Varun Beverages quarterly results

Q2 FY27 · Jul–Sep 2026

₹ crore	Q2 FY27	Q2 FY26	Change
Revenue	6,816	5,048	+35.0%
EBITDA	1,427	1,147	+24.3%
EBITDA margin	20.9%	22.7%	−1.8 pts
Profit before tax	1,055	943	+11.9%
Net profit	831	745	+11.5%
EPS	₹2.45	₹2.19	+11.9%

Every quarter

₹ crore except per share

Tap a line for its trend	Q2 FY27Sep 2026	Q1 FY27Jun 2026	Q4 FY26Mar 2026	Q3 FY26Dec 2025	Q2 FY26Sep 2025	Q1 FY26Jun 2025	Q4 FY25Mar 2025	Q3 FY25Dec 2024	Q2 FY25Sep 2024	Q1 FY25Jun 2024	Q4 FY24Mar 2024	Q3 FY24Dec 2023	Earlier quartersAlpha Plus

Expenses
	6,816	8,651	6,722	4,335	5,048	7,163	5,680	3,818	4,932	7,334	4,398	2,731	Earlier quartersEvery year the company has filed comes with Alpha Plus.
	120	104	43.5	99.1	148	77.2	28.1	44.6	24.3	44.0	8.4	9.1
	6,935	8,755	6,765	4,434	5,196	7,240	5,708	3,862	4,956	7,378	4,406	2,740
	2,910	3,653	3,152	1,922	1,899	2,845	2,671	1,705	1,785	2,872	1,931	1,209
	101	183	65.2	110	88.9	99.1	71.2	144	146	160	235	102
	89.1	−29.8	−272	−156	132	247	−213	−230	205	228	−279	−154
	603	683	619	586	553	550	512	479	513	499	394	371
	71.7	56.9	48.5	46.7	45.2	36.5	41.1	109	119	129	93.7	73.7
	420	409	357	330	308	306	273	261	257	242	188	166
	1,687	1,818	1,628	1,233	1,228	1,423	1,375	1,138	1,132	1,583	1,128	784
	5,881	6,773	5,598	4,072	4,253	5,507	4,730	3,607	4,156	5,714	3,690	2,552
	1,427	2,343	1,529	639	1,147	1,999	1,264	580	1,151	1,991	989	418
	1,007	1,934	1,172	309	840	1,693	991	319	895	1,749	801	252
Profit
	1,055	1,981	1,167	361	943	1,733	978	255	800	1,664	716	188
	1,055	1,981	1,167	361	943	1,733	978	255	800	1,664	716	188
	239	442	270	65.7	179	366	229	32.7	174	397	148	47.0
	−16.8	9.8	14.2	33.2	16.2	40.2	17.4	25.8	−2.2	4.5	20.0	−2.7
	222	452	284	98.9	196	407	246	58.5	171	401	168	44.2
	−2.3	−4.3	−3.9	−2.6	−1.7	−1.2	−0.6	−0.7	−0.1	−0.5	−0.2	0.2
	831	1,525	879	260	745	1,325	731	196	629	1,262	548	144
	833	1,530	883	263	747	1,327	732	196	629	1,262	548	144
	10.0	42.1	91.4	260	134	22.3	17.5	77.1	−19.7	−19.8	20.1	−21.6
	841	1,567	970	520	879	1,348	749	273	609	1,242	568	122
	828	1,521	872	252	741	1,317	726	185	620	1,253	537	132
	2.6	4.6	6.4	8.2	4.0	8.5	4.9	10.5	9.2	9.2	10.7	11.8
Per share
	₹2.45	₹4.50	₹2.58	₹0.74	₹2.19	₹3.89	₹2.15	₹0.56	₹1.91	₹9.64	₹4.14	₹1.02
	₹2.45	₹4.50	₹2.58	₹0.74	₹2.19	₹3.89	₹2.15	₹0.56	₹1.91	₹9.63	₹4.13	₹1.02
Other comprehensive income — detail
	10.0	42.1	91.4	260	134	22.3	17.5	—	—	—	—	—
	5.9	2.0	2.5	27.6	1.9	−3.4	0.4	22.3	2.8	−2.3	6.1	−3.8
	1.5	0.5	0.6	6.9	0.5	−0.8	0.1	—	—	—	—	—
	—	—	—	—	—	—	—	5.1	0.7	−0.6	1.5	−1.0
	5.6	—	89.6	—	133	24.8	17.2	60.0	−21.8	−18.1	15.6	−18.7
	0.0	−40.5	0.0	−239	0.0	0.0	0.0	—	—	—	—	—
	837	1,561	957	509	871	1,340	744	258	602	1,233	557	112
	3.5	6.3	13.1	11.2	8.2	7.4	5.2	14.4	7.3	8.8	11.1	9.9
Per share — as-filed variants
	₹2.45	₹4.50	₹2.58	₹0.74	₹2.19	₹3.89	₹2.15	₹0.56	₹1.91	₹9.64	₹4.14	₹1.02
	₹2.45	₹4.50	₹2.58	₹0.74	₹2.19	₹3.89	₹2.15	₹0.56	₹1.91	₹9.63	₹4.13	₹1.02
Derived — gross profit (revenue − materials − purchases − Δ inventories)
	3,716	4,844	3,776	2,459	2,929	3,972	3,151	2,197	2,796	4,073	2,510	1,574
	54.5%	56.0%	56.2%	56.7%	58.0%	55.5%	55.5%	57.6%	56.7%	55.5%	57.1%	57.6%
Adjusted (ex-exceptional items) — derived
	1,055	1,981	1,167	361	943	1,733	978	255	800	1,664	716	188
	831	1,525	879	260	745	1,325	731	196	629	1,262	548	144
	₹2.45	₹4.50	₹2.58	₹0.74	₹2.19	₹3.89	₹2.15	₹0.56	₹1.91	₹9.64	₹4.14	₹1.02

