# Varun Beverages (VBL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/vbl

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹438
- Change: +1.08%
- As of: 2026-11-06
- 1D return: +1.08%
- 5D return: +11.73%
- 1M return: +1.39%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

VBL closed at ₹438.0 on 2026-11-06, marking a +1.1% daily gain following a high-severity volume surge (+3.1%) the previous day. The stock is trading near the upper end of its 20-day and 50-day ranges (+89.2% and +84.1%, respectively), indicating strong short-term momentum. On the daily chart, price sits above key moving averages (20/50 EMA/SMA) and the Supertrend, with an ADX of 24.95 suggesting developing trend strength. However, this contradicts the weekly structure, where price remains below the 50-period SMA and Supertrend, signaling a longer-term bearish bias. Monthly indicators show an established bullish trend (ADX 36.39) but price below major moving averages. With annualized volatility at +31.9% and a current drawdown of -32.8%, risk remains elevated. Immediate resistance lies at ₹438.23 (0.05% above), while support is found at ₹436.85 (0.26% below).

- Short-term momentum is positive: Price is above daily 20/50 EMAs and Supertrend, with ADX at 24.95 indicating developing strength.
- Longer-term structure remains mixed: Weekly trend is bearish (price below 50 SMA/Supertrend), contrasting with monthly bullishness.
- Key levels to monitor: Resistance at ₹438.23; Support at ₹436.85 (daily low) and ₹433.97 (pivot).
- Risk context: High volatility (+31.9%) and significant historical drawdown (-32.8%) persist despite recent recovery.

- Inside Bar
- Outside Bar
- Shooting Star
- Bearish Engulfing Reversal

### News Context

Varun Beverages (VBL) reported robust operational momentum in Q3CY26, driven by a 28.7% surge in volumes. However, this growth was offset by margin compression caused by elevated packaging costs and geopolitical disruptions, resulting in a 5.5% decline in the stock price on November 1, 2026. Despite these headwinds, multiple brokerages including JM Financial, Choice Institutional Equities, and Elara Securities retained buy or accumulate ratings, citing the strength of the volume story while trimming target prices to reflect margin pressures. Funding support from HDFC Bank, ICICI Bank, and Kotak Mahindra Bank underpins the company's operational capacity.

In broader market sentiment for the week ending November 5, 2026, VBL was highlighted as a Diwali stock pick by Centrum Finverse Research, which cited corrected valuations and projected upside potential of 20% to 32%. This contrasts with Bajaj Broking’s broader Diali recommendations, which focused on other sectors like power and banking due to near-term volatility concerns. The divergence between strong volume execution and margin constraints remains the key dynamic for investors monitoring the stock.

- Q3CY26 Performance: VBL recorded a 28.7% volume surge, but margin compression from high packaging costs led to a 5.5% stock price drop on November 1, 2026.
- Analyst Sentiment: JM Financial, Choice Institutional Equities, and Elara Securities trimmed target prices but maintained buy/accumulate ratings, backing the volume growth despite margin squeeze.
- Valuation Outlook: Centrum Finverse Research included VBL in its Samvat 2083 Diwali picks, projecting 20–32% upside based on corrected valuations and growth prospects.
- Funding Backing: Operational momentum is supported by financing from HDFC Bank, ICICI Bank, and Kotak Mahindra Bank.

- [Samvat 2083 stock Muhurat Trading 2026 Stocks to Buy: HFCL, Varun Beverages, Greaves Cotton - List by Centrum for Diwali](https://www.livemint.com/market/stock-market-news/samvat-2083-stock-muhurat-trading-2026-stocks-to-buy-hfcl-varun-beverages-greaves-cotton-list-by-centrum-for-diwali-11793864066141.html)
- [Diwali picks: Adani Power, ICICI Bank, M&M CG Power among top stocks to buy; check details](https://www.businesstoday.in/markets/trending-stocks/story/diwali-picks-adani-power-icici-bank-mm-cg-power-among-top-stocks-to-buy-check-details-565326-2026-11-03)
- [Varun Beverages climbs 1.6% as analysts back volume story despite margin squeeze](https://www.thehindubusinessline.com/markets/stock-markets/varun-beverages-climbs-16-as-analysts-back-volume-story-despite-margin-squeeze/article71655568.ece)
- [Varun Beverages: Robust operational momentum in Q3CY26](https://www.moneycontrol.com/news/business/moneycontrol-research/varun-beverages-robust-operational-momentum-in-q3cy26-14065960.html)
- [Varun Beverages’ Q3 volume surge can’t mask margin pain](https://www.livemint.com/market/mark-to-market/varun-beverages-carbonated-soft-drinks-sting-pepsico-price-hikes-packaging-costs-11793513498775.html)

### Official Filings

Varun Beverages Limited (VBL) has declared an interim dividend of ₹0.50 per equity share, with a face value of ₹2. The record date for this distribution is November 5, 2026. This declaration follows the company's Q3 and nine-month CY2026 earnings conference call held on October 30, 2026, where the Board approved the payout totaling ₹1,691 million. Concurrently, VBL representatives Mr. Raj Gandhi and Mr. Deepak Dabas are scheduled to participate in investor meetings on November 16 and 17, 2026, in Mumbai, including sessions at the CITIC CLSA India Forum, JM Financial Annual India Conference, and Avendus Spark INDX: Annual Investor Conference. The company confirmed that no unpublished price sensitive information will be shared during these engagements.

