Tracking the market's concerns across 10 quarters.
Killed by: Consolidated EBITDA margin expanded 82 bps to 28.5% in Q2 CY2025, and international volumes grew 15.1% YoY, led by South Africa (16.1% growth).
Killed by: Consolidated EBITDA margin expanded 82 bps to 28.5%, driven by sustainable cost savings from freight optimization, new plants, and renewable energy.
Killed by: India organic volume grew 15.5% YoY in Q1 CY2025, accelerating from 11.4% in Q4 CY2024 and 5.7% in Q3 CY2024, indicating that weather impact was temporary and growth is back on track.
Killed by: International volumes grew 15.1% YoY, led by South Africa (16.1% growth). DRC plant is fully utilized and sold out. Snack plants in Morocco and Zimbabwe are on track.
Killed by: India organic volume grew 15.5% YoY in Q1 CY2025, and management stated that Pepsi brand sales are growing faster than homegrown brands, indicating no market share loss.
Latest test: India volumes grew 14.4% YoY in Q4 FY26, and management stated the INR 10 portfolio is limited to West Bengal and Northeast, not pan-India.
Latest test: India volumes grew 14.4% YoY in Q4 FY26, a strong recovery from flat growth in Q3 and -7.1% in Q2 CY2025.
Latest test: DRC plant commenced production in July 2024 (Q3 CY24), missing the Q2 CY24 target. This is a clear miss on guidance.
Latest test: Employee costs increased 22% YoY in Q4 CY2025, as highlighted by management, indicating cost pressure.
Latest test: India volume grew 22.9% YoY in Q2 CY24, driven by strong summer demand. This is a positive sign for H2, but the risk remains for the upcoming quarters.
