Varun Beverages Share Price in Focus; Forms JV with White Peak Refrigeration to Manufacture Cooling Equipment

Varun Beverages Ltd. (NSE: VBL), PepsiCo’s second largest global bottling partner, has announced the incorporation of a new joint venture company, White Peak Refrigeration Pvt. Ltd., to manufacture visi-coolers and refrigeration equipment in India.

The move builds on VBL’s earlier disclosure made in July under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements (LODR). The company clarified that detailed disclosures regarding the JV were already shared with exchanges during the initial announcement.

On Thursday, shares of VBL closed 2.87% lower at ₹490.75 on the NSE.

Varun Beverages Q1 FY26 Results

The JV announcement comes shortly after VBL released its financial results for the June quarter (Q2 CY2025). Key highlights include:

• Sales Volumes: Consolidated sales volumes stood at 389.7 million cases, down 3% YoY, largely impacted by unseasonal rainfall across India.
• Domestic vs. International: Domestic volumes dropped 7.1%, while international business saw a robust 15.1% growth, led by 16.1% growth in South Africa.
• Revenue & Profit: Despite softer volumes, revenue rose 2.5% YoY to ₹7,017.4 crore, supported by operational efficiencies. Net profit increased 5% YoY to ₹1,317 crore, aided by lower finance costs.

JV to Boost Supply Chain Amid Volume Pressures

The partnership with White Peak Refrigeration is expected to strengthen VBL’s backward integration and enhance supply chain efficiency in refrigeration solutions, an important element for beverages distribution.

While short term challenges such as rainfall driven volume declines weighed on performance, international growth and steady profitability highlight VBL’s resilience.

Varun Beverages Share Price Performance

Varun Beverages Ltd shares were trading at ₹481.90, down 1.55% (-₹7.60) at 9:30 AM on the NSE from the previous close of ₹489.50. The stock opened at ₹490.75 and touched an intraday high of ₹492.95 and a low of ₹480.50.

The VWAP stood at ₹485.46, indicating mild bearish sentiment following recent quarterly results and the announcement of the joint venture with White Peak Refrigeration.

Read More: Varun Beverages Q2 and H1 CY2025 Results: PAT Up 5% to ₹1,325 Crore, Revenue Down 2.5%.

Conclusion

Varun Beverages’ JV with White Peak Refrigeration signals its commitment to strengthening its infrastructure and expanding into adjacent segments like cooling equipment. Coupled with efficiency driven earnings growth, the move positions VBL to capture long term opportunities in both domestic and international markets.

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