Open the chart

From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

VBL₹414.80

Varun Beverages Ltd.

· FMCG & Retail

Annual Quarterly₹ CrorePeersUNITDSPR GODREJCP BRITANNIA TATACONSUM NESTLEIND ITC HINDUNILVR MARICOMcap ₹1.40L Cr

View

In ₹ Crore except Per Share 3 Months Ending	Q3 FY24 31/12/2023	Q4 FY24 31/03/2024	Q1 FY25 30/06/2024	Q2 FY25 30/09/2024	Q3 FY25 31/12/2024	Q4 FY25 31/03/2025	Q1 FY26 30/06/2025	Q2 FY26 30/09/2025	Q3 FY26 31/12/2025	Q4 FY26 31/03/2026	Q1 FY27 30/06/2026	Q2 FY27 30/09/2026
Revenue from Operations	2,731.0	4,398.0	7,333.7	4,932.1	3,817.6	5,680.0	7,163.0	5,047.7	4,334.8	6,721.5	8,650.6	6,815.6
Other Income	9.1	8.4	44.0	24.3	44.6	28.1	77.2	148.0	99.1	43.5	104.4	119.9
Total Income	2,740.1	4,406.3	7,377.7	4,956.3	3,862.3	5,708.1	7,240.2	5,195.8	4,433.9	6,765.1	8,755.0	6,935.4
Expenses
+ Cost of Materials Consumed	1,208.7	1,930.9	2,872.3	1,785.0	1,705.5	2,671.1	2,845.4	1,898.5	1,922.1	3,152.2	3,653.5	2,909.6
+ Purchases of Stock-in-Trade	102.2	235.2	160.0	146.3	144.4	71.2	99.1	88.9	110.2	65.2	182.6	100.6
+ Changes in Inventories	-154.0	-278.6	228.2	205.1	-229.7	-213.2	246.6	131.8	-156.3	-271.8	-29.8	89.1
+ Employee Benefit Expense	371.3	393.7	499.3	513.0	479.0	511.5	549.7	553.3	586.3	619.3	683.2	602.6
+ Finance Costs	73.7	93.7	129.2	118.5	109.0	41.1	36.5	45.2	46.7	48.5	56.9	71.7
+ Depreciation & Amortisation	166.0	187.5	242.5	256.6	260.8	272.5	306.2	307.6	330.2	356.8	409.0	420.0
+ Other Expenses	784.5	1,128.0	1,582.6	1,131.5	1,138.4	1,375.5	1,423.5	1,227.8	1,233.2	1,627.7	1,817.9	1,686.9
Total Expenses	2,552.3	3,690.4	5,714.1	4,156.1	3,607.4	4,729.7	5,506.9	4,253.2	4,072.4	5,597.9	6,773.5	5,880.6
EBITDA	418.3	988.8	1,991.2	1,151.1	580.0	1,264.0	1,998.8	1,147.4	639.3	1,528.9	2,343.0	1,426.7
EBIT	252.3	801.2	1,748.7	894.5	319.2	991.5	1,692.6	839.8	309.1	1,172.1	1,934.0	1,006.7
Profit
PBT before Exceptional Items	187.8	715.9	1,663.6	800.2	254.8	978.4	1,733.2	942.6	361.5	1,167.1	1,981.5	1,054.9
Pretax Income	187.8	715.9	1,663.6	800.2	254.8	978.4	1,733.2	942.6	361.5	1,167.1	1,981.5	1,054.9
+ Current Tax	47.0	147.8	396.7	173.5	32.7	229.1	366.4	179.5	65.7	270.2	442.0	238.8
+ Deferred Tax	-2.7	20.0	4.5	-2.2	25.8	17.4	40.2	16.2	33.2	14.2	9.8	-16.8
Tax Expense	44.2	167.8	401.2	171.3	58.5	246.5	406.6	195.7	98.9	284.5	451.8	222.0
+ Share of Associates & JVs	0.2	-0.2	-0.5	-0.1	-0.7	-0.6	-1.2	-1.7	-2.6	-3.9	-4.3	-2.3
Net Income	143.8	548.0	1,261.8	628.8	195.6	731.4	1,325.5	745.2	260.0	878.7	1,525.4	830.6
