Varun Beverages Ltd. · NSE:VBL
Varun Beverages — Q2 & H1 CY2026 Earnings Presentation
22 slides from Varun Beverages's earnings presentation, Jul 28, 2026
Slide 1: Exchange filing cover letter
July 28, 2026 To, National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Block G, C/1, Bandra Kurla Phiroze Jeejeebhoy Towers Complex, Bandra (E), Mumbai – 400 051 Dalal Street, Mumbai – 400 001 Email: cmlist@nse.co.in Email: corp.relations@bseindia.com Symbol: VBL Security Code: 540180 S
Slide 2: Q2 & H1 CY2026 Results Presentation
July 28, 2026 Varun Beverages Limited Q2 & H1 CY2026 Results Presentation
Slide 3: Disclaimer
Disclaimer This communication contains certain forward-looking statements relating to the business, financial performance, strategy and results of Varun Beverages Limited (“VBL” or the “Company”) and/ or the industry in which it operates. Such forward-looking statements involve a number of risks, un
Slide 4: Table of Contents
Table of Contents Company Overview Chairman’s Message Q2 & H1 CY2026 Results Overview Performance Highlights Sustainability Initiatives 3
Slide 5: Company Snapshot
Company Snapshot Key player in the global beverage industry and the second largest franchisee of PepsiCo in the world (outside US) with franchise operations spanning across 10 countries and with distribution rights in additional 4 countries. Total Sales Volumes (mn Cases*) 2020-2025: Sales Volume CA
Slide 6: Complete Brand Portfolio
Complete Brand Portfolio Brands licensed by PepsiCo: Own Brands^: Carbonated Soft Drinks Club Soda Carbonated Soft Drinks Fruit Pulp / Juice Based Drinks Mixers Energy Drink Energy Drink Sports Drink Carbonated Juice Ice Tea Packaged Water Packaged Water Based Drinks Snacks# Dairy Based Beverages* #
Slide 7: Symbiotic Relationship with PepsiCo
Symbiotic Relationship with PepsiCo Demand Delivery Demand Creation 34+ • Production Facilities • Trademarks • Sales & Distribution – Years of Association • Formulation through GTM & Logistics (agreement in India valid till April, 2049) Concentrate • In-outlet Management – Visi-Coolers 90%+ • Produc
Slide 8: Key Player in the Beverage Industry – Business Model
Key Player in the Beverage Industry – Business Model MANUFACTURING ▪ 53 state-of-the-art production facilities SOLID INRASTRUCTURE VBL- END-TO-END EXECUTION ACROSS VALUE CHAIN Concentrate Other Raw Bottling ▪ 38 in India & 15 in International territories (PepsiCo) Materials ▪ Robust distribution net
Slide 9: Chairman's Message
Chairman’s Message Commenting on the performance, Mr. Ravi Jaipuria, Chairman – Varun Beverages Limited said: “We are pleased to report a strong performance during this quarter across our markets. Consolidated sales volumes grew by 19.8% and, together with improved realizations, translated into a 20
Slide 10: Key Developments
Key Developments 1. Revised Exclusive bottling appointment and trademark license agreement – India (PepsiCo): ▪ Varun Beverages Limited (“VBL”) and PepsiCo Inc. and its affiliates (“PepsiCo”) have entered into a revised Exclusive bottling appointment and trademark license agreement for India (“EBA”)
Slide 11: Results Overview
Results Overview Revenue 19.4% EBITDA PAT 16.9% 18.7% 15.1% 20.4% 17.2% 1,50,254 24,041 38,720 20,568 Rs. mn 1,25,843 Rs. mn Rs. mn 32,627 15,254 84,512 23,430 13,255 70,174 19,988 27.7% 25.9% 25.8% 28.5% Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2025 Q2 2026 H1 2025 H1 2026
