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Varun Beverages

Varun Beverages Limited (VBL) is an multinational specializing in the manufacture, bottling, and distribution of carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs), primarily as a franchisee of . Incorporated in 1995 and headquartered in Gurugram, , the has been associated with since 1991, when it began operations as one of the first bottlers for the brand in . VBL operates across 26 states and 6 union territories in —accounting for approximately 90% of PepsiCo's beverage sales volume there—as well as in 14 countries across the and (10 with franchise rights and 4 with distribution rights). Its product portfolio includes iconic brands such as , , 7Up, Mirinda, Sting, , Tropicana juices, and Slice, alongside energy drinks and packaged water, distributed through a network serving over 4 million retail outlets and reaching more than 1.4 billion consumers. As PepsiCo's second-largest franchisee outside the , VBL maintains 50 manufacturing plants globally, including 38 in and 12 in international markets, supported by a exceeding 16,000 employees. The company reported consolidated revenues of approximately $2.45 billion (₹204.8 billion) for 2024, driven by robust growth in both domestic and international operations, including recent expansions into snacks in and an exclusive distribution agreement with Carlsberg for in select markets, with a focus on , , and expanding its non-carbonated beverage segment.

History

Founding and early development

Varun Beverages Limited was incorporated on June 16, 1995, as a public limited company under the , by industrialist as part of the diversified RJ Corp group. The RJ Corp group entered into a franchise agreement with in 1991, and Varun Beverages was established in 1995 to support these operations by manufacturing, bottling, and distributing its beverages in designated territories across the country. Operations launched in 1996 with the commissioning of the company's first manufacturing plant in , , concentrating on the production of carbonated soft drinks such as , , and 7Up. This marked the beginning of Varun Beverages' role as a key bottling partner for in northern , aligning with PepsiCo's global model of franchised production and distribution. During its formative years, Varun Beverages encountered significant hurdles, including fierce competition from , which re-entered the Indian market in 1993 after a voluntary exit in 1977, alongside local brands and regulatory complexities in the liberalizing economy of the . Despite these obstacles, the company expanded rapidly, establishing additional plants in , Jodhpur, and Kosi by 1999, which enabled it to build a strong presence in northern and capture 10-15% market share in its assigned territories by 2000.

Expansion and key acquisitions

Varun Beverages undertook significant domestic expansion in during the 2000s and 2010s through strategic acquisitions of territories and related entities, consolidating its position as a leading bottler. In 2007, the company acquired additional territories, extending its operational footprint to 12 states and enhancing its market share in the northern and eastern regions. This move allowed VBL to leverage in production and distribution, building on its initial base in . The expansion continued in with the purchase of a 50% stake in Everest Industrial Enterprises, securing control over operations and introducing new manufacturing capabilities in an underserved market. By 2011, VBL integrated operations via the acquisition of franchise rights from incumbent bottlers, marking its entry into high-growth southern markets like and , despite logistical challenges in the region. These acquisitions diversified VBL's portfolio beyond carbonated soft drinks and strengthened its in diverse geographies. A pivotal financial milestone came in 2016 when Varun Beverages listed on the (BSE) and National Stock Exchange (NSE), raising approximately ₹1,800 crore through its . The proceeds were earmarked for capacity enhancements and further territorial consolidations, enabling aggressive investments in plants and technology upgrades. In 2018, a key merger with Premium Beverages added the and territories, integrating over 50 million cases of annual volume and optimizing distribution networks in the agriculturally rich northwest. This transaction not only boosted VBL's overall capacity but also improved operational synergies with existing facilities.

