Varun Beverages Ltd. · NSE:VBL
Varun Beverages — Q4 2025 Earnings Presentation
22 slides from Varun Beverages's earnings presentation, Feb 3, 2026
Slide 1: Regulation 30 filing cover letter to stock exchanges
February 3, 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 Q4 & CY2025 Results Presentation
February 03, 2026 Varun Beverages Limited Q4 & CY2025 Results Presentation
Slide 3: Disclaimer
Disclaimer (a PepsiCo franchisee) 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 involv
Slide 4: Table of Contents
Table of Contents Company Overview Chairman’s Message Q4 & CY2025 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 operations spanning across 10 countries with franchise rights and additional 4 countries with distribution rights. Total Sales Volumes (mn Cases*) 2020-2025: Sales
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 Energy Drink Energy Drink Sports Drink Carbonated Juice Ice Tea Packaged Water Packaged Water Based Drinks Snacks# Dairy Based Beverages* # Manufa
Slide 7: Symbiotic Relationship with PepsiCo
Symbiotic Relationship with PepsiCo Demand Delivery Demand Creation • Production Facilities 34+ • Trademarks • Sales & Distribution – Years of Association • Formulation through (agreement in India valid till April, 2039) GTM & Logistics 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 ▪ 50 state-of-the-art production facilities SOLID INRASTRUCTURE VBL- END-TO-END EXECUTION ACROSS VALUE CHAIN Concentrate Other Raw Bottling ▪ 38 in India & 12 in International territories (PepsiCo) Materials ▪ Robust distribution net
Slide 9: Chairman's Message
Chairman’s Message (a PepsiCo franchisee) Commenting on the performance, Mr. Ravi Jaipuria, Chairman – Varun Beverages Limited said: “CY2025 was marked by steady execution, despite weather-related disruptions in India during the peak summer season. For the full year, consolidated volumes grew by 7.9
Slide 10: Key Developments
Key Developments (a PepsiCo franchisee) 1. Acquisition of 100% stake in Twizza (Pty) Limited, South Africa: ▪ On 21 December 2025, VBL, through its subsidiary, The Beverages Company Proprietary Limited entered into a share purchase agreement with Twizza (Pty) Limited for the purchase of 100% share c
Slide 11: Key Developments
Key Developments (a PepsiCo franchisee) 6. Commencement of Commercial Production at 4 Greenfield facilities: ▪ For CY2025 season, we have commissioned 4 new greenfield production facilities in India at Prayagraj; Uttar Pradesh, Damtal; Himachal Pradesh, Buxar; Bihar, and Mendipathar; Meghalaya. ▪ Fu
Slide 12: Results Overview
Results Overview (a PepsiCo franchisee) PAT 16.2% Revenue 8.4% EBITDA 7.2% 30,620 50,494 26,343 2,16,854 47,111 2,00,077 Rs. mn Rs. mn Rs. mn 14.0% 10.2% 32.9% 23.5% 23.3% 36,888 42,044 5,800 6,393 2,600 1,956 15.7% 15.2% Q4 2024 Q4 2025 CY 2024 CY 2025 Q4 2024 Q4 2025 CY 2024 CY 2025 Q4 2024 Q4 202
Slide 13: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement (a PepsiCo franchisee) Particulars (Rs. million) Q4 2025 Q4 2024 YoY(%) CY 2025 CY 2024 YoY (%) 1.Income (a) Revenue from operations 43,347.95 38,176.15 13.5% 222,255.84 204,813.28 8.5% (b) Excise Duty 1,303.72 1,288.23 1.2% 5,402.05 4,736.78 14.0% Net Revenues 4
Slide 14: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (Rs million) 31-Dec-25 31-Dec-24 Particulars (Rs million) 31-Dec-25 31-Dec-24 Equity and liabilities Assets Equity Non-current assets (a) Equity share capital 6,763.98 6,763.02 (a) Property, plant and equipment 138,373.67 106,225.51 (b) Other equity 189,023.06
Slide 15: Discussion on Financial & Operational Performance
Discussion on Financial & Operational Performance (a PepsiCo franchisee) Sales Volumes / Net Revenues Q4 CY 2025: • In Q4 CY2025, the consolidated sales volume grew by 10.2% to 237.1 million cases from 215.1 million cases in Q4 CY2024. Sales volumes in India grew by 10.5% and International markets g
Slide 16: Discussion on Financial & Operational Performance
Discussion on Financial & Operational Performance (a PepsiCo franchisee) PAT • PAT increased by 16.2% to Rs. 30,620.4 million in CY2025 from Rs. 26,342.8 million in CY2024 driven by volume growth, lower finance cost and higher other income which includes interest on deposits in India and favorable c
Slide 17: Performance Highlights (CY2020 – CY2025)
Performance Highlights (CY2020 – CY2025) (a PepsiCo franchisee) REVENUE EBITDA EBITDA EBITDA Margins (%) CAGR (2020-25) – 27.4% 217 CAGR (2020-25) – 33.3% 200 60.00 30% 160 22.5% 23.5% 23.3% 50.00 21.2% 25% 132 18.6% 18.8% 40.00 20% 88 65 30.00 15% 47 50 20.00 10% Rs. bn 36 Rs. bn 28 10.00 17 5% 12
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 by 2025 Solar (Rooftop + Captive Power Solution) & Windmill Ahead of EPR Regulations RE Mix % & k
Slide 20: Conference Call Details
Conference Call Details (a PepsiCo franchisee) Varun Beverages Limited Q4 & CY2025 Earnings Conference Call Time • Tuesday, February 03, 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: 80
Slide 21: About Us
About Us (a PepsiCo franchisee) 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 select
Slide 22: Thank You!
Thank You!