Executive Summary
The 18 filings from the S&P BSE FMCG index reveal a sector in transition, with strong volume-led growth in beverages and premium segments, but persistent margin pressure from input cost inflation and mix shifts. Varun Beverages leads with 19.8% volume growth and a strategic PepsiCo extension to 2049, though EBITDA margins contracted 76 bps due to Twizza consolidation.
Radico Khaitan posted a stellar 69.5% PAT surge on premiumisation, but total IMFL volumes were muted at 2.8% YoY. HUL reported its highest growth in 13 quarters (10% USG) but saw EBITDA margin dip 40 bps and PAT decline 2% YoY on a tax base effect. Tata Consumer Products delivered 12% revenue growth with 70 bps margin expansion, driven by a 47% surge in growth businesses. Key themes include premiumisation as a margin driver, international expansion (Varun in Africa, Radico's JV losses), and a clear divergence between volume leaders (beverages, home care) and laggards (personal care, regular spirits). Capital allocation is shareholder-friendly, with Varun declaring a ₹0.50 interim dividend and HUL announcing a Capital Markets Day. Insider activity is absent, but management guidance upgrades (Radico's P&A volume guidance >25%) and strategic deals (Varun's Kenya acquisition, CALPIS franchise) provide forward-looking catalysts.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: Corporate action · Corporate governance
Tracking the trend? Catch up on the prior BSE FMCG Sector Regulatory Filings digest from July 20, 2026.
Investment Signals (12)
- Varun Beverages ↓ (BULLISH)▲
Consolidated volumes up 19.8% YoY, net revenue +20.4% YoY to ₹84,512M, with PepsiCo agreement extended to 2049 and CALPIS franchise in India. However, EBITDA margin contracted 76 bps to 27.7% due to Twizza consolidation.
- Radico Khaitan ↓ (BULLISH)▲
Standalone PAT surged 69.5% YoY to ₹22,601 Lakhs, driven by 35.8% surge in Prestige & Above volumes. Management upgraded P&A volume growth guidance to >25% for FY27, with full-year EBITDA margin target of ~20%.
- Hindustan Unilever ↓ (MIXED)▲
Highest USG in 13 quarters at 10% (5% UVG), with Home Care delivering 14% USG (best in 3 years). However, reported PAT declined 2% YoY due to a one-off tax credit, and Personal Care segment saw only 4% USG with low-single digit volume decline.
- Tata Consumer Products ↓ (BULLISH)▲
Consolidated revenue up 12% YoY to ₹5,349 Cr, EBITDA margin expanded 70 bps to 13.6%. Growth businesses (Sampann, RTD, Capital Foods, Organic India) surged 47% YoY, now 36% of India business (vs ~30% a year ago).
- Varun Beverages ↓ (MIXED)▲
India volumes grew 14.4% in Q2 CY2026, but April was flat. Standalone beverage realizations declined 0.6% YoY, indicating pricing pressure. International volumes grew 38.4%, including 11.8M cases from Twizza.
- Radico Khaitan ↓ (BEARISH)▲
Regular & Others volume declined 15.1% YoY due to policy changes in Andhra Pradesh, Maharashtra, and Karnataka. A&SP spend increased to 6.9% of IMFL sales (from 5.8% YoY), with management guiding 6-8% range.
- Hindustan Unilever ↓ (BULLISH)▲
Beauty & Wellbeing delivered 12% USG with double-digit volume-led growth in Hair Care and Premium Skin Care. Minimalist showed sequential acceleration.
- Varun Beverages ↓ (BULLISH)▲
Consolidated gross margin improved 44 bps to 55.0% in Q2 CY2026, helped by higher mix of international business. Low-sugar/no-sugar products comprised ~73% of H1 CY2026 sales volumes.
- Tata Consumer Products ↓ (BEARISH)▲
India tea revenue declined 4% despite 2% volume growth, as lower tea costs were passed through. Non-branded business fell 7% (10% in constant currency) on coffee price corrections.
- Radico Khaitan ↓ (MIXED)▲
Joint ventures reported a net loss of ₹83.54 Lakhs for Q1 FY27, a drag on consolidated performance. Finance costs decreased 26.9% YoY to ₹1,165 Lakhs, aiding profitability.
- Hindustan Unilever ↓ (NEUTRAL)▲
Exceptional items included restructuring expenses of ₹115 Cr (vs ₹90 Cr in Q2 FY25), indicating ongoing cost optimization. EBITDA margin of 23.0% remains within guided range despite volatile environment.
