Varun Beverages Limited — Q2FY27 earnings call summary

Filed 04 November 2026 · Official transcript

Multiple analyst queries on margin outlook and international capacity; mgmt expects gross margins to have troughed in Q3
India volume growth 22.5%, international markets 39.9%; EBITDA up 25.1% to Rs. 14,267 million
Gross margin down 334 bps to 53.1% due to packaging cost rise; sugar price impact offset by low/no sugar portfolio
Q3 CY2026 revenue grew 33.2% y-y to Rs. 66,076 million; volume up 28.7%
New product launches include RTDs and premium alcoholic beverages via KIVA Spirits
Management confident of sustaining double-digit volume growth in India and Africa
Capex: $90-100 million planned for international markets; Rs. 1,000 crore for India in CY27
International business synergies from Twizza-BevCo merger effective Aug 1, 2026