The document contains the transcript of Varun Beverages Limited's Q2 & H1 CY2026 Earnings Conference Call held on July 28, 2026, following the declaration of unaudited financial results for the quarter and half year ended June 30, 2026.
The conference call was moderated by Mr. Anoop Poojari from CDR India. Management participants included Mr. Ravi Jaipuria (Chairman), Mr. Varun Jaipuria (Executive Vice Chairman and Whole-Time Director), and Mr. Raj Gandhi (President and Whole-Time Director).
Key financial highlights discussed include Q2 CY2026 net revenue of Rs. 84,512.3 million (up 20.4% YoY), EBITDA of Rs. 23,430.4 million (up 17.2% YoY), and PAT of Rs. 15,253.6 million (up 15.1% YoY). Consolidated sales volume grew 19.8% to 466.7 million cases.
India volume growth was 14.4% for the quarter, while international markets grew 38.4% including contribution from Twizza in South Africa. Low-sugar, no-sugar products contributed approximately 73% of consolidated volume.
Strategic updates included: extension of exclusive bottling and trademark license agreement with PepsiCo in India until April 2049; strategic alliance with Asahi Group Holdings to introduce CALPIS brand in India; agreement to acquire Devyani Food Industries (Kenya) Limited.
The Board approved an interim dividend of 25% of face value (Rs. 0.50 per share), resulting in total cash outflow of ~Rs. 1,691 million.
Capital expenditure of ~Rs. 9,500 million was incurred in H1 2026, including brownfield expansion in India, snack manufacturing plant in Zimbabwe, and market infrastructure. Inorganic capex of Rs. 11,314 million was incurred for Twizza acquisition.
The company stated that VBL India remains net debt-free with surplus cash of ~Rs. 14,941 million, while consolidated net debt stood at ~Rs. 3,730 million as of June 30, 2026.
The transcript included forward-looking statements and a disclaimer about potential transcription errors. The company indicated that no unpublished price sensitive information (UPSI) would be shared beyond what was already disclosed in the results.
Additional Notes Section
The document was submitted to stock exchanges as a regulatory filing under Regulation 30 of SEBI LODR Regulations, 2015, dated August 4, 2026, and signed by Mr. Ravi Batra, Chief Risk Officer & Group Company Secretary.
The transcript contained detailed Q&A session with analysts from Nuvama, CLSA, Axis Capital, IIFL Capital, Kotak, Sanghvi Family Office, and Green Capital, covering topics including demand trends, competitive landscape, margin outlook, and regulatory developments.
The company confirmed that the transcript would be uploaded on their website at www.varunbeverages.com.
No financial data beyond what was disclosed in the official results announcement was shared in this transcript.
