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

Investor Takeaways

Reported 20.4% YoY net revenue growth to Rs. 84,512.3 million in Q2 2026

EBITDA increased 17.2% YoY to Rs. 23,430.4 million

International volume growth accelerated to 38.4% YoY

Interim dividend of 25% (Rs. 0.50/share) approved

Net debt at Rs. 3,730 million post-Twizza acquisition

Strategic alliance with Asahi Group for Calpis fermented dairy launched

PepsiCo bottling agreement extended until 2049

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹84,512.3 Cr	20.4%
Net Profit	₹15,253.6 Cr	Not available
EBITDA	₹23,430.4 Cr	17.2%
EPS	Not available
OPM	Not available

What Changed

Varun Beverages reported strong financial performance for Q2 2026 with net revenue growing 20.4% YoY to Rs. 84,512.3 million and EBITDA rising 17.2% to Rs. 23,430.4 million. The growth was driven by 19.8% volume expansion and favorable market mix, particularly in international markets where volume growth accelerated to 38.4%. India volume growth stood at 14.4% excluding flat April performance. Management highlighted double-digit growth potential in India and Africa, with Calpis identified as a key strategic priority for portfolio expansion. The company secured a long-term PepsiCo bottling agreement extension until 2049 and launched a strategic alliance with Asahi Group for Calpis fermented dairy. Interim dividend of 25% (Rs. 0.50/share) was approved. Net debt remains at Rs. 3,730 million following the Twizza acquisition. The company emphasized operational synergies from recent acquisitions as enablers for future growth.

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 premium valuation compared to peers, with a P/E ratio of 64.67 significantly higher than Hindustan Unilever (36.79) and ITC (11.06), though lower than Nestle India (84.59). The company's profitability metrics are not directly comparable to peers due to missing ROE and ROCE data in the provided fundamentals.

Risks & Concerns

No specific risks identified in this filing

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 significant revenue and profit volatility across quarters, with Q1FY25 demonstrating the highest profitability (OPM 27.15%) and Q2FY25 showing the lowest net profit despite higher revenue. The current Q2 2026 results (₹84,512.3 Cr revenue) represent a substantial increase compared to the previous quarter's ₹7,333.67 Cr, indicating strong sequential growth. However, the profitability trajectory shows a decline from peak levels in Q1FY25, with OPM decreasing from 27.15% to 23.34% in Q2FY25 before stabilizing. The current filing does not provide quarterly profitability metrics for Q2 2026, limiting direct comparison with prior quarters' margins.

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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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