Varun Beverages Limited recorded consolidated sales volumes of 354.4 million cases, reflecting a 28.7% overall increase driven by growth in both Indian and overseas markets. Standalone operational revenue also expanded significantly, climbing 24.75% to reach ₹3,822.4 crore. Despite these top-line improvements, packaging cost pressures eroded gross margins to 53.1%. The company simultaneously diversified its product mix, with low-sugar and no-sugar formulations surging to 88% of offerings compared to 44% in the prior year's period.
Key points
Geopolitical issues and packaging cost inflation continue to exert downward pressure on o…: Geopolitical issues and packaging cost inflation continue to exert downward pressure on operational margins.
A strategic pivot toward low-sugar products successfully counterbalanced rising raw sugar…: A strategic pivot toward low-sugar products successfully counterbalanced rising raw sugar expenses during the quarter.
Long-term operational stability remains intact following the extension of the PepsiCo bot…: Long-term operational stability remains intact following the extension of the PepsiCo bottling license through April 2049.
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VBL, which follows a calendar year, said in an exchange filing that sales were driven by double-digit volume growth in India and international markets. It said revenue from operations increased 33.3% to ₹6,815.6 crore in the quarter under consideration. On a standalone basis, the company reported revenue from operations at ₹3,822.4 crore, up 24.75% on-year.
However, the bottling company reported a gross margin decline by 334 bps to 53.1% in the quarter, on account of higher packaging material costs for shrink films and cans, driven by geopolitical disruptions. VBL said in a management commentary that surge in prices of sugar was offset by increase in low sugar/no sugar products, which grew from 44% in Q3 CY2025, to as high as 88% in the July-September 2026 quarter. It said consolidated sales volume grew 28.7% to 354.4 million cases in the quarter under consideration, compared to 275.3 million cases in the corresponding year-ago quarter. The company attributed the numbers to robust volume growth of 22.5% in India and 39.9% in its international markets.
On October 14, Nestle India too reported standalone net…
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