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Varun Beverages Q3 Review: Yes Securities Maintains 'Buy' On Multiple Growth Triggers — Check New Target Price
Yes Securities maintains positive view on Varun Beverages in the near term hence raises target price and maintains 'Buy' rating.
30 Oct 2025, 10:35 AM IST 
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Varun Beverages have entered into an exclusive Distribution Agreement with Carlsberg Breweries A/S for their brand – Carlsberg for certain African markets. (Photo source: Company website)
Varun Beverages’ Q3 CY25 operating performance was below brokerage's as well as street estimates with subdued India performance and International business providing some support. India business volumes were largely flat YoY due to extended rainfall across India, while International was up by ~9% led by strong growth in South Africa.
