NSE: VBL | BSE: 540180

Slowing Down Stock

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442.95 -0.75 (-0.17%)

33.25% Fall from 52W High

6.4M NSE+BSE Volume

NSE 01 Oct, 2025 3:31 PM (IST)

149,804

Market Cap

Market Leader

0.9

Beta 1Year

Low volatility

Varun Beverages Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for VBL, BSE:540180 Varun Beverages Ltd.

Varun Beverages Ltd.

03 Jan 2021

442.95

-0.17%

Varun Beverages (VBL) is engaged in the manufacture, sale, bottling, and distribution of PepsiCo 's b

Buy: Varun Beverages Ltd.

Motilal Oswal

Near monopoly in PepsiCos India business ............................................................ 7 Improving mix in line with long-term strategy ...................................................... 12 More room for growth in soft-drink segment ....................................................... 15 Newly acquired territories to drive growth .......................................................... 19 Beverage Industry ................................................................................................ 21 SWOT analysis ..................................................................................................... 25 Expect EBITDA CAGR of 15% to ~INR22b over CY19-22E ....................................... 25 Valuation and view .............................................................................................. 29...

Varun Beverages Ltd. is trading below all available SMAs

Varun Beverages Ltd.

14 Dec 2020

442.95

-0.17%

Pick of the Week:14 DEC 2020

Buy: Varun Beverages Ltd.

Target

Axis Direct

Varun Beverages Ltd (VBL) is the 2nd largest franchisee for PepsiCo in the world (outside USA). It manufactures Carbonated Soft Drinks - Pepsi, Mountain Dew, Seven Up, Mirinda; Non Carbonated Beverages - Tropicana Slice, Tropicana Frutz; and Bottled water Aquafina.

Number of FII/FPI investors decreased from 1086 to 1069 in Jun 2025 qtr

Varun Beverages Ltd.

12 Nov 2020

442.95

-0.17%

Varun Beverages Ltd: Consumer Staples - Beverages

Hold: Varun Beverages Ltd.

Recommendation

Karvy

Realization and Cost Savings Helped Drive Growth: Volumes continue to be robust in rural and semi urban India, which helped sustain overall volume dip to only 4percent despite significantly lower on the go consumption.

Varun Beverages Ltd. is trading below all available SMAs

Varun Beverages Ltd.

04 Nov 2020

442.95

-0.17%

Varun Beverages

Hold: Varun Beverages Ltd.

Recommendation Target

ICICI Securities Limited

With a sharp fall in PET resin prices & stable sugar price, we expect gross margin expansion of 72 bps in CY21. Moreover, cost rationalisation measure would lead to operating margin expansion of 124 bps in CY21. VBL expects these cost cutting measure to remain permanent. The management has guided 21% operating margin for CY21. Further, we believe juices & CSD contribution would increase, going forward, as the company would be able to generate more margin considering its new Juice plant has already been commissioned. VBL would be re-launching milk based beverages in CY21...

Number of FII/FPI investors decreased from 1086 to 1069 in Jun 2025 qtr

Varun Beverages Ltd.

04 Nov 2020

442.95

-0.17%

Result Update:Varun Beverages

Buy: Varun Beverages Ltd.

Axis Direct

With encouraging revival on MoM basis and healthy growth in International business with season on the anvil, and sustenance of cost optimization benefits we raise our EPS estimates by 4-14% over CY20-22E. At CMP, stock trades at 9.3x EV/EBITDA which is attractive in our view

Varun Beverages Ltd. has an average target of 592.20 from 10 brokers.

Varun Beverages Ltd.

07 Aug 2020

442.95

-0.17%

Result Update:Varun Beverages

Buy: Varun Beverages Ltd.

Target

Axis Direct

Although Varun Beverages Limited (VBL) performance in Q2CY20 was below our estimates on topline/bottomline the commentary on demand recovery and market share gains was positive. Sales volumes in June '20 was +75% YoY with July much better than June.

Number of FII/FPI investors decreased from 1086 to 1069 in Jun 2025 qtr

Varun Beverages Ltd.

04 Aug 2020

442.95

-0.17%

Varun Beverages Ltd

Buy: Varun Beverages Ltd.

Target

Karvy

Valuation and Risks: Since its listing in Nov 2016, VBL has historically traded consistently within its avg1 year forward PE of 47x. Given the pandemic and economic downturn, we factor in the risk regarding longevity of the economic troubles and value the stock at a discount of ~ 10% (40x) from its 1 year forward PE since listing on CY21E EPS of Rs. 20.8 and recommend BUY'.

Number of FII/FPI investors decreased from 1086 to 1069 in Jun 2025 qtr

Varun Beverages Ltd.

05 Jun 2020

442.95

-0.17%

Company Update:Varun Beverages

Buy: Varun Beverages Ltd.

Axis Direct

Varun Beverage management indicated that the business is seeing good recovery from the lows noticed during the last week of March when the lockdown hit the nation. We note that VBLs utilization levels have more than doubled MoM in May to 65% levels from 30% recorded in April 2020.

Varun Beverages Ltd. has lost -27.65% in the last 1 Year

Varun Beverages Ltd.

06 May 2020

442.95

-0.17%

Result Update:Varun Beverages

Buy: Varun Beverages Ltd.

Axis Direct

Although Varun Beverages Limited (VBL) performance in Q1CY20 was better than our estimates on topline/bottomline we note that Q2CY20 (~40% sales) could be severely impacted given the rapidly evolving situation on ground and sharp impact of 10 days lockdown on organic volumes which declined by 13.7%

Number of FII/FPI investors decreased from 1086 to 1069 in Jun 2025 qtr

Varun Beverages Ltd.

06 May 2020

442.95

-0.17%

Varun Beverages

Sell: Varun Beverages Ltd.

Recommendation Target

ICICI Securities Limited

Varun Beverages (VBL) reported 23.3% revenue growth in Q1CY20E led by 26.2% volume growth. The volume growth is largely attributable to consolidation of south & west geographies after acquisition in 2019. However, on a like-to-like basis, the company saw 9.3% volume decline in the quarter. India business saw 13.7% volume decline largely due to loss of sales in last 10 days of March. Despite January-February seeing double digit volume growth, 31% decline in March severely impacted the quarter. Gross margins improved 280 bps largely due to a sharp decline in PET chip prices....

Varun Beverages Ltd. has an average target of 592.20 from 10 brokers.

Is Varun Beverages Ltd. worth buying?

1615 Votes:

Buy 77.89%

Sell 10.59%

Hold 11.52%

RESEARCH REPORTS

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