{"id":181902,"date":"2026-04-27T06:10:55","date_gmt":"2026-04-27T10:10:55","guid":{"rendered":"https:\/\/alphastreet.com\/india\/varun-beverages-ltd-vbl-q4-2026-earnings-call-transcript\/"},"modified":"2026-04-28T20:37:19","modified_gmt":"2026-04-29T00:37:19","slug":"varun-beverages-ltd-vbl-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/varun-beverages-ltd-vbl-q4-2026-earnings-call-transcript\/","title":{"rendered":"Varun Beverages Ltd (VBL) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Varun Beverages Ltd (NSE: VBL) Q4 2026 Earnings Call dated Apr. 27, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Ravi Kant Jaipuria<\/strong> \u2014 Chairman<\/em><\/p>\n

Raj Pal Gandhi<\/strong> \u2014 Whole-Time Director<\/em><\/p>\n

Analysts:<\/h2>\n

Anoop Poojari<\/strong> \u2014 Analyst<\/em><\/p>\n

Vivek Maheshwari<\/strong> \u2014 Analyst<\/em><\/p>\n

Abneesh Roy<\/strong> \u2014 Analyst<\/em><\/p>\n

Aditya Soman<\/strong> \u2014 Analyst<\/em><\/p>\n

Devanshu Bansal<\/strong> \u2014 Analyst<\/em><\/p>\n

Anand Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Harit Kapoor<\/strong> \u2014 Analyst<\/em><\/p>\n

Latika Chopra<\/strong> \u2014 Analyst<\/em><\/p>\n

Percy Panthaki<\/strong> \u2014 Analyst<\/em><\/p>\n

Jaykumar Doshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Robert Marshall-Lee<\/strong> \u2014 Analyst<\/em><\/p>\n

Arjav Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day, and welcome to Varun Beverages Limited Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions] Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Mr. Anoop Poojari from CDR India. Thank you, and over to you, Mr. Poojari. Thank you.<\/p>\n

Anoop Poojari<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good afternoon, everyone, and thank you for joining us on Varun Beverages Q1 CY 2026 earnings conference call. We have with us Mr. Ravi Jaipuria, Chairman of the company; Mr. Varun Jaipuria, Executive Vice-Chairman and Whole-Time Director; and Mr. Raj Gandhi, President and Whole-Time Director of the company.<\/p>\n

We will initiate the call with opening remarks from the management, following which we will have the forum open for a question and answer session. Before we begin, I would like to point out that some statements made in today’s call may be forward-looking in nature and a disclaimer to this effect has been included in the results presentation shared with you all earlier.<\/p>\n

I will now request Mr. Ravi Jaipuria to make his opening remarks.<\/p>\n

Ravi Kant Jaipuria<\/strong> \u2014 Chairman<\/em><\/p>\n

Good afternoon, everyone, and thank you for joining us on our earnings conference call. I hope you have had a chance to review our results presentation for the first quarter ended 31st March 2026. We are pleased to report a strong performance in the first quarter of CY 2026, supported by healthy demand, disciplined execution, and continued progress across our markets. Consolidated sales volumes grew by 16.3% in Q1 CY 2026, driven by volume growth of 14.4% in India and 21.4% in international territories.<\/p>\n

Revenue increased by 18.1% year-on-year to Rs 65,742 million and EBITDA improved by 21% year-on-year to Rs 15,289 million. In India, demand remained encouraging during the quarter, supported by our wide distribution reach, strengthened execution and continued investments in manufacturing capability and chilling infrastructure. We undertook targeted initiatives to drive volumes and strengthen our domestic portfolio, including pack upsizing, selective price point launches in identified markets to onboard new consumers, and new launches in the energy and juice-based drink segments. The facilities commissioned over the last year have stabilised well and are expected to support growth and enhance operating efficiencies going forward.<\/p>\n

Our international business continued to make steady progress. During the quarter, we consummated the acquisition of Twizza in South Africa through BevCo, strengthening our manufacturing footprint and route to market capabilities in Africa’s largest soft drink market. The acquisition is expected to generate meaningful operational and commercial synergies over time. We have also entered into an agreement to acquire Crickley Dairy through BevCo, which will further strengthen our presence in South Africa, subject to regulatory and other approvals. Across Africa, we continue to build scale in snacks and deepen our presence in high-potential markets, in line with our strategy of broadening the portfolio and strengthening consumer relevance.<\/p>\n

In accordance with our dividend policy, the Board of Directors has approved an interim dividend of 25% of face value, Rs 0.50 per share, resulting in a total cash outflow of approximately Rs 1,691 million. Looking ahead, we remain confident in the long-term opportunity across our market supported by favorable demographics, rising income, growing urbanization and increasing beverage consumption with adequate capacities, a diversified portfolio and a strong distribution network. We are all well-positioned to deliver sustained growth and create long-term value for all our stakeholders.<\/p>\n

