Brands
Varun Beverages posts strong growth despite weak summer
MUMBAI: Varun Beverages Limited (VBL) reported a steady set of annual results for the year ended 31 December 2025, despite weaker demand conditions during the peak summer season in India due to heavy rainfall. The company’s performance reflects the resilience of its operations across markets.
For the full calendar year ended 31 December 2025, VBL reported a net profit jump of 16.2 per cent, reaching Rs. 30,620.4 million. This financial effervescence was driven by an 8.4 per cent rise in net revenues to Rs. 216,853.8 million. Even though “unprecedented heavy rainfall” tried to water down domestic demand during the Indian summer, the company’s resilient business model ensured that total sales volumes still climbed 7.9 per cent to 1,213.1 million cases for the year.
The year ended on a particularly high note. In the fourth quarter (Q4) alone, consolidated sales volumes bubbled up by 10.2 per cent to 237.1 million cases. Net revenue for the quarter followed suit, growing 14.0 per cent to Rs. 42,044.2 million. The company also saw its net realisation per case tick up by 3.4 per cent to Rs. 177.3, largely thanks to a stronger performance in its international territories.
VBL is clearly hungry for more than just drinks. The company has been busy munching into the snacks market, with commercial production of Cheetos now underway in Morocco and Zimbabwe. Distribution of PepsiCo snacks is also gaining traction in Zambia.
But the real “head” of the new strategy is a move into the hard stuff. VBL has entered an exclusive agreement with Carlsberg to test-market beer in certain African territories. To support this, the company has amended its Memorandum of Association to include the manufacture and sale of alcoholic beverages, ranging from beer and wine to spirits such as whisky and rum.
The firm’s international footprint continues to expand rapidly:
South Africa: VBL is set to acquire 100 per cent of Twizza (Pty) Ltd for approximately Rs. 20,95 million, with the transaction expected to be completed by June 2026.
Kenya: A new wholly-owned subsidiary has been incorporated to manufacture and sell beverages.
India: Production capacity was bolstered by four new greenfield facilities in Prayagraj, Damtal, Buxar and Mendipathar.
While profits are flowing, the company is also keeping an eye on its water footprint. VBL reported it is “water positive,” using only half of the water it recharges into the ground. It has also achieved a 100 per cent plastic waste recycling rate relative to its production, meeting its target ahead of schedule.
Chairman Ravi Jaipuria noted that while the weather was a “disruption,” the company’s strong on-ground execution carried the day. Shareholders also have something to toast to, with the Board recommending a final dividend of Rs. 0.50 per share.
With a debt-free status in its Indian operations and a credit rating upgrade to Crisil AAA/Stable, Varun Beverages looks set to keep its competitors feeling a little flat.
Brands
Emami names Dhruv Aggarwal as chief growth officer
Former Bain partner steps in as FMCG firm sharpens growth playbook
MUMBAI: Emami Limited has appointed Dhruv Aggarwal as its chief growth officer, effective 25 March 2026, following the resignation of Giriraj Bagri.
Aggarwal joins the FMCG major from Bain & Company, where he most recently served as partner. With over two decades of experience across consulting and strategy, he brings a global perspective shaped by work across India, the US, the UK and Germany.
During his tenure at Bain, Aggarwal advised consumer, retail and media companies on large-scale transformations, business turnarounds and growth strategies. He was also closely involved with India’s startup ecosystem, guiding early-stage ventures on scaling and digital expansion, while supporting private equity and venture capital firms on investment decisions.
His earlier stints include a brief role at Barclays Capital and operational experience at Jindal Power, giving him a mix of financial and industry exposure.
Academically, Aggarwal holds an MBA from Indian Institute of Management Bangalore and has also been associated with University of Illinois Urbana-Champaign as a PhD candidate and teaching assistant.
The appointment comes at a time when Emami Limited is looking to sharpen its growth strategy in a competitive consumer market. With a seasoned strategist now at the helm of growth, the company appears set to double down on transformation and expansion in the months ahead.