International growth

Varun Beverages initiated its international expansion in 2009 by acquiring the franchise rights for products in , enabling the company to commence bottling and distribution operations in the neighboring market. This move represented the company's first venture beyond , leveraging its established expertise in beverage to tap into regional demand. The expansion continued in 2012 with the acquisition of operations in through the merger of Varun Beverages International Limited, which facilitated the establishment of manufacturing plants near to support local production and distribution of carbonated soft drinks. This strategic entry strengthened Varun Beverages' presence in , allowing for efficient supply chain integration under the franchise model. A significant international push occurred in the mid-2010s, beginning with the incorporation of a subsidiary in in 2015, followed by the 2016 acquisition of a majority stake in Varun Beverages (Zambia) Limited from Arctic International Private Limited. These entries marked Varun Beverages' diversification into emerging markets, focusing on high-growth regions with rising consumer demand for branded beverages. The company further extended its footprint in 2018 by deepening operations in and acquiring local bottlers in and during 2019-2020, enhancing its capacity to serve diverse territories. By 2023, Varun Beverages acquired 's BevCo for approximately ₹1,320 crore, integrating operations across , , and (franchise rights), as well as distribution rights in , , , and to bolster its Southern African presence. In 2024, the company entered the of (DRC) with a $50 million in a new production facility, further solidifying its African strategy. In November 2024, Varun Beverages announced the acquisition of SBC Beverages and SBC Beverages for approximately $155 million and $30 million, respectively, expanding into East and ; these were completed by early 2025. Additionally, in 2025, the company incorporated a wholly-owned subsidiary in for manufacturing and distribution of beverages. As of 2025, these efforts have resulted in an international footprint spanning over 18 territories across 15 countries—, , , , , , , , of , , , , , , and —contributing about 28% to the company's overall revenue through robust volume growth in non-Indian markets.

Operations

Manufacturing facilities

Varun Beverages operates 50 state-of-the-art manufacturing plants worldwide as of 2025, comprising 38 facilities in spread across 27 states and 7 union territories, and 12 plants in international territories including , , , , , and . The company's flagship facility in , , established in 1996, serves as a cornerstone of its operations in northern , while other notable plants include those in Kosi, ; , ; , ; and , , supporting production of carbonated and non-carbonated beverages. In recent expansions, greenfield facilities have been commissioned in Supa, ; , ; and , , to bolster regional output. Varun Beverages has significantly expanded its production capacity since 2022, with India's capacity expanding by about 45% from CY2022 levels to support CY2024 production needs, and international sites seeing enhancements such as a new can line at the facility in . Since 2024, the company has invested in through a with and Dhunseri Ventures to establish PET recycling plants, with two greenfield sites under construction in , , and Khurdha, , slated for completion by the end of 2025; these efforts build on broader environmental initiatives at manufacturing sites, including measures. Technological advancements include the adoption of automated wet-end block systems from across five Indian since 2022 and end-of-line from Robopac at facilities like Supa and , incorporating elements of Industry 4.0 for improved efficiency and quality control.

Distribution network

Varun Beverages maintains an extensive distribution network in , encompassing over 2,800 primary distributors and serving more than 3.8 million outlets across 27 states and 7 territories as of 2025. This supports the company's role as the largest franchisee for products in , responsible for approximately 90% of PepsiCo's beverage sales volume in the country. The network emphasizes deep penetration into urban, semi-urban, and rural markets, ensuring broad accessibility for consumers. To facilitate efficient last-mile , Varun Beverages employs route-to-market strategies that leverage a fleet of over 2,500 owned vehicles, supplemented by distributor-managed for comprehensive coverage. These strategies focus on optimizing routes and enhancing product availability at points through investments in visi-coolers, with over 1 million units installed nationwide. This approach enables to reach a significant portion of India's 12 million FMCG outlets, with ongoing efforts to expand the footprint by 10-12% annually. Internationally, Varun Beverages extends its distribution through strategic partnerships in and , targeting both urban and rural segments in markets such as , , , , and . In October 2025, the company signed an exclusive distribution agreement with Carlsberg Breweries A/S for select African countries, including , marking its entry into distribution while building on existing non-alcoholic operations. These partnerships enhance market reach and support diversified product delivery in emerging economies. The company has integrated digital initiatives to streamline operations, including route optimization software implemented around 2021 as part of broader technology adoption efforts to improve efficiency. This has contributed to reductions in delivery times, with reported efficiencies of up to 15% in operational metrics. Additionally, since 2020, Varun Beverages has focused on e-commerce tie-ups with platforms such as , , , and others to expand online sales channels and meet growing digital consumer demand. These collaborations enable delivery and integrate with quick-commerce models for faster fulfillment.

