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Varun Beverages Q3 Results: Profit Up 13.5% To Rs 830.6 Crore

Ad Tribe! Bureau2 min read
A glass soft-drink bottle and a stack of crates as halftone cutouts on amber, for Varun Beverages' Q3 results

Varun Beverages Q3 results show consolidated profit of Rs 830.6 crore for the quarter ended 30 September 2026, up 13.5%, as net revenue rose 33.2% to Rs 6,607.6 crore. The PepsiCo bottler, which follows a calendar financial year, reported on 30 October. Comparisons use restated prior-year figures after its Kenya acquisition.

  • Net revenue: Rs 6,607.6 crore, up 33.2% (Rs 6,815.6 crore before excise, up 33.3%)
  • Profit after tax: Rs 830.6 crore, up 13.5%
  • EBITDA: Rs 1,426.7 crore, up 25.1%, at a 21.6% margin
  • Sales volumes: 354.4 million unit cases, up 28.7%

Volumes And Margins In Varun Beverages Q3 Results

Volumes grew 22.5% in India and 39.9% in international markets, the latter including 15.3 million cases from Twizza in South Africa. Realisation per case rose 2.2% to Rs 177. The EBITDA margin fell 140 basis points, and gross margin fell 334 basis points to 53.1%, with packaging costs a major factor.

For the nine months, net revenue rose 23.3% to Rs 21,814.6 crore and profit rose 15.5% to Rs 3,202.3 crore.

What Varun Jaipuria Said

"Higher packaging costs weighed on margins during the quarter, although improved realizations and operating leverage from strong volume growth helped partially offset these pressures," said Varun Jaipuria, executive vice chairman. "We also saw improved realizations, supported by growth in higher-value categories such as dairy beverages and the introduction of premium offerings."

New Bets

The company has incorporated KIVA Spirits and Company Limited to explore ready-to-drink beverages, alcoholic beverages and allied products. It has also started beverage operations in Kenya, introduced the brands BOLT UP and XTREME FIZZ, and signed an exclusive distribution agreement with Mondelez in Zimbabwe. The board approved an interim dividend of Rs 0.50 a share.

Where The Marketing Money Sits

Varun Beverages does not report advertising spend separately. It handles local promotion and in-store activation, while PepsiCo handles brand development and consumer marketing.

The figures are in Varun Beverages' financial results.

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#pepsico#quarterly results#varun beverages
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