Slide 12: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (Rs. million) Q2 2026 Q2 2025 YoY(%) H1 2026 H1 2025 YoY (%) 1. Income (a) Revenue from operations 86,505.70 71,630.21 20.8% 153,721.07 128,430.47 19.7% (b) Excise Duty 1,993.38 1,456.50 36.9% 3,466.85 2,587.41 34.0% Net Revenues 84,512.32 70,173.71 2
Slide 13: Discussion on Financial & Operational Performance
Discussion on Financial & Operational Performance Particulars Consolidated Standalone in Rs. Million Q2 CY26 Q2 CY25 Growth Q2 CY26 Q2 CY25 Growth Sales volumes (mn unit cases*) 466.7 389.7 19.8% 346.5 302.9 14.4% Revenue – Beverage sales 81,818.5 67,484.1 21.2% 58,774.1 51,686.4 13.7% Revenue – Non
Slide 14: Discussion on Financial & Operational Performance
Discussion on Financial & Operational Performance Gross Margins • Gross margins improved by 44 bps at 55.0% in Q2 CY2026, with higher mix of International business. • In India, early stocking of key raw materials and savings in sugar consumption with higher mix of low sugar / no sugar products helpe
Slide 15: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (Rs million) 30-Jun-26 31-Dec-25 Particulars (Rs million) 30-Jun-26 31-Dec-25 Equity and liabilities Assets Equity Non-current assets (a) Equity share capital 6,764.59 6,763.98 (a) Property, plant and equipment 146,358.86 138,373.67 (b) Other equity 210,941.95
Slide 16: Discussion on Financial & Operational Performance
Discussion on Financial & Operational Performance Debt • VBL India continued to remain Net debt free with a free cash of ~ Rs.14,941 million, however, at the consolidated level net debt stood at ~ Rs. 3,730 million as on June 30, 2026, on account of acquisition of Twizza in South Africa. • Company’s
Slide 17: Performance Highlights (CY2020 – CY2025 & H1 CY2026)
Performance Highlights (CY2020 – CY2025 & H1 CY2026) REVENUE EBITDA EBITDA EBITDA Margins (%) CAGR (2020-25) – 27.4% 217 CAGR (2020-25) – 33.3% 200 60.00 25.8% 30% 160 22.5% 23.5% 23.3% 150 50.00 21.2% 25% 132 18.6% 18.8% 40.00 20% 88 65 30.00 15% 47 50 20.00 39 10% Rs. bn 36 Rs. bn 28 10.00 17 5% 1
Slide 18: Sustainability – Being Water Positive
SUSTAINABILITY – Being Water Positive (CDP water rating: A-) Increase ground water level 2x Reduce water usage (WUR) WRR -21% till 2025 Water consumed Per liter of beverage produced * Steady state WUR was 1.54 times in 2023 and 1.50 times in 2024, the differential is on account of stabilization of 2
Slide 19: Sustainability – Reducing Carbon Footprint & Circular Economy
SUSTAINABILITY – Reducing Carbon Footprint & Circular Economy CDP Climate rating: A- CDP Supplier Engagement Assessment rating A 30% 100% Increase Renewable Energy by 2030 Increase Plastic Waste Recycle Solar (Rooftop + Captive Power Solution) & Windmill Ahead of EPR Regulations RE Mix % & kWh milli
Slide 20: Conference Call Details
Conference Call Details Varun Beverages Limited Q2 & H1 CY2026 Earnings Conference Call Time • Tuesday, July 28, 2026 at 2:30 PM IST Conference dial-in Primary number • +91 22 6280 1141 / +91 22 7115 8042 International Toll Free Number • Hong Kong: 800 964 448 • Singapore: 800 101 2045 • UK: 0 808 1
Slide 21: About Us
About Us Varun Beverages Limited (“VBL” or the “Company”) is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world (outside USA). The Company produces and distributes a wide range of carbonated soft drinks (CSDs), as well as a large selection of non-carbonated b
Slide 22: Thank You!
Thank You!
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