Supply chain management

Varun Beverages sources its primary raw materials, including and () resin, from approved local suppliers in , such as for PET, ensuring compliance with standards aligned with 's global policies. Beverage concentrates, essential for producing carbonated and non-carbonated drinks, are exclusively procured from PepsiCo, with a significant portion imported to support operations across the company's facilities. This sourcing strategy emphasizes ethical practices, including assessments of suppliers for environmental and , to maintain a resilient and sustainable . To enhance efficiency and reduce dependency on external suppliers, Varun Beverages has pursued backward integration in packaging materials, including the establishment of dedicated recycling lines for recycled PET (rPET). The company operates in-house initiatives such as bottle crushing machines to streamline waste processing and has formed a joint venture with Indorama Ventures and Dhunseri Ventures in 2024 to build multiple PET recycling facilities in India, with two sites under construction for completion by 2025 and a targeted annual capacity of 100,000 tons of recycled PET. These efforts support the company's commitment to circular economy principles; in 2023, Varun Beverages recycled 86% of the total PET bottles consumed, surpassing regulatory requirements under India's Extended Producer Responsibility guidelines. Logistics for the , particularly the importation of concentrates from the , rely on partnerships with third-party providers to ensure timely and cost-effective delivery to manufacturing plants. Approximately 30% of costs in 2023 were linked to imports, highlighting the importance of optimized transportation networks to mitigate disruptions and support operational . In managing risks associated with , a critical challenge in beverage production, Varun Beverages employs strategies such as systems and effluent treatment at all Indian facilities to recharge and minimize usage impacts. These measures, including the development of harvesting pits and ponds, are integrated into operations across water-stressed regions to promote long-term resource security.

Products

Carbonated soft drinks portfolio

Varun Beverages' carbonated soft drinks (CSD) portfolio primarily consists of brands licensed from , including , 7Up, , , and the . These offerings form the backbone of the company's beverage production, catering to a wide range of consumer preferences in markets across , , , , , , and . serves as the flagship , while 7Up provides a lemon-lime refreshment, offers fruit-flavored options like orange and lemon, targets citrus enthusiasts with its bold taste, and delivers a caffeinated energy boost in variants such as original and fruit punch. The portfolio includes several variants to address diverse dietary needs and regional tastes. , a low-calorie alternative to the standard , has been a longstanding option in the lineup. , launched in 2018 as a zero-calorie with a premium black currant flavor, represents a key sugar-reduced variant available in cans and returnable glass bottles. In , the company has explored regional adaptations, such as a planned jeera ()-flavored developed in collaboration with to appeal to local palates, with preparations for launch discussed in early 2025. CSDs constitute approximately 74% of Varun Beverages' total production volume, underscoring their dominance in the company's operations. In 2024, the firm produced around 834 million cases of CSDs, reflecting significant across its franchise territories. This output supports extensive in over 27 states and international markets, leveraging the company's partnership with for bottling and marketing. Marketing efforts for the CSD portfolio emphasize targeted campaigns aligned with PepsiCo's global strategies, particularly youth-oriented promotions for . These include adventure-themed initiatives like the 2024 summer campaign featuring actor , which highlights themes of courage and overcoming challenges to resonate with younger consumers. Similar promotions in , such as the "Peaks of Courage" series launched in 2025, celebrate local mountaineering heritage to build brand affinity among adventure-seeking demographics. Innovations in the CSD lineup have focused on health-conscious options, with zero-sugar variants gaining prominence since 2022. PepsiCo's push for healthier formulations led Varun Beverages to expand low- and no-sugar products, achieving a mix of 35.7% of total portfolio in 2022 and rising to 40.2% by 2023, including offerings like Pepsi Black and no-sugar 7Up. These developments align with shifting consumer preferences toward reduced-sugar beverages across the company's markets.