I would like to invite Mr. Gandhi to share his key highlights of our operational and financial performances.<\/p>\n

Raj Pal Gandhi<\/strong> \u2014 Whole-Time Director<\/em><\/p>\n

Thank you very much. Thank you, Mr. Chairman. Good afternoon and a warm welcome to everyone joining us today. Let me provide an overview of the financial performance for the first quarter ended 31st March 2026. Revenue from operations, net of excise and GST increased by 18.1% year-on-year to the level of 65,741 million in QY-CY 2026. Consolidated sales volume grew by 16.3% year-on-year to the level of 363.4 million cases as compared to 312.4 million cases in Q1 CY 2025.<\/p>\n

This growth was supported by strong volume growth of 14.4% in India and 21.4% in international territory. At the consolidated level, net realization per case improved by 1.6% year on year, supported by improved realizations in international territories primarily due to favorable currency movement. In India, realisation per case declined by marginal 1.5%, primarily due to volume growth initiatives, such as upsizing of packs and expected price point launches in targeting markets to onboard new consumers. CSD constituted 73.6% of total volumes, while non-carbonated beverages and packaged drinking water contributed 7.5% and 18.9% respectively.<\/p>\n

In line with our focus on healthier offerings, the mix of low-sugar and no-sugar products increased to the level of 63% approximately of consolidated sales volume during the quarter. Gross margins improved by 62 basis points, 55.2% supported by early stocking of key raw materials despite an inflationary input environment. EBITDA increased by 21% year-on-year to the level of 15,289.3 million, with EBITDA margins improving by 55 basis points to 23.3% in India. EBITDA margins improved by 112 basis points, supported by operational efficiencies from strong volume growth and improved gross margins. PAT increased by 20.1% year-on-year to the level of 8,787 million, driven by strong volume growth across both India and international markets.<\/p>\n

Depreciation increased by 30.9% on about, on account of commissioning of four new plants last year in Buxar, Prayagraj, Damtal, and Meghalaya. Finance cost increased by 18% primarily on account of the acquisition of Twizza in South Africa, while income on surplus cash in India has been accounted for under other incomes. During the quarter, we completed the acquisition of Twizza in South Africa, BevCo, at an enterprise value of ZAR2,053 million. In addition, BevCo entered into a shared purchase agreement for the acquisition of Crickley Dairy Proprietary Limited at an enterprise value of approximately ZAR238 million, including new net working capital subject to regulatory approvals. These transitions further strengthen our presence in the region and support our portfolio expansion in adjacent categories.<\/p>\n

Overall, we continue to maintain a strong financial position supported by disciplined capital allocation, efficient working capital management, and a robust balance sheet. With the capacities commissioned over the past year, backward integration initiatives, and a strengthened distribution infrastructure, we are well positioned to support growth and drive profitability through improved operating leverage across markets. Despite the inflationary environment arising from the prevailing geopolitical situation, we remain confident in our ability to deal with near-term challenges through focused execution and supply chain agility, while sustaining growth and profitability.<\/p>\n

On that note, I have come to an end of our opening remarks and would like to now ask the moderator to open the forum for any questions or suggestions that you may have.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. We will now begin the question-and-answer session. [Operator Instructions] Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Vivek Maheshwari with Jefferies. Please go ahead.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Hi, good afternoon team. A few questions. First on, you know, Mr. Gandhi, where you ended on the geopolitical bit, can you just, you know, talk about the impact that you expect from a near-term perspective, especially on the packaging material and anything else that we should bear in mind across different markets because of, you know, higher oil prices?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Well, I’ll answer this, Vivek. First of all, in our international markets, our effect will be in the raw material practically zero to a couple of points maybe because we are well stocked till even not this quarter but the next quarter also. So we normally carry six months inventory in international, so our impact will be practically very low and which actually gives us an edge over our competition because I don’t think competition carries anywhere close to six months.<\/p>\n

As far as India is concerned, we will have minor effect because again we were reasonably covered for this quarter, but for the next quarter, we will have some effect, but we are covering that by reducing our discounts and becoming more efficient, which is already starting to show and cutting our costs wherever we can, and which is already showing in the first quarter results, and as long as the volumes continue, then I don’t think there will be any effect on the bottom line.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Thank you, Mr. Jaipuria. It does. Beyond packaging material, anything else that we should be aware of any…<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

