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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Equity Bottom-Up

<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

<ul><li>Volume-led growth: In Q4 CY25, consolidated volumes rose 10.2% YoY to 237.1 million cases, led by India (+10.5%) and international markets (+10%).</li><li>For CY25, volumes increased 7.9%, translating into 8.4% revenue growth, despite weather-related disruptions in India during the peak summer season.</li><li>Domestic performance rebounded strongly in Q4, underscoring the strength of VBL’s distribution reach and brand portfolio. </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 Q4 CY25, consolidated volumes rose 10.2% YoY to 237.1 million cases, led by India (+10.5%) and international markets (+10%).For CY25, volumes increased 7.9%, translating into 8.4% revenue growth, despite weather-related disruptions in India during the peak summer season.Domestic performance rebounded strongly in Q4, underscoring the strength of VBL’s distribution reach and brand portfolio. 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 - Double-Digit Volumes; Resilient Execution

<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

Thematic (Sector/Industry)

<ul><li>Market Performance: Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility earlier in the month.</li><li>The decline in geopolitical risk premium following the de-escalation of tensions in West Asia, coupled with a sharp correction in crude oil prices, encouraged investors to gradually rebuild equity exposure.</li><li>The Nifty Smallcap 250 (4.30%) and Nifty Microcap 250 (6.35%) outperformed frontline indices, supported by strong domestic liquidity, while NIFTY 50, Nifty 500 and Nifty Midcap 100 gained marginally by 1.35%, 1.5% and 0.12%, respectively, MoM.</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: Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility earlier in the month.The decline in geopolitical risk premium following the de-escalation of tensions in West Asia, coupled with a sharp correction in crude oil prices, encouraged investors to gradually rebuild equity exposure.The Nifty Smallcap 250 (4.30%) and Nifty Microcap 250 (6.35%) outperformed frontline indices, supported by strong domestic liquidity, while NIFTY 50, Nifty 500 and Nifty Midcap 100 gained marginally by 1.35%, 1.5% and 0.12%, respectively, MoM.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.

<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

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 - 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 Ltd - Double-Digit Volumes; Resilient Execution

Volume-led growth: In Q4 CY25, consolidated volumes rose 10.2% YoY to 237.1 million cases, led by India (+10.5%) and international markets (+10%).

Axis Direct

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

Axis Top Picks - July 2026

Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility...

Axis Direct

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

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