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
 06:12:57 2024-07-05 am EDT 		5-day change 1st Jan Change
1,614 INR -0.27% Intraday chart for Varun Beverages Limited -0.94% +30.50%
Jun. 04 Varun Beverages Appoints Human Resources Chief MT
Jun. 03 Varun Beverages Limited Appoints Rajeshwar Tripathi as Group Chief Human Resources Officer CI

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 2,103,128 - -
Enterprise Value (EV) 1 228,890 287,818 403,438 893,157 1,654,247 2,153,744 2,139,780 2,121,406
P/E ratio 42.1 x 80.4 x 55.4 x 57.4 x 78.2 x 79.2 x 62.2 x 48 x
Yield 0.35% 0.27% 0.28% 0.26% 0.1% 0.22% 0.27% 0.3%
Capitalization / Revenue 2.87 x 4.1 x 4.33 x 6.52 x 10 x 10.3 x 8.52 x 7.21 x
EV / Revenue 3.21 x 4.46 x 4.54 x 6.78 x 10.3 x 10.5 x 8.67 x 7.27 x
EV / EBITDA 15.8 x 23.9 x 24.4 x 32 x 45.8 x 46.1 x 37.5 x 30.8 x
EV / FCF -21.3 x 63.6 x 102 x -8,147 x -189 x 552 x 91.2 x 62.3 x
FCF Yield -4.69% 1.57% 0.98% -0.01% -0.53% 0.18% 1.1% 1.61%
Price to Book 6.15 x 7.5 x 9.43 x 16.8 x 23.2 x 23 x 17.5 x 13.2 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 1,619 1,619 1,619
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 88,912 131,731 160,426 204,437 246,860 291,717
EBITDA 1 14,477 12,019 16,546 27,881 36,095 46,735 57,060 68,913
EBIT 1 9,590 6,732 11,234 21,709 29,286 38,298 47,113 57,888
Operating Margin 13.45% 10.44% 12.63% 16.48% 18.26% 18.73% 19.09% 19.84%
Earnings before Tax (EBT) 1 6,919 3,625 10,066 20,236 27,398 35,721 45,987 58,991
Net income 1 4,690 3,290 6,941 14,974 20,559 26,803 34,305 43,771
Net margin 6.58% 5.1% 7.81% 11.37% 12.82% 13.11% 13.9% 15%
EPS 2 3.740 2.533 5.343 11.52 15.82 20.43 26.01 33.70
Free Cash Flow 1 -10,736 4,523 3,966 -109.6 -8,733 3,900 23,455 34,051
FCF margin -15.06% 7.01% 4.46% -0.08% -5.44% 1.91% 9.5% 11.67%
FCF Conversion (EBITDA) - 37.63% 23.97% - - 8.34% 41.11% 49.41%
FCF Conversion (Net income) - 137.48% 57.15% - - 14.55% 68.37% 77.79%
Dividend per Share 2 0.5550 0.5556 0.8333 1.750 1.250 3.598 4.392 4.916
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 74,418 50,040 38,374
EBITDA 1 4,947 2,076 5,310 12,506 6,990 3,075 7,980 15,108 8,817 4,183 9,888 20,058 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% - - 25.22%
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 13,065 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% 17.56% 12.67% 5.23%
EPS 2 1.850 0.1267 1.957 6.060 2.935 0.5750 3.300 7.650 3.850 1.020 4.130 10.40 - -
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 50,616 36,652 18,278
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.68 x 1.944 x 1.135 x 1.223 x 1.312 x 1.083 x 0.6423 x 0.2652 x
Free Cash Flow 1 -10,736 4,523 3,966 -110 -8,733 3,900 23,455 34,051
ROE (net income / shareholders' equity) 17.6% 9.6% 18.3% 32.6% 34.2% 32.2% 31.2% 31.2%
ROA (Net income/ Total Assets) - 3.91% 7.69% 14.1% 15.3% 16% 17.3% 19%
Assets 1 - 84,235 90,201 106,001 134,027 167,037 198,497 230,278
Book Value Per Share 2 25.60 27.10 31.40 39.30 53.40 70.40 92.50 123.0
Cash Flow per Share 2 10.40 7.790 9.480 13.80 18.40 34.70 38.20 40.60
Capex 1 23,788 5,597 8,348 18,010 32,640 25,662 16,930 18,578
Capex / Sales 33.36% 8.68% 9.39% 13.67% 20.35% 12.55% 6.86% 6.37%
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
18
Last Close Price
1,619 INR
Average target price
1,660 INR
Spread / Average Target
+2.59%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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