The only thing which can affect slightly, which you can’t stock is the transportation cost. And that, there will be some effect, but that will be more than able to absorb it and it won’t show any major issue on our P&L.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Got it. And Mr. Jaipuria, I know you have a very strong season upcoming, but do you also, let’s say, worry about from a consumption perspective if the higher oil prices leads into – in the form of higher inflation, does it imply some pushback from the consumers on the consumption of the products in general, not just your category?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

I don’t see it, Vivek, because consumption is very strong and we are going through a season which was terrible last year with all the rains and with this weather, I don’t see any, we are very happy with what is happening right now, what the sales growth are and this quarter should be rather much better than what we’ve already had. More than that, I can’t answer on the rain Gods, so. But it’s looking very positive.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Sure. And another question on the point on the response that you just gave. When I look at your inventory build up in the P&L, it doesn’t look like to be very high compared to, let’s say, what you have had two years back, for example. It is certainly higher than what it is last year. So just wanted to be sure, for India business, are you covered for most part of the season?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

We are completely covered for this quarter and we are partly covered for the next quarter also.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

In India business also, Mr. Jaipuria?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Yes.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Lastly, on the realization bit, I know there has been a lot of concern in the last quarter, so I just wanted to speak about or discuss this point. Last quarter, the realization in India was down about 4%. This time around, it is 1.5%. I know the seasons are very different. The quarter context is very different. Can you just still elaborate on, because I was just thinking in the context of new launches that you have had done, 10 rupees, higher volumes. This number has actually gotten better. So can you just elaborate a bit on this?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

10 rupees is a very small part. We only use it where we feel it is necessary. So it will be less than 5% of our total volume or maybe even less than 2%. So practically we are not sure, we are using it only to make sure our distributors remain with us and where there is a huge stress, then only we use it.<\/p>\n

So we are not really using 10 rupees. We have the product ready, if ever we need it, we can use it, but we are not using it. So 10 rupees is not going to affect us. And also, as I said to you, once the season is reasonable, we have consolidated and cut some costs and all our new plants have also come into effect, which further cuts our cost as all the new plants which are coming up are much more cost effective and large plants where our production levels are much higher.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

That’s interesting, sir, because I always thought that you were already very efficient, so new plant angle I get. But my point is that will still not show up on the realization side, right? Realization last quarter minus four, this quarter minus one and a half. So in fact, there were worries that this number could actually be worse than what it was in the December quarter. What explains this delta then?<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

Vivek, in fact, we have premiumized a lot of products, you know, or growth of something like 60% in our dairy realization is 3x than the normal. So focus is everywhere to compensate from the system itself for a major part. Secondly, the tax cut in the 22nd September on the GST also is going to help us. And although we had to reduce the prices, but with the cost going up, it will not be filled by the consumers. So I don’t think end of the day they will be that much affected by this.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

And also, as I said, we are running it more efficiently and making sure this counting is reduced a little bit.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Got it. Thank you and wishing you all the very best.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Abneesh Roy with Nuvama, please go ahead.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Yeah, congrats on a very good set of numbers. My first question is on aluminum cans. So you have tied up your inventory for PET and most of the packaging quite well. And I do understand that your salience to aluminum cans is much lower than the other large national players. If you could tell us, is there any shortage which you are facing? And here, what will be your salience in terms of percentage, aluminum cans?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Well, I think first of all, our aluminum can sales is less than 2% for us. So it’s very small. Secondly, we have tied up a reasonable quantity to more than cover our 2% volumes and maybe a little higher. So we will be able to get cans. They are slightly more expensive, but that again, as I said, wherever we are finding a large cost up, we are cutting discounts and giving less discounts in the market because there is a shortage for everyone and the costs are going up for everyone. So if the demand is there, then we are making sure that overall, our bottom line is not getting affected.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

And customers must be shifting, right? If there is a can shortage, there is a section of customers who will not sacrifice their consumption, right? They will switch to that.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

No, absolutely. So if you can’t get a can, then you go and go for PET, or you go for glass, but mostly PET.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

My second question is on water. So if I see the Reliance presentation, which has come up, they are saying that they are now India’s third largest branded water player. So if you could comment in terms of your standing within the top players, you have always been there. So I wanted to understand, is the market share changing? Second is, the volume growth initiatives in carbonated have done quite well, which is visible in the last two quarters, double-digit volume growth. In water, at some stage, would you – do we need volume growth initiatives there also?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

No, we don’t over push water. We try and make sure our basic margins remain and we want to make sure our monopoly customers and our visi-coolers, which is close to a million plus in the market, on those outlets we make sure our water is serviced properly. But water is like a commodity. You can increase your sales as much as you want. You just have to give discount, which we are not in the game of. And that’s why we can sustain our margins.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

