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Varun Beverages Valuation Multiples
Discover revenue and EBITDA valuation multiples for Varun Beverages and similar public comparables like WH Group HK, Britannia Industries, JDE Peet's, Associated British Foods and more.
Varun Beverages Overview
About Varun Beverages
Varun Beverages Ltd is engaged in manufacturing, selling, bottling, and distribution of beverages of the Pepsi brand in geographically pre-defined territories of India, Sri Lanka, Nepal, Zambia, Morocco, and Zimbabwe. Its brands include Seven-Up, Mountain Dew, Mirinda, Nimbooz, Tropicana Slice, and other related products. The firm generates a majority of its revenue within India.
Founded
1995
HQ
Employees
11.0K
Website
Sectors
Financials (LTM)
EV
$16B
Varun Beverages Financials
Varun Beverages reported last 12-month revenue of $2B and EBITDA of $572M.
In the same LTM period, Varun Beverages generated $1B in gross profit, $572M in EBITDA, and $343M in net income.
Revenue (LTM)
Varun Beverages P&L
In the most recent fiscal year, Varun Beverages reported revenue of $2B and EBITDA of $572M.
Varun Beverages expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $2B | XXX | $2B | XXX | XXX | XXX |
| Gross Profit | $1B | XXX | $1B | XXX | XXX | XXX |
| Gross Margin | 55% | XXX | 48% | XXX | XXX | XXX |
| EBITDA | $572M | XXX | $572M | XXX | XXX | XXX |
| EBITDA Margin | 23% | XXX | 24% | XXX | XXX | XXX |
| EBIT Margin | 18% | XXX | 18% | XXX | XXX | XXX |
| Net Profit | $343M | XXX | $336M | XXX | XXX | XXX |
| Net Margin | 14% | XXX | 14% | XXX | XXX | XXX |
| Net Debt | — | — | $25M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Varun Beverages Stock Performance
Varun Beverages has current market cap of $17B, and enterprise value of $16B.
Market Cap Evolution
Varun Beverages' stock price is $4.88.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $16B | $17B | 0.0% | XXX | XXX | XXX | $0.10 |
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Start Free TrialVarun Beverages Valuation Multiples
Varun Beverages trades at 6.7x EV/Revenue multiple, and 28.8x EV/EBITDA.
EV / Revenue (LTM)
Varun Beverages Financial Valuation Multiples
As of March 28, 2026, Varun Beverages has market cap of $17B and EV of $16B.
Equity research analysts estimate Varun Beverages' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Varun Beverages has a P/E ratio of 48.2x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $17B | XXX | $17B | XXX | XXX | XXX |
| EV (current) | $16B | XXX | $16B | XXX | XXX | XXX |
| EV/Revenue | 6.7x | XXX | 6.9x | XXX | XXX | XXX |
| EV/EBITDA | 28.8x | XXX | 28.7x | XXX | XXX | XXX |
| EV/EBIT | 37.3x | XXX | 38.2x | XXX | XXX | XXX |
| EV/Gross Profit | 12.2x | XXX | 14.2x | XXX | XXX | XXX |
| P/E | 48.2x | XXX | 49.1x | XXX | XXX | XXX |
| EV/FCF | 144.8x | XXX | 201.3x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Varun Beverages Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Varun Beverages Margins & Growth Rates
Varun Beverages' revenue in the last 12 month grew by 10%.
Varun Beverages' revenue per employee in the last FY averaged $0.2M.
Varun Beverages' rule of 40 is 34% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Varun Beverages' rule of X is 49% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Varun Beverages Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 10% | XXX | 10% | XXX | XXX | XXX |
| EBITDA Margin | 23% | XXX | 24% | XXX | XXX | XXX |
| EBITDA Growth | 10% | XXX | 6% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 34% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 49% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 4% | XXX | 10% | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 1% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 31% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Varun Beverages Public Comps
See public comps and valuation multiples for other Food & Beverages comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| WH Group HK | XXX | XXX | XXX | XXX | XXX | XXX |
| Britannia Industries | XXX | XXX | XXX | XXX | XXX | XXX |
| JDE Peet's | XXX | XXX | XXX | XXX | XXX | XXX |
| Associated British Foods | XXX | XXX | XXX | XXX | XXX | XXX |
| Grupo Bimbo | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Varun Beverages M&A Activity
Varun Beverages acquired XXX companies to date.
Last acquisition by Varun Beverages was on XXXXXXXX, XXXXX. Varun Beverages acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Varun Beverages
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialVarun Beverages Investment Activity
Varun Beverages invested in XXX companies to date.
Varun Beverages made its latest investment on XXXXXXXX, XXXXX. Varun Beverages invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Varun Beverages
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Varun Beverages
| When was Varun Beverages founded? | Varun Beverages was founded in 1995. |
| Where is Varun Beverages headquartered? | Varun Beverages is headquartered in India. |
| How many employees does Varun Beverages have? | As of today, Varun Beverages has over 11K employees. |
| Is Varun Beverages publicly listed? | Yes, Varun Beverages is a public company listed on National Stock Exchange of India. |
| What is the stock symbol of Varun Beverages? | Varun Beverages trades under VBL ticker. |
| When did Varun Beverages go public? | Varun Beverages went public in 2016. |
| Who are competitors of Varun Beverages? | Varun Beverages main competitors are WH Group HK, Britannia Industries, JDE Peet's, Associated British Foods. |
| What is the current market cap of Varun Beverages? | Varun Beverages' current market cap is $17B. |
| What is the current revenue of Varun Beverages? | Varun Beverages' last 12 months revenue is $2B. |
| What is the current revenue growth of Varun Beverages? | Varun Beverages revenue growth (NTM/LTM) is 10%. |
| What is the current EV/Revenue multiple of Varun Beverages? | Current revenue multiple of Varun Beverages is 6.7x. |
| Is Varun Beverages profitable? | Yes, Varun Beverages is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Varun Beverages? | Varun Beverages' last 12 months EBITDA is $572M. |
| What is Varun Beverages' EBITDA margin? | Varun Beverages' last 12 months EBITDA margin is 23%. |
| What is the current EV/EBITDA multiple of Varun Beverages? | Current EBITDA multiple of Varun Beverages is 28.8x. |
| What is the current FCF of Varun Beverages? | Varun Beverages' last 12 months FCF is $114M. |
| What is Varun Beverages' FCF margin? | Varun Beverages' last 12 months FCF margin is 5%. |
| What is the current EV/FCF multiple of Varun Beverages? | Current FCF multiple of Varun Beverages is 144.8x. |
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