- Interim Dividend Declared: ₹0.50 per share (25% of face value), totaling ₹1,691 million, with a record date of November 5, 2026.

- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RE 0.50 PER SHARE |FACE VALUE:2 |RECORD DATE:05-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [VARUN BEVERAGES LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_14348_WebXMLFile_20261105_154344986.xml)
- [We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in the meetings of group of investors as per schedule given in the enclosed intimation. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/VBL_05112026154053_Intimation_InvestorMeet.pdf)
- [We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in the meetings of group of investors as per schedule given in the enclosed intimation. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/VBL_05112026154036_Intimation_InvestorMeet.pdf)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RE 0.50 PER SHARE |FACE VALUE:2 |RECORD DATE:05-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [Varun Beverages Limited has informed the Exchange about Transcript of Investors and Analysts Conference Call |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/VBL_04112026160355_TranscriptSE.pdf)

### Fundamentals

Varun Beverages (VBL) demonstrates a clear acceleration in top-line momentum and earnings quality, supported by a strengthening balance sheet. For the trailing twelve months (TTM), sales grew 22% to ₹25,931 crore, while net profit expanded 17% to ₹3,479 crore. Operating profit rose sharply to ₹5,914 crore, with interest costs dropping significantly from ₹483 crore in Dec 2024 to ₹196 crore in Dec 2025, indicating improved financial leverage. Cash flow generation remains robust; CFO/EBITDA conversion held at 87% for Dec 2025, and cash from operating activities reached ₹3,509 crore.

The most recent quarterly data for Q2 FY2026-27 shows sequential seasonality: revenue decreased to ₹6,816 crore from ₹8,651 crore in Q1, and net profit fell to ₹831 crore from ₹1,525 crore. However, EPS remained stable at ₹2.45 per share compared to Q1’s ₹4.50 (adjusted for seasonal variance). Balance sheet health has improved materially, with borrowings declining from ₹5,431 crore in Dec 2023 to ₹2,508 crore in Dec 2025, and CWIP reducing to ₹271 crore as fixed assets grew to ₹16,759 crore. Institutional ownership is shifting, with DIIs increasing their stake to 16.29% in Sep 2026, while promoters maintained ~59.4%. The key checkpoint is whether the company can sustain its high single-digit to low double-digit TTM growth trajectory into the next quarter amidst seasonal fluctuations.

- TTM sales grew 22% to ₹25,931 crore and net profit rose 17% to ₹3,479 crore, driven by strong operating leverage and reduced interest costs.
- Balance sheet deleveraging is evident: borrowings fell to ₹2,508 crore (Dec 2025) and CWIP dropped to ₹271 crore, while fixed assets expanded to ₹16,759 crore.
- Q2 FY2026-27 showed expected sequential declines in revenue (₹6,816 crore) and net profit (₹831 crore) due to seasonality, but EPS remained steady at ₹2.45.
- Cash conversion efficiency is high at 87% (CFO/EBITDA for Dec 2025), with operating cash flows of ₹3,509 crore supporting debt reduction.

### Bull Case

Varun Beverages (VBL) presents a conditional constructive case anchored by robust operational momentum, specifically a 28.7% volume surge in Q3CY26. This top-line growth demonstrates strong underlying demand resilience despite external headwinds, including high packaging costs and geopolitical disruptions that compressed margins and triggered a 5.5% stock price decline. The company’s financial health remains supported by funding from major banking partners such as HDFC Bank, ICICI Bank, and Kotak Mahindra Bank, providing liquidity stability during this period of margin pressure. While technical indicators show mixed signals—with the daily Supertrend bullish but weekly bearish, and the stock trading near resistance at ₹438.23—the fundamental volume strength offers a basis for recovery if input cost pressures ease. Analysts from Centrum Finverse Research have identified VBL as a Diwali pick, citing corrected valuations and projecting upside potential of 20% to 32%, while other brokerages like JM Financial and Choice Institutional Equities retained buy or accumulate ratings despite trimming target prices. The key condition for this constructive view is the stabilization of packaging costs; without margin expansion, the volume gains may not fully translate into earnings growth.

- Q3CY26 volume surged 28.7%, offsetting margin compression from high packaging costs and geopolitical disruptions.
- Funding support from HDFC Bank, ICICI Bank, and Kotak Mahindra Bank reinforces financial stability during margin squeeze.
- Centrum Finverse Research lists VBL as a Diwali pick with projected upside of 20–32% based on corrected valuations.
- Daily Supertrend remains bullish (ADX 14: 24.95), though weekly trend is bearish, with stock trading near resistance at ₹438.23.