So last question. So in terms of energy drink portfolio, how has Sting done? And you had also mentioned in the previous quarter, in terms of expansion of that portfolio, including the scaling up of mid-price address. So if you could tell us how has Sting cans done? How has Sting overall portfolio done? How was the Ad Rush done? Thanks.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

So Ad Rush has done phenomenally well. Ad Rush, we are feeling some pinch of a shortage of cans because we had not expected Ad Rush to do as well as it is doing. So there is slight pain there. And also, we’ve got energy drink sting in cans with our new Classic Sting, what we call, which has been launched and it’s doing extremely well, and again, the demand is much higher than what cans we can get, but it’s much better than what we had planned. So we’ll be doing better than what we had planned, but still there will be some crunch on that. But we have put the Sting Classic in PET bottles also, which is doing extremely well, but it has gone only in this, in April only in the market. So you will see a big response of that in this quarter.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

And so one last follow-up. Essentially, if I see this quarter results, all the SMCG results have been ahead of expectation. Obviously, yours, Nestle, Bajaj Consumer, and then VST Industries. So overall consumption, at least March quarter, are you picking up that the overall trends have accelerated? Of course, now we have to take quarter to quarter. But based on your understanding and what you have seen in the results, would say that there is an uptick?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

There is definitely an uptick. I mean unless until the market is growing this because there is the Campa in the market and they are very aggressive and they are growing the volumes in the market and even Coke is growing. So there is overall industry is growing. I don’t know if we are growing faster but Campa is definitely as they are adding capacity they are growing in the market. So definitely market is growing at a huge pace and I think as there is enough competition everybody is more in the market, putting more chilling equipment, more outlets are being opened. So I am very bullish on the Indian market and I believe this should continue in double digits for the next five ten years at least.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Thanks. That’s all from my side. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all the participants, please restrict yourself to two questions. Next question comes from the line of Aditya Soman with CLSA. Please go ahead.<\/p>\n

Aditya Soman<\/strong><\/p>\n

Yeah, hi. Good afternoon and thanks for the opportunity. So two questions. Firstly, in terms of new products, can you give us a sense of what new launches, how the new launches have done, particularly around Nimbus, you mentioned that through things have done well, as well as the milk-based beverages, if you can give us some sense of what the contribution is and how the growth has been. And secondly, in terms of summer, now you’ve indicated that obviously we’ve had a strong start and is there any sort of risk to this in terms of unseasonal weather at any specific part of the country or do you expect summer this year to be very strong? Thanks.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Well, what we are hearing is summer looks to be very good. Now, the fear of rain coming, I can’t answer you. But if the weather gods are not with us, which they were not last year. But overall, it’s already a month has passed. So the trends are looking very good. If the weather remains like this, there’s no reason why we shouldn’t do extremely well. And our products are doing extremely well. Our dairy is growing at 60% to 70%. Our Nimbus is growing at 50%, 60%.<\/p>\n

Our Tropicana PET is growing at, I think, more than 100%. So all of the new energy drink, which we launched at mid-price, which is at 60 rupees, Adrenaline Rush is doing extremely well. Even our energy drink in the cans is doing extremely well, and the new launch of Sting Classic, which is the gold and black, started only about a few weeks back, but the initial response is fabulous, and we feel it will become another Sting, hopefully, and at the moment it’s looking very positive.<\/p>\n

Operator<\/strong><\/p>\n

We have lost the line of participants. We’ll promote the next in line, that is Devanshu Bansal from Emkay Global. Please go ahead.<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

Yes, sir. Hi. Many congratulations on a strong set of numbers. Sir, first question, I wanted to check in the base quarter, the rain disruption was across all the three months last year, or it was more towards the second-half of the quarter, if you could provide some context?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Well, it was mainly end of April to end of June, for sure, and even continuing to the third quarter. But for this quarter, I think it was mainly May and June was really a disaster, and April and was not great, fundamentally may ensue.<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

Okay. And there are some supply chain issues, right? So which might have impacted the opening of new plants for competition.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

On the other side, we have sufficient capacity.<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

So wanted to check, can we benefit from this or the competitive intensity that you were anticipating is on those lines itself.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

I think competition is there, but I think there is enough market for everybody to take. I have said that every time. And as I said, we are adding about close to half a million and maybe more chilling equipment, which is between Campa, Coke, and ourselves. And plus, the individual outlets are buying 400,000, 500,000. So there’s a million chilling equipment refrigerator going in the market on a year-to-year basis. That is expanding the market drastically. And I think it’s only going to be whoever does a good go-to market and whoever can expand his distribution will win the game. We are trying to do that. We are expanding at about 300,000 to 400,000 outlets every year. And we are doing the same. hopefully this year we might expand half a million outlets and I think that’s what is giving us the growth.<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

