Varun Beverages Ltd a series of overseas investor meets

Kotak Securities upgraded VBL to Buy, citing improving India realisations and support from international growth, and expects earnings to grow about 11–12% in CY27E and CY28E. At recent prices, the stock trades at roughly 33–37x forward P/E for CY27–28, reflecting its premium valuation in the consumption space. Key triggers now are whether India volume and realisation growth can re‑accelerate, how international markets (including Africa) contribute to earnings, and whether the stock can sustain a rebound from recent lows as brokerages turn more constructive. The stock is down roughly 25–34% from its 52‑week high (around ₹550–560 in mid‑2025) and has fallen about 20% in the last three months.