Varun Beverages (VBL IN) delivered a healthy Q2, with strong reported volume growth across India and international markets, partly offset by Twizza led EBITDA margin dilution. India volumes grew 14.4% YoY, with demand improving from March onwards and momentum sustaining into July. However, a modest two-year volume CAGR and slight correction in India realization point to rising competitive intensity. International volumes grew 38.4% YoY, led by midtwenties organic growth and Twizza contribution, reinforcing its role as a key growth driver. Gross margin expanded but EBITDA margin declined 76bps YoY to 27.7% due to lower margin Twizza consolidation. Calpis launch in India...