Valuation Varun Beverages Limited

Equities

Delayed NSE India S.E. Other stock markets 06:49:48 2026-01-23 am EST			5-day change	1st Jan Change
474.10 ^INR	-2.67%		-5.26%	-3.22%

Dec. 21	Financials, IT stocks lead Indian shares higher on foreign inflows	RE
Nov. 19	Varun Beverages Limited Incorporates Wholly-Owned Subsidiary Company in Kenya That Is VBL Industries Ltd	CI

Data adjusted to current consolidation scope

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	264,453	384,663	859,062	1,606,902	2,159,068	1,647,367	1,647,367	-
Change	-	45.46%	123.33%	87.05%	34.36%	-23.7%	0%	-
Enterprise Value (EV) ¹	287,818	403,438	893,157	1,654,247	2,158,210	1,641,016	1,622,840	1,597,968
Change	-	40.17%	121.39%	85.21%	30.46%	-23.96%	-1.11%	-1.53%
P/E ratio	80.4x	55.4x	57.4x	78.2x	80.4x	54.4x	46.4x	39.9x
PBR	7.5x	9.43x	16.8x	23.2x	12.6x	8.56x	7.42x	6.33x
PEG	-	0x	0x	2.1x	3.2x	4.2x	2.7x	2.5x
Capitalization / Revenue	4.1x	4.33x	6.52x	10x	10.8x	7.63x	6.59x	5.83x
EV / Revenue	4.46x	4.54x	6.78x	10.3x	10.8x	7.6x	6.49x	5.65x
EV / EBITDA	23.9x	24.4x	32x	45.8x	45.8x	32.2x	27.7x	24x
EV / EBIT	42.8x	35.9x	41.1x	56.5x	57.3x	41.6x	35.4x	30.2x
EV / FCF	63.6x	102x	-8,147x	-189x	-542x	89x	60.7x	51.2x
FCF Yield	1.57%	0.98%	-0.01%	-0.53%	-0.18%	1.12%	1.65%	1.95%
Dividend per Share ²	0.2222	0.3333	0.7	0.5	0.5	1.503	1.866	1.932
Rate of return	0.27%	0.28%	0.26%	0.1%	0.08%	0.31%	0.38%	0.4%
EPS ²	1.013	2.137	4.61	6.328	7.94	8.96	10.51	12.21
Distribution rate	21.9%	15.6%	15.2%	7.9%	6.3%	16.8%	17.8%	15.8%
Net sales ¹	64,501	88,912	131,731	160,426	200,076	215,923	249,959	282,686
EBITDA ¹	12,019	16,546	27,881	36,095	47,111	51,040	58,611	66,557
EBIT ¹	6,732	11,234	21,709	29,286	37,637	39,432	45,809	52,848
Net income ¹	3,290	6,941	14,974	20,559	25,946	29,841	35,099	40,899
Net Debt ¹	23,364	18,775	34,095	47,345	-857.9	-6,351	-24,527	-49,399
Reference price ²	81.43	118.44	264.51	494.76	638.50	487.10	487.10	487.10
Nbr of stocks (in thousands)	3,247,748	3,247,748	3,247,748	3,247,841	3,381,469	3,381,989	3,381,989	-
Announcement Date	2/16/21	2/3/22	2/6/23	2/5/24	2/10/25	-	-	-

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 (N)	EV / Sales (N)	EV / EBITDA (N)	Dividend Yield (N)	Capi.($)
VARUN BEVERAGES LIMITED	54.36x	7.6x	32.15x	0.31%	17.99B
THE COCA-COLA COMPANY	23.82x	7.06x	21.1x	2.82%	309B
KEURIG DR PEPPER INC.	15.72x	3.16x	10.69x	3.37%	37.43B
ARCA CONTINENTAL, S.A.B. DE C.V.	16.09x	1.46x	7.22x	4.3%	19.24B
COCA-COLA HELLENIC	17x	1.53x	9.86x	2.61%	19.17B
CELSIUS HOLDINGS, INC.	140.57x	5.82x	23.64x	-.--%	14.24B
SWIRE PACIFIC LIMITED	13.79x	1.78x	10.85x	4.75%	11.94B
SUNTORY BEVERAGE & FOOD LIMITED	17.61x	0.82x	6.04x	2.4%	9.79B
PRIMO BRANDS CORPORATION	18.83x	1.76x	8.06x	2.1%	6.97B
Average	35.31x	3.44x	14.40x	2.52%	49.55B
Weighted average by Cap.	26.99x	5.87x	18.86x	2.76%