You mean half a million visi coolers or about 1 to 5 new outlets?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

We don’t need visi coolers to everyone.<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

Okay, understood. Sir, last couple of bookkeeping questions. For Twizza and Crickley Dairy, what is the revenue and margin run rate that can be baked in for CY26 if you could provide some color and second one what is the expected CapEx?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Well I think what we have told the CapEx what we have bought it at which is what Gandhi?<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

Twizza 800.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Twizza we have bought at 800 crores revenue. And we have paid 1140 crores.<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

Sorry, I was checking for the consolidated CapEx for the company, sir, and the revenue and margin run rate for Twizza and Crickley in CY26.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Well, our CapEx is not going to be very large this year because we have enough capacity. We are most probably going to only have one plant and it will be less than, what is our again? No, this is strictly, yeah. So, our CapEx will be less than 5-600 crores this year. It will be very low this year. we have enough capacity except the new plant which we have bought. Does that answer the question Devanshu?<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

Sir, just the revenue and margin generated also for Twizza and Crickley, [Indecipherable]?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Well, revenue was 800 crores for Twizza and about 160 crores for Crickley. It’s about, consolidated maybe close to a 1000 crores between the two.<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

Okay.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

And margins, I think it’s a bit too early, let us take it over properly, it’s been 10-15 days only, or a month. So, we are going to correct the margins, I mean, obviously he was doing all right, but with the consolidation of both BevCo and Twizza, we have enough room and they’ve got enough production capability which we were struggling in BevCo, so which will help us give growth going forward without putting too much CapEx.<\/p>\n

Devanshu Bansal<\/strong><\/p>\n

Thank you so much for answering our questions and all the best to that.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Anand Shah with Axis Capital, please go ahead.<\/p>\n

Anand Shah<\/strong><\/p>\n

Yeah, hi sir. Congratulations on a set of numbers, just a few questions. So firstly, can you give some granular details on how the international has grown? I mean, you’ve grown almost 21%, which is quite strong. So it seems your South Africa business would have driven bulk of this growth, but if you can give some granular color there.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

No, it’s not only South Africa. Actually, all our international businesses have grown. So.<\/p>\n

Anand Shah<\/strong><\/p>\n

So, your Zimbabwe and all, which were relatively, I mean ex of South Africa was growing in, let’s say, mid-single-digit to high-single-digit. Is that also now come back to double-digit and all?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

No, absolutely. South Africa is growing at close to — Average is 21% international. South Africa is very close to what the international market is growing.<\/p>\n

Anand Shah<\/strong><\/p>\n

Okay. And ex of South Africa also, would it be double-digit?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Yeah. All international markets. Otherwise, we wouldn’t be able to average 21.4%. I think Uber was the only one which was weak last quarter and that was because of Ramzan being pre-poned.<\/p>\n

Anand Shah<\/strong><\/p>\n

Okay. Okay. Got it. And still on our food distribution, if I do the math between console and standalone, it seems that Branded has moved from, I mean, Q1 last year was of course, the start should move from 450 crores to 120 crores. I mean, last year, you highlighted 351 crores for CY25 for food distribution in Africa. So how do you see that scaling up this year?<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

Anand, the food in the first, snack foods in the first quarter, this year is 112 crores, which was last year 52 crores in the first quarter.<\/p>\n

Anand Shah<\/strong><\/p>\n

Okay. So you will consistently see further ramp-up as well, right? I mean, in this in terms of the run rate as well.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Absolutely, because Zimbabwe plant has just come up last year, end of last year. Got it. So, there is consolidation and growth coming.<\/p>\n

Anand Shah<\/strong><\/p>\n

Got it, Got it. Okay, thanks a lot, sir. Those were the two questions.<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

Thank you.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Next question comes from the line of Harit Kapoor from Investec. Please go ahead.<\/p>\n

Harit Kapoor<\/strong><\/p>\n

Most of my questions are answered. Just wanted to get your sense on market shares. So, you know, on a very high base, you’ve done an exceptionally good number. Also, given the availability issues which you are able to tie it upon, just wanted to get your sense about do you see opportunities in the market where maybe some of the other players have not been able to do as well as you in the current situation and that could play out in terms of at least near-term market share gains. How do you see the situation on ground right now?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

I can’t answer for other people. The only thing I can say, we are fully prepared and we have enough capacity that even if we get a 50% growth, we can comfortably do it without adding any capacity. So we are fully prepared, we have the raw material, we have the back-end covered. So, we only hope to God to give us the good weather and then we should get a good set of results.<\/p>\n

