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Varun Beverages Margin Trend — Quarter by Quarter

Varun Beverages's EBITDA margin moved from 27.0% in Q1 FY24 to 28.0% in Q1 FY26 across 10 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q1 FY2628.0%+55 bps
Q4 FY2623.3%+55 bps
Q4 FY2523.0%-20 bps
Q3 FY2516.0%-60 bps
Q2 FY2524.0%+82 bps
Q1 FY2528.0%-20 bps
Q4 FY2423.0%+105 bps
Q3 FY2416.0%+117 bps
Q2 FY2423.0%+74 bps
Q1 FY2427.0%+240 bps

What management said about ebitda margin

G

Q4 FY25 · India EBITDA margin maintained near 26%

Management aims to maintain India EBITDA margins close to the CY2025 level of ~26%, though formal guidance remains 22-23%.

G

Q4 FY25 · Twizza acquisition to be margin accretive for South Africa

The acquisition of Twizza in South Africa is expected to be margin accretive for BevCo, with owned assets and solar power reducing costs.

G

Q1 FY25 · India EBITDA margin guidance of at least 21%

Management maintains that India EBITDA margins will be at least 21%, with potential improvement from backward integration and new plants.

G

Q1 FY25 · South Africa margin improvement to ~14% for the year

Management aims to maintain South Africa EBITDA margins at around 14% for the full year, up from 10.8% at acquisition.

G

Q4 FY24 · South Africa margins to improve with backward integration

Margins in South Africa will improve as backward integration and general trade expansion take effect over the next 1-2 years.

G

Q1 FY24 · Long-term margin guidance unchanged

Despite gross margin expansion, management maintains the same long-term margin guidance, citing one-off factors.