VBL

1. Business Overview Largest bottling partner of PepsiCo outside the US. Manufactures & distributes products like Pepsi, Mountain Dew, Sting, Gatorade, Tropicana etc. Operations in India + Africa + South Asia. Business model: PepsiCo brand + VBL manufacturing & distribution network. Fundamental Growth Drivers (1) Volume growth Organic volume growth around 10–15% CAGR historically. (2) Energy drink segment Sting energy drink growing rapidly and contributing a significant share of volume. (3) International expansion Expansion in South Africa and Africa markets adding millions of cases and improving scale. (4) Capacity expansion New plants and brownfield expansion increasing production capacity by 20-25%. (5) Strong earnings trajectory Revenue expected to grow about 12% CAGR and PAT about 17% CAGR in coming years. Support zone: ₹330-380 area Resistance: ₹550 → ₹590