VARUN BEVERAGES LIMITED

Varun Beverages Limited reported a strong performance in its Q2 and H1 2026 results, with consolidated sales volume increasing by 19.8% and net revenue from operations rising by 20.4%. EBITDA grew by 17.2% to Rs. 23,430.4 million. The company noted healthy volume growth in India, particularly from March onwards, despite a flat performance in April. Management highlighted the extension of its bottling agreement with PepsiCo until 2049 and a strategic alliance with Asahi Group to introduce CALPIS in India. The international business also showed strong growth, particularly in South Africa and Kenya. The Board approved an interim dividend of 25% of face value. Management expressed confidence in long-term growth potential, supported by favorable demographics and a diversified portfolio. The company remains net debt-free in India, with a consolidated net debt of approximately Rs. 3,730 million due to acquisitions. Overall, the management emphasized sustained growth and operational efficiencies.

Management highlighted strong performance and growth opportunities across various markets.