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Motilal Oswal Report
Varun Beverages Ltd. reported a healthy performance for the June quarter, led by-
- a scale-up in the international market, driven by all geographies;
- strengthening distribution network domestically and globally;
- scale-up of the snacking business, backed by the operationalisation of the Morocco and Zimbabwe markets in H2 CY25; and
- an expanding product portfolio (recently entered into a franchise agreement with Calpis in Jun'26)
Following the healthy results, Motilal Oswal Financial Services retained its 'Buy' rating on the stock and raised its target price to Rs 560, implying an upside potential of about 30% from current levels.
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Going forward, Varun Beverages is expected to deliver healthy performance, driven by capacity expansion, a strong distribution reach, and continued expansion of its beverage portfolio. Additionally, the ramp-up of international operations, recovery in Zimbabwe, and expansion of the snacks business are expected to support revenue growth and margins.
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