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Varun BeveragesNSE:VBL +2.25%96 EV-to-EBITDA is 22.70 as of Sep. 03, 2026, which is 6% below its 10-year median of 24.05. GuruFocus rates NSE:VBL with a GF Score™ of 96/100 and a GF Value™ of ₹597.89 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 103 Beverages - Non-Alcoholic companies, Varun Beverages ranks worse than 77.67% on this metric.
EV-to-EBITDA is calculated as enterprise value divided by its EBITDA. As of today, Varun Beverages's enterprise value is ₹1,371,316 Mil.
Varun Beverages's EBITDA for the trailing twelve months (TTM) ended in Jun. 2026 was ₹60,411 Mil. Therefore, Varun Beverages's EV-to-EBITDA for today is 22.70.
The historical rank and industry rank for Varun Beverages's EV-to-EBITDA or its related term are showing as below:
NSE:VBL'
s EV-to-EBITDA Range Over the Past 10 Years
Min: 8.51 Med: 24.05 Max: 55.09
Current: 22.69
During the past 11 years, the highest EV-to-EBITDA of Varun Beverages was 55.09. The lowest was 8.51. And the median was 24.05.
NSE:VBL's EV-to-EBITDA is ranked worse than 77.67% of 103
companies
in the Beverages - Non-Alcoholic industry
Industry Median: 11.1
vs NSE:VBL: 22.69
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio to determine the fair market value of a company.
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Varun Beverages's PE Ratio (TTM) for today is calculated as:
Varun Beverages's share price for today is ₹407.15.
Varun Beverages's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was ₹10.010.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Study has found that the companies with the lowest EV-to-EBITDA outperforms companies measured as cheap by other ratios such as PE Ratio (TTM).
The historical data trend for Varun Beverages's EV-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Beverages - Non-Alcoholic subindustry, Varun Beverages's EV-to-EBITDA, along with its competitors' market caps and EV-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Varun Beverages EV-to-EBITDA vs Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Varun Beverages's EV-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Varun Beverages's EV-to-EBITDA falls into.
Varun Beverages's current Enterprise Value is ₹1,371,316 Mil.
Varun Beverages's EBITDA for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was ₹60,411 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Varun Beverages (NSE:VBL) has a EV-to-EBITDA of 22.70 as of Sep. 03, 2026. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Varun Beverages. This is near median its historical median of 24.05. Over the past decade, Varun Beverages' EV-to-EBITDA has ranged from 8.51 to 55.09. According to the industry distribution chart, Varun Beverages ranks #80 out of 103 companies in the Beverages - Non-Alcoholic industry, placing it in the top 77.7%.
Is Varun Beverages' EV-to-EBITDA too high?
Varun Beverages' current EV-to-EBITDA of 22.70 is near median its 10-year median of 24.05. Over the past 10 years, this metric has ranged from a low of 8.51 to a high of 55.09. The Beverages - Non-Alcoholic industry median EV-to-EBITDA is 11.10. Varun Beverages' value of 22.70 is 104.5% above this industry median. Based on the distribution chart, Varun Beverages ranks #80 out of 103 companies in the Beverages - Non-Alcoholic industry, which is in the bottom quartile relative to peers. Overall, Varun Beverages has a GF Score™ of 96/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Varun Beverages' EV-to-EBITDA compare to KO and PEP?
According to the Beverages - Non-Alcoholic industry distribution chart, Varun Beverages ranks #80 out of 103 companies for EV-to-EBITDA. This places Varun Beverages in the lower half of its industry. The industry median EV-to-EBITDA is 11.10. Varun Beverages' value of 22.70 is 104.5% above this benchmark. Historically, Varun Beverages' own EV-to-EBITDA has ranged from 8.51 to 55.09 over the past decade. While the company's 10-year median is 24.05 vs. the industry median of 11.10, Varun Beverages has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-EBITDA for a Beverages - Non-Alcoholic company?
The median EV-to-EBITDA among Beverages - Non-Alcoholic companies is 11.10, based on 103 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, EV-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Varun Beverages's current EV-to-EBITDA of 22.70 is 104.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-EBITDA mean?
A high EV-to-EBITDA can signal that a stock is expensive relative to its fundamentals. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Varun Beverages. For the Beverages - Non-Alcoholic industry, the median EV-to-EBITDA is 11.10 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Varun Beverages's current EV-to-EBITDA is 22.70, which is near median its own 10-year median of 24.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Varun Beverages stock overvalued right now?
Based on GuruFocus' analysis, Varun Beverages (NSE:VBL) is currently considered Significantly Undervalued. The stock's GF Value™ is ₹597.89, compared to a current price of ₹407.15 — trading 31.9% below its estimated fair value. The current EV-to-EBITDA is 22.70, which is near median its 10-year median of 24.05 and 104.5% above the Beverages - Non-Alcoholic industry median of 11.10. Varun Beverages' overall GF Score™ is 96/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-EBITDA calculated?
EV-to-EBITDA is calculated from a company's financial statements. For Varun Beverages (NSE:VBL), the current EV-to-EBITDA is 22.70 as of Sep. 03, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Varun Beverages (NSE:VBL) Overvalued in 2026?
Based on GuruFocus' analysis, Varun Beverages stock appears to be undervalued.
The current stock price of ₹407.15 is trading 31.9% below its estimated GF Value™ of ₹597.89.
GuruFocus considers Varun Beverages to be Significantly Undervalued.
Key valuation signals for NSE:VBL:
EV-to-EBITDA: 22.70 (near median its 10-year median of 24.05)
GF Value™: ₹597.89 vs. price of ₹407.15 (31.9% below fair value)
Industry Position: 104.5% above the Beverages - Non-Alcoholic median (#80 of 103)
No single metric tells the full story. See the NSE:VBL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
96GF Score
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