External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Muted Domestic Demand Offset by Sparkling Growth Overseas: In Q3CY25, the company’s consolidated sales volume grew 2.4% YoY to 273.8 Mn cases.</li><li>In India, volumes remained muted due to prolonged rainfall across several regions, impacting overall demand.</li><li>However, this weakness was partially offset by robust performance in international markets, where volumes increased 9%, led by mid-double-digit growth in South Africa. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Muted Domestic Demand Offset by Sparkling Growth Overseas: In Q3CY25, the company’s consolidated sales volume grew 2.4% YoY to 273.8 Mn cases.In India, volumes remained muted due to prolonged rainfall across several regions, impacting overall demand.However, this weakness was partially offset by robust performance in international markets, where volumes increased 9%, led by mid-double-digit growth in South Africa. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Varun Beverages Ltd - International Fizz Cushions Domestic Slowdown; Maintain BUY

<ul><li>Volume Dips, but Global Growth Cushions the Blow: In Q2CY25, the company’s consolidated sales volume declined 3% YoY to ~390 Mn cases.</li><li>In India, volumes were adversely impacted by abnormally high and unseasonal rainfall throughout the quarter, leading to a 7.1% decline.</li><li>However, this was partially offset by strong performance in international markets, where volumes grew 15.1%, led by a 16.1% increase in South Africa. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volume Dips, but Global Growth Cushions the Blow: In Q2CY25, the company’s consolidated sales volume declined 3% YoY to ~390 Mn cases.In India, volumes were adversely impacted by abnormally high and unseasonal rainfall throughout the quarter, leading to a 7.1% decline.However, this was partially offset by strong performance in international markets, where volumes grew 15.1%, led by a 16.1% increase in South Africa. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Varun Beverages Ltd - Temporary Topline Blip, Long-Term Growth Intact

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Varun Beverages (VBL) reported a revenue growth of 38% YoY in 4QCY24, led by volume growth of 38% YoY, which was majorly driven by the volume addition from South Africa and the Democratic Republic of Congo (DRC).</li><li>Excluding these volumes, organic volume growth was ~5% YoY.</li><li>Realization remained flat YoY at INR172/case.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Varun Beverages (VBL) reported a revenue growth of 38% YoY in 4QCY24, led by volume growth of 38% YoY, which was majorly driven by the volume addition from South Africa and the Democratic Republic of Congo (DRC).Excluding these volumes, organic volume growth was ~5% YoY.Realization remained flat YoY at INR172/case.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Varun Beverages - Volume Growth Led by International Market Additions

<ul><li>Volume-led growth: In Q4CY24, the company delivered a strong performance, driven by a 38.1% YoY increase in volume growth (~23.2% for CY24), fueled by expanded international operations.</li><li>This included 43 million cases from South Africa and 7.8 million cases from the DRC.</li><li>Realisation for CY24 rose by 1.3% to Rs 177.9 per case, led by a better product mix. I</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volume-led growth: In Q4CY24, the company delivered a strong performance, driven by a 38.1% YoY increase in volume growth (~23.2% for CY24), fueled by expanded international operations.This included 43 million cases from South Africa and 7.8 million cases from the DRC.Realisation for CY24 rose by 1.3% to Rs 177.9 per case, led by a better product mix. IContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Varun Beverages Ltd - Growth Story Remains Intact: Maintain BUY

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.</li>
<li>These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.</li>
<li>Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.</li>
</ul>


The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.
Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.


A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

India

Varun Beverages Limited produces and distributes beverages. The Company offers carbonated soft drinks and non-alcoholic beverages, as well as provides packaged drinking water. Varun Beverages serves customers worldwide.

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Varun Beverages (VBL IN)

Varun Beverages Ltd - International Fizz Cushions Domestic Slowdown; Maintain BUY

Muted Domestic Demand Offset by Sparkling Growth Overseas: In Q3CY25, the company’s consolidated sales volume grew 2.4% YoY to 273.8 Mn cases.

Axis Direct

Varun Beverages Ltd - Temporary Topline Blip, Long-Term Growth Intact

Volume Dips, but Global Growth Cushions the Blow: In Q2CY25, the company’s consolidated sales volume declined 3% YoY to ~390 Mn cases.

Axis Direct

Varun Beverages - Volume Growth Led by International Market Additions

We largely maintain our CY25/CY26 earnings estimates. We value the stock at 55x CY26E EPS to arrive at a TP of INR680. We reiterate our BUY rating...

Motilal Oswal

Varun Beverages Ltd - Growth Story Remains Intact: Maintain BUY

Volume-led growth: In Q4CY24, the company delivered a strong performance, driven by a 38.1% YoY increase in volume growth (~23.2% for CY24), fueled...

Axis Direct

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

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52-week Range

Market Cap (USDm)

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Varun Beverages Ltd - International Fizz Cushions Domestic Slowdown; Maintain BUY

Muted Domestic Demand Offset by Sparkling Growth Overseas: In Q3CY25, the company’s consolidated sales volume grew 2.4% YoY to 273.8 Mn cases.

Axis Direct

Varun Beverages Ltd - Temporary Topline Blip, Long-Term Growth Intact

Volume Dips, but Global Growth Cushions the Blow: In Q2CY25, the company’s consolidated sales volume declined 3% YoY to ~390 Mn cases.

Axis Direct

Varun Beverages - Volume Growth Led by International Market Additions

We largely maintain our CY25/CY26 earnings estimates. We value the stock at 55x CY26E EPS to arrive at a TP of INR680. We reiterate our BUY rating...

Motilal Oswal

Varun Beverages Ltd - Growth Story Remains Intact: Maintain BUY

Volume-led growth: In Q4CY24, the company delivered a strong performance, driven by a 38.1% YoY increase in volume growth (~23.2% for CY24), fueled...

Axis Direct

A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

​The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...

Pranav Bhavsar

The 56th GST Council Meeting in New Delhi aims to bring next-generation reforms as a "Diwali gift" for consumers, but market indicators suggest a...