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Revenue
₹5,567 Cr
verified against source
Revenue YoY
8.4%
reported change
EBITDA
₹5,049.37 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Varun Beverages reported a steady CY2025 despite weather disruptions, with consolidated volumes growing 7.9% and revenue up 8.4% to INR 21,685 crore. EBITDA grew 7.2% to INR 5,049 crore, while PAT surged 16.5% to INR 3,069 crore, aided by lower finance costs and higher other income. Q4 saw a strong volume recovery of 10.2%, led by India (+10.5%) and international (+10%). Management remains confident of double-digit volume growth in CY2026, supported by normal weather, stabilized new capacities, and distribution expansion. Risks include potential weather volatility and competitive discounting impacting realizations.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects double-digit volume growth in India for CY2026, assuming normal weather, after a weather-impacted CY2025.
- Management aims to maintain India EBITDA margins close to the CY2025 level of ~26%, though formal guidance remains 22-23%.
- The acquisition of Twizza in South Africa is expected to be margin accretive for BevCo, with owned assets and solar power reducing costs.
- No major CapEx planned in India; international CapEx limited to brownfield in South Africa and a greenfield brewery for Carlsberg in Africa.
Risks flagged
- Volume growth is highly dependent on favorable weather; last year's heavy rainfall significantly impacted India volumes.
- Analyst noted a gap between volume and value growth; management acknowledged discounting in the market due to excess capacity.
- Employee costs rose 22% YoY in Q4 due to staffing for new plants, labor code implementation, and a one-time celebration cost.
- Zimbabwe has entered the tax bracket, increasing the effective tax rate for international operations.
Key quotes
- We would like to maintain that, but you can pray to the weather gods, and hopefully we'll do better.
- Our guidance has always been 22%-23%, it's never been higher than that. And I still hope we can, with the volumes coming this year, we should be able to maintain margins somewhere close to this.
- The INR 10 portfolio, we have launched it in some places, which is West Bengal and Northeast, so we'll be very, very surgical with it. We're not planning to make it a pan-India launch.
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