Varun Beverages — Management Language Trends

Confidence, hedging, and specificity signals across 10 quarters.

Signal history

Q1 FY24 7/10 3/10 7/10 First quarter tracked Q2 FY24 8/10 3/10 7/10 ↗ Slightly more confident Q3 FY24 7/10 4/10 6/10 ↘ Slightly more hedged Q4 FY24 8/10 3/10 7/10 ↑ More confident than last quarter Q1 FY25 8/10 3/10 7/10 ↘ Slightly more hedged Q2 FY25 6/10 6/10 5/10 ↓ More hedged than last quarter Q3 FY25 5/10 7/10 4/10 ↘ Slightly more hedged Q4 FY25 6/10 5/10 5/10 ↗ Slightly more confident Q1 FY26 8/10 3/10 7/10 ↑ More confident than last quarter Q4 FY26 8/10 2/10 8/10 ↘ Slightly more hedged

Red flags detected

Q1 FY24 · "gradually and consistently contribute"

Chairman Ravi Jaipuria describing new growth engines.

Q1 FY24 · "Our effort is to amortize the money"

CFO Raj Gandhi on debt repayment timeline.

Q2 FY24 · "We are one of the lucky ones who have got it initially"

Chairman Ravi Jaipuria on securing recycled PET supply

Q2 FY24 · "The other side, we should not, forget, I mean, at so cheap for such a country with five working plants, getting it for INR 1,200 crore, it was a steal"

CFO Raj Gandhi on BevCo acquisition price

Q3 FY24 · "I think there is enough room for everyone to grow"

Chairman Ravi Jaipuria responding to competition from Campa Cola

Q3 FY24 · "We want to have a war chest available with us so that when the opportunity is available, we don't have to go back"

Chairman Ravi Jaipuria on QIP proceeds

Q4 FY24 · "South Africa margins are lower. But once we go into backward integration, which will take us a year, our margins will significantly improve."

Chairman Ravi Jaipuria on South Africa margin improvement timeline

Q4 FY24 · "We have always guided we cannot take growth based on one quarter. Sometimes it's colder, sometimes it's rainier. But we have always said that our annual growth would be in double digits."

Chairman Ravi Jaipuria responding to quarterly volume volatility

Q1 FY25 · "Our Pepsi brand sales are going up from 15%. It's close to 20% now. All the products are growing. Even our homegrown brands are growing, and PepsiCo is growing faster."

Chairman Ravi Jaipuria responding to competitive pressure from Campa Cola

Q1 FY25 · "We have given the guidance of INR 3,100 crore for this year, and we are on track. Maybe INR 900 crore out of which is yet to be spent."

President Raj Gandhi on capex guidance

Q2 FY25 · "The real answer would depend on the rain gods, which is very difficult to predict."

Chairman Ravi Jaipuria responding to a question about Q3 volume recovery

Q2 FY25 · "We have always predicted margins at 21%. We have never gone beyond that. We have been showing better results. That is a separate issue."

Chairman Ravi Jaipuria responding to an analyst question about margin sustainability above 21%

Q2 FY25 · "We are looking for new acquisitions, and we are very actively looking at it."

Chairman Ravi Jaipuria on international M&A plans

Q3 FY25 · "If we see that our market share is being taken drastically, we will come to the party."

Chairman Ravi Jaipuria responding to an analyst question about competitive pricing at INR 10

Q3 FY25 · "We are going to test the market. Hopefully, as soon as we see the tests coming right, we'll go forward with it."

Chairman Ravi Jaipuria on the new energy drink 'Adrenaline Rush' launch

Q4 FY25 · "We would like to maintain that, but you can pray to the weather gods, and hopefully we'll do better."

Chairman Ravi Jaipuria responding to an analyst question about maintaining EBITDA margins near 26%

Q4 FY25 · "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."

Chairman Ravi Jaipuria on margin guidance, deflecting from the higher margin achieved in CY2025

Q4 FY25 · "We'll be very, very surgical with it. We're not planning to make it a pan-India launch."

Executive Vice Chairman Varun Jaipuria on the INR 10 portfolio, limiting competitive response

Q1 FY26 · "We might be the only company which is holding six months inventory. I think other people will blink before I blink."

Chairman Ravi Jaipuria responding to a question about raw material cost inflation and margin pressure.

Q4 FY26 · "If the weather remains like this, there's no reason why we shouldn't do extremely well."

Chairman Ravi Jaipuria responding to a question about volume growth outlook.