Varun Beverages Ltd
Varun Beverages Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management said on revenue, margins and capex.
Guidance rank: #2 of 8 in Beverages
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The short version
The company aims to maintain double-digit volume growth in India, targeting mid-teen growth contingent on favorable weather conditions. The company maintains a double-digit volume growth target for the current year, especially in India and international markets like Africa, driven by capacity expansions and market opportunities.
From Varun Beverages Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- The company aims to maintain double-digit volume growth in India, targeting mid-teen growth contingent on favorable weather conditions.
- International markets, especially Africa (South Africa, Morocco, Zimbabwe), are expected to grow strongly, with South Africa anticipating around 80% growth driven by organic and inorganic capacity expansions.
- New product launches, including juice-based drinks under Nimbooz and energy drinks (Ad Rush), will support volume and revenue growth.
- Upsizing of packs (e.g., from 250 ml to 400 ml) is largely completed, expected to sustain revenue without major dilution.
- Distribution expansion continues in both rural and international markets, with improved cold chain infrastructure aiding growth.
- Snacks business in Morocco, Zimbabwe, and Zambia is gaining traction and expected to grow significantly.
2 more points from Varun Beverages Ltd's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- CAPEX of ~Rs. 45,000 million was capitalized in CY 2025, including Rs. 17,000 million for 4 greenfield plants in India and Rs. 13,000 million internationally (PET lines, snack plants in Morocco & Zimbabwe, can line in South Africa).
- As of December 31, 2025, capital work in progress (~Rs. 5,400 million) mainly for ongoing expansions and sports infrastructure for 2026-2027.
- For CY 2026, no major CAPEX planned in India; sufficient existing capacity available.
- Internationally, CAPEX mainly in South Africa with one brownfield capacity addition, relatively small.
- Acquisition of Twizza in South Africa recently announced; this is a significant inorganic expansion increasing capacity by 70-80%.
- Plant setup for Carlsberg alcoholic beverage in Africa planned, with first Greenfield plant expected ready by end of next year.
2 more points from Varun Beverages Ltd's call on capex
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Top-ranked in Beverages
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
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Varun Beverages Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹6.6K Cr, net profit ₹831 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Varun Beverages's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
- Q4 FY23 earnings call →
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Potential multibaggers · Q2 FY27
Potential multibaggers in Beverages
on management's own guidance
- 2
- Strong growth1
- FratelliVineyardGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Varun Beverages Ltd Q3 FY26 results?
The company aims to maintain double-digit volume growth in India, targeting mid-teen growth contingent on favorable weather conditions. The company maintains a double-digit volume growth target for the current year, especially in India and international markets like Africa, driven by capacity expansions and market opportunities.
What is Varun Beverages Ltd share price analysis?
Varun Beverages Ltd currently shows a neutral. The stock trades at a P/E of 43.5 with a market cap of ₹147,137 Cr. Investors should review the full earnings analysis for detailed insights.
Is Varun Beverages Ltd planning capital expenditure?
CAPEX of ~Rs.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.