Varun Beverages enters alliance with Japan’s Asahi Group to launch CALPIS in India in 2026; check stock performance

Beginning in the second half of 2026 or thereafter, a ready-to-drink, non-alcoholic, non-carbonated, dairy-based product will be launched under the name CALPIS, with two flavor offerings, Original and Mango. Furthermore, “CALPIS” is a registered trademark of Asahi Soft Drinks Co., Ltd.

This will mark Asahi Group’s first entry into India’s non-alcoholic/non-carbonated beverage market, according to a regulatory filing.

Under the alliance, Asahi Group Holdings will be responsible for product development and providing technical support for the production of CALPIS-branded beverages. At the same time, its local subsidiary will oversee marketing and brand management.

Furthermore, Varun Beverages will handle manufacturing, distribution, and sales, the company stated.

This alliance will enable Asahi Group to focus on product development and marketing in India, and Varun Beverages will add a product with unique value to its portfolio, which is expected to create a partnership that delivers “mutual benefits”, the filing stated.

Commenting on the development, Atsushi Katsuki, President and Group CEO at Asahi Group Holdings, Ltd., said: “We are delighted to introduce the CALPIS brand, which has been enjoyed in Japan for more than a century, to consumers in India. India is one of the world’s most dynamic and promising beverage markets, and we are pleased to partner with Varun Beverages, a leading beverage company with strong manufacturing capabilities and extensive market reach.”

Katsuki further stated that the company is confident that by bringing together the strengths of Asahi Group and Varun Beverages, they can create new value in the Indian market and contribute to the sustainable growth and enhancement of corporate value for both companies.

“We are honored to partner with Asahi Group, one of the world’s leading beverage companies, renowned for its iconic brands and deep understanding of consumer preferences across markets. CALPIS is a brand with over a hundred years of heritage and consumer trust, and we are excited to introduce it to India. This is a category we are committed to building at Varun Beverages and one in which we see significant long-term potential,” said Varun Jaipuria, Executive Vice Chairman of Varun Beverages.

He added that by combining Asahi’s global expertise with Varun Beverages’ manufacturing strength and extensive distribution network, we look forward to establishing CALPIS as one of the leading brands for Indian consumers.

What CLSA said

In a note, analysts at CLSA said that the partnership between Varun Beverages and Asahi Group Holdings is strategically positive as it adds a differentiated fermented dairy-based ready-to-drink (RTD) offering, akin to a premium lassi sub-segment, to Varun Beverages' existing portfolio.

Importantly, the analysts added that the partnership underscores the company’s ability to leverage its strong manufacturing base and extensive distribution network, including its existing cold-chain infrastructure, such as visi-coolers and fridges.

Varun Beverages stock performance

Shares of Varun Beverages surged as much as 1.3% to hit an intraday high of ₹538.70 apiece on the National Stock Exchange (NSE) on Friday.

At around 11:52 AM, the scrip stood at ₹533 per equity share, marking a 0.27% increase.

The stock advanced 2% in the past week and more than 3% over the month. On a year-to-date basis, it has climbed 8%.

While the share hit a 52-week high of ₹555.80 per unit on June 17, 2026, it touched a year’s low of ₹381 on March 23, 2026.

Varun Beverages has a total market capitalisation of ₹1.8 lakh crore as of June 19, 2026, according to data on the NSE.