Stock VBL VARUN BEVERAGES LIMITED
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Financials Varun Beverages Limited

Equities

VBL

INE200M01021

Non-Alcoholic Beverages

Delayed NSE India S.E.
Other stock markets
 06:29:26 2024-06-10 am EDT 		5-day change 1st Jan Change
1,546 INR +1.81% Intraday chart for Varun Beverages Limited +5.60% +24.99%
Jun. 04 Varun Beverages Appoints Human Resources Chief MT
May. 14 Jefferies Adjusts Varun Beverages’ Price Target to INR1,690 From INR1,480, Keeps at Buy MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 204,565 264,453 384,663 859,062 1,606,902 1,973,193 - -
Enterprise Value (EV) 1 228,890 287,818 403,438 893,157 1,654,247 2,020,473 2,006,520 1,990,073
P/E ratio 42.1 x 80.4 x 55.4 x 57.4 x 78.2 x 73.9 x 59 x 46 x
Yield 0.35% 0.27% 0.28% 0.26% 0.1% 0.23% 0.29% 0.32%
Capitalization / Revenue 2.87 x 4.1 x 4.33 x 6.52 x 10 x 9.71 x 8.1 x 6.86 x
EV / Revenue 3.21 x 4.46 x 4.54 x 6.78 x 10.3 x 9.94 x 8.24 x 6.92 x
EV / EBITDA 15.8 x 23.9 x 24.4 x 32 x 45.8 x 43.4 x 35.8 x 29.4 x
EV / FCF -21.3 x 63.6 x 102 x -8,147 x -189 x 495 x 79.9 x 59.8 x
FCF Yield -4.69% 1.57% 0.98% -0.01% -0.53% 0.2% 1.25% 1.67%
Price to Book 6.15 x 7.5 x 9.43 x 16.8 x 23.2 x 21.6 x 16.5 x 12.5 x
Nbr of stocks (in thousands) 1,299,099 1,299,099 1,299,099 1,299,099 1,299,136 1,299,350 - -
Reference price 2 157.5 203.6 296.1 661.3 1,237 1,519 1,519 1,519
Announcement Date 2/7/20 2/16/21 2/3/22 2/6/23 2/5/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 71,296 64,501 88,912 131,731 160,426 203,169 243,469 287,437
EBITDA 1 14,477 12,019 16,546 27,881 36,095 46,556 56,091 67,783
EBIT 1 9,590 6,732 11,234 21,709 29,286 38,158 46,616 56,634
Operating Margin 13.45% 10.44% 12.63% 16.48% 18.26% 18.78% 19.15% 19.7%
Earnings before Tax (EBT) 1 6,919 3,625 10,066 20,236 27,398 35,593 44,774 57,701
Net income 1 4,690 3,290 6,941 14,974 20,559 26,716 33,536 42,907
Net margin 6.58% 5.1% 7.81% 11.37% 12.82% 13.15% 13.77% 14.93%
EPS 2 3.740 2.533 5.343 11.52 15.82 20.55 25.74 33.03
Free Cash Flow 1 -10,736 4,523 3,966 -109.6 -8,733 4,085 25,115 33,284
FCF margin -15.06% 7.01% 4.46% -0.08% -5.44% 2.01% 10.32% 11.58%
FCF Conversion (EBITDA) - 37.63% 23.97% - - 8.77% 44.78% 49.1%
FCF Conversion (Net income) - 137.48% 57.15% - - 15.29% 74.89% 77.57%
Dividend per Share 2 0.5550 0.5556 0.8333 1.750 1.250 3.531 4.350 4.854
Announcement Date 2/7/20 2/16/21 2/3/22 2/6/23 2/5/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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
Net sales 1 23,982 17,352 28,275 49,548 31,766 22,142 38,930 56,114 38,705 26,677 43,173 73,885 50,040 41,437
EBITDA 1 4,947 2,076 5,310 12,506 6,990 3,075 7,980 15,108 8,817 4,183 9,888 19,633 11,092 5,640
EBIT 1 3,562 783 3,997 10,975 5,458 - - - 7,109 2,523 8,012 - - 9,679
Operating Margin 14.85% 4.51% 14.14% 22.15% 17.18% - - - 18.37% 9.46% 18.56% - - 23.36%
Earnings before Tax (EBT) 1 3,504 418.6 3,612 10,616 5,112 896 5,734 13,111 6,669 1,878 7,158 17,023 8,292 2,744
Net income 1 2,401 164.9 2,542 7,874 3,810 747.5 4,291 9,938 5,011 1,320 5,373 13,145 6,339 2,007
Net margin 10.01% 0.95% 8.99% 15.89% 12% 3.38% 11.02% 17.71% 12.95% 4.95% 12.44% 17.79% 12.67% 4.84%
EPS 2 1.850 0.1267 1.957 6.060 2.935 0.5750 3.300 7.650 3.850 1.020 4.130 - - -
Dividend per Share 2 - - - - - - - - - - - - 3.049 -
Announcement Date 10/29/21 2/3/22 4/28/22 8/1/22 11/1/22 2/6/23 5/2/23 8/3/23 11/6/23 2/5/24 5/13/24 - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 24,325 23,364 18,775 34,095 47,345 47,281 33,328 16,880
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.68 x 1.944 x 1.135 x 1.223 x 1.312 x 1.016 x 0.5942 x 0.249 x
Free Cash Flow 1 -10,736 4,523 3,966 -110 -8,733 4,085 25,115 33,284
ROE (net income / shareholders' equity) 17.6% 9.6% 18.3% 32.6% 34.2% 32.2% 31.1% 30.6%
ROA (Net income/ Total Assets) - 3.91% 7.69% 14.1% 15.3% 16.2% 17% 18.2%
Assets 1 - 84,235 90,201 106,001 134,027 164,916 197,268 235,753
Book Value Per Share 2 25.60 27.10 31.40 39.30 53.40 70.40 92.30 121.0
Cash Flow per Share 2 10.40 7.790 9.480 13.80 18.40 35.00 36.40 38.00
Capex 1 23,788 5,597 8,348 18,010 32,640 24,098 17,300 19,332
Capex / Sales 33.36% 8.68% 9.39% 13.67% 20.35% 11.86% 7.11% 6.73%
Announcement Date 2/7/20 2/16/21 2/3/22 2/6/23 2/5/24 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Varun Beverages Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
19
Last Close Price
1,519 INR
Average target price
1,630 INR
Spread / Average Target
+7.34%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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