NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Varun Beverage Ltd. reported better-than-expected India volume growth (10.5% YoY) in a seasonally weak quarter (Q4), while a decline in realisation indicates increasing competitive intensity in Q4 CY25.
Management remains cautiously optimistic about delivering double-digit volume growth in India on a weak base and maintaining margins, aided by capacity additions at new plants and distribution expansion. However, the brokerage sees risks to volume momentum and margins (CY25 India margin of 26% vs guidance of 21–22%) from intensifying competition.
International business performance remained strong with 10% YoY volume growth, and is expected to benefit further from portfolio expansion (snacks portfolio, Carlsberg beer distribution) and Twizza acquisition (in Q2CY26).
ICICI Securities reiterates Hold, factoring in higher competitive intensity over the medium term.
Key risks: Steep rise in competitive pressures and faster-than-expected recovery in urban and rural economies.
Click on the attachment to read the full report:
Also Read: Wipro, LTIM Lead Declines In IT Stocks After Anthropic's New AI Tool Sparks Global Selloff
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Comprehensive Budget 2026 coverage, LIVE TV analysis, Stock Market and Industry reactions, Income Tax changes and Latest News on NDTV Profit.