- [Samvat 2083 stock Muhurat Trading 2026 Stocks to Buy: HFCL, Varun Beverages, Greaves Cotton - List by Centrum for Diwali](https://www.livemint.com/market/stock-market-news/samvat-2083-stock-muhurat-trading-2026-stocks-to-buy-hfcl-varun-beverages-greaves-cotton-list-by-centrum-for-diwali-11793864066141.html)
- [Diwali picks: Adani Power, ICICI Bank, M&M CG Power among top stocks to buy; check details](https://www.businesstoday.in/markets/trending-stocks/story/diwali-picks-adani-power-icici-bank-mm-cg-power-among-top-stocks-to-buy-check-details-565326-2026-11-03)
- [Varun Beverages climbs 1.6% as analysts back volume story despite margin squeeze](https://www.thehindubusinessline.com/markets/stock-markets/varun-beverages-climbs-16-as-analysts-back-volume-story-despite-margin-squeeze/article71655568.ece)
- [Varun Beverages: Robust operational momentum in Q3CY26](https://www.moneycontrol.com/news/business/moneycontrol-research/varun-beverages-robust-operational-momentum-in-q3cy26-14065960.html)
- [Varun Beverages’ Q3 volume surge can’t mask margin pain](https://www.livemint.com/market/mark-to-market/varun-beverages-carbonated-soft-drinks-sting-pepsico-price-hikes-packaging-costs-11793513498775.html)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RE 0.50 PER SHARE |FACE VALUE:2 |RECORD DATE:05-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [VARUN BEVERAGES LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_14348_WebXMLFile_20261105_154344986.xml)
- [We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in the meetings of group of investors as per schedule given in the enclosed intimation. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/VBL_05112026154053_Intimation_InvestorMeet.pdf)
- [We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in the meetings of group of investors as per schedule given in the enclosed intimation. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/VBL_05112026154036_Intimation_InvestorMeet.pdf)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RE 0.50 PER SHARE |FACE VALUE:2 |RECORD DATE:05-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)

### Bear Case

Varun Beverages faces a dual challenge of operational margin pressure and significant technical deterioration. In Q3CY26, the company recorded a 28.7% volume surge, but this growth was offset by margin compression driven by high packaging costs and geopolitical disruptions, resulting in a 5.5% stock price drop. Financially, while the company maintains funding from major banks including HDFC, ICICI, and Kotak Mahindra, the cost structure has squeezed profitability. Technically, the stock is trading at ₹438.0 as of November 6, 2026, with a weekly trend turning bearish. The stock has suffered a maximum drawdown of -41.4% and a current drawdown of -32.8%, with a year-to-date return of -10.9%. Although brokerages retain buy ratings, multiple firms including JM Financial, Choice Institutional Equities, and Elara Securities have trimmed target prices, reflecting caution on near-term margins despite the volume story.

- Margin Contraction: Q3CY26 saw a 28.7% volume increase, but high packaging costs and geopolitical disruptions compressed margins, leading to a 5.5% price decline.
- Technical Breakdown: Weekly trend is bearish; the stock has experienced a maximum drawdown of -41.4% and a current drawdown of -32.8% as of November 6, 2026.
- Analyst Downgrades: Multiple brokerages (JM Financial, Choice, Elara) trimmed target prices following Q3 results, citing margin squeeze despite retaining buy/accumulate ratings.
- Negative Returns: The stock is down -10.9% year-to-date and -7.2% over one year, with an annualized volatility of +31.9%.

- [Samvat 2083 stock Muhurat Trading 2026 Stocks to Buy: HFCL, Varun Beverages, Greaves Cotton - List by Centrum for Diwali](https://www.livemint.com/market/stock-market-news/samvat-2083-stock-muhurat-trading-2026-stocks-to-buy-hfcl-varun-beverages-greaves-cotton-list-by-centrum-for-diwali-11793864066141.html)
- [Diwali picks: Adani Power, ICICI Bank, M&M CG Power among top stocks to buy; check details](https://www.businesstoday.in/markets/trending-stocks/story/diwali-picks-adani-power-icici-bank-mm-cg-power-among-top-stocks-to-buy-check-details-565326-2026-11-03)
- [Varun Beverages climbs 1.6% as analysts back volume story despite margin squeeze](https://www.thehindubusinessline.com/markets/stock-markets/varun-beverages-climbs-16-as-analysts-back-volume-story-despite-margin-squeeze/article71655568.ece)
- [Varun Beverages: Robust operational momentum in Q3CY26](https://www.moneycontrol.com/news/business/moneycontrol-research/varun-beverages-robust-operational-momentum-in-q3cy26-14065960.html)
- [Varun Beverages’ Q3 volume surge can’t mask margin pain](https://www.livemint.com/market/mark-to-market/varun-beverages-carbonated-soft-drinks-sting-pepsico-price-hikes-packaging-costs-11793513498775.html)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RE 0.50 PER SHARE |FACE VALUE:2 |RECORD DATE:05-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [VARUN BEVERAGES LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_14348_WebXMLFile_20261105_154344986.xml)
- [We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in the meetings of group of investors as per schedule given in the enclosed intimation. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/VBL_05112026154053_Intimation_InvestorMeet.pdf)
- [We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in the meetings of group of investors as per schedule given in the enclosed intimation. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/VBL_05112026154036_Intimation_InvestorMeet.pdf)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RE 0.50 PER SHARE |FACE VALUE:2 |RECORD DATE:05-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)

### FAQs

**What corporate action has Varun Beverages announced for November 2026?**

Varun Beverages declared an interim dividend of ₹0.50 per share with a face value of ₹2. The ex-date and record date are both set for November 5, 2026. No book closure dates were specified in the exchange filing.

