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Varun Beverages (VBL) investor relations material
Varun Beverages Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Consolidated sales volumes rose 2.4% year-over-year in Q3 2025, led by 9% international growth, while domestic volumes were flat due to prolonged rainfall in India.
PAT increased 18.5% to INR 7,451.92 million, supported by lower finance costs and higher other income.
Expansion includes a new Kenya subsidiary, snacks operations in Morocco, and entry into alcoholic beverages in Africa and India.
Board approved unaudited financial results and MOA changes to expand into packaged foods, renewable energy, and alcoholic beverages.
Company remains confident in India's long-term beverage market potential, supported by low per capita consumption and ongoing investments.
Financial highlights
Revenue from operations (net of excise and GST) increased 1.9% year-over-year to INR 48,966.5 million in Q3 2025.
EBITDA was stable at INR 11,473.8 million, with margins at 23.4% versus 24% last year.
Gross margin improved by 119 bps to 56.7%, driven by product mix and backward integration.
Net realization per case was INR 178.84, slightly down from INR 179.62 in Q3 2024, due to a higher mix of packaged drinking water.
Depreciation increased due to new plant commissioning and expansions.
Outlook and guidance
Management expects to capture demand recovery in the upcoming season, targeting sustainable double-digit growth in India as weather normalizes.
Significant long-term growth potential in India due to low per capita consumption and increasing rural penetration.
Continued investments in capacity, distribution, and cold-chain infrastructure to capture future demand.
Focus on diversifying product offerings, including alcoholic beverages, snacks, and energy drinks.
Alcoholic beverages: market entry strategy?
Renewable energy generation: captive use or sales?
White Peak JV: strategic rationale?
Clarify INR 10 price point entry triggers
Carlsberg Africa tie-up: commercial terms and market
Path to mid-teens international growth
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Next Varun Beverages earnings date
Q4 20251 Mar, 2026
Next Varun Beverages earnings date
Q4 20251 Mar, 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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