VBL Q2 CY2026 Earnings Call Transcript Released; Strong Volume Growth Reported
Varun Beverages Limited released its Q2 CY2026 earnings call transcript. The company reported a 20.4% increase in net revenue to ₹84,512.3 million (₹8,451.23 crore) and a 19.8% volume growth. EBITDA rose 17.2% to ₹23,430.4 million (₹2,343.04 crore). The company extended its PepsiCo agreement until 2049 and allied with Asahi for the CALPIS brand.
The announcement includes details on financial performance, strategic alliances, extension of a major bottling agreement, and expansion plans, all of which are material to investors and stakeholders.
The company reported strong volume growth, revenue increase, and EBITDA growth, alongside strategic partnerships and an extended agreement with PepsiCo, indicating positive business performance and future outlook.
Varun Beverages Limited (VBL) has released the transcript of its Investors & Analysts Conference Call held on July 28, 2026, following the declaration of its Unaudited Financial Results for the Quarter and Half Year ended June 30, 2026.
During the call, the management reported a strong performance for Q2 CY2026. Consolidated sales volume grew by 19.8%, leading to a 20.4% increase in net revenue from operations. EBITDA increased by 17.2% to ₹23,430.4 million (₹2,343.04 crore). In India, volume growth was 14.4%, driven by an expanded manufacturing footprint and distribution network. The company also extended its bottling and trademark license agreement with PepsiCo in India until April 2049, enhancing operational flexibility.
Key strategic moves included entering into an alliance with Asahi Group Holdings to introduce the CALPIS brand in India, marking VBL's entry into the value-added fermented dairy beverage category. Internationally, the company saw strong momentum with Twizza in South Africa and entered an agreement to acquire Devyani Food Industries (Kenya) Limited to expand its presence in Kenya.
The Board of Directors approved an interim dividend of 25% (₹0.50 per share), amounting to approximately ₹1,691 million (₹169.1 crore). Looking ahead, VBL expressed confidence in long-term growth, supported by favorable demographics and increasing beverage consumption.
For H1 2026, revenue increased by 19.4% to ₹150,254.2 million (₹15,025.42 crore), with EBITDA up by 18.7% to ₹38,719.6 million (₹3,871.96 crore) and PAT growing by 16.9% to ₹24,040.7 million (₹2,404.07 crore). Low-sugar, no-sugar products constituted approximately 73% of consolidated volume. VBL India remains net debt-free, while consolidated net debt stood at ~₹3,730 million (₹373 crore) primarily due to the Twizza acquisition. CRISIL reaffirmed the company's long-term rating at AAA stable.
Capital expenditure in H1 2026 amounted to ~₹9,500 million (₹950 crore), including expansions and market infrastructure. The company is focused on sustaining its growth trajectory through its expanded capacities, diversified portfolio, and extensive distribution network.
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