Integrated Filing — IndAS



General information about company

Scrip Code 540180
NSE Symbol VBL
MSEI Symbol NOTLISTED
ISIN INE200M01039
Name of company VARUN BEVERAGES LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-01-2026
Date of end of financial year 31-12-2026
Date of board meeting when results were approved 30-10-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 23-10-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Third quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Single segment
Description of single segment Manufacturing and Distribution of Beverages
Start date and time of board meeting 30-10-2026   11:00:00
End date and time of board meeting 30-10-2026   11:40:00
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
There is No Default on Loans during the quarter under review.



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2026 01-01-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Standalone Standalone
1 Income
Revenue from operations 3,82,244.70 14,31,920.90
Other income 14,349.50 32,220.90
Total income 3,96,594.20 14,64,141.80
2 Expenses
(a) Cost of materials consumed 1,81,053.40 6,78,058.50
(b) Purchases of stock-in-trade 1,632.30 7,658.50
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 7,317.20 (4,949.70)
(d) Employee benefit expense 33,913.90 1,00,909.00
(e) Finance costs 792.90 1,612.90
(f) Depreciation, depletion and amortisation expense 20,190.70 62,438.50
(f) Other Expenses
1 Other Expenses 66,514.90 2,53,379.40
Total other expenses 66,514.90 2,53,379.40
Total expenses 3,11,415.30 10,99,107.10
3 Total profit before exceptional items and tax 85,178.90 3,65,034.70
4 Exceptional items 0.00 0.00
5 Total profit before tax 85,178.90 3,65,034.70
6 Tax expense
7 Current tax 17,934.20 84,397.30
8 Deferred tax 1,391.50 3,560.30
9 Total tax expenses 19,325.70 87,957.60
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 65,853.20 2,77,077.10
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 65,853.20 2,77,077.10
17 Other comprehensive income net of taxes 446.70 789.70
18 Total Comprehensive Income for the period 66,299.90 2,77,866.80
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 67,649.90 67,649.90
Face value of equity share capital 2 2
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 1.95 8.19
Diluted earnings (loss) per share from continuing operations 1.95 8.19
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 1.95 8.19
Diluted earnings (loss) per share from continuing and discontinued operations 1.95 8.19
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) (Rs. in million, except per share data) Notes: 1. These standalone and consolidated financial results for the quarter and nine months ended on 30 September 2026 have been reviewed and recommended for approval by the Audit, Risk Management and Ethics Committee and accordingly approved by the Board of Directors of Varun Beverages Limited (“VBL” or “the Company”) at their respective meetings held on 30 October 2026. The Statutory Auditors have conducted a limited review of these financial results. 2. These financial results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards ('Ind AS') notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in section 133 of the Companies Act, 2013 (read with SEBI Circular CIR/CFD/FAC/62/2016 dated 05 July 2016 and other recognised accounting practices and policies). 3. VBL follows calendar year as its financial year as approved by the Company Law Board, New Delhi. 4. The business activities of the Company and its subsidiaries (together referred to as the Group) predominantly fall within a single primary business segment viz. manufacturing and sale of beverages. There is no separate reportable business segment. The Group operates in two principal geographical areas, i.e., in India, its home country, and in other countries. The aforesaid is in line with review of operating results by the chief operating decision maker. The sale of products of the Group is seasonal. 5. During the quarter ended 30 September 2026, Varun Beverages (Zimbabwe) (Private) Limited, subsidiary of our Company has incorporated a subsidiary company in Zimbabwe namely “Varun Beverages Holding (Zimbabwe) (Private) Limited” as a vehicle to hold investments. 6. During the quarter ended 30 September 2026, the Company incorporated a wholly owned subsidiary in India, KIVA Spirits and Company Limited, to carry on the business of Ready-to-Drink (RTD), alcoholic beverages and allied products. 