- Colgate Palmolive ↓ (BULLISH)▲
Completed 2025 Sustainability Strategy with 101% plastic waste neutrality and 43% carbon reduction. Unveiled 2030 SMILE Strategy targeting 245M additional children and 33% virgin plastic reduction.
Risk Flags (10)
- Varun Beverages/EBITDA Margin Contraction↓ [HIGH RISK]▼
Consolidated EBITDA margin contracted 76 bps to 27.7% in Q2 CY2026 due to consolidation of lower-margin Twizza business. Depreciation increased 33.6% due to new plants and Twizza acquisition.
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Regular & Others volume declined 15.1% YoY due to policy changes in Andhra Pradesh (route-to-market change), Maharashtra, and Karnataka. This segment is a key cash flow generator.
- Hindustan Unilever/PAT Decline↓ [MEDIUM RISK]▼
Reported PAT declined 2% YoY to ₹2,680 Cr, despite 10% revenue growth. The one-off tax credit in the prior year masks underlying profitability, but the decline signals earnings volatility.
- Tata Consumer Products/Tea Revenue Decline↓ [MEDIUM RISK]▼
India tea revenue declined 4% YoY despite 2% volume growth, as lower tea costs were passed through to consumers. This indicates pricing power weakness in the tea category.
- Varun Beverages/India April Flat Volumes↓ [MEDIUM RISK]▼
India volume growth was 14.4% for Q2 CY2026, but April was about flat. This suggests potential demand softness or channel inventory adjustments early in the quarter.
- Radico Khaitan/Joint Venture Losses↓ [LOW RISK]▼
Consolidated share of loss from joint ventures was ₹83.54 Lakhs for Q1 FY27, indicating underperformance in JV operations.
- Hindustan Unilever/Personal Care Weakness↓ [MEDIUM RISK]▼
Personal Care segment reported only 4% USG with low-single digit volume decline, as palm oil inflation persisted for the second consecutive year. Skin Cleansing grew mid-single digit driven by pricing, not volume.
- Varun Beverages/Standalone Realization Decline↓ [MEDIUM RISK]▼
Standalone beverage realizations declined 0.6% YoY in Q2 CY2026, indicating pricing pressure in the domestic market despite volume growth.
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International constant currency growth was modest at 3%, with Canada flat. This suggests limited diversification benefit from international operations.
- Radico Khaitan/IEPF Transfer Risk↓ [LOW RISK]▼
Shareholders with unclaimed dividends for FY2018-19 face compulsory transfer of shares to IEPF by October 10, 2026. While not a business risk, it could create selling pressure if shares are liquidated.
Opportunities (10)
- Radico Khaitan/Premiumisation Play↓ (OPPORTUNITY)◆
Prestige & Above volumes surged 35.8% YoY, with management upgrading FY27 P&A volume growth guidance to >25%. EBITDA margin target of ~20% implies significant expansion from current levels.
- Varun Beverages/International Expansion↓ (OPPORTUNITY)◆
Acquired Devyani Food Industries (Kenya) for USD 32M, entered CALPIS franchise in India, and extended PepsiCo agreement to 2049. International volumes grew 38.4% in Q2 CY2026.
- Tata Consumer Products/Growth Business Momentum↓ (OPPORTUNITY)◆
Growth businesses (Sampann, RTD, Capital Foods, Organic India) surged 47% YoY, now 36% of India business. This mix shift should drive margin expansion over time.
- Hindustan Unilever/Home Care Acceleration↓ (OPPORTUNITY)◆
Home Care delivered 14% USG, its highest growth in three years, with Fabric Wash achieving double-digit growth and Household Care accelerating to double-digit USG and UVG.
- Varun Beverages/Product Mix Improvement↓ (OPPORTUNITY)◆
Low-sugar/no-sugar products comprised ~73% of H1 CY2026 consolidated sales volumes. Consolidated gross margin improved 44 bps to 55.0%, helped by higher international mix.
- Hindustan Unilever/Beauty & Wellbeing Growth↓ (OPPORTUNITY)◆
Beauty & Wellbeing recorded 12% USG, with Hair Care delivering double-digit volume-led growth and Premium Skin Care growing double-digit. Minimalist showing sequential acceleration.
- Radico Khaitan/Margin Expansion Potential↓ (OPPORTUNITY)◆
EBITDA grew 50.9% YoY to ₹348.1 Cr in Q1 FY27, with EBITDA margin expanding significantly. Finance costs decreased 26.9% YoY, providing further tailwind.
- Colgate Palmolive/Sustainability Leadership↓ (OPPORTUNITY)◆
100% recyclable tubes, zero product recalls for a decade, and 2030 SMILE Strategy targeting Net Zero by 2040. This could drive brand preference and cost savings.
