5401802026-07-012026-09-305401802026-01-012026-09-305401802026-07-012026-09-30in-capmkt:OtherExpenses1Member5401802026-07-012026-09-30in-capmkt:OtherExpenses2Member5401802026-01-012026-09-30in-capmkt:OtherExpenses1Member5401802026-01-012026-09-30in-capmkt:OtherExpenses2Member5401802026-07-012026-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15401802026-01-012026-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15401802026-07-012026-09-30ItemsThatWillBeReclassifiedToProfitAndLoss15401802026-01-012026-09-30ItemsThatWillBeReclassifiedToProfitAndLoss1iso4217:INRiso4217:INRxbrli:shares540180VBLNOTLISTEDINE200M01039VARUN BEVERAGES LIMITEDMain BoardEquity2026-01-012026-12-312026-10-302026-10-23INRMillionsQuarterlyThird quarterSingle segmentManufacturing and Distribution of Beverages2026-10-3011:00:002026-10-3011:40:00Not applicable2026-07-012026-09-30UnauditedConsolidated68155860000119862000069354480000290961500001006440000891140000602557000071691000041998200001686947000058805500000105489800000105489800002388200000-167960000222024000008328740000000-228200008305920000999400008405860000828001000025910000837106000034800000676499000022.452.45002.452.45(Rs. in million, except per share data) <br /> <br /> Notes: <br /> <br /> 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. <br /> <br /> 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). <br /> <br /> 3. VBL follows calendar year as its financial year as approved by the Company Law Board, New Delhi. <br /> <br /> 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. <br /> <br /> 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. <br /> <br /> 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. <br /> <br /> 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. <br /> <br /> "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. <br /> <br /> 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”)." <br /> <br /> "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. <br /> <br /> 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." <br /> <br /> "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. <br /> <br /> 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. <br /> <br /> 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." <br /> <br /> 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. <br /> <br /> <br /> 2026-01-012026-09-30UnauditedConsolidated2237124100002690710000226403120000984018200003484850000-20841000001929411000017979200001192731000051869890000184691800000417113200000417113200009510950000722700009583220000032128100000000-105120000320229800001408710000334316900003188791000013507000033202820000228870000676499000029.439.43009.439.43Excise Duty2080280000Other Expenses14789190000Excise Duty5566890000Other Expenses46303000000Items that will not be reclassified to profit or loss5931000059310000Items that will not be reclassified to profit or loss1042300001042300001500000026300000Items that will be reclassified to profit or loss5563000055630000Items that will be reclassified to profit or loss1330780000133078000000999400001408710000