Varun Beverages posts 20% volume growth as broker targets span Rs 490–629
PepsiCo bottler Varun Beverages reported 20% consolidated volume growth in Q2, supported by a 14% India gain and 38% international growth. India EBITDA margin improved 40 bps, while low-sugar products reached 73% of H1CY26 mix; most brokerages retained positive views despite the recent share-price fall.
Varun Beverages reported healthy Q2 volume growth and a 40-bps India EBITDA-margin gain despite April climate disruption. Most brokerages retained positive calls, citing capacity expansion, distribution strength, low-sugar mix, international ramp-up and snacks expansion.
Why this matters
The result follows Varun Beverages' Q1 estimate miss and its view that Campa Cola had not dented growth. The company has also backed double-digit growth while avoiding an aggressive ₹10 cola push.
Retail-company signals are accelerating, up 399267% QoQ.