| Revenue growth | 20.4% YoY for Q2 CY2026. |
|---|---|
| Margins | Gross margins improved 44 bps to 55.0%; EBITDA margins slightly compressed. |
| Demand visibility | Strong, except for a flat April in India due to seasonality. |
| Management confidence | High, citing demographic tailwinds and expanded manufacturing footprint. |
Growth
Q2 revenue reached Rs. 84,512.3 mn (+20.4% YoY); PAT grew 15.1% to Rs. 15,253.6 mn.
Outlook
Interim dividend of Rs. 0.50 approved; Rs. 9,500 mn capitalized capex in H1; entering fermented dairy with CALPIS.
Risks
EBITDA margins declined 76 bps to 27.7% due to Twizza consolidation; high inflationary raw material environment remains.
Last quarter's promises, checked
Delivered
- Guided double-digit growth → delivered 19.8% volume growth (= BEAT)
- Guided Rs. 500-600 cr India Capex → delivered Rs. 950 cr H1 Capex (= BEAT)
- Guided Sting Classic launch response → delivered strong contribution to 19.8% volume (= BEAT)
Partly delivered
- Guided Twizza margin correction → delivered consolidation but margin compression (= PARTIAL)
Missed
- Guided margin sustainability → delivered 76 bps EBITDA margin decline (= MISS)
Investor Presentation filed with NSE, NSE: VBL. Summary written with AI assistance from the document.
Varun Beverages Ltd: key numbers
- Share price
- ₹440.75
- Market cap
- ₹1,49,083 Cr
- Revenue (annual)
- ₹21,685 Cr
- Net profit (annual)
- ₹3,036 Cr
- P/E (TTM)
- 44.0×Sector 28.6×
- 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 Merger & Restructuring
Varun Beverages Limited has incorporated a new wholly-owned subsidiary in India named KIVA Spirits and Company Limited. This follows the board's prior approval on August 25, 2026.
Varun Beverages Merger & Restructuring Worth ₹29.3 Cr
Varun Beverages will incorporate a joint venture in Tunisia to produce and distribute beverages. The company will hold a 75% stake for a cash consideration.
- Value
- ₹29.30 Cr