EL7.AI
StocksMedium•30 October 2026•
2 min read

Varun Beverages sales volume jumps 28.7% to 354.4 million cases in third quarter

Key Facts

1Consolidated sales volume rose 28.7% to 354.4 million cases in the third quarter of 2026, from 275.3 million cases a year earlier.
2Sales volumes grew 22.5% in India and 39.9% in international markets in the third quarter.
3Revenue per case increased 2.2% on a consolidated basis and 0.5% in India.
4Nine-month revenue rose 23.3% to 218,145.5 million rupees, and net profit increased 15.5% to 32,023.0 million rupees.

Varun Beverages recorded consolidated sales volume growth of 28.7% in the third quarter of 2026, reaching 354.4 million cases, compared with 275.3 million cases in the same period a year earlier. The company said volumes rose 22.5% in India and 39.9% in international markets. The results cover the third quarter and nine months ended September 30, 2026, under the Gregorian calendar followed by the company. Sales volume growth was a key driver of the company's performance during the quarter, as activity expanded in both the domestic and overseas markets. The company said, "Consolidated sales volume grew 28.7% to 354.4 million cases" in the quarter, supported by growth in both geographic segments.

Consolidated revenue per case improved 2.2%, while revenue per case in India rose 0.5%. The company linked the increase in India to growth in higher-value categories and the launch of premium offerings. By contrast, it said higher packaging costs affected margins during the quarter. It said improved realizations and operating leverage from strong volume growth helped partly offset these pressures. The company said, "Higher packaging costs weighed on margins during the quarter," with volume growth helping to offset part of the impact.

Depreciation and amortization costs rose 34.5% year on year, while finance costs increased 53.5%. The company attributed both increases mainly to its acquisition of Twizza in South Africa and the debt financing associated with the deal. Twizza's integration into Bevco in South Africa was completed effective August 1, 2026. The company said it expects to realize operating synergies in coming quarters. It added that "the integration was completed effective August 1, 2026," and said it expects to deliver operating savings in coming periods.

For the nine months ended September 30, revenue rose 23.3% to 218,145.5 million rupees. Earnings before interest, taxes, depreciation and amortization increased 19.9% to 52,745.8 million rupees, while net profit grew 15.5% to 32,023.0 million rupees. In the third quarter, carbonated drinks accounted for 73.3% of sales, compared with 4.8% for juice-based and other drinks and 21.9% for packaged drinking water. This mix reflects carbonated drinks' share as the largest portion of quarterly sales. The company said, "Revenue grew 23.3%" in the nine months, with earnings and net profit also higher than in the corresponding period.