Varun Beverages stock falls 1.31 percent as margins narrow

Varun Beverages stock was trading at INR 429.10 on the NSE at 12:18 p.m. IST on September 28, 2026, down 1.31 percent from INR 434.80. The latest quarterly picture combines 20.4 percent year-over-year revenue growth with a 76-basis-point EBITDA margin contraction.

Q2 revenue reaches INR 84.5 billion

According to Economic Times, revenue from operations rose 20.4 percent year over year to INR 8,451.23 crore in Q2 2026. The same report said EBITDA margin declined 76 basis points to 27.7 percent after the consolidation of South Africa's Twizza business.

The figures show the central trade-off in the current setup: sales growth remains strong, while integration and international expansion are putting pressure on profitability. That distinction matters because the stock is trading 22.79 percent below its 52-week high of INR 555.80 and 12.63 percent above its 52-week low of INR 381.00.

Kotak sets INR 530 fair value

DSIJ reported that Kotak Securities upgraded Varun Beverages to Buy from Add on September 10, 2026. The brokerage set a 12-month fair value of INR 530 against a cited market price of INR 407, making the target 23.09 percent above the September 28 reference price.

The valuation call contrasts with the daily move. StockFin's September 27 analysis highlighted execution risk in the alcohol segment and integration risk from international acquisitions, while also citing Q2 2026 revenue of INR 84.5 billion and EBITDA of INR 23.4 billion.

Stock trades below its yearly high

At INR 429.10, Varun Beverages had a market capitalization of INR 1.5 trillion and volume of 2,355,759 shares on September 28, 2026. The intraday range extended from INR 426.20 to INR 433.50, keeping the share price inside its 52-week range as investors weighed growth against margin execution.