Varun Beverages Q2 FY27: PAT ₹15,253.6 Cr & Rev ₹84,512.3 Cr

1 Financial Results 🔴 High Importance ✨ Positive 📄 PDF

Investor Takeaways

Revenue grew 20.4% YoY to ₹84,512.3 Cr in Q2 CY2026

PAT increased 15.1% YoY to ₹15,253.6 Cr in Q2 CY2026

EBITDA rose 17.2% YoY to ₹23,430.4 Cr in Q2 CY2026

Volume growth of 19.8% YoY driven by 14.4% domestic and 38.4% international expansion

Interim dividend declared at Rs. 0.50 per share (~₹1,691 million total)

Gross margins improved 44 bps to 55.0% on mix and cost controls

EBITDA margins declined 76 bps to 27.7% due to Twizza integration

H1 revenue reached ₹150,254.2 Cr (+19.4% YoY); H1 PAT ₹24,040.7 Cr (+16.9% YoY)

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹84,512.3 Cr	+20.4%
Net Profit	₹15,253.6 Cr	+15.1%
EBITDA	₹23,430.4 Cr	+17.2%
EPS	₹9.64
OPM	27.7%

What Changed

PAT increased 15.1% YoY to ₹15,253.6 Cr in Q2 CY2026, while EBITDA grew 17.2% YoY to ₹23,430.4 Cr. Revenue growth of 20.4% YoY was supported by 19.8% volume expansion, with domestic growth at 14.4% and international growth at 38.4%, including contributions from the Twizza acquisition. Gross margins improved 44 bps to 55.0% due to better product mix and cost controls, but EBITDA margins declined 76 bps to 27.7% as a result of Twizza integration costs. H1 revenue reached ₹150,254.2 Cr (+19.4% YoY) and H1 PAT rose 16.9% YoY to ₹24,040.7 Cr. The board approved an interim dividend of Rs. 0.50 per share (~₹1,691 million total), reflecting confidence in cash flow generation.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Varun Beverages Limited	64.67	Not available	Not available	1,70,400.08
Hindustan Unilever Limited	36.79	29.38%	27.39%	5,33,874.13
ITC Limited	11.06	50.02%	38.91%	3,87,724.39
Nestle India Limited	84.59	81.33%	93.64%	2,75,845.36

Varun Beverages trades at a higher P/E multiple compared to Hindustan Unilever and ITC, but below Nestle India. The company does not have disclosed ROE or ROCE figures in the provided data. Market capitalization is significantly lower than the peers, indicating a smaller scale of operations relative to the largest FMCG players.

Risks & Concerns

EBITDA margins declined 76 bps to 27.7% in Q2 CY2026 due to Twizza integration

No specific risks identified in this filing beyond integration-related margin pressure

No debt-to-equity ratio provided for Varun Beverages in the fundamentals

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	3,817.62	195.64	15.19
Q2FY25	4,932.06	628.83	23.34
Q1FY25	7,333.67	1,261.83	27.15
Q4FY24	4,397.98	547.98	22.48

The quarterly trend shows a significant decline in revenue and profit from Q1FY25 to Q2FY25, followed by a partial recovery in Q3FY25. However, the reported Q2 CY2026 figures (₹84,512.3 Cr revenue, ₹15,253.6 Cr PAT) are substantially higher than the FY25 quarterly figures, indicating a shift in reporting period or potential data consolidation. The trend reflects seasonal or operational volatility in earlier quarters, with Q2FY25 showing the highest profit base before the current CY2026 reporting. The current filing represents a new reporting cycle with much larger scale metrics.

2 Financial Results 🔴 High Importance ✨ Positive 📄 PDF

📢 Key Event
Q2 CY2026 net revenue up 20.4% YoY to Rs. 84,512.3 million

🔄 What Changed
Net revenue +20.4% YoY; EBITDA +17.2% YoY; PAT +15.1% YoY; interim dividend of Rs. 0.50/share approved

🔮 What's Next
Board approved interim dividend of 25% of face value (Rs. 0.50 per share) totaling ~Rs. 1,691 million

💡 Investor Takeaway
Strong volume and revenue growth, supported by strategic partnerships and acquisitions, underpin financial momentum and shareholder returns.

Varun Beverages reported a 20.4% YoY rise in consolidated net revenue to Rs. 84,512.3 million for Q2 CY2026, driven by 19.8% volume growth and improved realizations. EBITDA increased 17.2% to Rs. 23,430.4 million, while net profit after tax grew 15.1% to Rs. 15,253.6 million. The company declared an interim dividend of Rs. 0.50 per share, totaling ~Rs. 1,691 million. Key developments included extending its PepsiCo bottling agreement to 2049, entering a franchise deal for the CALPIS brand, and acquiring Devyani Food Industries (Kenya) for ~Rs. 3,050 million. The business emphasized sustainable growth through capacity expansion, water-positive initiatives, and strategic acquisitions to capture rising beverage demand.

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About Varun Beverages Limited (VBL)

Fast Moving Consumer Goods · Beverages · Listed on NSE

Market Cap: ₹1,70,400.08 Cr P/E: 64.7

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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