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Revenue
₹3,689 Cr
verified against source
Revenue YoY
1.9%
reported change
EBITDA
₹1,147.3 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Varun Beverages reported a subdued Q3 CY2025 with consolidated revenue of INR 4,897 crore (+1.9% YoY) and volume growth of 2.4% to 273.8 million cases, impacted by prolonged rainfall in India. International volumes grew 9%, led by South Africa. EBITDA margin contracted 60bps to 23.4% due to an accounting shift from backward integration, while PAT rose 18.5% to INR 745 crore on lower finance costs. Management highlighted strong traction in Nimbus (+50%) and value-added dairy (~100% growth), and noted a double-digit recovery in October. Key strategic moves include a Carlsberg beer distribution deal in Southern Africa and a Kenya subsidiary for dairy/beverages. Risk: weather dependency remains high; any further monsoon disruption could delay volume recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects double-digit growth in India as weather normalizes, citing October double-digit recovery.
- Management expects international revenue growth to return to 13-15% from next quarter, driven by recovery in Zimbabwe and DRC.
- Launched in four cities at a medium price point of INR 60, targeting the energy drink segment.
- Exclusive distribution agreement with Carlsberg for Southern Africa; initial test marketing via imports.
Risks flagged
- Prolonged rainfall in India led to flat domestic volumes; any further weather disruptions could delay recovery.
- Competitors have launched aggressive pricing at INR 10; management indicated they will respond only if market share is materially impacted.
- Entry into beer and snacks involves new operational complexities; initial test marketing may not translate to scale.
- Alcohol advertising ban and state-level regulations could limit the Alcobev opportunity in India.
Key quotes
- If we see that our market share is being taken drastically, we will come to the party.
- We are over-prepared, actually. Capacity-wise, we have expanded in the last two years. Even if we grow 50%, we have enough capacities to fulfill that.
- We are going to test the market. Hopefully, as soon as we see the tests coming right, we'll go forward with it.
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