Varun Beverages Buy or Sell: MOFSL’s Bullish Case
MOFSL reiterated a ‘Buy’ rating for Varun Beverages Ltd (VBL), targeting Rs 665, valuing the stock at 55x 2026 EPS.
Q1 CY25 revenue grew 29% YoY to Rs 5,567 crore, driven by 30% volume growth, including 15.5% organic growth and South Africa/DRC integration.
VBL’s double-digit growth is supported by international expansion, domestic market stability, and increased visi-cooler deployment.
MOFSL projects 18% revenue, 16% EBITDA, and 26% PAT CAGR over 2025–26.
Despite lower international margins, VBL’s untapped Indian market and competitive edge make it a strong buy.
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