Varun Beverages shares fall 5% as Q2 margins shrink after Twizza acquisition in South Africa; net profit rises 15%

Varun Beverages shares fell 5 percent after Q2 CY2026 results showed shrinking margins despite a 20.4 percent YoY revenue rise to Rs 8,451.23 crore and a 15.1 percent YoY jump in PAT to Rs 1,525.36 crore. Depreciation rose 33.6 percent and finance costs surged 55.8 percent, largely due to the Twizza acquisition in South Africa, which contributed 11.8 million cases to consolidated volumes of 466.7 million cases.