Varun Beverages Q2CY26 profit rises 15% on volumes

Key update from the board meeting on July 28, 2026

Varun Beverages Ltd (VBL) reported higher consolidated earnings for the quarter ended June 30, 2026 (Q2CY26), supported by stronger sales volumes and revenue growth. The company said its Board of Directors approved the unaudited standalone and consolidated financial results on July 28, 2026.

Alongside the results, the board declared a second interim dividend of ₹0.50 per equity share for the financial year 2026. The update was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Q2CY26 numbers: profit, revenue, and operating performance

For Q2CY26, Varun Beverages reported a consolidated net profit of ₹15,253.55 million. This was up 15.1% year-on-year from ₹13,254.88 million in Q2CY25.

Net revenue from operations rose 20.4% year-on-year to ₹84,512.32 million, compared with ₹70,173.71 million in the same quarter last year. Operating performance, as reflected in EBITDA, increased 17.2% to ₹23,430.37 million.

Basic earnings per share (EPS) for the quarter stood at ₹4.50, up from ₹3.89 in Q2CY25, a year-on-year rise of 15.7%.

Volume-led growth: 466.7 million unit cases in Q2CY26

The company attributed the quarter’s growth primarily to higher sales volumes. Consolidated sales volumes rose 19.8% year-on-year to 466.7 million unit cases in Q2CY26.

The comparable volume for Q2CY25 was stated at 389.7 million unit cases. With both volumes and revenue rising at around the 20% mark year-on-year, the quarter reflected broad-based expansion in scale during the period.

H1CY26 performance: double-digit growth continues

For the first half of CY26 (H1CY26), Varun Beverages reported consolidated net profit of ₹24,040.7 million. This represented a 16.9% year-on-year increase.

Revenue for H1CY26 grew 19.4% year-on-year to ₹150,254.2 million. The company’s reported H1 numbers indicate that the volume and revenue momentum seen in Q2CY26 also supported overall first-half growth.

Dividend announcement: amount, record date, and payout timeline

The board declared a second interim dividend of ₹0.50 per equity share for FY2026. The company set August 1, 2026 as the record date to determine shareholder eligibility, based on the Register of Members or depository records.

The dividend is scheduled to be paid on August 4, 2026. Varun Beverages also disclosed that the total cash outflow for the dividend is expected to be approximately ₹1,691 million.

Audit review and statutory auditor observations

Varun Beverages said the financial results were reviewed by the Audit, Risk Management and Ethics Committee before being approved by the board. The joint statutory auditors, O P Bagla & Co. LLP and J C Bhalla & Co., issued limited review reports.

The auditors provided an unmodified opinion on both the consolidated and standalone results, as stated in the filing.

Investor and analyst call scheduled on July 28

To discuss the Q2 and H1 CY2026 results, Varun Beverages scheduled an earnings conference call on July 28, 2026 at 2:30 PM IST. The company said senior management would be present to address the proceedings and provide performance insights for the period ended June 30, 2026.

The primary dial-in numbers shared for the call were +91 22 6280 1141 and +91 22 7115 8042.

Key reported metrics at a glance

The following table summarises the core quarterly financial indicators disclosed for Q2CY26 versus Q2CY25.

Dividend and call details: what shareholders should note

For investors tracking corporate actions and communication schedules, the company disclosed the following timelines and expected cash impact.

Market impact: what the update changes for investors

From a financial perspective, the update confirms that Varun Beverages delivered double-digit year-on-year growth across profit, revenue, and EBITDA in Q2CY26. The company also highlighted that volume expansion was a key contributor to performance, with consolidated unit cases rising to 466.7 million.

For income-focused shareholders, the immediate actionable point is the second interim dividend timeline. The record date and payment date, along with the disclosed cash outflow of about ₹1,691 million, provide clarity on near-term distributions linked to FY2026.

Analysis: why the Q2CY26 print matters

The combination of 20.4% revenue growth and 19.8% volume growth suggests that the quarter’s topline increase was closely tied to higher offtake rather than a single driver. At the same time, the 17.2% rise in EBITDA and 15.1% rise in net profit indicate that earnings growth trailed revenue growth in percentage terms, which investors typically track alongside volume trends.

The company’s disclosure around board oversight, committee review, and auditors’ unmodified limited review reports is also relevant for governance-focused readers, as it outlines the process under which the unaudited results were reviewed and approved.

Conclusion

Varun Beverages reported Q2CY26 consolidated net profit of ₹15,253.55 million, up 15.1% year-on-year, supported by a 19.8% rise in volumes and 20.4% growth in net revenue from operations. The board also declared a second interim dividend of ₹0.50 per share, with August 1, 2026 as the record date and August 4, 2026 as the payment date.

The next formal touchpoint from the company, as announced, is its earnings conference call scheduled for July 28, 2026 at 2:30 PM IST, where management is expected to discuss Q2 and H1 CY2026 performance.