Varun Beverages Limited (VBL) - Net Assets

Latest as of June 2026: Rs219.52 Billion INR ≈ $2.37 Billion USD

Based on the latest financial reports, Varun Beverages Limited (VBL) has net assets worth Rs219.52 Billion INR (≈ $2.37 Billion USD) as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Rs302.11 Billion ≈ $3.27 Billion USD) and total liabilities (Rs82.58 Billion ≈ $893.09 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check VBL strategic assets to equity ratio to assess the company's strategic physical and investment asset allocation.

Key Net Assets Metrics

Metric	Value
Current Net Assets	Rs219.52 Billion
% of Total Assets	72.66%
Annual Growth Rate	44.06%
5-Year Change	370.39%
10-Year Change	942.33%
Growth Volatility	67.14

Varun Beverages Limited - Net Assets Trend (2012–2025)

This chart illustrates how Varun Beverages Limited's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see Varun Beverages Limited stock valuation.

Annual Net Assets for Varun Beverages Limited (2012–2025)

The table below shows the annual net assets of Varun Beverages Limited from 2012 to 2025. Also explore Varun Beverages Limited (VBL) net asset momentum to track the company's year-over-year net asset growth rate.

Year	Net Assets	Change
2025-12-31	Rs197.41 Billion ≈ $2.13 Billion	+17.93%
2024-12-31	Rs167.40 Billion ≈ $1.81 Billion	+136.26%
2023-12-31	Rs70.85 Billion ≈ $766.23 Million	+35.85%
2022-12-31	Rs52.15 Billion ≈ $564.04 Million	+24.28%
2021-12-31	Rs41.97 Billion ≈ $453.86 Million	+16.94%
2020-12-31	Rs35.89 Billion ≈ $388.11 Million	+6.84%
2019-12-31	Rs33.59 Billion ≈ $363.27 Million	+67.43%
2018-12-31	Rs20.06 Billion ≈ $216.97 Million	+13.48%
2017-12-31	Rs17.68 Billion ≈ $191.20 Million	-6.65%
2016-12-31	Rs18.94 Billion ≈ $204.82 Million	+905.06%
2015-12-31	Rs-2.35 Billion ≈ $-25.44 Million	-168.57%
2014-12-31	Rs3.43 Billion ≈ $37.10 Million	+59.30%
2013-12-31	Rs2.15 Billion ≈ $23.29 Million	+25.49%
2012-12-31	Rs1.72 Billion ≈ $18.56 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Varun Beverages Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 17458.1% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	Rs94.07 Billion	48.05%
Common Stock	Rs6.76 Billion	3.45%
Other Comprehensive Income	Rs-2.11 Billion	-1.08%
Other Components	Rs97.06 Billion	49.58%
Total Equity	Rs195.79 Billion	100.00%

Varun Beverages Limited Competitors by Market Cap

The table below lists competitors of Varun Beverages Limited ranked by their market capitalization.

Company	Market Cap
YPF Sociedad Anonima NYSE:YPF	$15.00 Billion
Pinnacle Financial Partners, Inc. NYSE:PNFP	$15.01 Billion
Bosch Limited NSE:BOSCHLTD	$15.01 Billion
Corebridge Financial Inc. NYSE:CRBG	$15.01 Billion
Emera Inc. TO:EMA	$14.98 Billion
HAL TR. UNITS F:HA4	$14.93 Billion
MTN GROUP ADR/1 RC-0001 F:LL6A	$14.90 Billion
Alamos Gold Inc TO:AGI	$14.86 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Varun Beverages Limited's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 166,098,290,000 to 195,787,040,000, a change of 29,688,750,000 (17.9%).
Net income of 30,364,890,000 contributed positively to equity growth.
Dividend payments of 5,072,540,000 reduced retained earnings.
Share repurchases of 85,440,000 reduced equity.
New share issuances of 88,160,000 increased equity.
Other comprehensive income increased equity by 4,072,800,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	Rs30.36 Billion	+15.51%
Dividends Paid	Rs5.07 Billion	-2.59%
Share Repurchases	Rs85.44 Million	-0.04%
Share Issuances	Rs88.16 Million	+0.05%
Other Comprehensive Income	Rs4.07 Billion	+2.08%
Other Changes	Rs320.88 Million	+0.16%
Total Change	Rs-	17.87%

Book Value vs Market Value Analysis

This analysis compares Varun Beverages Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 7.08x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has decreased from 775.17x to 7.08x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2012-12-31	Rs0.53	Rs409.60	x
2013-12-31	Rs0.66	Rs409.60	x
2014-12-31	Rs1.06	Rs409.60	x
2015-12-31	Rs-0.95	Rs409.60	x
2016-12-31	Rs6.64	Rs409.60	x
2017-12-31	Rs5.45	Rs409.60	x
2018-12-31	Rs6.15	Rs409.60	x
2019-12-31	Rs10.25	Rs409.60	x
2020-12-31	Rs10.85	Rs409.60	x
2021-12-31	Rs12.56	Rs409.60	x
2022-12-31	Rs15.71	Rs409.60	x
2023-12-31	Rs21.35	Rs409.60	x
2024-12-31	Rs50.86	Rs409.60	x
2025-12-31	Rs57.89	Rs409.60	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Varun Beverages Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 15.51%
The company demonstrates strong efficiency in generating profits from shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 14.00%
• Asset Turnover: 0.85x
• Equity Multiplier: 1.31x
Recent ROE (15.51%) is above the historical average (10.69%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2012	14.63%	1.39%	0.70x	14.89x	Rs79.47 Million
2013	-18.36%	-1.87%	0.71x	13.88x	Rs-610.66 Million
2014	-5.88%	-0.81%	0.76x	9.60x	Rs-544.64 Million
2015	0.00%	3.33%	0.75x	0.00x	Rs1.35 Billion
2016	2.24%	1.10%	0.74x	2.76x	Rs-1.47 Billion
2017	11.88%	5.24%	0.76x	2.99x	Rs332.11 Million
2018	14.65%	5.74%	0.85x	3.02x	Rs929.91 Million
2019	14.09%	6.58%	0.85x	2.52x	Rs1.36 Billion
2020	9.34%	5.10%	0.76x	2.40x	Rs-234.05 Million
2021	17.01%	7.87%	0.92x	2.35x	Rs2.86 Billion
2022	29.35%	11.37%	1.13x	2.28x	Rs9.87 Billion
2023	29.64%	12.82%	1.06x	2.19x	Rs13.62 Billion
2024	15.62%	12.97%	0.86x	1.39x	Rs9.34 Billion
2025	15.51%	14.00%	0.85x	1.31x	Rs10.79 Billion

Industry Comparison

This section compares Varun Beverages Limited's net assets metrics with peer companies in the Beverages - Non-Alcoholic industry.

Industry Context

Industry: Beverages - Non-Alcoholic
Average net assets among peers: $-826,282,000
Average return on equity (ROE) among peers: 0.00%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Varun Beverages Limited (VBL)	Rs219.52 Billion	14.63%	0.38x	$14.98 Billion
Shree Rama Newsprint Limited (RAMANEWS)	$-826.28 Million	0.00%	0.00x	$49.36 Million

About Varun Beverages Limited

NSE:VBL India Beverages - Non-Alcoholic

Market Cap

$14.98 Billion

Rs1.39 Trillion INR

Market Cap Rank

#1632 Global

#50 in India

Share Price

Rs409.60

Change (1 day)

-1.66%

52-Week Range

Rs382.20 - Rs544.05

All Time High

Rs673.55