Varun Beverages shareholders and shareholding pattern

NSE: VBLBSE: 540180BeveragesLarge Cap

Varun Beverages Limited · Face value ₹2 · Listed Nov 2016 · Issue price ₹445

₹404.50₹11.50 (2.76%)BSE ₹405.00

Share price at the NSE close on 28 Oct 2026. Previous close ₹416.00.

28 Oct: open ₹411.00, high ₹412.90, low ₹402.85

52-week range of traded prices to 28 Oct 2026

₹381.00Low, 23 Mar 2026₹555.80High, 17 Jun 2026

Next results date: the board meets on 30 Oct 2026 to consider: financial results and dividend. The notice · Results calendar

Market cap: ₹1,36,822 Cr52nd largest listed
P/E: 40.41
P/B: 6.28
Dividend yield: 0.37%
ROE: 16.9%
ROCE: 16.7%
Debt to equity: 0.16
Volume, NSE: 44,94,52349.8% delivered

Varun Beverages' shareholding pattern for Sep 2026, filed on 9 Oct 2026, with every filing from Dec 2016: who owns its shares by group, its promoters by name and its public holders of 1% or more.

Who owns Varun Beverages, filing by filing

Per cent of the company's shares.

Sep 2026 filing

Promoters59.43%
Foreign institutions17.53%
Indian institutions16.34%
GovernmentsNone
Individuals and others6.70%

Shareholding pattern, per cent, from Sep 2022

Promoters
Foreign institutions
Indian institutions
Governments
Individuals and others