- Varun Beverages/Seasonal Strength↓ (OPPORTUNITY)◆
Q2 CY2026 PAT surged 73.6% sequentially from Q1 CY2026, reflecting seasonal strength. The interim dividend of ₹0.50 per share with record date August 1 provides a near-term catalyst.
- Hindustan Unilever/Capital Markets Day Catalyst↓ (OPPORTUNITY)◆
HUL will hold Capital Markets Day on September 4, 2026, where management is expected to outline medium-term strategy. This could be a positive catalyst if guidance is upbeat.
Sector Themes (6)
- Premiumisation Driving Growth◆
Across FMCG, premium segments are outperforming mass segments. Radico's Prestige & Above volumes grew 35.8% YoY vs Regular decline of 15.1%. HUL's Premium Skin Care and Hair Care grew double-digit. Tata Consumer's growth businesses (premium) surged 47% YoY. This trend supports margin expansion for companies with strong premium portfolios.
- Volume Recovery Uneven◆
HUL reported 5% UVG (highest in 13 quarters), Varun Beverages saw 19.8% volume growth, and Tata Consumer reported 2% tea volume growth. However, Radico's total IMFL volume growth was just 2.8%, and HUL's Personal Care saw low-single digit volume decline. Recovery is concentrated in beverages and home care, while personal care and regular spirits lag.
- Margin Compression from Mix and Input Costs◆
Despite revenue growth, margins are under pressure. Varun's EBITDA margin contracted 76 bps due to Twizza consolidation. HUL's EBITDA margin declined 40 bps to 23.0% despite 10% revenue growth. Tata Consumer was a positive outlier with 70 bps margin expansion to 13.6%, driven by growth business mix. Radico's EBITDA surged 50.9% on premiumisation.
- International Expansion as a Growth Driver◆
Varun Beverages is aggressively expanding internationally, with 38.4% international volume growth, acquisition in Kenya, and Twizza consolidation. However, Tata Consumer's international constant currency growth was only 3%, with Canada flat. Radico's JVs reported losses. International expansion is a key differentiator but carries execution risk.
- Shareholder-Friendly Capital Allocation◆
Varun Beverages declared a 2nd interim dividend of ₹0.50 per share for FY2026 (record date August 1, payment August 4). HUL's Capital Markets Day on September 4 may provide further capital allocation clarity. No buybacks or splits were announced, but dividend payments signal confidence in cash flows.
- Sustainability as a Strategic Priority◆
Colgate Palmolive's 2030 SMILE Strategy and HUL's restructuring expenses (₹115 Cr in Q2 FY26) indicate that sustainability and cost optimization are becoming integral to FMCG strategy. Colgate's 101% plastic waste neutrality and 43% carbon reduction set a benchmark for the sector.
Watch List (8)
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Scheduled for September 4, 2026. Watch for medium-term growth strategy, margin guidance, and capital allocation plans. Could be a significant catalyst.
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Agreed to acquire Devyani Food Industries (Kenya) for USD 32M. Watch for regulatory approvals and integration updates. Could expand African footprint.
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Management upgraded guidance to >25% for FY27. Monitor monthly volume data and state-level policy changes in Maharashtra and Karnataka that could impact Regular segment.
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Growth businesses now 36% of India business. Watch for continued acceleration and margin impact as mix shifts toward higher-margin branded products.
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New strategy targets 245M additional children and 33% virgin plastic reduction. Monitor quarterly updates on sustainability metrics and potential cost savings.
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Twizza consolidation caused 76 bps EBITDA margin contraction. Watch for margin recovery as integration benefits materialize over next 2-3 quarters.
- HUL Personal Care Recovery👁
Personal Care segment saw only 4% USG with volume decline. Watch for volume recovery as palm oil inflation eases and pricing actions take effect.
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October 10, 2026 deadline for shareholders to claim unclaimed dividends. Could result in share transfer to IEPF, creating potential selling pressure or administrative costs.
Filing Analyses
(18)
28-07-2026
Varun Beverages Limited's Board approved unaudited standalone and consolidated financial results for Q2 and H1 2026 (calendar year ending Dec 31, 2026) and declared a 2nd interim dividend of ₹0.50 per equity share for FY2026. The record date for the dividend is August 1, 2026, with payment starting August 4, 2026. No specific financial figures or period-over-period comparisons were provided in this filing, so performance trends cannot be assessed.
- · Board meeting started at 11:00 AM and concluded at 11:55 AM on July 28, 2026.
- · Financial results are for the quarter and half year ended June 30, 2026 (calendar year).
