Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Equity Bottom-Up

<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. ”


Varun Beverages

Primer : Varun Beverages Limited