VBL · Fast Moving Consumer Goods
Varun Beverages Ltd. reported revenue of ₹6,608 cr for July to September 2026, +33.2% on the year and −22.7% on the quarter. That is faster than this quarter has grown in recent years (+13.7% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹25,931 cr, +22.1% on the four before.
Operating profit (EBITDA) was ₹1,424 cr, a margin of 21.5%, −141 bps on the year and −569 bps on the quarter. Over the last 8 quarters the margin has ranged from 15.2% to 28.5%, averaging 22.1%. Operating costs grew +35.6%, faster than revenue at +33.2%, so operating profit grew less than sales.
Net profit was ₹831 cr, +13.5% on the year and −45.0% on the quarter, with earnings per share of ₹2.45. Profit before other income, one-offs and tax grew faster, at +19.8%; other income, one-offs or tax held the headline back. The tax rate of 21% is in line with its recent average. Profit over the last four quarters totals ₹3,480 cr, +16.6% on the four before.
Of the 17 companies in Fast Moving Consumer Goods that have reported Q2 FY27 so far, Varun Beverages Ltd. ranks 2nd on revenue growth; the sector median is +15.0%. Its margin moved −141 bps on the year against a sector median of −25 bps.
On earnings per share of ₹10.22 over the last four quarters, the stock at ₹435.00 trades at 42.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,668 cr | ₹4,317 cr | ₹7,197 cr | ₹4,805 cr | ₹3,689 cr | ₹5,567 cr | ₹7,017 cr | ₹4,961 cr | ₹4,204 cr | ₹6,574 cr | ₹8,545 cr | ₹6,608 cr |
| YoY | — | — | +28% | +24% | +38% | +29% | −3% | +3% | +14% | +18% | +22% | +33% |
| EBITDA margin | 15.7% | 22.9% | 27.7% | 24.0% | 15.7% | 22.7% | 28.5% | 23.0% | 15.2% | 23.2% | 27.2% | 21.5% |
| Other income, % of PBT | 5% | 1% | 3% | 3% | 18% | 3% | 4% | 16% | 28% | 4% | 5% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 23% | 24% | 21% | 23% | 25% | 23% | 21% | 28% | 24% | 23% | 21% |
| Net profit | ₹144 cr | ₹548 cr | ₹1,262 cr | ₹629 cr | ₹196 cr | ₹731 cr | ₹1,325 cr | ₹732 cr | ₹260 cr | ₹879 cr | ₹1,510 cr | ₹831 cr |
| YoY | — | — | +26% | +22% | +36% | +33% | +5% | +16% | +33% | +20% | +14% | +14% |
| Core profit YoY | — | — | +28% | +20% | +17% | +34% | +2% | +0% | +24% | +18% | +12% | +20% |
| EPS | ₹0.41 | ₹1.65 | ₹3.86 | ₹1.91 | ₹0.55 | ₹2.15 | ₹3.89 | ₹2.15 | ₹0.74 | ₹2.58 | ₹4.45 | ₹2.45 |
| Flags | · | · | ✓ | ✓ | 2 | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Varun Beverages Ltd. reported revenue of ₹6,608 cr (+33.2% on the year) and net profit of ₹831 cr (+13.5% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +19.8% on the year, against +13.5% for reported profit.
None of the 8 checks that could run raised a question.
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