- · Limited review reports from joint auditors have an unmodified opinion.
- · Record date for dividend entitlement is Saturday, August 1, 2026.
- · Dividend payment begins Tuesday, August 4, 2026.
- · Company follows a January 1 to December 31 financial year.
28-07-2026
Radico Khaitan Limited reported strong standalone financial results for Q1 FY27 (quarter ended June 30, 2026). Revenue from operations grew 10.4% YoY to ₹5,86,769.30 Lakhs, while net profit surged 69.5% YoY to ₹22,600.94 Lakhs, driven by improved margins and lower finance costs. However, the company's joint ventures reported a net loss of ₹83.54 Lakhs for the quarter.
- · The company's standalone revenue from operations for Q1 FY27 was ₹5,86,769.30 Lakhs, compared to ₹5,31,351.97 Lakhs in Q1 FY26.
- · Standalone net profit for Q1 FY27 was ₹22,600.94 Lakhs, up from ₹13,333.87 Lakhs in Q1 FY26.
- · Profit before tax (excluding exceptional items) increased to ₹30,139.29 Lakhs from ₹17,762.43 Lakhs in the same quarter last year.
- · Finance costs decreased by 26.9% YoY to ₹1,165.25 Lakhs from ₹1,593.35 Lakhs.
- · Employee benefits expense rose 13.7% YoY to ₹6,842.35 Lakhs.
- · Selling & distribution expenses increased 22.6% YoY to ₹18,006.70 Lakhs.
- · Basic EPS (face value ₹2) improved to ₹16.88 from ₹9.96 in Q1 FY26.
- · The company allotted 33,417 equity shares and granted 60,000 stock options under ESOP Scheme 2006 during the quarter.
- · The group's share of net loss from joint ventures was ₹83.54 Lakhs for the quarter.
- · The statutory auditors issued an unmodified conclusion on both standalone and consolidated financial results.
28-07-2026
Radico Khaitan Limited reported a strong Q1 FY27 with standalone revenue from operations of ₹5,86,769.30 Lakhs, up 10.4% YoY from ₹5,31,351.97 Lakhs in Q1 FY26. Net profit (PAT) surged 69.5% YoY to ₹22,600.94 Lakhs from ₹13,333.87 Lakhs, driven by margin expansion and lower finance costs. However, other income declined 7.6% sequentially to ₹537.01 Lakhs, and the company's joint ventures reported a net loss of ₹83.54 Lakhs for the quarter.
- · Standalone other income declined 7.6% sequentially to ₹537.01 Lakhs from ₹581.34 Lakhs in Q4 FY26.
- · Consolidated share of loss from joint ventures was ₹83.54 Lakhs for Q1 FY27.
- · Finance costs decreased 26.9% YoY to ₹1,165.25 Lakhs (standalone) from ₹1,593.35 Lakhs.
- · Excise duty, the largest expense, increased 9.9% YoY to ₹4,18,400.25 Lakhs.
- · The company granted 60,000 stock options at an exercise price of ₹2,838.07 per share during the quarter.
- · Auditors issued an unmodified conclusion on both standalone and consolidated results.
28-07-2026
Radico Khaitan Limited has designated Mr. Sudhir Upadhyay (Chief Sales Officer) and Mr. Kunal Madan (Chief Marketing Officer) as Senior Management Personnel, effective July 28, 2026. Both are seasoned professionals with over 20 years of experience and have been with the company for more than a decade, contributing to sales growth and brand premiumisation. This is a routine organizational update with no financial figures or performance metrics disclosed.
- · Mr. Sudhir Upadhyay has over 25 years of industry experience and has been with the company for more than a decade.
- · Mr. Kunal Madan has over 20 years of experience across global sales and marketing and has been with the company for more than a decade.
- · The designation was approved based on the recommendation of the Nomination, Remuneration and Compensation Committee.
28-07-2026
Radico Khaitan reported a record Q1 FY2027 with net revenue of ₹1,683.7 Crore (+11.8% YoY) and EBITDA of ₹348.1 Crore (+50.9% YoY), driven by a 35.8% surge in Prestige & Above volumes. However, total IMFL volume growth was muted at just 2.8% YoY, and Regular & Others volumes declined 15.1% YoY, reflecting policy changes in key states. The company upgraded its P&A volume growth guidance to over 25% for FY2027 and expects full-year EBITDA margin of around 20%.
- · Regular & Others volume declined 15.1% YoY due to a higher base from route-to-market change in Andhra Pradesh and policy changes in Maharashtra and Karnataka.