**How did Varun Beverages perform operationally in Q3CY26, and what was the market reaction?**

The company reported a 28.7% volume surge in Q3CY26, supported by robust operational momentum and funding from multiple banking partners. However, margin compression due to high packaging costs offset this growth, leading to a 5.5% drop in the stock price following the results.

**What is the current technical trend and price range for VBL shares?**

As of November 6, 2026, the daily trend is bullish with the stock closing at ₹438.00. Key resistance levels are near ₹438.23 and ₹443.17, while support lies around ₹436.85 and ₹433.97. Despite the daily bullish signal, the weekly trend remains bearish, and the stock has experienced a maximum drawdown of -41.4%.

- [Samvat 2083 stock Muhurat Trading 2026 Stocks to Buy: HFCL, Varun Beverages, Greaves Cotton - List by Centrum for Diwali](https://www.livemint.com/market/stock-market-news/samvat-2083-stock-muhurat-trading-2026-stocks-to-buy-hfcl-varun-beverages-greaves-cotton-list-by-centrum-for-diwali-11793864066141.html)
- [Diwali picks: Adani Power, ICICI Bank, M&M CG Power among top stocks to buy; check details](https://www.businesstoday.in/markets/trending-stocks/story/diwali-picks-adani-power-icici-bank-mm-cg-power-among-top-stocks-to-buy-check-details-565326-2026-11-03)
- [Varun Beverages climbs 1.6% as analysts back volume story despite margin squeeze](https://www.thehindubusinessline.com/markets/stock-markets/varun-beverages-climbs-16-as-analysts-back-volume-story-despite-margin-squeeze/article71655568.ece)
- [Varun Beverages: Robust operational momentum in Q3CY26](https://www.moneycontrol.com/news/business/moneycontrol-research/varun-beverages-robust-operational-momentum-in-q3cy26-14065960.html)
- [Varun Beverages’ Q3 volume surge can’t mask margin pain](https://www.livemint.com/market/mark-to-market/varun-beverages-carbonated-soft-drinks-sting-pepsico-price-hikes-packaging-costs-11793513498775.html)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RE 0.50 PER SHARE |FACE VALUE:2 |RECORD DATE:05-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [VARUN BEVERAGES LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_14348_WebXMLFile_20261105_154344986.xml)
- [We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in the meetings of group of investors as per schedule given in the enclosed intimation. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/VBL_05112026154053_Intimation_InvestorMeet.pdf)
- [We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, representatives of the Company shall participate in the meetings of group of investors as per schedule given in the enclosed intimation. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/VBL_05112026154036_Intimation_InvestorMeet.pdf)
- [SERIES:EQ |PURPOSE:INTERIM DIVIDEND - RE 0.50 PER SHARE |FACE VALUE:2 |RECORD DATE:05-Nov-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹433.97
- Risk regime: Higher Price Risk

### Support levels
- 436.85
- 430.40625
- 417.45625

### Resistance levels
- 486.9502807617187
- 501.55
- 523.8

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +1.08% |
| return_10 | +10.86% |
| return_1m | -0.30% |
| return_1y | -7.17% |
| return_20 | +1.39% |
| return_3m | -1.35% |
| return_5 | +11.73% |
| return_6m | -13.94% |
| return_since_start | -32.70% |
| return_ytd | -10.93% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -41.40% |
| annualized_volatility | +31.88% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Varun Beverages Limited FY2026-27 Q2: Profit before tax falls 47% sequentially

Consolidated revenue from operations was ₹6,816 crore in Q2 FY2026-27, down 21.2% from Q1 but up 35.0% year on year. Profit before tax fell 46.8% sequentially to ₹1,055 crore, while profit for the period declined 45.5% to ₹831 crore; both remained above their Q2 FY2025-26 levels.

## Revenue and expenses

Revenue from operations fell ₹1,835 crore from ₹8,651 crore in Q1 FY2026-27. It was higher than the ₹5,048 crore reported in Q2 FY2025-26. Revenue had risen from ₹4,335 crore in Q3 FY2025-26 to ₹6,722 crore in Q4 and ₹8,651 crore in Q1 FY2026-27 before this quarter’s decline.

Expenses fell 13.2% sequentially to ₹5,881 crore from ₹6,773 crore, a smaller decline than revenue’s 21.2%. Year on year, expenses increased 38.3%, faster than revenue’s 35.0% growth.

## Profitability

Profit before tax was ₹1,055 crore, down 46.8% from ₹1,981 crore in Q1 FY2026-27 but up 11.9% from ₹943 crore in Q2 FY2025-26. Profit for the period was ₹831 crore, compared with ₹1,525 crore in the preceding quarter and ₹745 crore a year earlier—a 45.5% sequential decline and an 11.5% year-on-year increase.

