Varun Beverages Share Price

Varun Beverages Limited, based in India, is one of the leading manufacturing and bottling companies within the f͏ast moving consumer goods sector. The company operates ͏as a franchisee ͏bottler for carbonated soft drinks, juices, packaged drinking water and sports and energy drinks in the domestic and global mar͏kets. Varun Beverages manages production, distribution, and sales across a vast geographic footprint, supporting urban and rural consumption markets. Varun Beverages stock price on NSE and͏ BSE indicates how ma͏rket participants react to the company’s business results a͏nd developments in the FMCG and beverage consumption industry.  

Varun Beverages stock price is influenced by factors ͏like volume growth, seasonal demand patterns, raw material cost, distribution expansion, pricing adjustments and regulatory conditions affecting packaged beverages. In the long term, ͏strategies including capacity expansion, new product roll-outs, penetration into underserved markets, and supply chain operational efficiency influence market perception and valuation trends. These are the factors that ͏dictate the price behaviour of Varun Beverages stock over different market cycles.  

Varun Beverages live share price offers real-time information on the last traded price, bid and ask price levels and traded volume. These indicators demonstrate short-term market activity and liquidity and indicate how traders and investors react to quarterly earnings, company updates, commodity price movements, and consumption patterns in the beverage sector. The ongoing monitoring of Varun Beverages live price enables monitoring short-term volatility as and͏ relative ͏performance against the broader market. 

Furthermore, monitoring the Varun Beverages share price today enables comparisons with other listed FMCG and beverage companies and with benchmark indices. This c͏omparison tells us how the share is performing within the packaged food and in relation ͏t͏o the broader equity market. 

͏Varun Beverages Limited Company Fundamentals 

Varun Beverages Company Background 

Varun Beverages Limited (VBL) is a leading beverage company and one of PepsiCo’s largest franchise partners outside the United States. The company has been associated with PepsiCo since the 1990s and has steadily expanded its licensed territories, product portfolio, stock-keeping units and distribution reach over more than two decades. VBL manufactures, distributes and sells a wide range of carbonated soft drinks such as Pepsi, Pepsi Black, Mountain Dew, Sting, 7UP, Mirinda Orange, Nimbooz Masala Soda and Evervess. Its non-carbonated portfolio includes Tropicana Slice, Tropicana Juices, 7UP Nimbooz, Gatorade and packaged drinking water under the Aquafina brand. 

VBL operates across 27 states and 7 Union Territories in India, accounting for around 90% of PepsiCo India’s beverage volumes, and also holds franchises in Nepal, Sri Lanka, Morocco, Zambia and Zimbabwe. India remains its largest market, contributing the majority of operating revenues. VBL is part of the RJ Corp group, and its Chairman, Mr. Ravi Jaipuria, is a well-recognised entrepreneur and the only Indian recipient of PepsiCo’s International Bottler of the Year award. 

Varun Beverages Company Product Lines 

Carbonated Soft Drinks (CSDs) 

• Pepsi 
• Pepsi Black 
• Mountain Dew 
• Mountain Dew Ice (select markets) 
• Sting 
• 7UP 
• Mirinda Orange 
• Mirinda Lemon (select markets) 
• 7UP Nimbooz Masala Soda 
• Evervess Soda 
• Evervess Tonic Water 
• Evervess Ginger Ale 

Juices & Juice-Based Drinks 

• Tropicana Slice (Mango) 
• Tropicana Delight (Mixed Fruit, Apple, Orange, etc.) 
• Tropicana 100% Juices (Orange, Apple, Mixed Fruit) 

Hydration & Water 

• Aquafina Packaged Drinking Water 

Sports & Functional Drinks 

• Gatorade (multiple flavours) 

Traditional / Ethnic Beverages 

• 7UP Nimbooz (Lemon-based drink) 

Energy & Stimulant Drinks 

• Sting Energy Drink 

Iced Tea & Ready-to-Drink Beverages 

• Lipton Iced Tea (select markets / earlier portfolio) 

Flavoured / Premium Mixers 

• Evervess Club Soda 
• Evervess Premium Mixers 

Dairy-Based & Nutrition (Limited / Select Markets) 

• Tropicana Milkshake (select markets) 

International Market Variants (Africa, Nepal, Sri Lanka, etc.) 

