Shares of Varun Beverages Ltd. rose during early trade on Tuesday, extending its rally from the previous session after the March quarter results.
The company reported a strong performance in Q1 CY26, delivering a beat on both topline and bottom line. Consolidated sales volumes grew 16.3% year-on-year, while realisation per case improved by 1.6%. Net profit rose 20.1% YoY to Rs 872 crore compared with Rs 726 crore a year ago.
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Revenue increased 18.1% to Rs 6,574 crore from Rs 5,567 crore, while Ebitda grew 21% to Rs 1,529 crore from Rs 1,264 crore. Margin improved to 23.3% from 22.7% last year.
Management said it undertook targeted initiatives in India to drive volumes and strengthen the domestic portfolio, including pack upsizing and selective price-point launches in identified markets to onboard new consumers, adding that the demand outlook remains strong.
Varun Beverages has seen renewed confidence from brokerages after a robust Q4 performance, with both Jefferies and Citi reiterating bullish calls and raising target prices. The PepsiCo bottler reported over 14% volume growth in India, a key positive at a time when competitive intensity — particularly from Reliance-promoted Campa — had been a concern.
Jefferies maintained its “Buy” rating while raising its target price to Rs 615 from Rs 550, calling it “a refreshing quarter.” The brokerage highlighted that management appears unfazed by rising competition. Citi, which also maintained a “Buy” and hiked its target price to Rs 640 from Rs 575, on strong domestic performance as a key trigger.
Varun Beverages Share Price
The stock gained 2% intraday to Rs 529.4 on the NSE, compared to a 0.3% rise in the benchmark Nifty 50. The stock is up over 6% year-to-date.
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