Varun Beverages Q1 CY2026 Revenue Up 18.1% to ₹6,574 Crore; Acquires Twizza in South Africa
Varun Beverages reported Q1 CY2026 consolidated sales volume growth of 16.3% to 363.4 million cases and a revenue increase of 18.1% to ₹6,574 crore. EBITDA grew 21.0% to ₹15,289 million, and PAT rose 20.1% to ₹8,787 million. The company acquired Twizza in South Africa for ZAR 2,053 million and agreed to acquire Crickley Dairy for ZAR 238 million. An interim dividend of ₹0.50 per share was approved.
The significant revenue growth, improved profitability, and strategic acquisitions in international markets like South Africa are material events that will likely have a substantial impact on the company's future performance and market position.
The company reported strong growth in sales volumes, revenue, EBITDA, and PAT. Key strategic acquisitions in South Africa also contribute positively to the outlook.
Varun Beverages Limited (VBL) has announced its unaudited financial results for the quarter ended March 31, 2026. The company reported a consolidated sales volume growth of 16.3% to 363.4 million cases, driven by a 14.4% increase in India and a 21.4% rise in international territories.
Net revenue from operations surged by 18.1% year-on-year to ₹65,741.9 million (₹6,574 crore) in Q1 CY2026, compared to ₹55,669.4 million in Q1 CY2025. This growth was supported by an improved realization per case of 1.6% at the consolidated level, largely due to favorable currency movements in international markets. However, realization per case in India saw a slight decline of 1.5%, attributed to volume growth initiatives such as pack upsizing and selective price-point launches.
EBITDA increased by 21.0% to ₹15,289.3 million, with EBITDA margins improving by 55 basis points to 23.3%. Profit After Tax (PAT) grew by 20.1% to ₹8,787.1 million, reflecting the strong volume growth and operational efficiencies. The company also noted an increase in depreciation due to the commissioning of new plants and a rise in finance costs related to the acquisition of Twizza.
Key developments during the quarter include the consummation of the acquisition of 100% stake in Twizza (Pty) Limited, South Africa, through its subsidiary BevCo, at an enterprise value of ZAR 2,053 million. Twizza became a step-down subsidiary effective March 18, 2026. Additionally, VBL entered into an agreement to acquire Crickley Dairy Proprietary Limited in South Africa for approximately ZAR 238 million, subject to regulatory approvals.
The Board of Directors approved an interim dividend of 25% (₹0.50 per share), resulting in a cash outflow of approximately ₹1,691 million. The company remains confident in its long-term growth prospects, supported by favorable demographics, rising incomes, and increasing beverage consumption across its markets.
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