- · Non-IMFL revenue declined 3.5% YoY due to higher captive consumption and lower Bulk alcohol sales.
- · A&SP spend increased to 6.9% of IMFL sales in Q1 FY27 from 5.8% in Q1 FY26, with management expecting to maintain 6-8% range.
- · Packing material price volatility caused approximately ₹30 Crore financial impact during the quarter.
- · Net Debt reduced by ₹138 Crore since March 31, 2026 to ₹106.1 Crore; company expects to be net debt free by Q2 FY2027.
- · Vodka category saliency increased from 4.6% in Q1 FY26 to 6.1% in Q1 FY27.
- · Magic Moments vodka delivered 43% volume growth during the quarter.
- · Management upgraded P&A volume growth guidance to over 25% for full year FY2027.
- · Management expects EBITDA margin of around 20% for full year FY2027.
28-07-2026
Radico Khaitan Limited has issued a notice to shareholders whose dividends have remained unclaimed for seven consecutive years (FY2018-19 through FY2024-25) that their equity shares are liable to be transferred to the Investor Education and Protection Fund (IEPF) Authority. Shareholders must submit a claim with supporting documents to the RTA by October 10, 2026, to avoid compulsory transfer. The filing is a routine regulatory compliance disclosure and does not contain any financial results or material business developments.
- · The unpaid/unclaimed dividend for FY2018-19 is due for transfer to IEPF during FY2026-27.
- · Shareholders must submit claims to KFin Technologies Limited by October 10, 2026.
- · If no valid claim is received, shares will be transferred to the IEPF Authority's demat account without further individual notice.
- · Shareholders may later claim the dividend and shares from the IEPF Authority by filing Form IEPF-5 online.
- · The list of affected shareholders is available on the company's website.
28-07-2026
Varun Beverages Limited has disclosed the audio recording link for its Investors & Analysts Conference Call held on July 28, 2026, following the declaration of unaudited financial results for the quarter and half year ended June 30, 2026. The filing is a procedural disclosure under Regulation 30 of SEBI LODR and does not contain any financial figures or performance data.
28-07-2026
Colgate-Palmolive (India) announced the successful completion of its 2025 Sustainability & Social Impact Strategy and unveiled its 2030 SMILE Strategy. Key achievements include reaching ~195 million children since 1991 through its CSR program, maintaining 101% plastic waste neutrality, and reducing carbon emissions by 43% from the FY2020-21 baseline. The new strategy targets reaching an additional 245 million children, reducing virgin plastic use by 33%, and achieving Net Zero emissions across its value chain by 2040.
- · 100% of Colgate toothpaste manufactured in India has transitioned to recyclable tubes.
- · Zero product recalls for over a decade.
- · 100% ingredient transparency across digital platforms.
- · All four manufacturing facilities retained TRUE Platinum Zero Waste certification.
- · Company remained Water Positive at the country level.
- · Target to design 100% of packaging for recycling under 2030 SMILE Strategy.
- · Target to source 100% renewable electricity across industrial operations.
- · Net Zero emissions target across value chain by 2040 (excludes Scope 3 optional emissions per SBTi Net Zero Standard).
28-07-2026
Tata Consumer Products reported a strong Q1 FY27 with consolidated revenue up 12% YoY to ₹5,349 Cr and EBITDA up 19% to a 13.6% margin (70 bps expansion). Growth businesses (Sampann, RTD, Capital Foods, Organic India) surged 47% YoY, now accounting for 36% of India business. However, India tea revenue declined 4% due to pass-through of lower tea costs, and the non-branded business fell 7% (10% in constant currency) on coffee price corrections. International constant currency growth was modest at 3%, with Canada flat.
- · India tea volumes grew 2% despite prolonged summer, but revenue declined 4% due to passing lower tea costs to consumers.
- · Salt revenue grew 7% on 7% volume growth; a calibrated price increase was taken in June (MRP from ₹30 to ₹32 for orange bag).
- · Growth businesses (Sampann, RTD, Capital Foods, Organic India) now account for 36% of India business, up from ~30% a year ago.
- · Sampann grew 58% driven by volume across core categories and new launches (dry fruits, cold-pressed oil).
- · RTD revenue up 41% on 38% volume growth; two Kombucha Zero variants launched.
- · Capital Foods revenue ₹232 Cr (+40% YoY), Organic India ₹118 Cr (+27% YoY); combined gross margin ~50%.
- · International constant currency growth only 3%; US grew 7% constant currency (7th consecutive quarter of share gains), Canada flat.
- · Non-branded business declined 7% (10% constant currency) due to coffee price corrections; solubles down 12%, plantation down 8%.
