Table of Contents
Varun Beverages’ category-wise volume trends show sharp divergence across segments. Non-carbonated beverages (NCB) posted exceptional growth in early CY25 - up 175% YoY in Q1, driven by energy drinks and juices - while carbonated soft drinks (CSD) and water exhibited more modest or volatile patterns. However, by Q3 CY25, growth normalized across categories, with NCB growth slowing to low single digits and water plunging 29% YoY, reflecting seasonality and base effect normalization post-summer.
What It Means
The data suggests that Varun Beverages is increasingly diversifying beyond its core CSD business, as NCBs emerge as the growth driver within the portfolio. The temporary contraction in water volumes during Q3 aligns with reduced seasonal demand, rather than structural weakness. Overall, the company’s balanced category mix mitigates short-term volatility while enhancing long-term resilience.
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