Basic earnings per share from continuing operations were ₹2.45, down from ₹4.50 in Q1 FY2026-27 and up from ₹2.19 in Q2 FY2025-26.

## Finance costs and tax

Finance costs rose 25.9% sequentially to ₹71.7 crore from ₹56.9 crore in Q1 FY2026-27, and were 58.6% higher than the ₹45.2 crore reported in Q2 FY2025-26.

Tax expense was ₹222 crore, down from ₹452 crore in Q1 FY2026-27. It comprised current tax of ₹239 crore and a deferred-tax credit of ₹16.8 crore; in Q1, deferred tax was a charge of ₹9.8 crore.

## Comprehensive income

Comprehensive income for the period was ₹841 crore, down 46.4% from ₹1,567 crore in Q1 FY2026-27 and 4.4% from ₹879 crore in Q2 FY2025-26. Other comprehensive income was ₹10.0 crore, compared with ₹42.1 crore in the preceding quarter and ₹134.0 crore a year earlier.

## Key Takeaway

Q2 FY2026-27 reversed part of the strong sequential increase in revenue and profit seen through Q1: revenue declined, and profit before tax fell by nearly half. Year-on-year revenue and profit remained higher, but expenses grew faster than revenue, while finance costs also increased materially.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +59.43%
- FII holding: +17.53%
- DII holding: +16.29%
- Mutual fund holding: +9.79%
- Retail holding: +4.31%
- Promoter pledged: +0.00%

### Major reported shareholders

- RJ Corp Limited — +25.28% (Bodies Corporate)
- Ravi Kant Jaipuria — +16.71%
- Varun Jaipuria — +15.43%
- LICI NEW ENDOWMENT PLUS-GROWTH FUND — +2.31%
- NIPPON LIFE INDIA TRUSTEE LTD.-A/C NIPPON INDIA BS — +1.96%
- Devyani Jaipuria — +1.94%
- GOVERNMENT PENSION FUND GLOBAL — +1.86%
- SBI AGGRESSIVE HYBRID FUND — +1.82%
- NPS TRUST A/C - SBI PF NPS JEEVAN SWARNA RETIREMENT — +1.27%
- Vivek Gupta — +0.07%

## Official filings

- 2026-11-05 — Corporate Action Notice: Varun Beverages Limited - Ex-Date: 05-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-05 — Corporate Action Notice: Varun Beverages Limited - Ex-Date: 05-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-05 — Corporate Action Notice: Varun Beverages Limited - Ex-Date: 05-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-05 — Generic Announcement: Varun Beverages Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_14348_WebXMLFile_20261105_154344986.xml)
- 2026-11-05 — Generic Announcement: Varun Beverages Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VBL_05112026154053_Intimation_InvestorMeet.pdf)
- 2026-11-05 — Generic Announcement: Varun Beverages Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VBL_05112026154036_Intimation_InvestorMeet.pdf)
- 2026-11-04 — Corporate Action Notice: Varun Beverages Limited - Ex-Date: 05-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-04 — Corporate Action Notice: Varun Beverages Limited - Ex-Date: 05-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-04 — Corporate Action Notice: Varun Beverages Limited - Ex-Date: 05-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-04 — Generic Announcement: Varun Beverages Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VBL_04112026160355_TranscriptSE.pdf)
- 2026-11-04 — Generic Announcement: Varun Beverages Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_14348_WebXMLFile_20261104_164748821.xml)
- 2026-11-03 — Corporate Action Notice: Varun Beverages Limited - Ex-Date: 05-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-03 — Corporate Action Notice: Varun Beverages Limited - Ex-Date: 05-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-03 — Corporate Action Notice: Varun Beverages Limited - Ex-Date: 05-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-02 — Corporate Action Notice: Varun Beverages Limited - Ex-Date: 05-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-02 — Corporate Action Notice: Varun Beverages Limited - Ex-Date: 05-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-11-02 — Corporate Action Notice: Varun Beverages Limited - Ex-Date: 05-Nov-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-30 — Generic Announcement: Varun Beverages Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VBL_30102026114937_Outcome.pdf)
- 2026-10-30 — Earnings Presentation: Varun Beverages Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VBL_30102026115937_Presentation.pdf)
- 2026-10-30 — Press Release: Varun Beverages Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VBL_30102026120438_PressRelease.pdf)
- 2026-10-30 — Generic Announcement: Varun Beverages Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VBL_30102026120957_Outcome30102026.pdf)
- 2026-10-30 — Generic Announcement: Varun Beverages Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/VBL_30102026120712_Outcome30102026.pdf)
- 2026-10-30 — Generic Announcement: Varun Beverages Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/OUTCOME_14348_WebXMLFile_20261030_122608027.xml)
- 2026-10-30 — Financial Results Filing: Varun Beverages Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749759_30102026025549_WEB.xml)
- 2026-10-30 — Financial Results Filing: Varun Beverages Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749761_30102026025815_WEB.xml)

