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. 

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Thematic (Sector/Industry)

<ul><li>Market Performance-September Correction: A Confluence of Global and Domestic Headwinds: Indian equities enter October after a sharp September correction, with the market increasingly caught between resilient domestic economic fundamentals and a deteriorating global macro backdrop.</li><li>The immediate triggers for the correction have been the renewed escalation in West Asia, a sharp rise in crude oil prices, elevated US bond yields, rupee depreciation, and sustained foreign portfolio outflows. At the same time, India's domestic growth indicators remain relatively robust, with Q1FY27 real GDP growth at 7.8%, August industrial production growth at 8.0%, and bank credit growth remaining strong.</li><li>In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.</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.

Market Performance-September Correction: A Confluence of Global and Domestic Headwinds: Indian equities enter October after a sharp September correction, with the market increasingly caught between resilient domestic economic fundamentals and a deteriorating global macro backdrop.The immediate triggers for the correction have been the renewed escalation in West Asia, a sharp rise in crude oil prices, elevated US bond yields, rupee depreciation, and sustained foreign portfolio outflows. At the same time, India's domestic growth indicators remain relatively robust, with Q1FY27 real GDP growth at 7.8%, August industrial production growth at 8.0%, and bank credit growth remaining strong.In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.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.

Axis Top Picks for the month of October 2026

Equity Bottom-Up

<ul><li>Volume-led Growth, Margin Weighed by Twizza: Consolidated volumes increased 19.8% YoY to 466.7 Mn cases in Q2CY26, driven by healthy growth in India (+14.4%) and international markets (+38.4%).</li><li>Domestic demand remained strong, aided by the onset of the season, despite a muted April, while consolidated realisations improved 1.2% YoY, supported by better pricing in international markets.</li><li>Although revenue delivered a healthy ~20% YoY growth, EBITDA margins fell short of street expectations, primarily due to the consolidation of the Twizza business in South Africa, which currently operates at structurally lower margins than VBL's core India business.</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, Margin Weighed by Twizza: Consolidated volumes increased 19.8% YoY to 466.7 Mn cases in Q2CY26, driven by healthy growth in India (+14.4%) and international markets (+38.4%).Domestic demand remained strong, aided by the onset of the season, despite a muted April, while consolidated realisations improved 1.2% YoY, supported by better pricing in international markets.Although revenue delivered a healthy ~20% YoY growth, EBITDA margins fell short of street expectations, primarily due to the consolidation of the Twizza business in South Africa, which currently operates at structurally lower margins than VBL's core India business.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. - Volume-Led Growth; However, Margin & Valuation Weigh on Sentiment

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 Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Derivatives

<ul>
<li>Varun Beverages and PepsiCo signed a revised Exclusive Bottling Appointment (EBA) for India on May 21, 2026, extending the term to April 2049 and deleting the SPV-only restriction.</li>
<li>The two changes together provide VBL a longer earnings visibility runway and optionality to build businesses beyond PepsiCo's direct umbrella.</li>
<li>The real question is what VBL actually does with its new operational freedom and whether management has the execution bandwidth to pursue it.</li>
</ul>


Varun Beverages and PepsiCo signed a revised Exclusive Bottling Appointment (EBA) for India on May 21, 2026, extending the term to April 2049 and deleting the SPV-only restriction.
The two changes together provide VBL a longer earnings visibility runway and optionality to build businesses beyond PepsiCo's direct umbrella.
The real question is what VBL actually does with its new operational freedom and whether management has the execution bandwidth to pursue it.


Varun Beverages: Changes in Longest Exclusive Pepsi Agreement & What Does that Mean?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>VBL reports strongest quarterly performance in six quarters: Volumes up 16.3%, revenue up 18.1%, and PAT up 20.1% YoY in Q1 CY2026, aided by a favourable base and early-summer demand.</li>
<li>After a rain-disrupted CY2025, this quarter signals a clear operational re-acceleration. Africa acquisitions add scale; new product launches in energy and dairy broaden the India portfolio beyond CSDs.</li>
<li>Raw-Material cover is in place for at least two quarters and management's confidence sustaining double-digit growth for 5 years+ is worth taking seriously. Key monitorable: Input costs (Q3 CY2026 onwards)</li>
</ul>


VBL reports strongest quarterly performance in six quarters: Volumes up 16.3%, revenue up 18.1%, and PAT up 20.1% YoY in Q1 CY2026, aided by a favourable base and early-summer demand.
After a rain-disrupted CY2025, this quarter signals a clear operational re-acceleration. Africa acquisitions add scale; new product launches in energy and dairy broaden the India portfolio beyond CSDs.
Raw-Material cover is in place for at least two quarters and management's confidence sustaining double-digit growth for 5 years+ is worth taking seriously. Key monitorable: Input costs (Q3 CY2026 onwards)


Summer Is Back- Varun Beverages: Growth Back to Double Digits

India

Varun Beverages Limited (VBL) is an Indian multinational company and one of the largest bottlers of PepsiCo beverages in the world outside the United States. It manufactures, bottles, distributes, and sells a wide range of carbonated soft drinks, non-carbonated beverages, and packaged drinking water under trademarks owned by PepsiCo, including popular brands like Pepsi, Mountain Dew, 7UP, Mirinda, Sting, Tropicana, Gatorade, and Aquafina. The company is headquartered in Gurugram, Haryana, India, and was founded in 1995.

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Varun Beverages (VBL IN)

Axis Top Picks for the month of October 2026

In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.

Axis Direct

Varun Beverages Ltd. - Volume-Led Growth; However, Margin & Valuation Weigh on Sentiment

Consolidated volumes increased 19.8% YoY to 466.7 Mn cases in Q2CY26, driven by healthy growth in India (+14.4%) and international markets (+38.4%).

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

Varun Beverages: Changes in Longest Exclusive Pepsi Agreement & What Does that Mean?

Varun Beverages extends bottling agreement with PepsiCo in India until 2049, gaining more flexibility to expand beyond PepsiCo's portfolio. Key...

Sudarshan Bhandari

Summer Is Back- Varun Beverages: Growth Back to Double Digits

VBL sees strongest quarterly performance in six quarters with double-digit growth, aided by acquisitions and new product launches, with sustained...

Nimish Maheshwari

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Axis Top Picks for the month of October 2026

In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.

Axis Direct

Varun Beverages Ltd. - Volume-Led Growth; However, Margin & Valuation Weigh on Sentiment

Consolidated volumes increased 19.8% YoY to 466.7 Mn cases in Q2CY26, driven by healthy growth in India (+14.4%) and international markets (+38.4%).

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

Varun Beverages: Changes in Longest Exclusive Pepsi Agreement & What Does that Mean?

​Varun Beverages extends bottling agreement with PepsiCo in India until 2049, gaining more flexibility to expand beyond PepsiCo's portfolio. Key...

Sudarshan Bhandari

Summer Is Back- Varun Beverages: Growth Back to Double Digits

​VBL sees strongest quarterly performance in six quarters with double-digit growth, aided by acquisitions and new product launches, with sustained...

Nimish Maheshwari

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...

Varun Beverages extends bottling agreement with PepsiCo in India until 2049, gaining more flexibility to expand beyond PepsiCo's portfolio. Key...

VBL sees strongest quarterly performance in six quarters with double-digit growth, aided by acquisitions and new product launches, with sustained...