Varun Beverages Limited (VBL) has announced its audited financial results for the quarter and financial year ended December 31, 2025. The company reported a consolidated sales volume growth of 10.2% in Q4 CY2025, reaching 237.1 million cases, with India and international markets contributing 10.5% and 10.0% growth respectively. Net revenue from operations for Q4 CY2025 increased by 14.0% to ₹42,044.2 million from ₹36,887.9 million in Q4 CY2024. Net realization per case saw a 3.4% increase to ₹177.3 in Q4 CY2025. For the full year CY2025, consolidated sales volume grew by 7.9% to 1,213.1 million cases. Net revenue from operations rose by 8.4% to ₹216,853.8 million. EBITDA increased by 7.2% to ₹50,493.7 million, while PAT saw a significant rise of 16.2% to ₹30,620.4 million in CY2025 compared to CY2024. Gross margins remained stable at 55.2% in CY2025. The Chairman's message highlighted steady execution in CY2025 despite weather-related disruptions in India, with domestic volumes improving in Q4. International operations scaled well, particularly in Africa, with the proposed acquisition of Twizza in South Africa being a significant development. The company also expanded its product portfolio, including the snacks business in Morocco and distribution in Zimbabwe and Zambia. Key developments include the incorporation of a wholly-owned subsidiary in Kenya, an exclusive distribution agreement with Carlsberg Breweries A/S for African markets, and the addition of alcoholic beverage business to the Memorandum of Association. VBL also started distribution and sales of PepsiCo's snack products in Zimbabwe and Zambia from February 1, 2025, and commenced commercial production of PepsiCo snacks in Morocco and Zimbabwe. Four new greenfield production facilities were commissioned in India, along with backward integration facilities. VBL also acquired a 50% stake in Everest Industrial Lanka (Private) Limited, forming a joint venture for manufacturing visi-coolers in India. The Board has 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 India remains net debt-free with free cash of approximately ₹12,250 million.