Harit Kapoor<\/strong><\/p>\n

Gaurav, the second question is on distribution, so you do mention a certain number that you would like to do every year in terms of growth, so this year, calendar year, you know, you know that 8 to 10% type of, you know, addition number is the year, we are planning out consistent with that.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Yeah, that’s what I have just said, that practically this year we have added more than 10% outlets. So that’s why we are hoping to add close to half a million outlets with a base of about 4 million. So we are aggressively increasing our go-to market and that is what is actually giving us the results.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Latika Chopra with JPMorgan. Please go ahead.<\/p>\n

Latika Chopra<\/strong><\/p>\n

Yeah hi. Two follow-up questions to your earlier comments. One was on you know availability of raw material, particularly PET, you know you mentioned you have reduced sales of packing materials, so we’re just wondering you know have you started to see any visible signs of challenge for the smaller unorganized players in the market. And the second bit was, you know, in your assessment with this kind of inflation which is going to come up, not necessarily for you, but for the industry, do you see potential scope for price increases ahead as the broader industry tries to offset the inflation impact?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Well, I see the B Brands and the other players selling water, they are already, they have not increased the price, but they have reduced the discounts. So that we are already seeing in the market because the costs are going up. And I feel that will further happen once I think the gasoline prices go up. So I mean, there will be some pain, but I think we are hopefully reasonably covered. I can’t say fully covered because I don’t know what the prices will be. But at the moment, for this quarter, we are, you know, covered with our raw materials.<\/p>\n

Now gasoline price, I don’t know. So that is the only vulnerable part, and that is not such a large part in our scheme of the whole thing. If it happens it is higher, then we will further reduce our discounting to some level and make sure to manage. And if our volumes are good, we are mainly concerned about our volumes. If the weather remains like this and we can grow at the same pace or better than this, then I am not worried about a few rupees.<\/p>\n

Latika Chopra<\/strong><\/p>\n

And, initially, you had explained the difference of realization for India business at 1.5% decline from 4% in the prior quarter. This was an account of product mix and also lowering of discounts sequentially. You know, assuming, you know, status quo and other things, but is 1.5% more like what we should build for the rest of the year, assuming the current levels of discounts are maintained or because of seasonality you know this number fluctuates.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

It might even become lower because it depends how strong the season is or it could remain that but that gets more than covered as I said if the numbers start happening our costs start reducing drastically our efficiencies go up so this 1% or 2% we can cover easily if the numbers are right and we feel the numbers are going to be very good this quarter.<\/p>\n

Latika Chopra<\/strong><\/p>\n

Understood. Thank you so much.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

You’re welcome.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Percy Panthaki from IIFL Securities. Please go ahead.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Hi, team. Good afternoon and congrats on a great set of numbers. I’m looking at the standalone P&L and you’ve done 11% sales growth here a fairly high base of close to 18% in the same quarter last year, which is like a 14% two-year CAGR growth. Now, if I look at the two-year CAGR growth for the previous quarter, it was 8%. Even for the last four-quarter average, the two-year CAGR growth was 8%. I am using two-year CAGRs so as to sort of offset any sort of high base, low base in seasonality and so on and get the underlying growth trends. So what do you think is the reason that the two-year CAGR has accelerated so sharply from about a 6 to 8% to a 14% this quarter? Is it just the summer season being better? Is that the main part of it or do you think that the rate of market share gain by the new incumbent has probably slowed down and that is why the growth is more visible now or is there a third reason I am not getting?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Well, I think we have never had 6% to 8% growth except last year when the weather was really bad and India did not grow, we have been average growing at a CAGR of 23%. So I don’t know where you are getting 6% to 8% growth.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Sir, like for example, Q4, CY25 was a 6% on a base of 9%. So that gives me a 2-year CAGR of about 8%.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Last year was the one exceptional year, that’s what I’m trying to say. Otherwise, on an average, we’ve been always growing in double digits. And with some new acquisitions, we have grown at more than 20%. But double-digit growth has been there if you look at the last 5 years, 10 years. It’s only last year, India, because of the weather, our growth was lower. That’s the only reason. So we still believe and still we would say we definitely would grow at double digits going forward. For the next 5-10 years, I don’t see any challenges. But of course, business is partly seasonal, so in case there is some abnormal rains or something happens, that I can’t answer you. But overall, Qadar will definitely be more than that.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Understood, sir. I was not talking only of last year, I was looking at two-year CAGR, but anyway, I will take this offline. And similarly, just wanted to ask on international business also. This quarter, there has been a significant acceleration in growth versus what we have seen in the past few quarters, just wanted to understand the reason for that as well.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Again, everywhere we are, you know, when we take a new territory, it takes us a little bit of time to stabilize that territory. Last year, actually, we had just taken South Africa and DRC had just started for us. So, some challenges and then, you know, with the Gaza war, we had some other challenges. So all those things put together, last year was a tough year for us. But if we do not have external issues, our growth, we would still believe should not be less than double digits comfortably outside or in the country.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