Non-carbonated beverages portfolio

Varun Beverages' non-carbonated beverages (NCB) portfolio encompasses a diverse lineup of health-focused and functional drinks, primarily under license from , catering to growing consumer demand for , nutrition, and wellness options. This segment includes fruit-based juices, sports products, and , which together support the company's strategy to diversify beyond carbonated soft drinks amid shifting preferences toward low-sugar and nutrient-enriched alternatives. The portfolio features Tropicana juices, offered in variants such as 100% fruit juices, Tropicana Delight (a lighter option), Tropicana Essentials (vitamin-fortified), and Slice, which are introduced to address health-conscious consumers. , a sports drink designed for electrolyte replenishment, is available in standard and low-calorie formulations like Gatorade Zero to appeal to fitness enthusiasts seeking reduced sugar intake. Additionally, purified water serves as a core offering, providing premium packaged drinking water through advanced purification processes. These brands are produced and distributed across Varun Beverages' territories in and international markets, including , , , , , and . NCBs represent approximately 26% of Varun Beverages' overall , driven by in juices and segments that benefit from favorable adjustments and rising awareness. , in particular, commands a notable share of 's packaged , estimated at around 15%, underscoring its leadership in the hydration category. The company's NCB mix in grew to 8.0% of total sales volume in 2024, up from 7.4% the previous year, reflecting targeted investments in capacity and distribution. In regions like , the includes adapted NCB variants to align with local tastes, enhancing through PepsiCo's global framework.

Brand partnerships

Varun Beverages has maintained exclusive bottling rights for brands across multiple territories since its initial agreement in 1995, starting with select regions in and expanding to cover 21 states and two union territories by 2018. These rights encompass the manufacturing, bottling, and distribution of key PepsiCo beverages in designated areas, including international markets such as , , , , , and . The agreement with was renewed and extended in 2022, running until April 2039 and representing the longest-term commitment in the company's history at approximately 17 years. Under this model, Varun Beverages manages all aspects of , , sales, and distribution within its territories, while supplies beverage concentrates, technical support, and oversees global marketing strategies. In line with the partnership, Varun Beverages has pursued co-branded initiatives, such as adapting Pepsi variants with local flavors tailored to international markets like mango-infused options in regions including Morocco and Zambia to align with regional preferences. The agreement also facilitates expansion into new product categories; Varun Beverages has discussed plans to bottle and distribute Rockstar Energy drinks in India and select African territories through its PepsiCo franchise. The revenue-sharing structure under the agreement requires Varun Beverages to allocate approximately 20% of net revenues toward royalties and related payments, with about 14% directed to , allowing the company to retain the majority after operational costs and purchases.

Corporate structure

Ownership and governance

Varun Beverages Limited is majority owned by its promoter group, which collectively holds 59.44% of the company's equity shares as of September 30, 2025. The promoter group, primarily comprising entities and individuals affiliated with RJ Corp Limited—the largest single shareholder at 25.28%—maintains control over strategic decisions. This structure underscores the Jaipuria family's significant influence, with key promoters including Ravi Kant Jaipuria and Varun Jaipuria holding substantial stakes. The remaining 40.56% represents the , enabling broad investor participation since the company's on the (BSE) and National Stock Exchange (NSE) in October 2016. Institutional ownership forms a key component of this float, with foreign institutional investors (FIIs) accounting for 21.93% and domestic mutual funds holding 7.12% as of the same quarter. These holdings reflect growing confidence from global and domestic investors in the company's operations as PepsiCo's primary bottler in and select international markets. The consists of 10 members, chaired by promoter Ravi Kant Jaipuria, with a balanced composition including five independent directors to ensure objective oversight. Notable members include executive vice-chairman Varun Jaipuria, whole-time directors Raj Pal Gandhi and Rajinder Jeet Singh Bagga, and independents such as Abhiram Seth and Anil Kumar Sondhi. This structure complies with Securities and Exchange Board of (SEBI) requirements for board diversity and independence under the Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015. Varun Beverages maintains robust practices, including quarterly compliance reporting to stock exchanges and adherence to SEBI's norms. The company has integrated (ESG) considerations into its framework, publishing dedicated sustainability reports annually since 2022 to disclose progress on water management, emissions reduction, and ethical operations. These efforts align with global standards and enhance for stakeholders.