Per cent	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	73.59%	73.66%	73.62%	73.59%	73.59%	73.57%	73.57%	73.57%	73.56%	73.56%	73.56%	68.43%	68.43%	68.04%	66.40%	66.40%	66.40%	66.40%	65.82%	64.89%	64.89%	64.89%	63.90%	63.90%	63.90%	63.90%	63.62%	63.10%	63.09%	62.91%	62.66%	62.66%	60.20%	60.23%	59.82%	59.44%	59.44%	59.44%	59.43%	59.43%
Indian promoters	73.59%	73.66%	73.62%	73.59%	73.59%	73.57%	73.57%	73.57%	73.56%	73.56%	73.56%	68.43%	68.43%	68.04%	66.40%	66.40%	66.40%	66.40%	65.82%	64.89%	64.89%	64.89%	63.90%	63.90%	63.90%	63.90%	63.62%	63.10%	63.09%	62.91%	62.66%	62.66%	60.20%	60.23%	59.82%	59.44%	59.44%	59.44%	59.43%	59.43%
	26.41%	26.34%	26.38%	26.41%	26.41%	26.43%	26.43%	26.43%	26.44%	26.44%	26.44%	31.57%	31.57%	31.96%	33.60%	33.60%	33.60%	33.60%	34.18%	35.11%	35.11%	35.11%	36.10%	36.10%	36.10%	36.10%	36.38%	36.90%	36.91%	37.09%	37.34%	37.34%	39.80%	39.77%	40.18%	40.56%	40.56%	40.56%	40.57%	40.57%
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	25.01%	26.46%	26.00%	26.71%	27.55%	26.58%	25.78%	25.32%	24.18%	25.26%	22.98%	21.85%	21.93%	20.31%	19.51%	19.03%	17.53%
Foreign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	26.45%	25.34%	25.87%	26.58%	25.73%	25.06%	24.68%	23.51%	24.55%	22.26%	21.28%	21.46%	19.82%	18.89%	18.40%	16.93%
Foreign portfolio investors, category II	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	25.01%	0.00%	0.66%	0.83%	0.96%	0.84%	0.72%	0.64%	0.67%	0.72%	0.72%	0.58%	0.47%	0.49%	0.62%	0.63%	0.60%
Other foreign institutions	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	Under 0.01%	Under 0.01%	0.01%	0.01%	0.01%	0.01%	Under 0.01%	Under 0.01%	0.00%	0.00%	–	–	–	–	–	–
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	4.45%	3.44%	3.68%	3.16%	3.36%	3.58%	4.15%	4.55%	4.98%	7.02%	9.21%	10.52%	11.79%	13.56%	14.40%	15.21%	16.34%
Mutual funds	1.02%	1.07%	1.30%	1.20%	1.19%	4.91%	5.00%	5.49%	5.72%	6.29%	6.40%	6.06%	5.97%	5.80%	5.89%	5.57%	5.46%	5.46%	5.51%	5.86%	5.96%	5.89%	4.38%	3.50%	2.93%	2.71%	2.37%	2.22%	2.31%	2.26%	2.42%	2.63%	4.08%	5.77%	6.46%	7.12%	8.36%	8.30%	9.06%	9.79%
Insurance companies	–	–	–	–	–	–	–	–	–	–	–	0.08%	–	0.11%	0.12%	0.04%	0.04%	0.08%	0.05%	0.61%	0.71%	0.83%	0.60%	0.63%	0.31%	0.72%	0.56%	0.89%	0.95%	1.52%	1.62%	1.69%	1.80%	2.06%	2.68%	3.59%	3.99%	4.68%	4.67%	4.98%
Banks	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.03%	0.03%	0.02%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	0.04%	0.05%	0.04%	0.07%	0.07%	0.07%	Under 0.01%	0.03%	0.01%
Provident and pension funds	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.02%	0.06%	0.07%	0.09%	0.14%	0.20%	0.22%	0.31%	0.69%	0.93%	1.02%	0.91%	1.04%	1.13%	1.16%	1.27%
Alternative investment funds	–	–	–	–	–	–	–	0.01%	0.01%	0.12%	0.21%	0.24%	0.34%	0.39%	0.39%	0.36%	0.36%	0.36%	0.27%	0.30%	0.36%	0.49%	0.33%	0.24%	0.13%	0.16%	0.16%	0.16%	0.18%	0.18%	0.28%	0.30%	0.38%	0.39%	0.29%	0.09%	0.10%	0.24%	0.24%	0.24%
Non-bank lenders registered with RBI	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
Other financial institutions	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	–	–	–	–	Under 0.01%	Under 0.01%
Sovereign wealth funds, Indian	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	–	–	–	0.04%	0.05%	0.05%
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
Central government	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
Government-promoted companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	6.64%	6.20%	6.42%	6.51%	6.00%	6.75%	7.16%	7.46%	8.18%	7.52%	7.58%	7.80%	6.84%	6.70%	6.65%	6.33%	6.70%
