Varun Beverages Q3 Review: Yes Securities Maintains 'Buy' On Multiple Growth Triggers — Check New Target Price

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Yes Securities Report

We now expect Varun Beverages Ltd.’s revenue to grow at ~11% CAGR over CY24-27E ~60bps Ebitda margin improvement largely driven by scale, efficiencies, channel mix improvement and backward integration.

Pro-active capacity additions in domestic as well as international businesses along with long runway for distribution expansion and new opportunities explored for International business, gives us good visibility on medium-to-long term growth.

We maintain our Buy rating with revised target price of Rs 625 (Rs 600 earlier), as we assign a target multiple of ~49x on Sept’27E EPS.

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