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>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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

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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.

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/varun-beverages-ltd" target="_blank" data-smartkarma-citation="entities:23653:1" rel="noopener">Varun Beverages (VBL IN)</a> is the second-largest global PepsiCo franchisee, operating a massive distribution network across India and several high-growth international African territories.</li>
<li>
Subdued domestic volumes due to prolonged rainfall should revive by H2FY26, driven by an optimistic management outlook and lower-than-average forward valuation multiples.</li>
<li>Future growth will be catalyzed by strategic expansion into alcoholic beverages, increased penetration in rural India, and successful launches in the energy category.</li>
</ul>



Varun Beverages (VBL IN) is the second-largest global PepsiCo franchisee, operating a massive distribution network across India and several high-growth international African territories.

Subdued domestic volumes due to prolonged rainfall should revive by H2FY26, driven by an optimistic management outlook and lower-than-average forward valuation multiples.
Future growth will be catalyzed by strategic expansion into alcoholic beverages, increased penetration in rural India, and successful launches in the energy category.


Varun Baverage: Expecting Turnaround In H2FY26

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

<ul>
<li>Largest PepsiCo bottler outside North America with an India-led but fast-diversifying footprint.</li>
<li>Balance sheet reset completed via Rs. 75 bn QIP; company declared net-debt-free at Dec-24.</li>
<li>CSD-Heavy mix remains, but portfolio is skewing “ better-for-you. ”</li>
</ul>


Largest PepsiCo bottler outside North America with an India-led but fast-diversifying footprint.
Balance sheet reset completed via Rs. 75 bn QIP; company declared net-debt-free at Dec-24.
CSD-Heavy mix remains, but portfolio is skewing “ better-for-you. ”


<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.

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)

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 Baverage: Expecting Turnaround In H2FY26

Varun Beverages, the second-largest PepsiCo franchisee, expects subdued domestic volumes to revive by H2FY26, with future growth driven by...

Nimish Maheshwari

Primer : Varun Beverages Limited

PepsiCo's largest bottler outside North America, Varun Beverages, diversifies portfolio towards healthier options and becomes net-debt-free after...

Viral Kishorchandra Shah

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

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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 Baverage: Expecting Turnaround In H2FY26

​Varun Beverages, the second-largest PepsiCo franchisee, expects subdued domestic volumes to revive by H2FY26, with future growth driven by...

Nimish Maheshwari

Primer : Varun Beverages Limited

​PepsiCo's largest bottler outside North America, Varun Beverages, diversifies portfolio towards healthier options and becomes net-debt-free after...

Viral Kishorchandra Shah

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

Varun Beverages, the second-largest PepsiCo franchisee, expects subdued domestic volumes to revive by H2FY26, with future growth driven by...

PepsiCo's largest bottler outside North America, Varun Beverages, diversifies portfolio towards healthier options and becomes net-debt-free after...