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Motilal Oswal Report
Varun Beverages Ltd. posted a strong quarter with ~16% YoY revenue growth, led by strong volume growth of 14.4% in India and 21.4% in international territories. Further, net realization per case improved 1.6% at the consolidated level, fueled by realization growth in international territories (due to favorable currency movement), which was partially offset by 1.5% dip in net realizations in India (due to pack upsizing and targeted price-point launches).
Motilal Oswal believes, going forward, Varun Beverages is well placed for healthy Q2 CY26 growth due to the El Ninoled heatwave, along with tailwinds from the Twizza and Crickley consolidations.
Factoring in the consolidation of Twizza and Crickley and higher-than expected volumes, the brokerage raises its CY26/CY27 earnings estimates by 4%/6%.
The brokerage reiterates its Buy rating with a target price of Rs 600 (based on 47x CY26E EPS).
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