• Localised Pepsi variants 
• Localised Mirinda flavours 
• Region-specific 7UP flavours 

Summary (Product Line Categories) 

• Carbonated Soft Drinks 
• Juices & Juice Drinks 
• Packaged Drinking Water 
• Sports & Functional Drinks 
• Energy Drinks 
• Traditional / Ethnic Refreshments 
• Premium Mixers 
• Regional / Localised Variants 

Varun Beverages Company Revenue Model 

Core Revenue Streams (Beverage Sales) 

• Carbonated Soft Drink (CSD) sales – Largest contributor to revenue, including brands like Pepsi, 7UP, Mirinda, Mountain Dew, Sting, etc. (~74% of volume).  
• Packaged Drinking Water sales – Revenue from Aquafina and other water packs (~19.6% volume).  
• Juice and fruit-based drink sales – Includes Tropicana and related products (~6.2% volume).  
• Low/No-Sugar and Health-focused beverages – Growing category with increasing contribution across markets.  

Geographic Revenue Sources 

• Domestic (India) – Largest share of revenue (~~72–80% of consolidated revenue).  
• International operations – Revenues from Nepal, Sri Lanka, Morocco, South Africa, Zambia, Zimbabwe, DRC, and other franchise/distribution territories.  

Channel & Market-Driven Revenue Streams 

• Wholesale & Distributor sales – Traditional distribution channel to retail outlets, a major revenue driver.  
• Retail & Modern Trade sales – Through large retail chains and organised trade networks.  
• E-commerce sales – Through online platforms like Amazon, Flipkart, quick commerce, growing contribution.  
• Vending machines – Direct consumer access points contributing incremental revenue.  

Other Revenue-Related Components 

• Franchise/licensing value – Rights to manufacture and sell PepsiCo products under long-term agreements.  
• Promotional & co-brand initiatives – Revenue from marketing partnerships and promotions (where applicable). 

Varun Beverages Geographic Presence 

States 

• India presence covers 26–27 States & 6–7 Union Territories 

 International Markets – Franchise Rights 

VBL has franchise rights to manufacture, distribute and sell PepsiCo beverage products in:  

• Nepal 
• Sri Lanka 
• Morocco 
• Zambia 
• Zimbabwe 
• South Africa 
• Eswatini 
• Lesotho 
• Democratic Republic of the Congo (DRC) 

International Markets – Distribution Rights 

In addition to franchise territories, VBL holds distribution rights (not full franchise) in select African markets:  

• Namibia 
• Botswana 
• Mozambique 
• Madagascar 

Manufacturing Presence 

VBL operates manufacturing facilities across its geographic footprint, including:  

• India – Multiple plants in Uttar Pradesh, Rajasthan, Punjab, West Bengal, Assam, Gujarat, Maharashtra, Karnataka, Kerala, Telangana, Madhya Pradesh, Odisha and Goa. 
• International – Facilities in Nepal, Sri Lanka, Morocco, Zambia, Zimbabwe, DRC and South Africa. 

Varun Beverages Leadership 

Some of the key leaders of Varun Beverages Limited, as of FY 2025–26 are — 

• Ravi Kant Jaipuria — Promoter & Chairman 
• Varun Jaipuria — Promoter, Executive Vice-Chairman & Whole-time Director 
• Raj Pal Gandhi — Whole-time Director 
• Rajinder Jeet Singh Bagga — Whole-time Director 
• Dr. Naresh Trehan — Non-Executive Non-Independent Director 
• Dr. Ravi Gupta — Independent Director 
• Rashmi Dhariwal — Independent Director 
• Sita Khosla — Independent Director 
• Abhiram Seth — Independent Director 
• Anil Kumar Sondhi — Independent Director 

Varun Beverages Key Milestones 

• 1995: Incorporated as a public limited company. 
• 1996: Started operations at Jaipur. 
• 1999: Commenced operations in Alwar, Jodhpur and Kosi. 
• 2000–2015 
• 2004: Merger of DBL with the Company pursuant to the order of the High Court of Delhi dated October 6, 2004. 
• 2012: Merger of VBIL with the Company pursuant to the order of the High Court of Delhi dated March 12, 2013. 
• 2013: Acquired the business of manufacturing and marketing of soft drink beverages in Delhi. 
• 2015: Acquired the business of selling and distribution of soft drink beverages and syrup mix in one district undertaking in Punjab. 
• 2015: Acquired Pepsi India’s business of manufacturing, marketing, selling and distributing soft drink beverages and syrup mix in Bazpur, Jainpur, Satharia and Panipat. 
• 2015: Acquired Pepsi India’s business of manufacturing, marketing, selling and distributing soft drink beverages and syrup mix in Uttar Pradesh, Uttarakhand, Himachal Pradesh, Haryana and the Union Territory of Chandigarh. 
• 2015: Incorporated Varun Beverages (Zimbabwe) (Private) Limited. 
• 2016: Successfully listed on the NSE and BSE. 
• 2016: Acquired entire shareholding of Arctic International Private Limited in Varun Beverages (Zambia) Limited. 
• 2017: Acquired PepsiCo India’s franchised territories of Odisha and parts of Madhya Pradesh along with manufacturing units at Bargarh (Odisha) and Mandideep (MP). 
• 2017: Increased stake in Varun Beverages (Zambia) Limited to 90% from 60%. 
• 2018: Entered a strategic partnership for selling and distributing the expanded Tropicana portfolio, Gatorade and Quaker value-added dairy in North and East India. 
• 2018: Acquired PepsiCo India’s franchised territories of Chhattisgarh, Bihar and Jharkhand along with manufacturing units at Cuttack (Odisha) and Jamshedpur (Jharkhand). 
• 2018: Established a greenfield production facility in Zimbabwe. 
• 2019: Acquired West and South India sub-territories from PepsiCo. 
• 2019: Acquired PepsiCo India’s franchised sub-territories in designated parts of Maharashtra, Karnataka and Madhya Pradesh. 
• 2021: Incorporated Varun Beverages RDC SAS in the Democratic Republic of Congo. 
• 2022: Commenced commercial production of Kurkure Puffcorn at the Kosi (Uttar Pradesh) manufacturing plant for PepsiCo. 
• 2022: Entered into an agreement to distribute and sell Lays, Doritos and Cheetos for PepsiCo in Morocco. 