+ Net Income — Continuing Ops	143.6	548.1	1,262.4	628.9	196.3	731.9	1,326.7	746.9	262.6	882.7	1,529.6	832.9
+ Other Comprehensive Income	-21.6	20.1	-19.8	-19.7	77.1	17.5	22.3	134.0	260.1	91.4	42.1	10.0
Total Comprehensive Income	122.1	568.1	1,242.0	609.1	272.8	748.9	1,347.8	879.2	520.2	970.1	1,567.4	840.6
Net Income to Common	132.0	537.3	1,252.6	619.6	185.1	726.5	1,317.0	741.2	251.8	872.4	1,520.8	828.0
Minority Interest	11.8	10.7	9.2	9.2	10.5	4.9	8.5	4.0	8.2	6.4	4.6	2.6
Per Share
Basic EPS	1.02	4.14	9.64	1.91	0.56	2.15	3.89	2.19	0.74	2.58	4.50	2.45
Diluted EPS	1.02	4.13	9.63	1.91	0.56	2.15	3.89	2.19	0.74	2.58	4.50	2.45
Other Comprehensive Income — detail
+ Other Comprehensive Income	—	—	—	—	—	17.5	22.3	134.0	260.1	91.4	42.1	10.0
+ Items NOT to be Reclassified to P&L	-3.8	6.1	-2.3	2.8	22.3	0.4	-3.4	1.9	27.6	2.5	2.0	5.9
+ Tax on Items NOT to be Reclassified	—	—	—	—	—	0.1	-0.8	0.5	6.9	0.6	0.5	1.5
+ Tax on Items NOT to be Reclassified — alt tag	-1.0	1.5	-0.6	0.7	5.1	—	—	—	—	—	—	—
+ Items to be Reclassified to P&L	-18.7	15.6	-18.1	-21.8	60.0	17.2	24.8	132.6	—	89.6	—	5.6
+ Tax on Items to be Reclassified	—	—	—	—	—	0.0	0.0	0.0	-239.5	0.0	-40.5	0.0
Comprehensive Income — Owners of Parent	112.2	557.0	1,233.2	601.9	258.4	743.7	1,340.4	871.1	508.9	957.1	1,561.1	837.1
Comprehensive Income — Non-controlling Interests	9.9	11.1	8.8	7.3	14.4	5.2	7.4	8.2	11.2	13.1	6.3	3.5
Per Share — as-filed variants
Basic EPS — Continuing Operations	1.02	4.14	9.64	1.91	0.56	2.15	3.89	2.19	0.74	2.58	4.50	2.45
Diluted EPS — Continuing Operations	1.02	4.13	9.63	1.91	0.56	2.15	3.89	2.19	0.74	2.58	4.50	2.45
Derived — Gross Profit (Revenue − Materials − Purchases − Δ Inventories)
Gross Profit	1,574.1	2,510.4	4,073.1	2,795.7	2,197.4	3,151.0	3,971.9	2,928.5	2,458.7	3,775.9	4,844.2	3,716.2
Gross Margin %	57.64	57.08	55.54	56.68	57.56	55.47	55.45	58.02	56.72	56.18	56.00	54.53
Adjusted (ex-Exceptional Items) — derived
Pretax Income (Adjusted, as filed)	187.8	715.9	1,663.6	800.2	254.8	978.4	1,733.2	942.6	361.5	1,167.1	1,981.5	1,054.9
Net Income Adj (tax-effected)	143.8	548.0	1,261.8	628.8	195.6	731.4	1,325.5	745.2	260.0	878.7	1,525.4	830.6
EPS Adj	1.02	4.14	9.64	1.91	0.56	2.15	3.89	2.19	0.74	2.58	4.50	2.45
Other Filed Concepts — mapped but not yet placed in the schedule
Face Value	5.00	5.00	5.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00
Paid Up Equity Capital	649.6	649.7	649.7	649.7	676.3	676.4	676.4	676.4	676.4	676.4	676.5	676.5