Resident individuals, up to ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.85%	2.69%	2.84%	3.25%	3.14%	3.49%	3.70%	3.85%	4.52%	4.26%	4.70%	5.40%	4.61%	4.35%	4.38%	4.10%	4.31%
Resident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.23%	1.40%	1.38%	1.27%	1.14%	1.21%	1.30%	1.31%	1.36%	1.26%	1.11%	0.88%	0.81%	0.84%	0.84%	0.83%	0.93%
Companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.20%	1.13%	1.45%	1.28%	1.04%	1.30%	1.40%	1.54%	1.52%	1.24%	1.01%	0.79%	0.76%	0.85%	0.79%	0.75%	0.82%
Non-resident Indians	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.42%	0.39%	0.39%	0.34%	0.35%	0.36%	0.37%	0.36%	0.37%	0.36%	0.40%	0.37%	0.34%	0.33%	0.34%	0.34%	0.33%
Foreign nationals	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	–	–	–	–	–	Under 0.01%
Investor education fund	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
Directors and their relatives	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.46%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%	0.24%	0.24%	0.23%	0.21%	0.21%	0.21%	0.21%	0.21%
Key managers	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	0.00%	0.00%	Under 0.01%	Under 0.01%	Under 0.01%
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.46%	0.33%	0.10%	0.13%	0.09%	0.13%	0.14%	0.15%	0.17%	0.16%	0.13%	0.13%	0.11%	0.11%	0.10%	0.10%	0.11%
Director or Director's Relatives	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	Under 0.01%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Clearing Members	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.13%	0.02%	0.01%	0.03%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
Hindu undivided families	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.09%	0.09%	0.09%	0.10%	0.09%	0.13%	0.13%	0.15%	0.16%	0.15%	0.13%	0.13%	0.11%	0.11%	0.10%	0.10%	0.10%
Trusts	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	0.01%
Others	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	Under 0.01%	–	–	–	–	–	–	–	–
Employees	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.09%	0.09%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
LLP	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.15%	0.13%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Promoter shares pledgedShare of the promoters' own shares	0.00%	0.00%	0.00%	0.13%	0.13%	0.13%	0.13%	0.13%	0.13%	0.13%	0.13%	0.13%	0.13%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.00%	0.00%	0.00%
Shares in issue	18,23,12,525	18,24,11,925	18,25,10,125	18,25,83,940	18,25,86,940	18,26,14,640	18,26,14,640	18,26,34,140	18,26,41,940	18,26,51,525	18,26,55,225	28,86,88,720	28,86,88,720	28,86,88,720	28,86,88,720	28,86,88,720	28,86,88,720	28,86,88,720	43,30,33,080	43,30,33,080	43,30,33,080	43,30,33,080	64,95,49,620	64,95,49,620	64,95,49,620	64,95,58,032	1,29,91,36,476	1,29,91,36,476	1,29,92,14,976	1,29,94,03,713	1,29,94,40,413	3,24,86,77,405	3,38,15,10,017	3,38,18,65,692	3,38,19,16,894	3,38,19,61,269	3,38,19,88,769	3,38,20,94,394	3,38,22,96,144	3,38,24,94,644
Shares locked in	13,41,59,673	14,23,75,623	14,23,75,623	14,22,07,623	3,63,90,305	3,63,90,305	3,63,90,305	3,63,90,305	3,63,90,305	3,63,90,305	3,63,90,305	5,45,85,457	–	–	–	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	–	–	–	–	–	–
Promoters' shares locked in	13,41,59,673	13,42,36,862	13,42,36,862	13,40,68,862	3,63,90,305	3,63,90,305	3,63,90,305	3,63,90,305	3,63,90,305	3,63,90,305	3,63,90,305	5,45,85,457	–	–	–	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	–	–	–	–	–	–