Leadership team

Varun Beverages' leadership is anchored by the Jaipuria family, blending generational expertise with professional oversight to drive strategic growth in the beverage sector. Ravi Kant Jaipuria, the founder and Promoter Chairman, has led the company since its inception in , guiding strategic expansions into new markets across and while leveraging over three decades of experience in food and beverages. His son, Varun Jaipuria, serves as Promoter, Executive Vice-Chairman, and Whole-time Director; having joined in 2009, he was elevated to a more prominent role in 2018, focusing on operations, acquisitions, and initiatives that have enhanced the company's footprint. Key professional executives include Pankaj Madan, appointed in July 2025, who oversees financial planning, budgeting, and to support sustainable profitability. Sudin Kumar Naik Gaunker, as since prior to 2022, manages plant efficiencies, , and day-to-day operational execution across manufacturing facilities. The company's emphasizes family involvement, with Varun Jaipuria positioned to lead the food and beverages division of parent RJ Corp, complemented by a professional management layer to ensure robust governance and expertise. Under this leadership, Varun Beverages has delivered a (CAGR) of approximately 20% from 2015 to 2025, reflecting effective strategies in market expansion and operational scaling.

Sustainability initiatives

Varun Beverages has prioritized water stewardship as a core component of its environmental strategy, focusing on efficient usage, , and community-based replenishment projects to ensure sustainable sourcing in water-stressed regions. The company aims to achieve water positivity by sustaining a water recharge ratio exceeding 2.00x by 2025, meaning it replenishes more than twice the water it consumes, through initiatives like watershed rejuvenation and across its operations in and other markets. In 2023, these efforts contributed to significant replenishment volumes, supporting local communities and ecosystems while aligning with global beverage industry standards for resource conservation. In addressing plastic circularity, Varun Beverages is committed to reducing virgin use and enhancing infrastructure, with a target to incorporate 30% recycled (r-) in its total packaging by 2025. This goal is supported by a with , which is constructing multiple recycling facilities in , set for completion by 2025, to boost domestic recycled material supply and meet regulatory mandates for post-consumer recycled content. Additionally, the company strives for 100% of used bottles by 2025, ahead of requirements, through partnerships with firms and collection programs that promote a closed-loop economy. On the social front, Varun Beverages integrates into its operations via programs that emphasize skill training and empowerment, particularly for and women. Initiatives such as the Pravah Skill Development Centre provide vocational training to underprivileged , fostering in and related sectors, while broader efforts promote gender diversity and inclusion in the workforce and , including targeted opportunities for women in rural areas. These programs align with the company's targets for development, aiming to build inclusive communities and support long-term socioeconomic progress. For carbon reduction, Varun Beverages has set ambitious targets to lower its environmental footprint, including a 30% increase in usage by 2030 and achieving net-zero by 2050. Key actions include deploying , such as a 22.5 MW solar-plus-storage in to supply clean energy to five manufacturing plants, reducing reliance on fossil fuels and cutting operational emissions. The company earned an A rating from the (CDP) for its climate strategies, which encompass improvements and emissions management. Varun Beverages publishes annual sustainability reports aligned with (GRI) standards to transparently disclose its performance. The first standalone Sustainability Report was issued in 2022, covering key metrics on resource use, emissions, and social impact, with subsequent reports like the 2023 GRI-indexed edition building on integrated disclosures in annual filings. This reporting framework enables stakeholders to track progress against targets and ensures accountability in sustainability governance.