- · Starbucks revenue up 11% YoY, cycling a subdued quarter (Operation Sindoor closures); mid-single digit same-store sales growth.
- · Adjusted EPS (excluding brand amortization) was ₹4.67, up 25% YoY.
- · A&P spend at 6.1% of revenue; 14 new products launched in the quarter.
- · Management guided for 25-30% growth trajectory for Capital Foods and Organic India going forward.
28-07-2026
Hindustan Unilever Limited has announced that it will hold its Capital Markets Day 2026 for institutional investors and financial analysts on September 4, 2026. The presentation materials will be submitted to stock exchanges and posted on the company's website after the event. No financial results or performance data were disclosed in this filing.
- · Event date: Friday, 4th September 2026
- · Target audience: Institutional Investors & Financial Analysts
- · Presentation materials to be filed with stock exchanges and hosted on company website after the event
28-07-2026
Hindustan Unilever Limited reported consolidated Q2 FY26 (quarter ended June 30, 2026) results with total sales of ₹17,184 crore, growing 10% YoY. EBITDA grew 8% YoY to ₹3,947 crore, but EBITDA margin declined 40 bps to 23.0%. Profit before tax before exceptional items rose 9% YoY to ₹3,707 crore. However, net profit from continuing operations fell 2% YoY to ₹2,680 crore, and the Foods segment saw a sequential revenue decline from ₹3,566 crore (Q4 FY26) to ₹3,480 crore.
- · The Board meeting commenced at 08:30 AM IST and concluded discussion on results at 09:40 AM IST on July 28, 2026.
- · Paid-up equity share capital remains at ₹235 crore (face value Re. 1 per share).
- · Basic EPS from continuing operations for Q2 FY26 is ₹11.38 vs ₹11.62 in Q2 FY25.
- · Home care segment revenue grew to ₹6,554 crore (Q2 FY25: ₹5,777 crore), while Foods segment revenue declined sequentially from ₹3,566 crore (Q4 FY26) to ₹3,480 crore.
- · Exceptional items for continuing operations were a net charge of ₹75 crore in Q2 FY26 vs ₹125 crore charge in Q2 FY25.
- · Total comprehensive income for the quarter was ₹2,768 crore (Q2 FY25: ₹2,746 crore).
28-07-2026
Hindustan Unilever Limited (HUL) reported consolidated revenue from operations of ₹17,149 crore for Q2 FY26 (quarter ended June 30, 2026), a 10% YoY increase driven by 5% underlying volume growth, marking the highest growth in 13 quarters. However, reported Profit After Tax (PAT) declined 2% YoY to ₹2,680 crore due to a one-off tax credit in the prior-year quarter, while PAT before exceptional items grew 9% to ₹2,731 crore. EBITDA margin contracted 40 bps to 23.0%, remaining within the guided range despite a volatile operating environment.
- · Exceptional items in Q2 FY26 included restructuring expenses of ₹115 crore (vs ₹90 crore in Q2 FY25), profit from disposal of surplus assets of ₹45 crore (vs ₹1 crore), and acquisition/disposal related costs of ₹5 crore (vs ₹2 crore).
- · The auditor's review report notes that the interim financial results of one subsidiary, Unilever Nepal Limited (revenues ₹137 crore, PAT ₹28 crore for the quarter), were not reviewed by HUL's auditor but by another auditor; the conclusion is unmodified.
- · Home Care segment delivered 14% USG, its highest growth in three years, driven by high-single digit UVG; Fabric Wash achieved double-digit USG.
- · Beauty & Wellbeing segment recorded 12% USG, with double-digit growth in Premium Skin Care and Hair Care; Minimalist delivered double-digit growth with sequential acceleration.
- · Personal Care segment reported only 4% USG, with strong growth in Premium Bars and strengthened market leadership in Bodywash.
- · Foods segment revenue (consolidated) was ₹3,480 crore for the quarter, with segment results of ₹692 crore.
- · Consolidated total comprehensive income for the quarter was ₹2,768 crore, compared to ₹2,746 crore in Q2 FY25.
- · The Board of Directors approved the results at their meeting on July 28, 2026; the Audit Committee reviewed them on July 27, 2026.
- · Statutory auditors issued an unmodified (clean) report on both consolidated and standalone results.
28-07-2026
Hindustan Unilever Limited (HUL) reported its highest growth in 13 quarters for the quarter ended June 30, 2026, with Underlying Sales Growth (USG) of 10% and turnover of ₹ 17,184 crore. EBITDA grew 8% YoY to ₹ 3,947 crore, while Profit After Tax before exceptional items rose 9% YoY to ₹ 2,731 crore. However, reported Profit After Tax declined 2% YoY to ₹ 2,680 crore due to a one-off tax credit in the prior year, and Personal Care segment saw only 4% USG with a low-single digit volume decline.