## News and market events

- 2026-11-05 — Mint: **Samvat 2083 stock Muhurat Trading 2026 Stocks to Buy: HFCL, Varun Beverages, Greaves Cotton - List by Centrum for Diwali** — Centrum Finverse Research has identified HFCL, Greaves Cotton, Manorama Industries, Inventurus Knowledge Solutions, and Varun Beverages as its Diwali stock picks for Samvat 2083, citing corrected valuations and growth prospects. The brokerage projects upside potential ranging from 20% to 32% for these fundamental stocks across sectors including telecom, power equipment, food products, FMCG, and business process management. — [Source](https://www.livemint.com/market/stock-market-news/samvat-2083-stock-muhurat-trading-2026-stocks-to-buy-hfcl-varun-beverages-greaves-cotton-list-by-centrum-for-diwali-11793864066141.html)
- 2026-11-03 — BUSINESSTODAY: **Diwali picks: Adani Power, ICICI Bank, M&M CG Power among top stocks to buy; check details** — Bajaj Broking identifies near-term volatility in Indian equities due to geopolitical tensions and rising bond yields, but remains constructive on the domestic growth outlook supported by resilient Q2FY27 earnings. The firm has issued specific technical buy recommendations for ICICI Bank, Adani Power, and Lloyds Engineering Works, citing positive momentum and breakout signals. Additionally, Bajaj Broking highlighted fundamental picks across various sectors, including Mahindra & Mahindra and CG Power, projecting approximately 15% upside for these counters. — [Source](https://www.businesstoday.in/markets/trending-stocks/story/diwali-picks-adani-power-icici-bank-mm-cg-power-among-top-stocks-to-buy-check-details-565326-2026-11-03)
- 2026-11-02 — The Hindu: **Varun Beverages climbs 1.6% as analysts back volume story despite margin squeeze** — Following Varun Beverages' Q3CY26 results showing strong volume growth but margin contraction due to packaging costs and geopolitical disruptions, multiple brokerages including JM Financial, Choice Institutional Equities, and Elara Securities trimmed their target prices while retaining buy or accumulate ratings. — [Source](https://www.thehindubusinessline.com/markets/stock-markets/varun-beverages-climbs-16-as-analysts-back-volume-story-despite-margin-squeeze/article71655568.ece)
- 2026-11-02 — MONEYCONTROL: **Varun Beverages: Robust operational momentum in Q3CY26** — Varun Beverages demonstrated robust operational momentum during the third quarter of the fiscal year 2026. The company's performance was supported by funding from multiple banking partners including HDFC Bank, ICICI Bank, and Kotak Mahindra Bank. — [Source](https://www.moneycontrol.com/news/business/moneycontrol-research/varun-beverages-robust-operational-momentum-in-q3cy26-14065960.html)
- 2026-11-02 — Mint: **Varun Beverages’ Q3 volume surge can’t mask margin pain** — Varun Beverages Ltd experienced margin compression in its September quarter (Q3CY26) due to high packaging costs, which offset a 28.7% volume surge and led to a 5.5% drop in its stock price. — [Source](https://www.livemint.com/market/mark-to-market/varun-beverages-carbonated-soft-drinks-sting-pepsico-price-hikes-packaging-costs-11793513498775.html)
- 2026-10-31 — Economic Times: **Varun Beverages Q3 net profit rises 13% YoY, but margins fall** — Varun Beverages reported a 13.5% YoY rise in Q3 net profit to ₹830.6 crore alongside strong volume growth, but shares fell 4.39% as gross margins contracted by 334 bps due to elevated packaging and sugar costs. — [Source](https://economictimes.indiatimes.com/markets/stocks/earnings/varun-beverages-q3-net-profit-rises-13-yoy-but-margins-fall/articleshow/135387006.cms)
- 2026-10-30 — The Hindu: **Varun Beverages’ net profit grows 13.5% on strong volume growth** — Varun Beverages Ltd posted a 13.54% year-on-year increase in consolidated net profit to ₹830.6 crore for the September quarter, driven by a 33.2% rise in net revenues and robust volume growth in India. The company's board approved an interim dividend of 25% per share, while management noted that higher packaging and sugar costs impacted margins, though this was partially offset by improved realizations and a shift towards low-sugar products. — [Source](https://www.thehindubusinessline.com/companies/varun-beverages-net-profit-grows-135-on-strong-volume-growth/article71645283.ece)
- 2026-10-30 — Economic Times: **Varun Beverages shares fall over 4% as Q3 margin pressure weighs despite a 33% YoY revenue growth** — Varun Beverages reported strong Q3 CY2026 revenue, profit and volume growth, but its shares fell as higher packaging costs weighed on margins. EBITDA margin declined 140 basis points year-on-year, while the company announced an interim dividend of Rs 0.50 per share. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/varun-beverages-shares-fall-over-4-as-q3-margin-pressure-weighs-despite-a-33-yoy-revenue-growth/articleshow/135352713.cms)