And my last question is on the input cost while it has been discussed in detail and we know you have covers for one or two quarters. But if crude remains at 100 for several more quarters, at some point of time, you will either have to increase your prices or reduce your discounts or take the hit on the P&L. So my question was a little bit longer term. A few quarters down the line, if the input cost scenario remains where it is, do you think you would be able to hold your margins? Or it is a fair assumption to say that maybe margins might take a hit a few quarters down the line?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

You know, it’s very difficult to answer. But only thing I can tell you, we might be the only company which is holding six months inventory. So I think other people will blink before I blink. So I think we have to wait and see. Either everybody will take the prices slightly up to cover the cost or take a hit. I can’t answer you that. But I don’t see us taking a hit, because I think other people have a much bigger issue than I have.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Got it, sir. Very helpful. Thanks and all the best. That’s it from me.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Jay Doshi, Kotak. Please go ahead.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Yeah. Hi. Congratulations on good set of numbers, and thanks for the opportunity. My question is, with upsizing of packs from 250 ml to 400 ml, are you seeing more consumption? And maybe, hence, do you expect industry volumes to be growing faster by a few percent points versus the earlier growth rate? Or are you seeing the consumers who are earlier buying larger packs, 40 rupee – 35, 40 rupee packs, are now buying two units of, you know, 20 rupees SKUs. Basically, is consumption going up in liters versus – because of this upsizing of tax for yourself and industry? So that’s question number one.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Well, the consumption is going up in liters as well as in numbers, both ways. Just if it goes up in liters is not good enough for us. We need the numbers to go up also and liters to go up also, so both are happening and that is why you are seeing such large growths coming.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

By any chance is a one-off, would you be able to give us some color in terms of what the broad growth at a unit level in terms of number of PET bottles or whatever versus 15% volume growth which is in liters?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

We are giving in 8 ounce and that’s what we quote, otherwise each size we have to start measuring. Some are much smaller, some are much larger, so it becomes very difficult. That’s why we give an 8 ounce, which is the best way to…<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Got it. Second question is with, you know, upsizing of 250 ml to 400 ml across the country, across portfolio. Do you expect any more sort of changes in your PET price architecture. I heard you comment earlier that there is no need for you to actually step up focus on 10 rupee price point. But is there any PET price architecture change that is left in your view?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Well, I don’t want to say something, but only thing is we will see what the market requires, and we will play with that. And I really, if I had something in mind, I would not be able to diverge it anyway, because that’s not good for us.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

And last thing on profitability, should we expect that PET inflation aside, so the crude lead inflationary thing aside, should we expect that you broadly be able to maintain your margins in India business? So that 50 to 400 ml upsizing has actually not really had any meaningful or any impact at all on your India business margins. That is what we see in March quarter. But is this something that we can extrapolate at a full-year level?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

PET inflation, I can understand that we can. No, but the full quarter, we had the upsizing. So whatever effect had to come has already come. And we have seen that. So the costs have been absorbed by the cost. So, our volumes and our efficiencies have absorbed all that. And as I said, our larger plants are much more cost efficient and our cost of production is considerably half of what we were doing in our smaller plants. So, scale is what is giving us the strength and cost reduction and which is what is playing with us. So we are able to consume some minor wasps upsides which we can easily absorb.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Thank you very much. Perfect sir. Thanks all.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes on the line of Rob Marshall-Lee with Cusana Capital, please go ahead.<\/p>\n

Robert Marshall-Lee<\/strong><\/p>\n

Just a couple of simple questions. Firstly, just in terms of the impact on the new plants, is there any kind of material impact from utilisation rates? Where are you running the new plants? And do you have any fixed cost leverage there? And secondly, just in terms of global sugar prices have been falling, is there any impact on the Indian market at all?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

There is some. Sugar prices are reasonably consistent here. Fortunately, they have not gone up which is the positive side of the international prices and in the international market definitely we’ve had a gain of sugar costs so wherever we are international prices have come down significantly but in India it’s been reasonably constant fortunately it’s not gone up.<\/p>\n

Robert Marshall-Lee<\/strong><\/p>\n

And in terms of utilization of new plants, is there any kind of material impact there?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Utilization is definitely helping as our volumes are going up, the plants are getting more utilized and the bigger plants that we are using more and we have shut down a couple of our real high cost plants which were very small and which were very old. So overall efficiencies are helping, cost cutting is helping. And looking at the situation, looking at the costs which are going to go up, we have tried to curtail our costs and make sure, run it a bit more efficiently than we would have, I guess.<\/p>\n

