Varun Beverages Limited (VBL) announced its financial results for the fourth quarter and full year ended December 31, 2025. For the fourth quarter of 2025, VBL reported a 14.0% year-on-year growth in revenue from operations, reaching ₹42,044.2 million compared to ₹36,887.9 million in Q4 2024. Consolidated sales volume increased by 10.2% to 237.1 million cases. EBITDA saw a 10.2% rise to ₹6,392.6 million, and Profit After Tax (PAT) surged by 32.9% to ₹2,600.0 million. For the full calendar year 2025, revenue from operations grew by 8.4% year-on-year to ₹216,853.8 million. Consolidated sales volume increased by 7.9% to 1,213.1 million cases. EBITDA grew by 7.2% to ₹50,493.7 million, while PAT increased by 16.2% to ₹30,620.4 million. EBITDA margins slightly declined by 26 basis points to 23.3%. Mr. Ravi Jaipuria, Chairman, highlighted steady execution in CY2025 despite weather disruptions, with full-year consolidated volumes growing by 7.9% and revenue by 8.4%. He noted that domestic volumes improved meaningfully in Q4, growing by 10.5%. International operations also scaled well, especially in Africa, with Q4 volumes growing by 10.0%. The proposed acquisition of Twizza in South Africa, subject to approvals, is expected to significantly enhance VBL's manufacturing footprint and route-to-market capabilities in Africa. Key developments in CY2025 include the proposed acquisition of Twizza for an enterprise value of ~ZAR 2,095 million, expected to be completed by June 30, 2026. VBL also incorporated a wholly-owned subsidiary in Kenya, entered into an exclusive distribution agreement with Carlsberg Breweries A/S for African markets, and added the alcoholic beverage business to its Memorandum of Association. Commercial production commenced at four new greenfield facilities in India and backward integration facilities were set up. VBL also acquired a 50% stake in Everest Industrial Lanka (Private) Limited and formed a joint venture for manufacturing visi-coolers in India. The Board of Directors recommended a final dividend of ₹0.50 per equity share, subject to shareholder approval. CRISIL upgraded the company's long-term rating for bank loan facilities to CRISIL AAA/Stable. VBL follows a calendar year for reporting (January to December).