- · Home Care delivered 14% USG, its highest growth in three years, with Fabric Wash achieving double-digit growth and Household Care accelerating to double-digit USG and UVG.
- · Beauty & Wellbeing recorded 12% USG, with Hair Care delivering double-digit volume-led growth, Premium Skin Care growing double-digit, and Minimalist showing sequential acceleration.
- · Personal Care reported only 4% USG with low-single digit volume decline, as palm oil inflation persisted for the second consecutive year; Skin Cleansing grew mid-single digit driven by pricing.
- · Foods delivered 7% USG, with Coffee achieving double-digit volume-led growth, Lifestyle Nutrition continuing double-digit momentum, and Boost surpassing ₹ 1,000 crore annual turnover milestone.
- · Health & Wellbeing (within Beauty & Wellbeing) had soft performance in OZiva due to business transition.
- · EBITDA Margin at 23.0% declined 40 bps YoY but remained within the guided range.
- · The company expects FY'27 to be better than FY'26, led by portfolio and channel transformation, but commodity volatility and inflationary pressures are expected to continue in the short term.
- · Capital Markets Day is scheduled for September 4, 2026.
28-07-2026
Varun Beverages reported a strong Q2 CY2026 with consolidated sales volumes up 19.8% YoY to 466.7 million cases and net revenue up 20.4% to ₹84,512.3 million. EBITDA grew 17.2% to ₹23,430.4 million, though EBITDA margin contracted 76 bps to 27.7% due to the consolidation of lower-margin Twizza business. In India, volume growth was 14.4% but April was flat, and standalone beverage realizations declined 0.6% YoY. The company extended its PepsiCo agreement to 2049, entered a franchise for CALPIS in India, and agreed to acquire Devyani Food Industries (Kenya) for USD 32 million.
- · Consolidated gross margin improved 44 bps to 55.0% in Q2 CY2026, helped by higher mix of international business.
- · In H1 CY2026, low-sugar/no-sugar products comprised ~73% of consolidated sales volumes.
- · India EBITDA margins improved 38 bps YoY in Q2 CY2026, driven by operational efficiencies from healthy volume growth, partially offset by higher transportation and distribution costs.
- · International volumes include 11.8 million cases from the Twizza acquisition in South Africa.
- · The revised PepsiCo agreement extends the exclusive bottling term to April 30, 2049 and removes the SPV-only restriction.
- · The CALPIS franchise agreement with Asahi Group was signed on June 18, 2026; initial launch variants are Original and Mango.
- · The Devyani Food Industries (Kenya) acquisition is for USD 32 million (~₹3,050 million) and includes an existing GTM infrastructure; DFIKL had net revenue of over ₹3,000 million for FY ended March 2026.
- · Interim dividend of ₹0.50 per share (25% of face value) approved, total cash outflow ~₹1,691 million.
- · Consolidated finance costs rose 55.8% YoY to ₹569.2 million in Q2 CY2026.
- · Consolidated depreciation and amortization expense increased 33.6% YoY to ₹4,090.4 million in Q2 CY2026.
28-07-2026
Varun Beverages reported consolidated revenue from operations of ₹86,505.70 million for Q2 2026 (quarter ended June 30, 2026), a 20.8% increase YoY from ₹71,630.21 million in Q2 2025. Net profit after tax rose 15.1% YoY to ₹15,253.55 million from ₹13,254.88 million. However, sequentially (vs Q1 2026), revenue grew 28.7% but net profit declined 73.6% from ₹8,787.13 million, reflecting seasonal patterns. The Board also approved a 2nd interim dividend of ₹0.50 per share for FY 2026.
- · Consolidated revenue from operations for H1 2026 was ₹153,721.07 million, up 19.7% from ₹128,430.47 million in H1 2025.
- · Consolidated net profit after tax for H1 2026 was ₹24,040.68 million, up 16.9% from ₹20,568.46 million in H1 2025.
- · Basic EPS for Q2 2026 was ₹4.50 (not annualised), compared to ₹3.89 in Q2 2025 and ₹2.58 in Q1 2026.
- · Total assets increased 18.2% to ₹302,105.05 million as of 30 June 2026 from ₹255,651.56 million as of 31 December 2025.
- · Non-current borrowings surged 214% to ₹16,972.80 million from ₹5,404.49 million, while current borrowings decreased 16.1% to ₹12,440.97 million.
