| Revenue growth | 20.4% YoY growth driven by volume and international expansion. |
|---|---|
| Margins | EBITDA margins slightly compressed due to lower-margin South Africa consolidation. |
| Demand visibility | Strong seasonal demand recovery post-April; high double-digit growth continues. |
| Management confidence | High; dismissive of competitive threats from entry-level pricing. |
Growth
Revenue grew 20.4%; EBITDA rose 17.2%. India volumes up 14.4% and international up 38.4% including Tuso.
Outlook
Ongoing expansion in Kenya and South Africa with focus on high-growth dairy and energy drink segments.
Risks
Integration of lower-margin Tuso business, rising raw material costs, and intense competition from newer players like Campa.
Last quarter's promises, checked
Delivered
- India volume growth double-digits → delivered 14.4% (= BEAT)
- International volume growth double-digits → delivered 38.4% (= BEAT)
- Consolidated volume growth double-digits → delivered 19.8% (= BEAT)
Partly delivered
- India Capex ₹5,000-6,000M for year → ₹9,500M capitalized in Q2 (= PARTIAL)
Earnings Call Transcript filed with BSE, NSE: VBL. Summary written with AI assistance from the document.
Varun Beverages Ltd: key numbers
- Share price
- ₹434.80
- Market cap
- ₹1,47,071 Cr
- Revenue (annual)
- ₹21,685 Cr
- Net profit (annual)
- ₹3,036 Cr
- P/E (TTM)
- 43.4×Sector 29.0×
- Promoter holding
- 59.43%-0.01% QoQ
- FII holding
- 19.03%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from Varun Beverages Ltd
All →Varun Beverages Management Change
Varun Beverages Limited announced the resignation of Mr. Manmohan Rupal Paul from his position as Chief Operating Officer, effective September 24, 2026.
Varun Beverages Capacity Expansion
VBL's Zimbabwe subsidiary signed an exclusive Mondelez confectionery distribution deal effective October 2026. No new capex is planned, leveraging the existing distribution network.
Varun Beverages Business Update
Varun Beverages' Kenyan subsidiary launched two new brands, BOLT UP (energy drink) and XTREME FIZZ (soft drink), to expand its market presence in Africa.
Varun Beverages Employee Stock Options
Varun Beverages allotted 29,750 equity shares to employees upon exercise of vested ESOP 2016 options. Paid-up capital increased to 338,24,94,644 shares.
Varun Beverages Investor Presentation: Key Takeaways
VBL reported strong Q2 CY2026 performance with 20.4% net revenue growth and 17.2% EBITDA growth. Key developments include extending the PepsiCo India agreement to 2049 and acquiring DFIKL in Kenya.
Varun Beverages Q1 FY27 Results: Net Profit ₹1,525 Cr, Up 15.1% YoY
Varun Beverages Ltd reported revenue from operations of ₹8,651 Cr (+20.8% YoY) and net profit of ₹1,525 Cr (+15.1% YoY) for Q1 FY27.
- Key figure
- Net profit ₹1,525 Cr · +15.1% YoY