	23,982	17,352	28,275	49,548	31,766	22,142	38,930	56,114	38,705	26,677	43,173	71,969	49,321	36,888	55,669	71,233	54,996	46,316	72,274
Change	-	-2.16%	9.9%	-26.17%	68.38%	9.32%	-2.11%	-27.64%	62.95%	75.24%	-35.89%	-30.3%	75.82%	44.14%	-31.02%	-31.08%	61.84%	66.7%	-31.47%	-25.21%	50.91%	27.96%	-22.79%	-15.78%	56.05%
EBITDA ¹	2,712	3,777	3,808	1,722	3,816	5,708	4,947	2,076	5,310	12,506	6,990	3,075	7,980	15,108	8,817	4,183	9,888	19,912	11,510	5,800	12,640	18,439	13,765	9,580	18,728
Change	-	39.29%	0.82%	-54.77%	121.58%	49.57%	-13.34%	-58.04%	155.82%	135.52%	-44.11%	-56.01%	159.53%	89.31%	-41.64%	-52.56%	136.38%	101.39%	-42.19%	-49.61%	117.94%	45.89%	-25.35%	-30.41%	95.5%
EBIT ¹	1,360	-	2,462	375.5	2,469	4,420	3,562	783	3,997	10,975	5,458	-	-	-	7,109	2,523	8,012	17,487	8,944	3,192	9,915	15,086	10,623	3,939	-
Change	-	-	-	-84.75%	557.51%	79.03%	-19.42%	-78.02%	410.48%	174.61%	-50.27%	-	-	-	-	-64.51%	217.56%	118.25%	-48.85%	-64.31%	210.62%	52.17%	-29.58%	-62.92%	-
Charge d'intérêts ¹	-	-741.9	-579.6	-619.8	-	-467.8	-426.9	-372.9	-469.6	-464	-452.8	-474.8	-625.7	-693.7	-625	-736.6	-936.9	-1,292	-1,185	-1,090	-411.2	-400	-300	-250	-
Earnings before Tax (EBT) ¹	77.99	-	1,917	-188.6	1,947	4,197	3,504	418.6	3,612	10,616	5,112	896	5,734	13,111	6,669	1,878	7,158	16,631	8,001	2,548	9,784	15,413	11,115	4,182	-
Change	-	-	-	-109.84%	1,132.01%	115.55%	-16.5%	-88.06%	763.05%	193.89%	-51.85%	-82.47%	539.91%	128.66%	-49.13%	-71.84%	281.18%	132.35%	-51.89%	-68.15%	283.95%	57.54%	-27.89%	-62.38%	-
Net income ¹	549.2	1,408	1,530	-197.3	1,293	3,082	2,401	164.9	2,542	7,874	3,810	747.5	4,291	9,938	5,011	1,320	5,373	12,526	6,196	1,851	7,265	11,703	8,569	5,068	12,017
Change	-	156.34%	8.7%	-112.89%	755.02%	138.42%	-22.07%	-93.13%	1,441.49%	209.76%	-51.61%	-80.38%	474%	131.62%	-49.58%	-73.66%	307.11%	133.14%	-50.53%	-70.12%	292.39%	61.09%	-26.78%	-40.86%	137.14%
Announcement Date	05/05/20	04/08/20	03/11/20	16/02/21	03/05/21	02/08/21	29/10/21	03/02/22	28/04/22	01/08/22	01/11/22	06/02/23	02/05/23	03/08/23	06/11/23	05/02/24	13/05/24	30/07/24	22/10/24	10/02/25	30/04/25	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Varun Beverages Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	23,364	18,775	34,095	47,345	-858	-10,849	-24,715	-50,567
Change	-	-19.64%	81.6%	38.86%	-101.81%	-1,164.61%	-127.81%	-104.6%
Announcement Date	16/02/21	03/02/22	06/02/23	05/02/24	10/02/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Varun Beverages Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	5,597	8,348	18,010	32,640	37,790	25,907	22,808	23,085
Change	-	49.16%	115.74%	81.24%	15.78%	-31.44%	-11.96%	1.22%
Free Cash Flow (FCF) ¹	4,523	3,966	-109.6	-8,733	-3,979	20,684	27,713	31,221
Change	-	-12.31%	-102.76%	-7,865.62%	54.43%	619.82%	33.98%	12.66%
Announcement Date	16/02/21	03/02/22	06/02/23	05/02/24	10/02/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Varun Beverages Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	18.63%	18.61%	21.17%	22.5%	23.55%	23.13%	23.12%	23.24%
EBIT Margin (%)	10.44%	12.63%	16.48%	18.26%	18.81%	18.39%	18.51%	18.83%
EBT Margin (%)	5.62%	11.32%	15.36%	17.08%	17.17%	18.29%	18.73%	18.54%
Net margin (%)	5.1%	7.81%	11.37%	12.82%	12.97%	13.77%	14.06%	14.11%
FCF margin (%)	7.01%	4.46%	-0.08%	-5.44%	-1.99%	8.87%	10.32%	10.32%
FCF / Net Income (%)	137.48%	57.15%	-0.73%	-42.48%	-15.34%	64.44%	73.41%	73.15%
Profitability
ROA	3.91%	7.69%	14.13%	15.34%	13.54%	12.55%	13.12%	13.52%
ROE	9.6%	18.26%	32.62%	34.15%	22.04%	17.88%	18.26%	18.03%
Financial Health
Leverage (Debt/EBITDA)	1.94x	1.13x	1.22x	1.31x	-	-	-	-
Debt / Free cash flow	5.17x	4.73x	-311x	-5.42x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	8.68%	9.39%	13.67%	20.35%	18.89%	11.11%	8.5%	7.63%
CAPEX / EBITDA (%)	46.57%	50.45%	64.6%	90.43%	80.22%	48.03%	36.74%	32.84%
CAPEX / FCF (%)	123.74%	210.48%	-16,427.91%	-373.77%	-949.71%	125.25%	82.3%	73.94%
Items per share
Cash flow per share ¹	3.117	3.792	5.51	7.359	10.35	12.29	14.06	16.45
Change	-	21.64%	45.32%	33.55%	40.61%	18.75%	14.44%	17.02%
Dividend per Share ¹	0.2222	0.3333	0.7	0.5	0.5	1.52	1.803	1.961
Change	-	50%	110%	-28.57%	0%	203.94%	18.66%	8.78%
Book Value Per Share ¹	10.85	12.56	15.71	21.36	50.83	56.94	66.24	76.86
Change	-	15.77%	25.06%	35.93%	138.01%	12.02%	16.34%	16.03%
EPS ¹	1.013	2.137	4.61	6.328	7.94	9.431	11.1	12.54
Change	-	110.92%	115.69%	37.27%	25.47%	18.78%	17.71%	12.96%
Nbr of stocks (in thousands)	32,47,748	32,47,748	32,47,748	32,47,841	33,81,469	33,81,510	33,81,510	33,81,510
Announcement Date	16/02/21	03/02/22	06/02/23	05/02/24	10/02/25	-	-	-