Varun Beverages Q2 results: Profit rises 15% YoY to ₹1,520 crore, revenue climbs 21%; check key numbers

Beverage bottling firm Varun Beverages’ board of directors announced its April to June quarter results for the calendar year 2026 on Tuesday, July 28, where the company recorded a healthy rise in its earnings due to an overall improvement in revenues for the period.

NSE filings showed that Varun Beverages posted a 15.4% rise in its consolidated net profits (attributable to owners) at ₹1,520.79 crore in the second quarter of the calendar year 2026, compared year-on-year (YoY) with ₹1,317.02 crore in the same period a year earlier.

The company’s revenue from core operations advanced nearly 21% YoY to ₹8,650.57 crore in the June quarter results, from ₹7,163.02 crore in the corresponding quarter of the previous financial year, as per the consolidated statements.

“We remain confident in the long-term growth potential across our markets, supported by favourable demographics, rising disposable incomes and increasing consumption of packaged beverages,” said Ravi Jaipuria, Chairman, Varun Beverages, in the official statement.

Following the quarterly earnings, shares of Varun Beverages declined to an intraday low of ₹426.65 apiece on the National Stock Exchange, losing over 8% of their value, in comparison to ₹464.50 apiece at the previous stock market close.

Why Varun Beverages shares drop 8% today?

Although the company posted healthy growth in quarterly earnings in the June quarter, Varun Beverages shares tanked over 8% as investors focused on the EBITDA margin contraction in the period under review.

The company’s EBITDA (earnings before interest, tax, depreciation, and amortisation) margins declined by 76 basis points to 27.7% in the June quarter of 2026, from 28.46% a year ago due to the consolidation of the Twizza business, which currently operates at lower margins.

The consolidation of the Twizza business further impacted the company’s depreciation and finance costs in the period. NSE filings data showed that Varun Beverages’ depreciation increased by 33.6% due to the commissioning of new plants in India last year and due to the Twizza acquisition.

Investors were also focused on the 55.8% increase in finance costs for the company in the Q2 results due to the acquisition move in the period under review, weighing down the overall margins.

However, in contrast, the company’s India EBITDA margins improved by 38 basis points, driven by operational efficiencies from healthy volume growth, which were partially offset by higher other expenses, primarily transportation and distribution costs in the period.

Varun Beverages dividend update

Varun Beverages’ board of directors on Tuesday, July 28, approved that the company has recommended a second interim dividend of ₹0.50 per equity share with a face value of ₹2 apiece.

This means that every eligible shareholder will receive a dividend payment of ₹0.50 per share for every share an investor owns in Varun Beverages, up to one day ahead of the company’s predetermined record date of the corporate action.

The company has fixed Saturday, August 1, 2026, as the official record date of the corporate action, and Varun Beverages will pay the dividend to the eligible investors on or before Tuesday, August 4, 2026.

Share price performance

Shares of Varun Beverages have gained more than 321% in the last five years, and over 32% in the last three-year period, according to NSE data. However, the company’s stock has lost 12% in the past one year.

On a year-to-date (YTD) basis, the company shares were down more than 13% and have lost 16% in the last one-month period. The company shares were trading 7.9% lower in the last five sessions on NSE.

Varun Beverages shares surged to a 52-week high of ₹555.80 on June 17, 2026, while the 52-week low was at ₹381 on March 23, 2026, according to the exchange data. The company’s market capitalisation (m-cap) was at over ₹1.45 lakh crore as of the trading session on Tuesday, July 28, 2026.