NSE: VBL· FMCGNot in Aug top-30Large cap
Varun Beverages
Rural distribution + Africa
- Last close
- ₹430.00
- 29 Sept 2026 · reference
- 1D · 1M
- 0.0% · +3.9%
- price-only
- Weight
- 1.0%
- 31 Jul 2026 · Aug rank —
- Thesis review
- 8 Sep 2026
- Why We Own, p35
Where the price sits
52-week range, house target and street targets
52w low ₹38252w high ₹544
- Reference close₹430
- Antique Stock Broking Limited · BUY₹563
Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.
Investment case and valuation
Approved model, 8 Sep 2026 review
₹406
Price (2026-09-07)
43.4x / 43.4x
FY27E / FY28E P/E (Buoyant sheet)
16.6%
FY27E ROE (Buoyant sheet)
40.6x
Trailing P/E
7.0x
Price / book
16%
EPS CAGR FY26–28E
Stock -14% over one year (screener) but 5-yr price CAGR 27%; at 40.6x trailing it is below the 55-70x it commanded in 2023-24 during the 30%+ volume-growth phase; 10-yr profit CAGR 40% vs 5-yr 50%. EV/EBITDA 26.1x; dividend yield 0.4%.
- Model date
- 8 Sep 2026 (prices 7–8 Sep 2026)
- Horizon
- 12 months (bank pages: Sep-2027 roll-forward)
- Audience
- Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
- Reviewer · version
- Investment Committee framework · v1 (book)
Current vs history
Trailing multiples, FY-end
| Ratio | TTM Dec-16 | TTM Dec-17 | TTM Dec-18 | TTM Dec-19 | TTM Dec-20 | TTM Dec-21 | TTM Dec-22 | TTM Dec-23 | TTM Dec-24 | TTM Dec-25 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 164.0x | 56.6x | 49.1x | 43.6x | 80.3x | 55.3x | 57.4x | 78.1x | 83.2x | 54.6x |
| Price to Book | 4.1x | 6.7x | 7.2x | 6.1x | 7.5x | 9.4x | 16.9x | 23.2x | 13.0x | 8.5x |
Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.
UnavailableScenario lab disabled. Needs an approved forward EPS and forward P/E for Varun Beverages plus a reference price. Missing inputs are not substituted.