As filed, sign as filed — read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown, so depth follows the filer: pre-Ind-AS, insurance and NBFC blocks stay hidden unless they were actually reported. Alternate tags for the same idea (e.g. two spellings of a deferred-tax element) are kept as separate lines rather than merged, because merging them would be a guess. Ratios, per-share figures and counts render as raw numbers, not ₹ Crore. No consensus estimates → no Est columns. Click any row to chart it.

« ‹ › »Latest: Q2 FY27 · ConsolidatedFA Financial Analysis · alphave

Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.

Varun Beverages Q2 FY27 results (July–September 2026)

Filed with NSE on Friday, 30 October 2026 at 11:50 am IST

Varun Beverages (NSE: VBL) reported its Q2 FY27 results (July–September 2026) on Friday, 30 October 2026 at 11:50 am IST. Consolidated net profit attributable to shareholders was ₹828 crore, up 11.7% from ₹741 crore in Q2 FY26 and down 45.6% from ₹1,521 crore in Q1 FY27. Revenue from operations was ₹6,816 crore, up 35.0% year on year and down 21.2% from the previous quarter.

Q3 FY27 results due by: 14 February 2027

Q2 FY27 at a glance · consolidated

Net profit (shareholders'): ₹828 Cr+11.7% vs Q2 FY26−45.6% vs Q1 FY27Total incl. minority interest ₹831 Cr
Revenue from operations: ₹6,816 Cr+35.0% vs Q2 FY26−21.2% vs Q1 FY27
Operating margin (EBIT): 14.8%−1.9 pts vs Q2 FY26−7.6 pts vs Q1 FY27EBIT ₹1,007 Cr
EBITDA: ₹1,427 Cr+24.3% vs Q2 FY26−39.1% vs Q1 FY27margin 20.9%
Earnings per share (basic): ₹2.45+11.9% vs Q2 FY26−45.6% vs Q1 FY27
Net profit margin: 12.1%−2.5 pts vs Q2 FY26−5.4 pts vs Q1 FY27

Questions

What was Varun Beverages' net profit in Q2 FY27?

