Financial Results Overview
Consolidated Results (₹ in million, except per share data)
Quarter Ended September 30, 2026:
- Revenue from operations: ₹68,155.86
- Other income: ₹1,198.62
- Total income: ₹69,354.48
- Total expenses: ₹58,805.50
- Profit before tax: ₹10,526.16
- Tax expense: ₹2,220.24
- Net profit after tax: ₹8,305.92
- Earnings per share (Basic & Diluted): ₹2.45
Nine Months Ended September 30, 2026:
- Revenue from operations: ₹223,712.41
- Other income: ₹2,690.71
- Total income: ₹226,403.12
- Total expenses: ₹184,691.80
- Profit before tax: ₹41,606.20
- Tax expense: ₹9,583.22
- Net profit after tax: ₹32,022.98
- Earnings per share (Basic & Diluted): ₹9.43
Comparative Performance:
Q3 FY26 net profit declined 46% from Q2 FY26 (₹15,096.68 million) but increased 13.5% YoY from Q3 FY25 (₹7,315.10 million).
Standalone Results (₹ in million, except per share data)
Quarter Ended September 30, 2026:
- Revenue from operations: ₹38,224.47
- Other income: ₹1,043.92
- Total income: ₹39,268.39
- Total expenses: ₹31,141.53
- Profit before tax: ₹8,126.86
- Tax expense: ₹1,541.54
- Net profit after tax: ₹6,585.32
- Earnings per share (Basic & Diluted): ₹1.95
Nine Months Ended September 30, 2026:
- Revenue from operations: ₹124,215.32
- Other income: ₹2,995.06
- Total income: ₹127,210.38
- Total expenses: ₹95,195.00
- Profit before tax: ₹32,015.38
- Tax expense: ₹7,859.14
- Net profit after tax: ₹24,156.24
- Earnings per share (Basic & Diluted): ₹7.14
Dividend Declaration
The Board approved payment of 3rd interim dividend of ₹0.50 (Fifty Paisa only) per equity share for FY2026 on 338,249,464 equity shares of ₹2 each.
Key Dates:
- Record Date: November 5, 2026
- Payment Date: On or from November 7, 2026
The dividend will be paid to shareholders whose names appear in the Register of Members or beneficial owners list as of November 5, 2026.
Corporate Developments and Subsidiary Updates
1. New Subsidiary Incorporation: Varun Beverages (Zimbabwe) (Private) Limited incorporated Varun Beverages Holding (Zimbabwe) (Private) Limited as an investment holding vehicle.
2. New Business Venture: Company incorporated wholly owned subsidiary KIVA Spirits and Company Limited in India to conduct business in Ready-to-Drink (RTD), alcoholic beverages and allied products.
3. Distribution Agreement: Varun Beverages (Zimbabwe) entered into Exclusive Distribution Agreement with Mondelez South Africa Proprietary Limited effective October 1, 2026, for distribution of chocolate, biscuit, candy and gum products in Zimbabwe.
4. Acquisition Update: The Beverage Company Proprietary Limited's acquisition of Crickley Dairy Proprietary Limited (enterprise value ZAR 238 million/₹1,314.68 million) was not consummated due to non-fulfillment of conditions and has been referred to arbitration with AFSA.
5. Completed Acquisition: The Beverage Company acquired 100% share capital of Twizza Proprietary Limited at enterprise value of ZAR 2,053 million (₹11,398 million) effective March 18, 2026. Twizza was subsequently merged with Bevco effective August 1, 2026.
6. Business Combination: VBL Industries (Kenya) Limited acquired business from Devyani Food Industries (Kenya) Limited for USD 32 million (₹3,050 million) effective August 1, 2026. This qualifies as a business combination under common control, requiring restatement of comparative financials.
Financial Year
Company follows January 1 to December 31 as its financial year as approved by Company Law Board.
Auditor Review
The unaudited financial results were reviewed by joint statutory auditors M/s. O P Bagla & Co LLP and M/s. J C Bhalla & Co., Chartered Accountants, who issued unmodified opinions.
The review report notes reliance on other auditors for 17 subsidiaries and 3 joint ventures, with some entities not reviewed by the primary auditors. The acquisition of Devyani Food Kenya business required restatement of comparative periods.
Capital Structure
Paid-up equity share capital: 338,249,464 equity shares of ₹2 each (₹676.499 million)