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**Business Performance:** Varun Beverages reported strong Q2 CY26. Consolidated sales volumes surged 19.8% to 466.7 million cases, with India volumes up 14.4%. Net revenue climbed 20.4% to Rs. 8,451.23 Cr. EBITDA grew 17.2% to Rs. 2,343.04 Cr, though margins softened slightly due to the Twizza acquisition. Profit after tax jumped 15.1% to Rs. 1,525.36 Cr.
**Growth Drivers or Strategy:** The PepsiCo bottling agreement in India was extended until 2049, boosting operational flexibility. VBL is expanding its portfolio by bringing Asahi Group's CALPIS fermented dairy brand to India. International growth is driven by the Twizza acquisition in South Africa and an agreement to acquire Devyani Food Industries in Kenya, strengthening market reach.
**Recent Developments:** An interim dividend of Rs. 0.50 per share was approved.
**Management Commentary / Outlook:** Management remains positive on long-term growth, banking on favorable demographics and rising incomes. Strategic investments in capacity, distribution, and a diversified product range are set to fuel sustained profitable growth. H1 CY26 capex was around Rs. 950 Cr, including expansions in South Africa and Kenya.