Filings before Sep 2022 are on an older form, which did not split institutions into foreign and Indian and grouped some holders differently, so those columns show only the lines both forms state alike. Pledged is the share of the promoters' own shares given to lenders as security. A dash is a line the filing did not state. “Under 0.01%” is a holding of shares too small to show at two decimals.

Number of Varun Beverages shareholders

Shareholders on the company's register in each filing.

Shareholders, filing by filing

Shareholders	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
All shareholders	56,272	51,090	32,431	29,333	28,527	31,531	30,493	29,163	29,515	30,235	32,190	35,400	41,832	46,360	51,520	51,099	48,464	56,213	1,08,875	1,15,450	1,37,939	1,37,208	1,73,935	2,35,804	2,44,975	2,61,286	3,53,742	3,75,534	4,40,278	4,89,887	5,09,607	6,98,759	7,42,488	8,73,915	9,68,419	9,02,881	8,72,933	8,77,604	8,13,548	8,37,179
	10	10	10	10	8	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	7	10	11	14	14	14	14	14	15	15	15	15	15	15	15	14	14	14
Indian promoters	10	10	10	10	8	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	7	10	11	14	14	14	14	14	15	15	15	15	15	15	15	14	14	14
	56,262	51,080	32,421	29,323	28,519	31,525	30,487	29,157	29,509	30,229	32,184	35,394	41,826	46,354	51,514	51,093	48,458	56,207	1,08,869	1,15,444	1,37,933	1,37,202	1,73,928	2,35,794	2,44,964	2,61,272	3,53,728	3,75,520	4,40,264	4,89,873	5,09,592	6,98,744	7,42,473	8,73,900	9,68,404	9,02,866	8,72,918	8,77,590	8,13,534	8,37,165
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	438	722	778	870	921	920	1,021	1,052	1,024	1,033	959	942	878	829	831	861	821
Foreign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	721	721	803	855	854	951	982	957	967	895	886	831	780	778	806	775
Foreign portfolio investors, category II	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	438	0	56	66	65	65	69	69	66	66	64	56	47	49	53	55	46
Other foreign institutions	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	1	1	1	1	1	1	1	1	0	0	–	–	–	–	–	–
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	55	67	77	73	72	84	91	106	105	116	126	126	111	109	121	141	132
Mutual funds	11	10	10	9	9	4	6	5	6	6	8	9	11	10	9	8	8	13	15	15	17	18	18	22	26	29	30	28	31	31	33	34	34	37	39	40	40	40	45	46
Insurance companies	–	–	–	–	–	–	–	–	–	–	–	1	–	1	1	1	1	1	1	8	9	9	10	11	11	14	10	13	14	16	17	18	20	26	22	26	25	26	27	26
Banks	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2	2	2	2	1	1	2	2	4	4	2	6	3	2	1	6	5
Provident and pension funds	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	0	0	0	0	0	0	0	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Alternative investment funds	–	–	–	–	–	–	–	1	1	4	5	5	10	8	8	7	9	8	5	7	9	14	12	17	18	22	21	20	28	31	40	39	46	49	47	29	27	37	48	39
Non-bank lenders registered with RBI	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2	9	9	9	9	9	10	13	9	11	11	11	12	14	14	11	12
Other financial institutions	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	0	0	0	0	0	0	0	0	0	0	–	–	–	–	1	1
Sovereign wealth funds, Indian	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	0	0	0	0	0	0	0	0	0	0	–	–	–	2	2	2
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	0	0	0	0	0	0	0	0	1	1	1	1	1	1	1	2
Central government	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	0	0	0	0	0	0	0	0	1	1	1	1	1	1	1	1
Government-promoted companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2,35,301	2,44,175	2,60,417	3,52,785	3,74,527	4,39,260	4,88,761	5,08,434	6,97,615	7,41,323	8,72,814	9,67,335	9,01,876	8,71,979	8,76,637	8,12,531	8,36,210
Resident individuals, up to ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2,26,714	2,35,900	2,51,413	3,42,119	3,62,863	4,25,692	4,74,012	4,91,719	6,77,224	7,19,785	8,47,417	9,39,594	8,76,358	8,46,917	8,51,098	7,86,664	8,10,507
Resident individuals, over ₹2 lakh at face value	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	112	104	109	93	92	97	102	108	108	100	94	67	57	54	51	51	63
Companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1,049	845	1,018	1,129	1,159	1,632	1,691	2,008	2,241	2,268	2,485	2,636	2,173	2,134	2,110	2,380	2,202
Non-resident Indians	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	4,808	4,742	5,332	6,353	7,212	8,304	9,122	10,293	12,305	13,095	15,802	16,915	15,759	15,390	15,755	16,219	15,895
Foreign nationals	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	0	0	0	0	0	0	0	0	0	0	–	–	–	–	–	1
Investor education fund	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	0	0	0	0	0	0	0	0	1	1	1	1	1	1	1	1
Directors and their relatives	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	6	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
Key managers	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0	0	0	0	0	0	1	2	2	2	2	2	0	0	1	1	1
	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2,611	2,581	2,542	3,088	3,198	3,532	3,830	4,301	5,732	6,069	7,010	8,117	7,525	7,480	7,618	7,212	7,537
Director or Director's Relatives	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	1	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Clearing Members	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	114	78	46	22	12	12	13	10	16	16	14	14	13	4	4	6	8
Hindu undivided families	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2,331	2,338	2,485	3,056	3,175	3,506	3,801	4,277	5,698	6,037	6,977	8,081	7,493	7,457	7,595	7,189	7,516
Trusts	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	13	9	11	10	11	14	16	14	17	16	19	22	19	19	19	17	13
Others	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1	–	–	–	–	–	–	–	–
Employees	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	55	51	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
LLP	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	97	104	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–

