| Metric | Value (₹ Cr) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 5.0K | 29.5% | 0.0% |
| Total Income | 5.2K | 28.2% | 0.0% |
| Expenditure | 4.3K | 22.8% | 0.0% |
| PBT | 942.59 | 45.6% | 0.0% |
| Net Profit | 745.19 | 43.8% | 0.2% |
| OPM | 22.73% | 5.17pp | 4.06pp |
| NPM | 14.34% | 3.97pp | 0.46pp |
| EPS | 2.19 | 43.7% | 895.5% |
Varun Beverages Q3 & 9M CY2025: Net Revenue Grew 1.9% & 7.1% Respectively, Despite Rainfall Challenges
29 Oct 2025 · 29 Oct 2025, 12:12 pm
Summary
Varun Beverages Limited, a key player in the beverage industry, announced its financial results for the third quarter and nine months ended September 30, 2025. Despite rainfall challenges, the company's net revenue grew by 1.9% in Q3 and 7.1% in 9M 2025. The company's EBITDA stood at Rs. 11,473.8 million in Q3 and Rs. 44,101.1 million in 9M 2025. PAT increased by 18.5% in Q3 and 14.9% in 9M 2025.
Key Highlights
- 1
Net Revenue grew 1.9% at Rs. 48,966.5 mn in Q3 2025
- 2
Net Revenue grew 7.1% YoY to Rs. 174,809.6 mn in 9M 2025
- 3
EBITDA stood at Rs. 11,473.8 mn in Q3 2025
- 4
EBITDA higher by 6.8% YoY to Rs. 44,101.1 mn in 9M 2025
- 5
PAT higher by 18.5% YoY to Rs. 7,451.9 mn in Q3 2025
- 6
PAT increased by 14.9% to Rs. 28,020.4 mn in 9M 2025
- 7
Consolidated sales volume grew by 2.4% to 273.8 million cases in Q3 2025
- 8
International volumes grew by 9.0%, led by a strong performance in South Africa
- 9
Incorporating a wholly-owned subsidiary in Kenya under Varun Beverages Limited
- 10
Diversifying product offerings and certain African subsidiaries of VBL shall test market beer in their territories through an exclusive Distribution Agreement with Carlsberg Breweries A/S for their Carlsberg brand
Management Comments
Mr. Ravi Jaipuria
Chairman, Varun Beverages Limited
We have delivered a steady performance during the quarter, with consolidated sales volumes rising by 2.4%, supported by healthy traction in international markets. While domestic volumes remained subdued due to prolonged rainfall across India, international operations grew by 9%. Performance in International territories continued to be healthy, with South Africa delivering another quarter of strong growth. In South Africa, we see significant potential to further strengthen our market position, and we continue to put in place the building blocks to support sustained growth in the region. Our ongoing backward integration initiatives across key locations are driving higher efficiency and operational resilience. Further, in line with our growth strategy, we are incorporating a wholly-owned subsidiary in Kenya under Varun Beverages Limited for carrying on the business of manufacturing, distribution and selling of beverages. We are also diversifying our product offerings and certain African subsidiaries of VBL shall test market beer in their territories through an exclusive Distribution Agreement with Carlsberg Breweries A/S for their Carlsberg brand. These developments collectively reflect our continued commitment to broadening our product base and strengthening our presence across key growth markets. Meanwhile, our snacks facility in Morocco has ramped up to full-scale operations, and the upcoming Zimbabwe plant is progressing towards commissioning, marking continued progress in diversifying our portfolio beyond beverages. While the extended monsoon season impacted consumption trends in India, we remain confident in the significant long-term potential of the domestic beverage industry. With low per capita consumption and rising penetration in semi-urban and rural markets, the opportunity for growth continues to be immense. Our ongoing investments in capacity expansion, distribution reach, and cold-chain infrastructure are further strengthening on-ground execution, ensuring we are well-prepared for demand recovery in the upcoming season and deliver sustainable growth for all stakeholders.
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