VBL

s in focus as brokerages highlight strong volume momentum, margin stability despite weak realisation

Brokerages turned in a mixed on Varun Beverages, highlighting a clear divergence between robust volume momentum and muted realisations across the India business. Morgan Stanley underscored management’s confidence in sustaining double‑digit domestic volume growth despite a weak CY25 base, while also noting stable 26 per cent EBITDA margins and improving international profitability. Goldman Sachs, though maintaining its ‘Buy’ view, trimmed estimates on softer India pricing even as it pointed to strong 24 per cent revenue growth internationally.