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Varun Beverages
Varun Beverages (VBL) investor relations material
Varun Beverages Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Consolidated volumes grew 7.9% and revenue rose 8.4% for CY/FY 2025, with EBITDA up 7.2% and PAT up 16.2% to INR 30,620.4 million, despite weather disruptions in India.
Q4 saw a recovery with domestic volumes up 10.5% and international volumes up 10%, driven by network expansion and capacity enhancements.
Four new greenfield plants and backward integration facilities were commissioned, expected to support higher volumes and operating leverage.
International operations, especially Africa, continued to scale, with the proposed acquisition of Twizza in South Africa and a new subsidiary in Kenya.
Board recommended a final dividend of INR 0.50 per share, subject to approval.
Financial highlights
Revenue from operations (adjusted for excise and GST) increased to INR 222,255.84 million in FY25, up from INR 204,813.28 million in FY24.
Consolidated sales volumes reached 1,213 million cases, up from 1,124 million in CY 2024.
Q4 CY 2025 sales volumes rose 10.2% to 237.1 million cases; Q4 net revenue up 14% to INR 42,044.2 million.
Net realization per case improved 3.4% in Q4 to INR 177.3; full-year realization up 0.5% to INR 178.8.
PAT for FY25 was INR 30,620.42 million, up from INR 26,342.85 million in FY24.
Outlook and guidance
Confident in long-term growth across India and international markets, supported by demographics, rising incomes, and robust distribution.
Double-digit volume growth in India is expected if weather normalizes; mid-teen growth possible with favorable conditions.
Minimal CapEx planned for India in 2026; international CapEx focused on South Africa and Twizza acquisition.
New capacities and backward integration expected to support higher volumes and operating leverage.
Expansion into Kenya and Africa to diversify revenue streams.
What are the expected cost savings from solar power?
Twizza acquisition: market share and capacity impact?
Kenya subsidiary: strategic rationale for market entry?
Africa growth strategy and synergy outlook
India margin drivers and pack strategy trade-offs
Capital allocation for new ventures and growth
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Next Varun Beverages earnings date
Q1 202629 Apr, 2026
Varun Beverages
Next Varun Beverages earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Varun Beverages Limited is an India-based company engaged in the manufacturing, bottling, and distribution of beverages. The company is one of the largest franchisees of PepsiCo and produces a wide range of carbonated soft drinks, non-carbonated beverages, and packaged drinking water under PepsiCo’s licensed brands. Varun Beverages operates bottling plants and distribution networks across India and select international markets. The company is headquartered in Gurugram, India, and its shares are listed on the NSE.
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