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
Angel One Q4 profit surges 83 per cent to Rs 320cr
year net profit dips 22 per cent to Rs 915cr as revenue softens slightly to Rs 5,137cr.
MUMBAI: Angel One has just earned its wings in style delivering a blockbuster Q4 that proves the brokerage giant is still flying high even in a cautious market. Standalone revenue from operations for the three months ended 31 March 2026 rose sharply to Rs 1,459cr, up from Rs 1,056cr a year ago. Total income stood at Rs 1,467cr. After all expenses, profit before tax came in at Rs 440cr, while net profit for the quarter surged 83 per cent to Rs 320cr (versus Rs 175cr last year). Basic EPS stood at Rs 3.52 and diluted at Rs 3.44.
For the full year ended 31 March 2026, revenue from operations was Rs 5,137cr compared with Rs 5,238cr in FY25. Total income reached Rs 5,152cr. Profit before tax was Rs 1,272cr, and net profit came in at Rs 915cr (down from Rs 1,172cr). Basic EPS was Rs 10.09 (from Rs 13.00) and diluted Rs 9.85 (from Rs 12.68).
Total comprehensive income for the quarter stood at Rs 321cr, while the full-year figure was Rs 913cr.
The strong quarterly performance reflects robust growth in interest income (Rs 455cr) and fees & commission (Rs 1,000cr), even as the full-year numbers moderated amid a softer overall environment. Finance costs rose to Rs 134cr in Q4 (full year Rs 437cr), while employee benefits stood at Rs 244cr for the quarter (full year Rs 1,067cr).
In a year when many brokers felt the pinch of muted market activity, Angel One has delivered a sparkling Q4 that shows its core broking engine is firing on all cylinders. With the books now closed on FY26, the Mumbai-based player has once again demonstrated that consistent execution and a sharp focus on retail participation continue to pay rich dividends in India’s booming capital markets.