7. During the quarter ended 30 September 2026, Varun Beverages (Zimbabwe) (Private) Limited (a subsidiary of our Company) on 24 September 2026 has entered into an Exclusive Distribution Agreement with Mondelez South Africa Proprietary Limited (“Mondelez”) effective from 01 October 2026 for the exclusive distribution of chocolate, biscuit, candy and gum products of Mondelez in the territory of the Republic of Zimbabwe. 8. During the nine months period ended 30 September 2026, The Beverage Company Proprietary Limited (“Bevco”), a subsidiary of the Company, entered into an agreement dated 17 March 2026 to acquire a 100% equity stake in Crickley Dairy Proprietary Limited (“Crickley”) at an enterprise value of ZAR 238 million (equivalent to Rs. 1,314.68 million, at an exchange rate of ZAR 1 = Rs. 5.52), a company incorporated in South Africa, from Clark Holdings Proprietary Limited (“Seller”), with the objective of diversifying its product portfolio into new categories, including value-added dairy-based beverages. However, due to non-fulfillment of certain condition precedent the transaction is not consumated and during the quarter ended 30 September 2026, the above-mentioned transaction has been referred by sellers to The Arbitration Foundation of Southern Africa (“AFSA”). 9. During the nine months period ended 30 September 2026, The Beverage Company Proprietary Limited (“Bevco”), subsidiary of our Company in South Africa, has acquired 100% Share Capital of Twizza Proprietary Limited (Twizza), a company incorporated under the laws of South Africa, at an enterprise value of ZAR 2,053 Million (Rs. 11,398 Million; 1 ZAR = Rs. 5.55), accordingly it has become step down subsidiary of our Company w.e.f. 18 March 2026. The Company is in the process of determining the fair values of acquired assets and liabilities including goodwill as per the requirement of Ind AS 103 Business Combinations. Accordingly, the consolidation of Twizza has been done on provisional basis from the date of acquisition. Twizza is inter-alia engaged in the business of manufacturing and distribution of own branded non-alcoholic Beverages. During the quarter ended 30 September 2026, on 02 July 2026, the Board of Directors of Bevco and Twizza have approved the merger of Twizza with its holding company i.e. Bevco, w.e.f. 01 August 2026. Post merger, the shareholding remained unchanged since merger is between a subsidiary and its step-down subsidiary of the Company and consequently, Twizza has ceased to be a step-down subsidiary of the Company. 10. During the quarter ended 30 September 2026, the subsidiary company, namely, VBL Industries (Kenya) Limited acquired business from Devyani Food Industries (Kenya) Limited for a purchase consideration of USD 32 million (Rs. 3,050 Million; 1 USD = Rs. 95.30) with effect from 01 August 2026. The acquisition qualifies as a business combination of entities under common control, as these entities were ultimately controlled by the same company both before and after the business combination, and such control was not transitory. Accordingly, business combination has been accounted for in accordance with Appendix C of Ind AS 103, Business Combinations, using the pooling of interests method and acquired assets and liabilities of the combining entities have been recognised at their respective carrying amounts. The financial results/statement for the previous reporting period(s) has been restated as if the business combination had occurred from the beginning of the earliest reporting period(s) presented. The comparative financial results/statement has been restated to give effect to the aforesaid business combination. The restatement has been made for comparative presentation purposes and does not represent a revision of the financial results/statement previously approved and published by the Company, except to the extent of the adjustments arising from the aforesaid business combination. 11. The Board of Directors have approved an interim dividend of Re. 0.50 (Rupee fifty paisa only) per equity share of the face value of Rs. 2/- each.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2026 01-01-2026
Date of end of reporting period 30-09-2026 30-09-2026
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2026 01-01-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Items that will not be reclassified to profit or loss 597.00 1,055.30
Total Amount of items that will not be reclassified to profit and loss 597.00 1,055.30
2 Income tax relating to items that will not be reclassified to profit or loss 150.30 265.60
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 446.70 789.70