| Metric | Value (₹ Cr) | Q3 FY26 | Q4 FY25 |
|---|---|---|---|
| Revenue | 6.7K | 55.1% | 18.3% |
| Total Income | 6.8K | 52.6% | 18.5% |
| Expenditure | 5.6K | 37.5% | 18.4% |
| PBT | 1.2K | 222.9% | 19.3% |
| Net Profit | 878.71 | 238.0% | 20.1% |
| OPM | 22.75% | 8.00pp | 0.50pp |
| NPM | 12.99% | 7.13pp | 0.18pp |
| EPS | 2.58 | 248.7% | 20.0% |
Varun Beverages Q1 CY26: Revenue Up 18.1% to ₹65,741.9 Mn
27 Apr 2026 · 27 Apr, 12:12 pm
Summary
Varun Beverages Limited reported a robust performance for Q1 CY2026, with revenue from operations growing by 18.1% year-on-year to ₹65,741.9 million. This growth was underpinned by a 16.3% increase in consolidated sales volumes across India and international markets. Profit After Tax (PAT) saw a significant rise of 20.1% to ₹8,787.1 million, while EBITDA climbed 21.0% to ₹15,289.3 million, with margins expanding to 23.3%. The company continued its strategic expansion, completing the acquisition of Twizza and agreeing to acquire Crickley Dairy in South Africa. Management expressed satisfaction with the quarter's strong demand and disciplined execution, highlighting confidence in long-term opportunities.
Key Highlights
- 1
Revenue from operations grew by 18.1% year-on-year to ₹65,741.9 million in Q1 CY2026.
- 2
Consolidated sales volume increased by 16.3% to 363.4 million cases in Q1 CY2026, driven by strong growth in both India and international territories.
- 3
Gross margins improved by 62 basis points to 55.2% in Q1 CY2026, supported by early stocking of key raw materials.
- 4
EBITDA rose by 21.0% year-on-year to ₹15,289.3 million, with EBITDA margins improving by 55 basis points to 23.3%.
- 5
Profit After Tax (PAT) increased by 20.1% to ₹8,787.1 million in Q1 CY2026.
- 6
Varun Beverages consummated the acquisition of Twizza in South Africa and entered into an agreement to acquire Crickley Dairy, further strengthening its presence in the region.
- 7
The Board of Directors approved an interim dividend of 25% of face value, equivalent to ₹0.50 per share, resulting in a total cash outflow of approximately ₹1,691 million.
Management Comments
Mr. Ravi Jaipuria
We are pleased to report a strong performance in the first quarter of CY2026, supported by healthy demand, disciplined execution, and continued progress across our markets. Consolidated sales volumes grew by 16.3% in Q1 CY2026, driven by volume growth of 14.4% in India and 21.4% in international territories. Revenue increased by 18.1% YoY to Rs. 65,742 million, and EBITDA improved by 21.0% YoY to Rs. 15,289 million. In India, demand remained encouraging during the quarter, supported by our wide distribution reach, strengthened execution, and continued investments in manufacturing capacity and chilling infrastructure. We undertook targeted initiatives to drive volumes and strengthen our domestic portfolio, including pack upsizing, selective price-point launches in identified markets to onboard new consumers, and new launches in the energy and juice based drink segments. The facilities commissioned over the last year have stabilized well and are expected to support growth and enhance operating efficiencies going forward. Our international business continued to make steady progress during the quarter. We consummated the acquisition of Twizza in South Africa through BevCo, strengthening our manufacturing footprint and route-to- market capabilities in Africa’s largest soft drinks market. The acquisition is expected to generate meaningful operational and commercial synergies over time. We have also entered into an agreement to acquire Crickley Dairy through BevCo, which will further strengthen our presence in South Africa, subject to regulatory and other approvals. Across Africa, we continue to build scale in snacks and deepen our presence in high-potential markets, in line with our strategy of broadening the portfolio and strengthening consumer relevance. In accordance with our dividend policy, the Board of Directors has approved an interim dividend of 25% of face value, i.e., Rs. 0.50 per share, resulting in a total cash outflow of approximately Rs. 1,691 million. Looking ahead, we remain confident in the long-term opportunity across our mar
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