- 2026-10-30 — Economic Times: **Low-sugar fizz, high-cost squeeze: Varun Beverages battles margin pressure** — Varun Beverages reported a contraction in gross and EBITDA margins during Q3 CY2026 despite strong revenue growth. The company's revenue from operations increased significantly, driven by robust sales volumes and premium product offerings. — [Source](https://economictimes.indiatimes.com/industry/cons-products/fmcg/low-sugar-fizz-high-cost-squeeze-varun-beverages-battles-margin-pressure/articleshow/135351109.cms)
- 2026-10-30 — The Hindu: **Varun Beverages quarterly profit rises 14% to ₹828 crore on volume growth; packaging costs weigh on margins** — Varun Beverages reported a 13.8% increase in quarterly net profit to ₹828 crore for the quarter ended September 30, driven by a 28.7% rise in consolidated sales volumes across India and international markets. However, gross margins contracted by 334 basis points to 53.1% due to higher packaging material costs, which outpaced the 33.3% revenue growth. — [Source](https://www.thehindubusinessline.com/companies/varun-beverages-quarterly-profit-rises-14-to-828-crore-on-volume-growth-packaging-costs-weigh-on-margins/article71644217.ece)
- 2026-10-30 — BUSINESS: **Sensex zooms 1,500 pts in 2 days, Nifty tops 23K: Why are bulls in charge?** — Several listed companies experienced distinct stock price movements linked to their Q2 financial results or market debut, including Vedanta Oil and Gas, Suzlon Energy, IndiGo, Trent, Varun Beverages, Eternal, and Jio Platforms. — [Source](https://www.business-standard.com/markets/news/sensex-zooms-1-500-pts-in-2-days-nifty-tops-23k-why-are-bulls-in-charge-126103000686_1.html)
- 2026-10-30 — MONEYCONTROL: **Varun Beverages shares fall 3% after Q3 results as margins contract despite 14% profit growth** — Varun Beverages shares declined by 3% following the release of its Q3 financial results, where the company reported a 14% increase in profit but faced margin contraction. — [Source](https://www.moneycontrol.com/news/business/markets/varun-beverages-shares-fall-3-after-q3-results-as-margins-contract-despite-14-profit-growth-14064399.html)
- 2026-10-30 — BUSINESSTODAY: **Varun Beverages Q2 earnings: Net profit rises 14%, stock falls** — Varun Beverages Ltd reported a 14% year-on-year increase in Q2 net profit to Rs 828 crore and a 33% rise in revenue to Rs 6815.5 crore, yet its stock fell 4% following the announcement. — [Source](https://www.businesstoday.in/markets/stocks/story/varun-beverages-q2-earnings-net-profit-rises-14-stock-falls-564711-2026-10-30)
- 2026-10-30 — FEEDS: **Q2 Results Live: Varun Beverages Q3 Net Profit Rises 14% YoY; Reliance Slips, Sun Pharma Gains Ahead Of Earnings** — Reliance Industries, Jio Platforms, Sun Pharmaceutical Industries, Bharat Electronics, Indian Oil Corporation, and Dixon Technologies, are among the 213 companies scheduled to announce their Q2 results today, October 30. Track the latest earnings announcements, financial performance, management commentary and stock market reaction live on NDTV Profit. — [Source](https://www.ndtvprofit.com/markets/q2-results-live-updates-october-30-ril-sun-pharma-bel-jio-platforms-varun-beverages-among-213-companies-to-announce-earnings-today-12257417)
- 2026-10-27 — BUSINESSTODAY: **Varun Beverages shares set for second straight year of losses; price targets and more** — Varun Beverages share price: Shares of Varun Beverages Ltd have slipped 27% from their 52-week high in four months. — [Source](https://www.businesstoday.in/markets/stocks/story/varun-beverages-shares-set-for-losses-for-second-straight-year-price-targets-and-more-563941-2026-10-27)
- 2026-10-07 — FREEPRESSJOURNAL.IN: **Varun Beverages Bets On Solar Power, To Buy Up To 26% Stake In Jager Renewables** — Varun Beverages will invest up to Rs 4.10 crore for a 26 percent stake in Jager Renewables to secure captive solar power and cut energy costs in Uttar Pradesh. — [Source](https://www.freepressjournal.in/business/varun-beverages-bets-on-solar-power-to-buy-up-to-26-stake-in-jager-renewables)
- 2026-09-30 — CNBC-TV18: **Varun Beverages’ South Africa dairy deal goes to arbitration** — Varun Beverages’ subsidiary has referred its proposed acquisition of Crickley Dairy to arbitration after a key condition was not met by the September 30 deadline. — [Source](https://www.cnbctv18.com/market/varun-beverages-south-africa-dairy-deal-goes-to-arbitration-20002507.htm)
- 2026-09-29 — The Hindu: **J B Ecotex files IPO papers with SEBI; eyes ₹400 cr via fresh issue** — The issue will include an Offer-for-Sale of up to 1.29 crore equity shares by promoters — [Source](https://www.thehindubusinessline.com/markets/j-b-ecotex-files-ipo-papers-with-sebi-eyes-400-cr-via-fresh-issue/article71523075.ece)
- 2026-09-28 — Economic Times: **Rs 4 lakh crore loss! Why India's storied consumer stocks are languishing near the bottom in 2026** — In India, major consumer stocks have suffered a staggering drop, with market values plummeting by nearly Rs 4 lakh crore. Even with an uptick in demand, FMCG firms like ITC and Hindustan Unilever are facing profound losses in market cap this year. Rising input costs, despite signs of consumption recovery, are tightening margins. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/rs-4-lakh-crore-loss-why-indias-storied-consumer-stocks-are-languishing-near-the-bottom-in-2026/articleshow/134531609.cms)
