Varun Beverages

AHold / Watchlist

VBL · NSE · Large Cap · FMCG Supplier

Beverages / Alco-bevFMCG Supplier

Fetching live…

₹590

1D 0.4%1M 2.5%1Y 18%

Fundamental (RQ-100)

Technical (TQ-100)

Valuation

Market cap

₹2.00L Cr

Live decision ratingA+Hold

Fundamental score breakdown

86/100

Growth Quality

18.1 / 20

Rev 1Y 28.0%, 3Y CAGR 32.0%, 5Y CAGR 22.0%

Margin & Profitability

12.0 / 15

EBITDA 24.0%, PAT 14.0%

Return on Capital

17.6 / 20

ROCE 24.0%, ROE 28.0%

Cash Flow Quality

13.0 / 15

OCF/EBITDA 0.85

Leverage

6.0 / 10

ND/EBITDA 1.20

Reinvestment

8.0 / 8

Capex/Sales 8.0%

Accounting

7.0 / 7

Governance

4.0 / 5

Technical score breakdown

49/100

Trend Structure

8.0 / 20

↓ 200 · ↓ 50 · ↓ 20

Momentum

8.0 / 15

1Y 18.0%, 1M 2.5%

Volume Dynamics

8.0 / 15

Vol30 —%

Relative Strength

10.0 / 15

1Y 18.0%

MA Cluster

5.0 / 10

Extension

5.0 / 10

—% from 50DMA

Volatility

4.0 / 8

Price Action

1.0 / 7

-100.0% from 52W H

Business

What this company actually does

Largest PepsiCo bottler ex-US. Africa expansion.

Stores

—

Dark stores

—

Cities

—

Listed status

Listed

Format exposure

How direct is this play?

Primary formatFMCG Supplier

Exposure typeMeaningful

Revenue visibilityHigh

Operating leverage stageMaturity

Policy beneficiaryNone

Data confidenceMedium

Financial snapshot

Live · green dot = live, falls back to curated

Revenue

₹22.0K Cr

Rev 1Y growth

28%

Rev 3Y CAGR

32%

EBITDA margin

24.0%

PAT margin

14.0%

ROE

28%

ROCE

24%

OCF/EBITDA

0.85

Net Debt/EBITDA

1.2

Financial statements

Multi-year P&L, balance sheet, cash flow — scraped live from Screener.in

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Valuation

Live multiples + retail-specific (curated)

P/E

Forward P/E

EV/EBITDA

EV/Sales

6.5

P/B

14.0

FCF Yield

1.9%

Mid-range valuation. Watch incremental ROCE.

Investment thesis

AI-generated · always cite sources before acting

Bull

Best-in-class 24% ROCE with 0.85 OCF conversion. Compounding revenue at 32% CAGR. Long-runway TAM with structural tailwinds.

Base

Earnings growth of ~35% over the next 3 years assuming margins hold. Multiple compression risk if growth slows; multiple expansion possible if FMCG Supplier GMV outperforms.

Bear

Format-level risk: regulation, gig-cess, or competitive pressure compress contribution margin.

Variant perception

Consensus views Varun Beverages as a quality compounder. Our differentiated take: the cyclical pessimism in FMCG Supplier has overshot the long-term cash-flow potential.

Key monitorables

Quarterly EBITDA margin trajectory
Revenue growth vs management guidance
Capex discipline (currently elevated)
Promoter holding and ESOP dilution

Peers

Same primary format · sorted by market cap