Industry Perspective 

The Indian non-alcoholic beverage industry has become a high-growth segment within the FMCG space, with rising consumption, urbanisation and higher disposable incomes driving demand. The broader non-alcoholic market was valued at around USD 80.11 billion in 2025 and is expected to reach about USD 154.67 billion by 2035, implying a strong ≈6.8 % CAGR from 2026–35.  Within this, the soft drinks category (carbonated and non-carbonated) had an estimated market size of USD 20.7 billion in 2024, with forecasts to reach ≈USD 32.1 billion by 2033 at a ≈4.6 % CAGR. Other estimates suggest even faster growth for the carbonated soft drink segment — from USD 23.6 billion in 2025 to USD 43.0 billion by 2030 at a ≈12.7 % CAGR.  

Non-alcoholic beverages — including bottled water, juices, energy and sports drinks — also show healthy momentum. A separate projection places the overall non-alcoholic beverage segment at ₹2.1 trillion by 2029, growing at ≈7.06 % CAGR (2024–29). The industry’s share gains by larger FMCG players highlight expansion, distribution depth and product diversification as key drivers for future growth. 

Varun Beverages is positioned to benefit from the sector’s structural growth through strong volume expansion (30% growth in Q1 CY25: 312 million cases) and robust revenue trends (≈29% YoY in Q1 CY25). With its dominant PepsiCo franchise covering multiple beverage categories and international footprint, the company captures both domestic consumption increases and rising organised market share as India’s beverage market scales. 

Varun Beverages Limited Stock Market Presence: Listings & Index Representation 

Varun Beverages Limited is listed on the National Stock Exchange of India as VBL and on the Bombay Stock Exchange as 540180. The company entered the public markets following its initial public offering and has remained actively traded across both major exchanges, ensuring continuous price discovery and liquidity for market participants. 

Varun Beverages forms part of several benchmark indices including Nifty Next 50, Nifty 100, Nifty 200, Nifty 500, and Nifty FMCG. Inclusion in these indices reflects the company’s market capitalisation, free float, liquidity, and relevance within India’s fast-moving consumer goods and beverages sector. 

Varun Beverages stock price attracts attention from both retail and institutional investors due to its scale in beverage manufacturing, extensive distribution network, and consistent presence in consumption-driven portfolios. Listing on NSE and BSE ensures transparent trading and broad participation, while index inclusion integrates the stock into index-linked funds and institutional benchmarks tracking India’s consumer sector. 

Varun Beverages Limited Stock Performance And Share Price History 

Varun Beverages’ stock performance reflects the journey of a beverage bottler transitioning from a small-cap consumer company into a large-scale FMCG manufacturer. Its expanding production footprint, growing market penetration, and rising consumption levels have shaped long-term share price history, marked by periods of rapid growth and occasional corrections. 

Between 2016 and 2023, Varun Beverages delivered strong annual returns, including gains of 64.42 percent in 2017, 20.07 percent in 2018, 30.89 percent in 2019, 31.44 percent in 2020, 47.24 percent in 2021, 126.05 percent in 2022, and 85.97 percent in 2023. These gains aligned with rapid volume expansion, distribution scale-up, and rising profitability. 

In 2024, the stock rose by 28.69 percent, reflecting continued earnings growth and consumption recovery. In 2025, the stock declined by 24.52 percent as valuations adjusted after strong prior gains and broader market corrections affected consumer stocks. In 2026, the stock showed a modest increase of 2.17 percent, reflecting stabilisation after correction. 