- 2026-09-24 — Economic Times: **Varun Beverages arm signs exclusive distribution pact with Mondelez** — Varun Beverages Limited Zimbabwe has entered into a distribution agreement with Mondelez South Africa. This exclusive agreement will focus on chocolate, biscuits, candies, and gum products. The partnership is set to take effect from October 1, 2026. Varun Beverages plans to utilize its existing distribution network for this venture. The specific investment details have not been disclosed by the company at this time. — [Source](https://economictimes.indiatimes.com/industry/cons-products/food/vbl-zimbabwe-signs-exclusive-distribution-pact-with-mondelez/articleshow/134455087.cms)
- 2026-09-23 — BUSINESS: **Nifty above 23,400 level; FMCG shares advance** — At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 328.91 points or 0.44% to 74,857.99. The Nifty 50 index rose 104.55 points or 0.40% to 23,432.05. — [Source](https://www.business-standard.com/markets/capital-market-news/nifty-above-23-400-level-fmcg-shares-advance-126092300381_1.html)
- 2026-09-22 — Mint: **Top stocks to buy in F&O segment: Glenmark, Bharat Forge, Varun Beverages by Jay Thakkar - Check short-term targets** — On September 22, domestic indices fell as IT stocks declined, overshadowing oil price drops. Nifty 50 dropped 0.36% to 23,329; Sensex fell 0.44% to 74,529. Technical levels suggest a trading range of 23,000-24,000, with potential positive momentum if a US-Iran deal is confirmed. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-to-buy-in-f-o-segment-glenmark-bharat-forge-varun-beverages-by-jay-thakkar-check-short-term-targets-11790077901117.html)
- 2026-09-15 — Mint: **From VBL, Power Grid to Paytm - 6 stocks experts recommend buying for the short term; do you own any?** — Experts suggest six stocks for short-term investment, including VBL and Paytm. These stocks show promising momentum despite current market volatility, providing opportunities for investors willing to navigate the turbulence ahead. — [Source](https://www.livemint.com/market/stock-market-news/from-vbl-power-grid-to-paytm-6-stocks-experts-recommend-buying-for-the-short-term-do-you-own-any-11789451473678.html)
- 2026-09-14 — BUSINESSTODAY: **Varun Beverages shares slip 25% from 52-week low; more downside ahead?** — Shares of Varun Beverages, Varun Beverages share price target, Varun Beverages, Varun Beverages share price falls, Varun Beverages shares fall, Varun Beverages  price targets, Varun Beverages share price today, multibagger stock, trending stock, Varun Beverages returns, Varun Beverages price targets, Varun Beverages shares in news, Varun Beverages shares in news, Varun Beverages, Varun Beverages Shares price today, Shares of  Varun Beverages, Varun Beverages net profit, Varun Beverages revenue, Varun Beverages Shares in news, Varun Beverages Shares  price target, Varun Beverages stock price, Varun Beverages Shares  gain, Varun Beverages Share price today — [Source](https://www.businesstoday.in/markets/stocks/story/varun-beverages-shares-slip-25-from-52-week-low-more-downside-ahead-555453-2026-09-14)
- 2026-09-14 — BUSINESSTODAY: **Varun Beverages shares slip 25% from 52-week high; more downside ahead?** — Shares of Varun Beverages, Varun Beverages share price target, Varun Beverages, Varun Beverages share price falls, Varun Beverages shares fall, Varun Beverages  price targets, Varun Beverages share price today, multibagger stock, trending stock, Varun Beverages returns, Varun Beverages price targets, Varun Beverages shares in news, Varun Beverages shares in news, Varun Beverages, Varun Beverages Shares price today, Shares of  Varun Beverages, Varun Beverages net profit, Varun Beverages revenue, Varun Beverages Shares in news, Varun Beverages Shares  price target, Varun Beverages stock price, Varun Beverages Shares  gain, Varun Beverages Share price today — [Source](https://www.businesstoday.in/markets/stocks/story/varun-beverages-shares-slip-from-52-week-high-more-downside-ahead-555453-2026-09-14)

## Business profile

**Strategic vision:** Manufactures and distributes PepsiCo beverages under franchise agreements.

### Business segments
- **Carbonated Soft Drinks (CSDs):** Manufactures and distributes a portfolio of carbonated soft drinks including Pepsi, Mountain Dew, and Seven-Up under PepsiCo trademarks.
- **Non-Carbonated Beverages (NCBs):** Manufactures and distributes non-carbonated beverages such as Tropicana juices, Gatorade, and Aquafina packaged drinking water.

### Competitive strengths
- Exclusive franchise agreements with a major global beverage company.
- Extensive bottling and distribution network across India and international markets.
- Integrated manufacturing and supply chain for a diverse beverage portfolio.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/vbl
Markdown representation: https://faxioms.com/stocks/vbl?render=md