Varun Beverages Ltd. · NSE:VBL
Varun Beverages — Q3 2026 Earnings Presentation
20 slides from Varun Beverages's earnings presentation, Oct 30, 2026
Slide 1: Regulation 30 filing cover letter to exchanges
October 30, 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: 54018
Slide 2: Varun Beverages Limited Q3 & 9M CY2026 Results Presentation
October 30, 2026 Varun Beverages Limited Q3 & 9M 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 Vice-Chairman’s Message Q3 & 9M CY2026 Results Overview Performance Highlights Sustainability Initiatives 3
Slide 5: Company Snapshot
Company Snapshot Key player in the global beverage industry with presence across 15 countries and the second largest franchisee of PepsiCo in the world (outside US). Total Sales Volumes (mn Cases*) 2020-2025: Sales Volume CAGR: ~23.5% 1,220 1,189 1,124 913 381 364 303 802 176 149 569 425 115 88 821
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 Dairy Based Energy Drink Beverages* Sports Drink Carbonated Juice Ice Tea Packaged Water Based Drinks Snacks# Packaged Water #
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 ▪ 54 state-of-the-art production facilities SOLID INRASTRUCTURE VBL- END-TO-END EXECUTION ACROSS VALUE CHAIN Concentrate Other Raw Bottling ▪ 38 in India & 16 in International territories (PepsiCo) Materials ▪ Robust distribution net
Slide 9: Executive Vice Chairman's Message
Executive Vice Chairman’s Message Commenting on the performance, Mr. Varun Jaipuria, Executive Vice Chairman – Varun Beverages Limited said: “We are pleased to report a strong performance in the third quarter of CY2026. Consolidated sales volumes grew by 28.7%, with volume growth of 22.5% in India a
Slide 10: Key Developments
Key Developments 1. Incorporation of a wholly-owned subsidiary company in India - KIVA Spirits and Company Limited: ▪ On 29 August 2026, we have incorporated a wholly-owned subsidiary company in India, to carry on the business of Ready to Drink (RTD), Alcoholic Beverages and allied products. 2. Ente
Slide 11: Results Overview
Results Overview Revenue 23.3% EBITDA PAT 19.9% 15.5% 2,18,146 33.2% 1,76,891 52,746 25.1% 44,008 Rs. mn 32,023 Rs. mn Rs. mn 13.5% 27,721 66,076 49,607 11,404 14,267 8,306 24.9% 24.2% 7,315 23.0% 21.6% Q3 2025 Q3 2026 9M 2025 9M 2026 Q3 2025 Q3 2026 9M 2025 9M 2026 Q3 2025 Q3 2026 9M 2025 9M 2026 Q
Slide 12: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (Rs. million) Q3 2026 Q3 2025 YoY(%) 9M 2026 9M 2025 YoY (%) 1. Income (a) Revenue from operations 68,155.86 51,124.38 33.3% 223,712.41 181,011.15 23.6% (b) Excise Duty 2,080.28 1,517.44 37.1% 5,566.89 4,119.99 35.1% Net Revenues 66,075.58 49,606.94 3
Slide 13: Discussion on Financial & Operational Performance
Discussion on Financial & Operational Performance Particulars Consolidated Standalone in Rs. Million Q3 CY26 Q3 CY25 Growth Q3 CY26 Q3 CY25 Growth Sales volumes (mn unit cases*) 354.4 275.3 28.7% 217.7 177.6 22.5% Revenue – Beverage sales 62,732.1 47,667.9 31.6% 37,011.5 30,046.0 23.2% Revenue – Non
Slide 14: Discussion on Financial & Operational Performance
Discussion on Financial & Operational Performance Gross Margins • Gross margins declined by 334 bps to 53.1% in Q3 CY2026, as the packaging cost (preforms, shrink film, closures, can, etc.) has increased due to geopolitical issues resulting in about 300bps decline in Gross Margins. • Margins were al
Slide 15: Performance Highlights (CY2020 – CY2025 & 9M CY2026)
Performance Highlights (CY2020 – CY2025 & 9M CY2026) REVENUE EBITDA EBITDA EBITDA Margins (%) CAGR (2020-25) – 27.8% 220 218 CAGR (2020-25) – 33.2% 200 60.00 24.2% 30% 160 22.5% 23.5% 22.9% 50.00 21.2% 25% 132 18.6% 18.8% 40.00 20% 88 65 30.00 15% 47 50 53 20.00 10% Rs. bn 36 Rs. bn 28 10.00 17 5% 1
Slide 16: 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 17: 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 18: Conference Call Details
Conference Call Details Varun Beverages Limited Q3 & 9M CY2026 Earnings Conference Call Time • Friday, October 30, 2026 at 2:00 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
Slide 19: 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 20: Thank You!
Thank You!