Varun Beverages Competitors: who it competes with and how it compares
VBL's main Indian rival is Hindustan Coca-Cola Beverages, with ₹12,751 crore of revenue in the year to March 2025 20.
Founded1995, Delhi
StatusListed
Listed onNSE, BSE: VBL
Main rivals
| Company | Latest figure |
|---|---|
| Varun Beverages | Revenue ₹21,685 crore, CY2025 2 |
| Hindustan Coca-Cola Beverages | Revenue ₹12,751 crore, down 9%, year to March 2025 20 |
VBL's results cover India and Africa, so the figures are not directly comparable.
Campa
Reliance bought the Campa brand for ₹22 crore in August 2022 22. By March 2025 Mint reported Campa priced 30-40% below Coke and Pepsi per millilitre in Tamil Nadu, Andhra Pradesh, Telangana, Uttar Pradesh and West Bengal 21. ICICI Direct rated Campa's impact on VBL as low in 2023 22.
Strengths
- India business free of net debt, with about ₹1,225 crore of free cash at the end of 2025 15.
- A PepsiCo India licence running to April 2049 14.
- Volume growth of 28.7% in July-September 2026 3.
Risks
Frequently asked questions
Hindustan Coca-Cola Beverages and Reliance's Campa, among others.
Campa has been priced 30-40% below rivals in some states. VBL's volumes still rose 28.7% in July-September 2026.
Sources✓ Verified 5 Nov 2026
1 Forbes, Ravi Jaipuria (Real-Time Billionaires), 5 Nov 2026, Ravi Jaipuria
2 Varun Beverages, Q4 and CY2025 financial results, 3 Feb 2026, CY2025 results
3 Varun Beverages / BSE, Q3 and 9M CY2026 financial results, 30 Oct 2026, Q3 CY2026 results
4 Wikipedia, Ravi Jaipuria, 6 Nov 2026, background
5 Trendlyne, Varun Beverages shareholding, 30 Sep 2026, shareholding
6 Voguestock, Varun Beverages shareholding pattern, 30 Sep 2026, promoter split
7 Varun Beverages, About us, 6 Nov 2026, history, brands
8 Business Standard, Varun Beverages rises on territory acquisition, 21 Feb 2019, South and West territories
9 Chittorgarh, Varun Beverages IPO, 1 Nov 2016, IPO
10 Business Today, Multibagger stock with bonus issues and splits, 1 Apr 2026, bonus issues, splits
11 Varun Beverages, Q4 and CY2024 press release, 10 Feb 2025, CY2024 results, BevCo
12 Business Standard, Varun Beverages to enter alcoholic drinks segment, 29 Oct 2025, alcoholic drinks
13 Free Press Journal, Varun Beverages Q3 CY2026 profit rises 14% to ₹831 crore, 30 Oct 2026, Q3 CY2026
14 DSIJ, Varun Beverages reports 20% revenue growth, extends PepsiCo pact, 28 Jul 2026, Q2 CY2026, PepsiCo licence
15 AlphaStreet, Varun Beverages earnings call transcript, 4 Feb 2026, earnings call
16 MarketScreener, Varun Beverages approves resignation of Kapil Agarwal, 1 Nov 2022, Kapil Agarwal
17 NewsBytes, Varun Beverages stock climbs on CFO appointment, 30 Jul 2025, CFO
18 IIFL, Varun Beverages management discussion, 1 Jan 1970, CY2025 MD&A
19 Kotak Neo, Varun Beverages shares in focus after Q3 CY26 results, 30 Oct 2026, Q3 CY2026, new franchises
20 FoodBusinessMEA, Hindustan Coca-Cola Beverages reports 73% profit decline in FY25, 1 Jan 1970, HCCB results
21 Mint, Varun Beverages ramping up capacity amid a pricing war, 21 Mar 2025, Campa pricing
22 ICICI Direct, Cola war is back: impact on Varun Beverages, 17 Mar 2023, Campa impact
23 ThePrint (Reuters), Varun Beverages to enter South Africa with $159 million deal, 19 Dec 2023, BevCo
24 Varun Beverages / NSE, Press release, 27 April 2026, 27 Apr 2026, Q1 CY2026, Twizza
25 Arthneeti (company filing), Varun Beverages disclosure under Regulation 30, 30 Sep 2026, Crickley Dairy
26 Business Standard, Varun Beverages launches QIP to raise up to Rs 7,500 crore, 14 Nov 2024, QIP
27 Upstox, Varun Beverages Q3 net profit jumps 14%, 30 Oct 2026, Q3 CY2026
28 InvestyWise, Varun Beverages Q3 and 9M CY2026 results presentation, 30 Oct 2026, Q3 presentation
29 StockAnalysis, Varun Beverages statistics, 2 Sep 2026, market value
30 The Himalayan Times, DRI seeks Rs 1.95bn from Varun Beverages, 20 Dec 2019, Nepal tax case
31 Business Today, Sin tax effect: Varun Beverages shares lose fizz, 4 Sep 2025, GST
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