Robert Marshall-Lee<\/strong><\/p>\n

Thank you.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Arjav Jain with Systematix Group, please go ahead.<\/p>\n

Arjav Jain<\/strong><\/p>\n

Hello.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I just have a quick question on the sales mix of the new product as well as the…<\/p>\n

Operator<\/strong><\/p>\n

Mr. Jain, there is a lot of disturbance in the background, can you come to a place where there is less background noise? Thank you.<\/p>\n

Arjav Jain<\/strong><\/p>\n

I was just asking the sales mix currently, as well as the sales mix which is expected in a few years down the line, especially with the traditional coke and the new alternative such as Sting or Gatorade.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

I am not getting your question properly. I mean a mix is, you know, this keeps changing on a year to year basis. Energy is definitely becoming a big part of the portfolio, and dairy is becoming a big part, hydration is becoming a big part, but this will keep changing year on year, very difficult to say, the new Gen Z keeps on asking for something new all the time, and we have everything to support whatever is required, because it’s the same machines who produce it, so it’s It’s just changing the flavors or changing the packaging.<\/p>\n

Arjav Jain<\/strong><\/p>\n

And also, like you said that you are opening new plants and they are much more efficient than the previous ones. So, like what is the expected payback period for these?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

Payback period for what?<\/p>\n

Arjav Jain<\/strong><\/p>\n

Of these plants?<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

I mean, we need capacity. So, one, it’s a different… I mean, we have to open plants, otherwise I can’t keep on increasing my sales. If my sales are going up, they have to be backed up by… The only thing we are saying is, now we are not opening smaller plants, and our plant efficiency, being larger plants, is much better than what it used to be in the older plants. Just to give you an example, if we had a 200 bottles per minute line, now we have got a thousand bottles per minute line and the manpower is the same so it’s five times more production but using the same manpower. So those are the efficiencies I’m talking about.<\/p>\n

Arjav Jain<\/strong><\/p>\n

I was asking for the payback period.<\/p>\n

Ravi Kant Jaipuria<\/strong><\/p>\n

It’s very difficult to answer for each plant. Normally we work on a 3 to 4 year payback. 30%…<\/p>\n

Operator<\/strong><\/p>\n

Mr. Jain, are you done with the question? Thank you, ladies and gentlemen, that was the last question for today. We have reached the end of the question and answer session. I now hand the conference over to the management for closing comments. ladies and gentlemen, that was the last question for today. We have reached the end of question and answer session. I now hand the conference over to the management for closing comments.<\/p>\n

Raj Pal Gandhi<\/strong><\/p>\n

Thank you. I hope we have been able to answer all your questions satisfactorily. Should you need any further clarifications or would like to know more about our company, please feel free to contact our Investor Relations team. Thank you once again for your interest and support and for taking the time out to join us on this call. We look forward to interacting with you soon. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n","protected":false},"excerpt":{"rendered":"

Varun Beverages Ltd (NSE: VBL) Q4 2026 Earnings Call dated Apr. 27, 2026 Corporate Participants: Ravi Kant Jaipuria \u2014 Chairman Raj Pal Gandhi \u2014 Whole-Time Director Analysts: Anoop Poojari \u2014 Analyst Vivek Maheshwari \u2014 Analyst Abneesh Roy \u2014 Analyst Aditya Soman \u2014 Analyst Devanshu Bansal \u2014 Analyst Anand Shah \u2014 Analyst Harit Kapoor \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[9492,10169,9175,9104,9092,14492,10089],"class_list":["post-181902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-consumer-discretionary","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":118013,"url":"https:\/\/alphastreet.com\/india\/varun-beverages-limited-vbl-q4-fy21-earnings-concall\/","url_meta":{"origin":181902,"position":0},"title":"Varun 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As on date,\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130726,"url":"https:\/\/alphastreet.com\/india\/aether-industries-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":181902,"position":5},"title":"Aether Industries Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 20, 2022","format":false,"excerpt":"Key highlights from Aether Industries Ltd (AETHER) Q4 FY22 Earnings Concall \u00a0 Q&A Highlights: Gagan Thareja - ASK Investment Managers - Analyst Would growth get constrained due to lack of capacity for the first 3 quarters of FY23? Rohan Desai - Whole-time Director Currently at 80% of utilization. Constantly debottlenecking\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181902","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=181902"}],"version-history":[{"count":3,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181902\/revisions"}],"predecessor-version":[{"id":182083,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181902\/revisions\/182083"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=181902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=181902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=181902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}