What does Varun Beverages do?
Varun Beverages (VBL) is a Gurugram-based bottler that makes and sells PepsiCo drinks in India and several other countries, mainly in Africa. It describes itself as one of PepsiCo’s largest franchisees outside the US 2. It is the listed flagship of Ravi Jaipuria‘s RJ Corp group 1. It reports results by calendar year.
| Fact | Detail |
|---|---|
| Incorporated | 1995 7 |
| Headquarters | Gurugram, Haryana 2 |
| Chairman | Ravi Kant Jaipuria 15 |
| Promoter stake | 59.43%, September 2026 5 |
| Plants | 50 (38 in India, 12 abroad), December 2025 18 |
| CY2025 volume | 1,213.1 million cases 2 |
| CY2025 revenue | ₹21,685 crore 2 |
Who owns Varun Beverages?
Promoters held 59.43% at the end of September 2026, with no shares pledged 5. The largest promoter holders were RJ Corp with 25.28%, Ravi Kant Jaipuria with 16.71% and Varun Jaipuria with 15.43% 6. Ravi Jaipuria is chairman, and his son Varun Jaipuria, after whom the company is named, is executive vice chairman 115. See who owns VBL.
How did Varun Beverages start?
The Jaipuria family bottled Coca-Cola and later Thums Up. After the family business was split in 1987, Ravi Jaipuria received one bottling plant and switched to PepsiCo 14. VBL was incorporated in 1995 7. Between 2013 and 2019 it bought PepsiCo India’s own bottling territories, and the 2019 South and West deal took its share of PepsiCo India volumes above 80% 78. It listed in November 2016 after a ₹1,112.5 crore IPO 9. See VBL’s history.
What does VBL make?
It bottles PepsiCo brands such as Pepsi, Mountain Dew, Sting, 7UP and Mirinda, along with Tropicana Slice, Gatorade and Aquafina water 7. It holds franchise rights in 10 countries and handles more than 90% of PepsiCo’s volumes in India 18. In July 2026 PepsiCo extended its India bottling licence to April 2049 14. See VBL’s products.
Results
For calendar 2025, VBL’s revenue rose 8.4% to ₹21,685 crore and profit after tax rose 16.2% to ₹3,062 crore 2. In July-September 2026 net revenue grew 33.2% to ₹6,608 crore on volume growth of 28.7% 3. See VBL’s finances.
Deals
VBL entered South Africa by buying BevCo in March 2024, and added Twizza in March 2026 1124. In August 2026 its Kenyan unit bought the business of Devyani Food Industries (Kenya), a promoter group company, for $32 million 3. It has also set up a company for ready-to-drink alcoholic drinks 13. See acquisitions.
Rivals
Its main rival in India is Hindustan Coca-Cola Beverages, which reported revenue of ₹12,751 crore for the year to March 2025 20. Reliance’s Campa has been priced 30-40% below Coke and Pepsi in several states 21. See competitors and leadership.
See also conglomerates and all companies.