Financial performance

Revenue and profitability trends

Varun Beverages has exhibited robust growth over the decade, with consolidated from operations rising from ₹3,394 in to ₹20,008 in , achieving a (CAGR) of approximately 22%. This expansion has been fueled by increased volumes, geographic diversification, and strategic enhancements across its territories. Profitability metrics have strengthened in tandem, with EBITDA margins expanding to 23.5% in 2024 from 22.5% in 2023, supported by higher volumes, cost optimization in raw materials and , and a favorable shift toward higher-margin products. Net profit margins also improved to 13.2% in 2024, reflecting efficient operational leverage despite inflationary pressures. Revenue segmentation highlights the company's reliance on its core markets and products, with contributing approximately 72% of total revenues in 2024, while international operations, including and other emerging markets, accounted for 28% and grew faster than domestic sales. Carbonated soft drinks remained the dominant category, comprising about 74% of revenues, complemented by non-carbonated beverages such as juices and packaged water. The caused a roughly 10% in 2020 due to lockdowns and disrupted , but the company rebounded with over 30% in 2021 as demand normalized and mobility restrictions eased. In Q3 CY2025, consolidated reached ₹4,897 , up 1.9% year-over-year, with sales volume of 2.4% to 273.8 million cases, driven by markets. Looking ahead, analysts project sustained of 15-20% annually through 2027, driven by ongoing , new capacities, and diversification into snacks and drinks.

Market capitalization and stock performance

Varun Beverages Limited went public in 2016 with an (IPO) priced at ₹445 per share, comprising a fresh issue of 15 million shares and an offer for sale of 10 million shares, raising a total of approximately ₹1,112.5 . The shares listed on the National Stock Exchange (NSE) and (BSE) on November 8, 2016. As of November 2025, the company's stood at approximately ₹1.55 , reflecting its position as a major player in the beverage sector. Varun Beverages is included in the Nifty Next 50 index, underscoring its significance among mid-to-large cap s, though it has not yet entered the Nifty 50. Since its listing, the has delivered substantial returns, with an investment of ₹10,000 at the IPO price growing to approximately ₹92,700 by November 2025 (adjusted for issues), representing a total return of around 827%. This performance has been driven by consistent growth in operations and expansion, despite periodic volatility; for instance, the experienced a 25% decline over the past year amid broader pressures. In 2024, the price-to-earnings (P/E) ratio averaged around 60x, indicating investor optimism about future earnings potential relative to current valuation. The company maintains a conservative , with a typically ranging from 15% to 20% of net profits since 2018, emphasizing reinvestment in growth while providing modest returns to shareholders. For example, the trailing twelve-month was approximately 17% as of late 2025. Analysts maintain a strong buy consensus on Varun Beverages, with 23 out of 26 covering the recommending purchase in 2025, citing robust expansion potential in international and domestic volume growth. Average price targets suggest upside potential of around 27% from late 2025 levels.

Key financial milestones

Varun Beverages achieved its first profitable year in 1998, marking a significant turning point as the company's operations broke even after initial years of establishment and expansion in northern . This milestone laid the foundation for sustained growth in the carbonated soft drinks segment, enabling further territorial acquisitions in subsequent years. The company undertook substantial debt reduction efforts following aggressive expansion through acquisitions, lowering its leverage from approximately 70% in 2010—driven by high for new territories—to becoming net debt-free by the end of 2024. This transformation was supported by strong operational cash flows and strategic , with the net debt to EBITDA ratio sustaining below 1.5x by 2022. In 2019, Varun Beverages executed a major fundraising through a qualified institutional placement (QIP), raising approximately ₹900 primarily to deleverage borrowings associated with international expansions, such as the franchise. This infusion strengthened the balance sheet and facilitated further growth in overseas markets without straining . In November 2024, the company raised ₹7,500 through another QIP, further enhancing and supporting to net debt-free status by year-end. A record revenue quarter was reported in Q3 2024, with consolidated revenue reaching ₹4,805 , representing a 24% year-over-year increase driven by robust volume growth of 22% to 261.5 million cases across domestic and international operations. This performance underscored the company's market leadership in PepsiCo bottling and its ability to capitalize on demand recovery post-pandemic. In Q3 CY2025, net profit rose 18.5% year-over-year to ₹745 , supported by lower finance costs. Varun Beverages' credit profile received a prestigious upgrade to 'CRISIL AAA/Stable' in early 2025 by Ratings, attributed to consistent strong cash flows, prudent debt management, and diversified revenue streams that enhanced its profile amid ongoing expansions. This top-tier , the highest possible, affirmed the company's superior creditworthiness and access to cost-effective funding.

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