Valuation Varun Beverages Limited

Equities

Market Closed - NSE India S.E. Other stock markets 04:35:05 13/03/2026 pm IST			5-day change	1st Jan Change
401.30 ^INR	-2.37%		-10.35%	-18.08%

04/02	Jefferies Adjusts Varun Beverages' Price Target to INR550 From INR610, Keeps at Buy	MT
03/02	Varun Beverages Limited, Q4 2025 Earnings Call, Feb 03, 2026

Data adjusted to current consolidation scope

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Capitalization ¹	3,84,663	8,59,062	16,06,902	21,59,068	16,56,667	13,57,234	-	-
Change	-	123.33%	87.05%	34.36%	-23.27%	-18.07%	-	-
Enterprise Value (EV) ¹	4,03,438	8,93,157	16,54,247	21,58,210	16,56,923	13,38,547	13,12,893	12,92,978
Change	-	121.39%	85.21%	30.46%	-23.23%	-19.21%	-1.92%	-1.52%
P/E ratio	55.4x	57.4x	78.2x	80.4x	54.5x	39.5x	33.6x	30.8x
PBR	9.43x	16.8x	23.2x	12.6x	8.46x	6.09x	5.25x	4.57x
PEG	-	0x	2.1x	3.2x	4.2x	3x	1.9x	3.42x
Capitalization / Revenue	4.33x	6.52x	10x	10.8x	7.64x	5.5x	4.87x	4.34x
EV / Revenue	4.54x	6.78x	10.3x	10.8x	7.64x	5.42x	4.71x	4.14x
EV / EBITDA	24.4x	32x	45.8x	45.8x	32.8x	23.3x	20.1x	18.3x
EV / EBIT	35.9x	41.1x	56.5x	57.3x	43.2x	30.2x	25.6x	24x
EV / FCF	102x	-8,147x	-189x	-542x	215x	41.7x	42.1x	51x
FCF Yield	0.98%	-0.01%	-0.53%	-0.18%	0.46%	2.4%	2.38%	1.96%
Dividend per Share ²	0.3333	0.7	0.5	0.5	0.5	1.756	1.883	1.983
Rate of return	0.28%	0.26%	0.1%	0.08%	0.1%	0.44%	0.47%	0.49%
EPS ²	2.137	4.61	6.328	7.94	8.98	10.16	11.94	13.01
Distribution rate	15.6%	15.2%	7.9%	6.3%	5.57%	17.3%	15.8%	15.2%
Net sales ¹	88,912	1,31,731	1,60,426	2,00,076	2,16,854	2,46,754	2,78,816	3,12,594
EBITDA ¹	16,546	27,881	36,095	47,111	50,494	57,368	65,458	70,508
EBIT ¹	11,234	21,709	29,286	37,637	38,329	44,318	51,335	53,832
Net income ¹	6,941	14,974	20,559	25,946	30,365	34,186	39,892	43,806
Net Debt ¹	18,775	34,095	47,345	-857.9	256.3	-18,688	-44,342	-64,257
Reference price ²	118.44	264.51	494.76	638.50	489.85	401.30	401.30	401.30
Nbr of stocks (in thousands)	32,47,748	32,47,748	32,47,841	33,81,469	33,81,989	33,82,094	-	-
Announcement Date	03/02/22	06/02/23	05/02/24	10/02/25	03/02/26	-	-	-

¹INR in Million²INR

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
VARUN BEVERAGES LIMITED	39.49x	5.42x	23.33x	0.44%	1.47TCr
THE COCA-COLA COMPANY	24x	7.34x	20.63x	2.72%	33TCr
KEURIG DR PEPPER INC.	13x	2.53x	10.48x	3.47%	3.72TCr
COCA-COLA HELLENIC	19.85x	1.77x	11.49x	2.23%	2.19TCr
ARCA CONTINENTAL, S.A.B. DE C.V.	16.15x	1.46x	7.2x	4.33%	1.86TCr
SWIRE PACIFIC LIMITED	15.78x	1.94x	11.85x	4.11%	1.35TCr
CELSIUS HOLDINGS, INC.	29.07x	3.32x	14.48x	-.--%	1.15TCr
SUNTORY BEVERAGE & FOOD LIMITED	16.3x	0.75x	5.49x	2.62%	888.65Cr
PRIMO BRANDS CORPORATION	17.98x	1.8x	8.05x	2.23%	754.27Cr
Average	21.29x	2.93x	12.56x	2.46%	5.18TCr
Weighted average by Cap.	22.75x	5.93x	18.05x	2.72%