Varun Beverages fell 3.5% to ₹402.05 on the NSE after announcing a 130‑basis‑point decline in its EBITDA margin, which slipped to 21% from 22.3% a year earlier.
Revenue rose 33.3% YoY to ₹6,815.6 cr, up from ₹5,112.4 cr. EBITDA climbed 25.1% to ₹1,426.5 cr, but the margin contraction was the main drag on the share price.
Volume growth was a bright spot: consolidated sales jumped 28.7% to 354.4 million cases, with India up 22.5% and international markets soaring 39.9%, driven by a 15.3 million case contribution from Twizza in South Africa.
Executive Vice Chairman Varun Jaipuria said higher packaging costs weighed on margins, but improved realisations and operating leverage from volume growth helped partially offset the pressure.
The board approved a ₹0.50 per share third interim dividend, payable from November 7, and the nine‑month net profit rose 15.5% to ₹3,202.3 cr, reinforcing the company’s seasonal revenue dynamics.