Varun Beverages promoters

Promoters are the founders, families and companies that control the company, as its filings name them. Every member of the promoter group holding shares in the filing for Sep 2026; the largest is RJ Corp Limited, 25.28%. The filing names 60 more members with no shares.Promoter buying and selling

Holder
RJ Corp LimitedIndian companies, trusts and others	25.28%	85,50,41,916	0.00%
Ravi Kant JaipuriaIndividuals and Hindu undivided families	16.71%	56,50,86,222	0.00%
Varun JaipuriaIndividuals and Hindu undivided families	15.43%	52,18,59,870	0.00%
Devyani JaipuriaIndividuals and Hindu undivided families	1.94%	6,57,79,775	0.00%
Vivek GuptaIndividuals and Hindu undivided families	0.07%	23,26,500	0.00%
Lotus HoldingsIndian companies, trusts and others	0.00%	18,850	39.79%
Marison Finvest Private LimitedIndian companies, trusts and others	0.00%	2,185	100.00%
SFT Technologies Private LimitedIndian companies, trusts and others	0.00%	18,037	100.00%
Bela Jyotikumar SahaIndividuals and Hindu undivided families	0.00%	2,500	0.00%
Dhara JaipuriaIndividuals and Hindu undivided families	0.00%	33,995	0.00%
Madhav H MariwalaIndividuals and Hindu undivided families	0.00%	11,710	2.65%
Madhu Rajendra JindalIndividuals and Hindu undivided families	0.00%	132	0.00%
Nandini Madhav MariwalaIndividuals and Hindu undivided families	0.00%	1,250	100.00%
Vivek Gupta (HUF)Individuals and Hindu undivided families	0.00%	33,750	0.00%

Pledged is the share of the holder's own shares pledged to a lender.

Largest public holders of Varun Beverages, filing by filing

Per cent, on the same shares as the split above.Mutual funds holding Varun Beverages

