Stock VBL VARUN BEVERAGES LIMITED
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Financials Varun Beverages Limited Bombay S.E.

Equities

VBL

INE200M01021

Non-Alcoholic Beverages

Market Closed - Bombay S.E.
Other stock markets
 06:17:01 2024-04-26 am EDT 		5-day change 1st Jan Change
1,458 INR +1.09% Intraday chart for Varun Beverages Limited +4.46% +17.89%
Apr. 15 Varun Beverages Starts Production of Carbonated Soft Drinks, Energy Drinks at Gorakhpur, India Facility MT
Apr. 13 Varun Beverages Limited Starts Commercial Production of Carbonated Soft Drilling & Energy Drilling & Energy Drills At Gorakhpur, Uttar Pradesh 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 1,896,661 - -
Enterprise Value (EV) 1 228,890 287,818 403,438 893,157 1,654,247 1,933,781 1,917,021 1,891,755
P/E ratio 42.1 x 80.4 x 55.4 x 57.4 x 78.2 x 75.8 x 60.5 x 50.1 x
Yield 0.35% 0.27% 0.28% 0.26% 0.1% 0.24% 0.29% 0.33%
Capitalization / Revenue 2.87 x 4.1 x 4.33 x 6.52 x 10 x 9.56 x 8.04 x 6.89 x
EV / Revenue 3.21 x 4.46 x 4.54 x 6.78 x 10.3 x 9.74 x 8.13 x 6.87 x
EV / EBITDA 15.8 x 23.9 x 24.4 x 32 x 45.8 x 43.3 x 35.7 x 29.8 x
EV / FCF -21.3 x 63.6 x 102 x -8,147 x -189 x 147 x 79.3 x 58.8 x
FCF Yield -4.69% 1.57% 0.98% -0.01% -0.53% 0.68% 1.26% 1.7%
Price to Book 6.15 x 7.5 x 9.43 x 16.8 x 23.2 x 21.1 x 16 x 12.2 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 1,460 1,460 1,460
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 88,912 131,731 160,426 198,457 235,763 275,406
EBITDA 1 14,477 12,019 16,546 27,881 36,095 44,612 53,669 63,488
EBIT 1 9,590 6,732 11,234 21,709 29,286 36,372 44,459 53,319
Operating Margin 13.45% 10.44% 12.63% 16.48% 18.26% 18.33% 18.86% 19.36%
Earnings before Tax (EBT) 1 6,919 3,625 10,066 20,236 27,398 33,592 42,270 54,378
Net income 1 4,690 3,290 6,941 14,974 20,559 25,152 31,604 39,118
Net margin 6.58% 5.1% 7.81% 11.37% 12.82% 12.67% 13.4% 14.2%
EPS 2 3.740 2.533 5.343 11.52 15.82 19.25 24.12 29.13
Free Cash Flow 1 -10,736 4,523 3,966 -109.6 -8,733 13,199 24,187 32,151
FCF margin -15.06% 7.01% 4.46% -0.08% -5.44% 6.65% 10.26% 11.67%
FCF Conversion (EBITDA) - 37.63% 23.97% - - 29.59% 45.07% 50.64%
FCF Conversion (Net income) - 137.48% 57.15% - - 52.48% 76.53% 82.19%
Dividend per Share 2 0.5550 0.5556 0.8333 1.750 1.250 3.431 4.219 4.847
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 43,618 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 9,083 19,633 11,092 5,640
EBIT 1 3,562 783 3,997 10,975 5,458 - - - 7,109 2,523 7,234 - - 9,679
Operating Margin 14.85% 4.51% 14.14% 22.15% 17.18% - - - 18.37% 9.46% 16.58% - - 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 6,537 - - -
Net income 1 2,401 164.9 2,542 7,874 3,810 747.5 4,291 9,938 5,011 1,320 5,147 - - -
Net margin 10.01% 0.95% 8.99% 15.89% 12% 3.38% 11.02% 17.71% 12.95% 4.95% 11.8% - - -
EPS 2 1.850 0.1267 1.957 6.060 2.935 0.5750 3.300 7.650 3.850 1.020 4.940 - - -
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 - - - -
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 37,120 20,360 -
Net Cash position 1 - - - - - - - 4,906
Leverage (Debt/EBITDA) 1.68 x 1.944 x 1.135 x 1.223 x 1.312 x 0.8321 x 0.3794 x -
Free Cash Flow 1 -10,736 4,523 3,966 -110 -8,733 13,199 24,187 32,151
ROE (net income / shareholders' equity) 17.6% 9.6% 18.3% 32.6% 34.2% 31.5% 30.4% 30.5%
ROA (Net income/ Total Assets) - 3.91% 7.69% 14.1% 15.3% 15.2% 16.6% 18.3%
Assets 1 - 84,235 90,201 106,001 134,027 165,475 190,386 213,762
Book Value Per Share 2 25.60 27.10 31.40 39.30 53.40 69.30 91.00 120.0
Cash Flow per Share 2 10.40 7.790 9.480 13.80 18.40 34.50 36.50 38.20
Capex 1 23,788 5,597 8,348 18,010 32,640 14,899 15,301 18,247
Capex / Sales 33.36% 8.68% 9.39% 13.67% 20.35% 7.51% 6.49% 6.63%
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
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
19
Last Close Price
1,460 INR
Average target price
1,514 INR
Spread / Average Target
+3.73%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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