The COVID-19 period in 2020 initially disrupted consumption and distribution but later supported packaged beverage demand through retail channels. This helped explain the positive performance of 31.44 percent in 2020 despite economic disruptions. 

The sharp rise in 2022 and 2023 coincided with earnings growth of 101.04 percent in 2022 and 35.37 percent in 2023, reflecting operating leverage and demand recovery. Conversely, the earnings decline of -47.94 percent in 2020 explains the subdued market sentiment at that time. 

Overall, Varun Beverages share price history shows how earnings growth, demand recovery, and scale expansion supported long-term gains, while valuation adjustments and macro corrections periodically moderated returns. 

Varun Beverages Limited Investor Relevance and Portfolio Role 

Varun Beverages serves as a core exposure within consumer and FMCG-focused portfolios, offering access to packaged beverages, distribution-led growth, and consumption trends across India and select international markets. Inclusion in major indices supports its role in institutional and index-linked portfolios. 

The company has a broad institutional ownership base that includes Jaipuria Group, Norges Bank Investment Management, Singapore sovereign funds, The Vanguard Group, BlackRock, Life Insurance Corporation of India, Nippon Life India Asset Management, Capital Research and Management Company, SBI Funds Management, and ICICI Prudential Asset Management. 

Prominent mutual fund and global fund holders include Government Pension Fund Global, SBI Blue Chip Fund, Vanguard Total International Stock ETF, Vanguard FTSE Emerging Markets ETF, iShares Core MSCI Emerging Markets ETF, Nippon Growth Fund, Mirae Asset Large Cap Fund, Vanguard Institutional Total International Stock Market Index Trust, and Principal Global Emerging Markets Fund. 

Varun Beverages is actively tracked in derivatives and technical markets, where open interest, volumes, and technical indicators such as RSI, MACD, and MFI reflect short-term sentiment shifts around earnings announcements, summer season demand expectations, and commodity price movements. 

The stock’s beta reflects moderate volatility relative to the market. Long-term beta stands at 1.07. Daily one-month beta ranges around 1.40 and daily three-month beta around 1.61, showing higher short-term sensitivity. Weekly one-year beta stands at 0.840, weekly two-year beta at 0.767, two-week two-year beta at 0.441, and monthly two-year beta at 0.915. These figures indicate that short-term trading can be volatile while longer-term movements remain closer to market averages. 

Varun Beverages Ltd. Sectoral Relevance and Peer Positioning 

Varun Beverages’ sector relevance stems from its scale in beverage bottling, manufacturing reach, distribution intensity, and ability to serve high-volume consumption markets. Peer comparisons with companies such as Hindustan Unilever, ITC, Tata Consumer Products, Nestlé India, Dabur India, and Britannia focus on distribution strength, brand portfolios, rural reach, operating efficiency, and pricing power rather than short-term stock movements. 

Varun Beverages P/E ratio reflects how the market values its earnings. The P/E stood at 57.0 in 2022, 55.0 in 2021, 73.3 in 2018, and 55.6 in 2017. As of January 2026, the trailing P/E ratio stands at 39.9, showing moderation from peak valuation levels as growth normalised. 

Varun Beverages EPS highlights operational performance. EPS stood at ₹0.95 in 2017, declined to ₹0.82 in 2018, rose to ₹2.60 in 2021, increased to ₹5.25 in 2022, and reached ₹11.81 in 2025 TTM, reflecting strong earnings expansion over time. 

Varun Beverages market cap reached ₹1.699 trillion in 2026, up from ₹1.631 trillion in 2025, ₹2.120 trillion in 2024, ₹1.608 trillion in 2023, ₹859.16 billion in 2022, ₹384.66 billion in 2021, and ₹69.26 billion in 2016, reflecting long-term value creation and scale growth. 

Varun Beverages earnings increased from ₹2.42 billion in 2016 to ₹37.64 billion TTM in 2025, with notable growth phases in 2021 and 2022. This earnings trajectory reflects rising consumption, operating leverage, and distribution scale, positioning Varun Beverages as a significant participant in India’s FMCG and beverages ecosystem. 

Summary 

Varun Beverages Limited operates as a large, integrated participant in India’s non-alcoholic beverages segment with a diversified product portfolio, extensive distribution reach, and a long-standing franchise relationship with PepsiCo. Its market presence, historical stock performance, institutional ownership, and sector positioning reflect its scale and operational footprint within the FMCG ecosystem. The company’s financial metrics and geographic expansion illustrate how consumption trends, operating efficiency, and market cycles continue to shape its role in the packaged beverages industry over time.