VARUN BEVERAGES LIMITED

Bottles and distributes non-alcoholic beverages in India and internationally, primarily carbonated soft drinks manufactured under license from PepsiCo. In Q2 CY2026 consolidated sales volume reached 466.7M cases (+19.8% YoY) on net revenue of Rs 84,512 mn (+20.4% YoY) and EBITDA of Rs 23,430 mn (+17.2%). The Q1 CY2026 volume mix was carbonated soft drinks 73.6%, packaged drinking water 18.9%, and non-carbonated beverages 7.5%, with low/no-sugar variants at roughly 63% of consolidated volume in Q1 rising to about 73% by Q2 CY2026. Gross margin stood at 50.0% in Q2 (+44 bps YoY) and consolidated EBITDA margin was 27.7% (down 76 bps as the Twiga mix diluted margins). The PepsiCo exclusive bottling and trademark license for India was extended to April 2049 in Q2 CY2026, with earlier restrictions requiring the licensee to operate solely as a special-purpose vehicle removed, unlocking non-soft-drink categories. International operations include South Africa via Bevco and Twizza (the Twizza deal cost ZAR 2,053M / ~Rs 1,140 crore) and Kenya, where a USD 32 million (~Rs 3,050 mn) acquisition of Devyani Food Industries Kenya adds a 52-acre dairy/juice/water facility in Nakuru. Adjacent categories are being added through the Asahi Group alliance to launch Calpis fermented dairy in India, the Crickley Dairy deal (~Rs 160 crore revenue), the announced Kevian Kenya buy for carbonated soft drinks and energy drinks, and growth in energy drinks (Ad-Rush, Sting Classic), juice (Nimbooz) and Tropicana PET. H1 CY2026 revenue was Rs 150,254 mn (+19.4% YoY), with Rs 9,500 mn of H1 net capex and Rs 11,314 mn of inorganic spend on Twiga; the India balance sheet was net debt-free with Rs 14,941 mn of surplus cash.