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.

Thematic (Sector/Industry)

<ul><li>Market Recap: Volatility Persists: Indian markets experienced sharp swings during May 2026 amid fluctuating global risk sentiment.</li><li>The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated resilience.</li><li>The Nifty Midcap100 and Nifty Smallcap 250 outperformed frontline indices, supported by stronger earnings growth, domestic liquidity, and sectoral rotation into industrials, capital goods, defence, manufacturing, and select consumption themes. </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 Recap: Volatility Persists: Indian markets experienced sharp swings during May 2026 amid fluctuating global risk sentiment.The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated resilience.The Nifty Midcap100 and Nifty Smallcap 250 outperformed frontline indices, supported by stronger earnings growth, domestic liquidity, and sectoral rotation into industrials, capital goods, defence, manufacturing, and select consumption themes. 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 June 2026

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

Equity Bottom-Up

<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

<ul><li>In Q1CY26, consolidated volumes rose 16.3% YoY to 363 Mn cases, led by India (+14.4%), followed by international markets (+21.4%).</li><li>Domestic demand remained strong in Q1, supported by distribution reach, execution, and capacity investments.</li><li>Growth initiatives included pack upsizing, targeted price-point launches, and new products in the energy and juice segments. </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.

In Q1CY26, consolidated volumes rose 16.3% YoY to 363 Mn cases, led by India (+14.4%), followed by international markets (+21.4%).Domestic demand remained strong in Q1, supported by distribution reach, execution, and capacity investments.Growth initiatives included pack upsizing, targeted price-point launches, and new products in the energy and juice segments. 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.

Pick of the Week: Varun Beverages Ltd - 09th May, 2026

<ul><li>Volume-led Growth: In Q1CY26, consolidated volumes grew 16.3% YoY to 363 Mn cases, driven by India (+14.4%) and international markets (+21.4%).</li><li>Domestic demand remained strong, supported by distribution reach, execution, and capacity investments.</li><li>Growth initiatives included pack upsizing, targeted price-point launches, and new products in the energy and juice segments.</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 Q1CY26, consolidated volumes grew 16.3% YoY to 363 Mn cases, driven by India (+14.4%) and international markets (+21.4%).Domestic demand remained strong, supported by distribution reach, execution, and capacity investments.Growth initiatives included pack upsizing, targeted price-point launches, and new products in the energy and juice segments.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 Continues; Maintain BUY

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)

Axis Top Picks for the Month of June 2026

The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated...

Axis Direct

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

Pick of the Week: Varun Beverages Ltd - 09th May, 2026

In Q1CY26, consolidated volumes rose 16.3% YoY to 363 Mn cases, led by India (+14.4%), followed by international markets (+21.4%).

Axis Direct

Varun Beverages Ltd - Volume-Led Growth Continues; Maintain BUY

Volume-led Growth: In Q1CY26, consolidated volumes grew 16.3% YoY to 363 Mn cases, driven by India (+14.4%) and international markets (+21.4%).

Axis Direct

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Axis Top Picks for the Month of June 2026

The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated...

Axis Direct

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

Pick of the Week: Varun Beverages Ltd - 09th May, 2026

In Q1CY26, consolidated volumes rose 16.3% YoY to 363 Mn cases, led by India (+14.4%), followed by international markets (+21.4%).

Axis Direct

Varun Beverages Ltd - Volume-Led Growth Continues; Maintain BUY

Volume-led Growth: In Q1CY26, consolidated volumes grew 16.3% YoY to 363 Mn cases, driven by India (+14.4%) and international markets (+21.4%).

Axis Direct

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...