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>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 Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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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.

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Read Business Not Stock Prices

<ul>
<li>Varun Beverages, a leading PepsiCo bottler, delivered 16.3% volume growth, completed the Twizza acquisition, signed the Crickley Dairy deal and declared Rs. 0.50 dividend.
</li>
<li>With India capacity stabilized, capex reducing to Rs. 500-600 crore, and a stronger summer outlook, operating leverage is improving, supporting sustained double-digit volume growth visibility over the medium term.</li>
<li>A volume-first strategy in India and faster-than-expected Africa scale-up, with ~Rs. 1,000 crore incremental revenues, positions VBL for stronger earnings growth and diversification beyond seasonal dependence.</li>
</ul>


Varun Beverages, a leading PepsiCo bottler, delivered 16.3% volume growth, completed the Twizza acquisition, signed the Crickley Dairy deal and declared Rs. 0.50 dividend.

With India capacity stabilized, capex reducing to Rs. 500-600 crore, and a stronger summer outlook, operating leverage is improving, supporting sustained double-digit volume growth visibility over the medium term.
A volume-first strategy in India and faster-than-expected Africa scale-up, with ~Rs. 1,000 crore incremental revenues, positions VBL for stronger earnings growth and diversification beyond seasonal dependence.


Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth

Thematic (Sector/Industry)

<ul><li>Market Performance - Broader Market Continues to Outperform:</li><li>Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.</li><li>Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.</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 - Broader Market Continues to Outperform:Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.Corporate earnings for Q1FY27 have been among the strongest witnessed in the last ten quarters, yet benchmark indices have struggled to sustain momentum and have experienced corrections from recent highs.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 September 2026

<ul><li>In Q4CY25, consolidated volumes rose 10.2% YoY to 237 Mn cases, led by India (+10.5%), followed by international markets (+10%).</li><li>Domestic performance rebounded strongly in Q4, underscoring the strength of VBL’s distribution reach and brand portfolio.</li><li>Further, the onset of the summer season will act as a strong demand catalyst for VBL</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 Q4CY25, consolidated volumes rose 10.2% YoY to 237 Mn cases, led by India (+10.5%), followed by international markets (+10%).Domestic performance rebounded strongly in Q4, underscoring the strength of VBL’s distribution reach and brand portfolio.Further, the onset of the summer season will act as a strong demand catalyst for VBLContent 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 - 21st February, 2026

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)

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: Africa Bets, Volume Surge, and a Summer Built for Growth

Varun Beverages sees strong growth with acquisitions, reduced capex, and improved operating leverage, positioning for sustained double-digit...

Sudarshan Bhandari

Axis Top Picks for the month of September 2026

Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.

Axis Direct

PICK OF THE WEEK: Varun Beverages Ltd - 21st February, 2026

In Q4CY25, consolidated volumes rose 10.2% YoY to 237 Mn cases, led by India (+10.5%), followed by international markets (+10%).

Axis Direct

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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: Africa Bets, Volume Surge, and a Summer Built for Growth

​Varun Beverages sees strong growth with acquisitions, reduced capex, and improved operating leverage, positioning for sustained double-digit...

Sudarshan Bhandari

Axis Top Picks for the month of September 2026

Indian equities entered Sep’26 with a fundamentally stronger earnings backdrop but a less supportive global liquidity and valuation environment.

Axis Direct

PICK OF THE WEEK: Varun Beverages Ltd - 21st February, 2026

In Q4CY25, consolidated volumes rose 10.2% YoY to 237 Mn cases, led by India (+10.5%), followed by international markets (+10%).

Axis Direct

Varun Beverages sees strong growth with acquisitions, reduced capex, and improved operating leverage, positioning for sustained double-digit...