Holder	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
LICI NEW ENDOWMENT PLUS-GROWTH FUNDInsurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.31%
GOVERNMENT PENSION FUND GLOBALForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	1.93%	2.01%	2.01%	2.70%	2.87%	2.87%	2.92%	2.92%	2.88%	2.88%	2.88%	2.88%	2.97%	3.07%	2.93%	2.57%	2.57%	2.47%	2.50%	2.36%	1.98%	2.11%	2.16%	1.93%	1.93%	1.89%	1.84%	1.83%	1.86%
NPS TRUST A/C - SBI PF NPS JEEVAN SWARNA RETIREMENTProvident and pension funds	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.27%
LICI NEW PENSION PLUS GROWTH FUNDInsurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.32%	–	–	2.31%	–
NPS TRUST - A/C SBI PENSION FUND SCHEME - NPS TIERProvident and pension funds	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.16%	–
LICI INDEX PLUS FLEXI GROWTH FUNDInsurance companies	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.76%	2.16%	–	–
GOVERNMENT OF SINGAPOREForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.09%	1.20%	–	1.26%	1.16%	1.38%	1.38%	1.42%	1.44%	1.84%	1.52%	1.37%	–	–
NPS TRUST A/C - SBI PENSION FUND - UPS - CG SCHEMProvident and pension funds	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.13%	–	–
NPS TRUST A/C - SBI PENSION FUND - UPS - CG SCHEMEProvident and pension funds	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.04%	–	–	–
NPS TRUST- A/C ICICI PRUDENTIAL PENSION FUND SCHEMEProvident and pension funds	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.02%	–	–	–	–	–
NEW WORLD FUND INCForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.16%	1.35%	1.19%	1.42%	1.59%	1.51%	1.51%	1.15%	1.24%	1.24%	1.28%	1.14%	–	–	–	–	–	–
GOVERNMENT OF SINGAPORE - EForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.41%	–	–	–	–	–	–	–	–	–	–	–
Capital World Growth and Income FundForeign portfolio investors, category I	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.64%	1.64%	1.62%	1.38%	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Stichting Depositary Apg Emerging Markets Equity PoolForeign portfolio investors, category I	–	1.36%	1.57%	1.57%	1.70%	1.63%	1.63%	1.63%	–	–	–	1.87%	–	–	–	–	–	–	–	2.14%	2.02%	1.79%	1.51%	1.52%	1.59%	1.20%	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Smallcap World Fund, IncForeign portfolio investors, category I	1.98%	2.06%	2.07%	3.77%	3.77%	3.77%	3.77%	3.42%	3.97%	3.90%	3.71%	3.53%	3.22%	3.10%	3.20%	2.77%	–	–	–	–	–	–	1.02%	1.02%	1.02%	1.02%	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Nordea 1 Sicav - Emerging Stars Equity FundInstitutions Foreign Portfolio Investor	–	–	–	–	–	–	–	–	–	–	–	–	1.07%	1.01%	–	–	–	1.70%	1.70%	1.69%	1.70%	1.73%	1.11%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
STICHTING DEPOSITARY APG EMERGING MARKETS EQUITY PInstitutions Foreign Portfolio Investor	–	–	–	–	–	–	–	–	1.79%	1.98%	1.99%	–	1.84%	1.69%	1.69%	1.74%	2.19%	2.19%	2.19%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
NORDEA 1 - ASIAN STARS EQUITY FUNDInstitutions Foreign Portfolio Investor	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	1.06%	1.87%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
NORDEA 1 SICAV- ASIAN FOCUS EQUITY FUNDInstitutions Foreign Portfolio Investor	1.39%	1.45%	1.59%	1.76%	–	–	1.59%	1.58%	1.60%	1.32%	1.27%	1.20%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
MARINA III (SINGAPORE) PTE LTDOther non-institutions	–	6.97%	6.57%	4.78%	4.64%	–	2.32%	2.16%	2.15%	1.52%	1.22%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
AION INVESTMENTS II SINGAPORE PTE LTDOther non-institutions	4.49%	4.45%	4.44%	4.44%	4.44%	2.14%	2.14%	2.14%	1.58%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
AMERICAN FUNDS INSURANCE SERIES GLOBAL SMALL CAPITALIZATION FUNDInstitutions Foreign Portfolio Investor	–	–	–	1.37%	1.37%	1.37%	1.37%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
MARIA III (SINGAPORE) PTE. LTDOther non-institutions	–	–	–	–	–	2.32%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
NORDEA 1 SICAV - ASAIN FOCUS EQUITY FUNDInstitutions Foreign Portfolio Investor	–	–	–	–	–	1.82%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
NORDEA 1 SICAV - ASIAN FOCUS QUITY FUNDInstitutions Foreign Portfolio Investor	–	–	–	–	1.87%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
MONDRIAN EMERGING MARKETS SMALL CAP EQUITY FUND,L.P.Institutions Foreign Portfolio Investor	–	1.34%	1.10%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
STANDARD CHARTERED PRIVATE EQUITY MAURITIUS II LTDOther non-institutions	7.04%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
MONDRIAN EMERGING MARKETS SMALL CAP EQUITY FUNDInstitutions Foreign Portfolio Investor	1.34%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
STICHTING DEPOSITORY APG EMERGING MARKETS EQUITY FUNDInstitutions Foreign Portfolio Investor	1.19%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–

A filing names every holder above one per cent, in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here: each fund's holding is on the Mutual funds tab, from its own portfolio. A dash is a filing that did not name the holder, which includes holding under one per cent.

Who moved in the Sep 2026 filing

Against the Jun 2026 filing. A filing names a public holder only at 1% or more, so a holder no longer named fell under 1% or sold out.

Foreign institutions: GOVERNMENT PENSION FUND GLOBAL 1.86%, +0.03 pts
Indian institutions: LICI NEW ENDOWMENT PLUS-GROWTH FUND newly named at 2.31%; LICI NEW PENSION PLUS GROWTH FUND no longer named, from 2.31%; NPS TRUST A/C - SBI PF NPS JEEVAN SWARNA RETIREMENT newly named at 1.27%; 1 more moved