Consolidated net profit attributable to shareholders was ₹828 crore, up 11.7% from ₹741 crore in Q2 FY26 and down 45.6% from ₹1,521 crore in Q1 FY27. Including the minority shareholders' share, total profit was ₹831 crore.

What was Varun Beverages' operating margin in Q2 FY27?

Operating profit (EBIT — revenue less operating expenses, before finance costs and other income) was ₹1,007 crore, a margin of 14.8%, against 22.4% in Q1 FY27 and 16.6% in Q2 FY26. EBITDA was ₹1,427 crore, 20.9% of revenue.

What was Varun Beverages' net profit in the first half of FY27?

Consolidated net profit attributable to shareholders for the first half of FY27 (April–September 2026) was ₹2,349 crore, up 14.1% from ₹2,058 crore in the same months a year earlier. Revenue from operations was ₹15,466 crore, up 26.7%.

What was Varun Beverages' revenue in Q2 FY27?

Revenue from operations was ₹6,816 crore, up 35.0% year on year and down 21.2% from the previous quarter.

What was Varun Beverages' EPS in Q2 FY27?

Basic earnings per share were ₹2.45, against ₹2.19 in Q2 FY26.

When did Varun Beverages announce its Q2 FY27 results?

On Friday, 30 October 2026 at 11:50 am IST, in its results filing to the stock exchanges.

How were Varun Beverages' Q2 FY27 results?

Both grew from a year earlier: net profit was up 11.7% at ₹828 crore and revenue was up 35.0% at ₹6,816 crore. The operating margin was 14.8%, down 1.9 percentage points from 16.6% a year earlier. Against Q1 FY27, net profit was down 45.6% and revenue down 21.2%.

What is Varun Beverages' net profit margin?

Varun Beverages' net profit margin was 12.1% in Q2 FY27 (net profit attributable to shareholders as a share of revenue from operations), against 14.7% in Q2 FY26 (down 2.5 percentage points). For the year to December 2025 as a whole it was 13.7%.

What was Varun Beverages' revenue in the year to December 2025?

Revenue from operations was ₹22,226 crore in the year to December 2025 (January 2024–December 2025), up 8.5% from ₹20,481 crore in the year to December 2024. It was ₹16,321 crore in the year to December 2023 and ₹13,391 crore in the year to December 2022: up 66.0% over three years, 18.4% a year on average.

How has Varun Beverages' profit changed over the last four quarters?

Net profit attributable to shareholders by quarter: ₹252 crore in Q3 FY26, ₹872 crore in Q4 FY26, ₹1,521 crore in Q1 FY27 and ₹828 crore in Q2 FY27. That is ₹3,473 crore over the four quarters, up 16.9% from ₹2,970 crore in the four quarters before. Revenue from operations: ₹4,335 crore, ₹6,722 crore, ₹8,651 crore and ₹6,816 crore.

What was Varun Beverages' net profit in the year to December 2025?

Consolidated net profit attributable to shareholders was ₹3,036 crore in the year to December 2025 (January 2024–December 2025), up 17.0% from ₹2,595 crore in the year to December 2024. It was ₹2,056 crore in the year to December 2023 and ₹1,497 crore in the year to December 2022: up 102.8% over three years, 26.6% a year on average.

When will Varun Beverages announce its Q3 FY27 results?

Q3 FY27 covers October–December 2026. Listed companies must publish quarterly results within 45 days of the quarter's end (SEBI listing rules, Regulation 33), so the results are due by 14 February 2027. The company tells the exchanges the date of the board meeting at least two working days before it.

Where do these Varun Beverages figures come from?

From Varun Beverages' own consolidated results filings to NSE, in ₹ crore as filed (Q2 FY27 on 30 October 2026). Growth compares the same consolidated figures a year and a quarter earlier.

Consolidated figures from the company's filings to NSE. Every company's results dates this season are in the Q2 FY27 results calendar, part of Alpha Plus.