- · The company paid ₹11,313.94 million (net) for acquisitions under business combination in H1 2026.
- · Net cash from operating activities was ₹25,355.75 million in H1 2026, slightly down from ₹25,649.95 million in H1 2025.
- · Standalone revenue from operations for Q2 2026 was ₹59,962.08 million, up 13.0% YoY from ₹53,050.21 million in Q2 2025.
- · Standalone net profit after tax for Q2 2026 was ₹12,059.40 million (implied from standalone results not fully shown), up 12.5% YoY from ₹10,717.60 million in Q2 2025.
- · Record date for 2nd interim dividend is Saturday, August 1, 2026, with payment starting Tuesday, August 4, 2026.
28-07-2026
Varun Beverages reported strong consolidated revenue growth of 20.8% YoY to ₹86,505.70 million for Q2 2026, with net profit after tax rising 15.1% YoY to ₹15,253.55 million. However, on a sequential basis, revenue increased 28.7% from Q1 2026, while PAT surged 73.6%, reflecting seasonal strength. The company also completed the acquisition of Twizza in South Africa and entered into a revised bottling agreement with PepsiCo extending the term to 2049, alongside a new alliance with Asahi for the CALPIS brand in India.
- · Consolidated total comprehensive income for Q2 2026 was ₹15,674.38 million, up 16.3% YoY from ₹13,477.54 million.
- · Standalone revenue from operations for Q2 2026 was ₹59,962.08 million, up 13.0% YoY from ₹53,050.21 million.
- · Standalone net profit after tax for Q2 2026 was ₹13,243.32 million, up 14.1% YoY from ₹11,601.61 million.
- · Consolidated total assets as of 30 June 2026 were ₹302,105.05 million, up from ₹255,651.56 million as of 31 December 2025.
- · Consolidated borrowings (non-current + current) increased to ₹29,413.77 million as of 30 June 2026 from ₹20,241.19 million as of 31 December 2025.
- · The company acquired 100% of Twizza for an enterprise value of ZAR 2,053 million (₹11,398 million).
- · The company entered into a binding agreement to acquire Crickley Dairy for ZAR 238 million (₹1,314.68 million).
- · Subsequent to the quarter, VBL Kenya agreed to acquire DFIL Kenya's business for USD 32 million (₹3,050 million).
- · The company subscribed to 29.99% of FPEL HR2 Energy Private Limited for ₹15.84 million and acquired additional 23% of Jager Renewables Two Private Limited for ₹70.51 million.
- · Interim dividend of ₹0.50 per equity share approved.
28-07-2026
Varun Beverages reported strong Q2 CY2026 results with revenue growing 20.4% YoY to ₹84,512.3 million and PAT up 15.1% to ₹15,253.6 million, driven by 19.8% volume growth. However, EBITDA margins declined 76 bps to 27.7% due to the consolidation of the lower-margin Twizza business, and April volumes in India were about flat. The company also announced a revised PepsiCo agreement extending to 2049, a franchise deal for the CALPIS brand, and an acquisition in Kenya.
- · India volume growth in Q2 CY2026 was 14.4%, but April was about flat.
- · International volumes grew 38.4% in Q2 CY2026, including 11.8 million cases from the Twizza acquisition.
- · Depreciation increased 33.6% due to new plants in India and the Twizza acquisition.
- · Finance cost increased 55.8% due to the Twizza acquisition.
- · In H1 CY2026, low sugar/no sugar products reached ~73% of consolidated sales volumes.
- · The revised PepsiCo agreement extends to April 30, 2049 and removes the SPV restriction.
- · The CALPIS brand launch in India will include Original and Mango variants.
- · The DFIKL acquisition purchase consideration is USD 32 million (~₹3,050 million).
- · DFIKL had net revenue of over ₹3,000 million for FY ended March 2026.
- · Interim dividend of ₹0.50 per share approved, total cash outflow ~₹1,691 million.
28-07-2026
Varun Beverages Limited announced its unaudited financial results for the quarter and half year ended June 30, 2026, with an unmodified audit opinion. The Board also approved a 2nd interim dividend of ₹0.50 per equity share for FY 2026, with a record date of August 1, 2026, and payment starting August 4, 2026. No specific financial figures or period-over-period comparisons were provided in the filing.
- · The Board meeting started at 11:00 AM and concluded at 11:55 AM on July 28, 2026.
- · The financial results include both standalone and consolidated figures.
- · The company follows a January to December financial year.
- · Record date for dividend entitlement is Saturday, August 1, 2026.
- · Dividend payment begins on Tuesday, August 4, 2026.
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