Name: Latest research reports of Varun Beverages Ltd. authored by Keynote Capitals Ltd and published by - Trendlyne research reports.
Item: Varun Beverages Ltd.
Rating: 5
Author: Keynote Capitals Ltd

Summary	Date	Stock	Author	LTP	Target	Price at reco (Change since reco%)	Upside(%)	Type	Report	Discuss
	26 Sep 2025	Varun Beverages	Consensus Share Price Target	451.85	606.42	-	34.21	buy	pdf Detailed Estimates
	07 Feb 2023	Varun Beverages	Keynote Capitals Ltd Target	451.85	1461.00	1304.10 (-65.35%)	Target met	Buy	pdf post cache	Broker Report Varun Beverages Limited Keynote Capitals Ltd Quarterly Update Q3FY23 pdf Copy Link Share on Share on Share on Share on Alert
	06 Feb 2023	Varun Beverages	Motilal Oswal Target	451.85	1550.00	1221.85 (-63.02%)	Target met	Buy	pdf post cache	Broker Report Higher realization and operating leverage drive earnings Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	04 Dec 2022	Varun Beverages	Keynote Capitals Ltd	451.85	1540.00	1318.60 (-65.73%)	Target met	Buy	pdf post cache	Broker Report Varun Beverages Limited Keynote Capitals Ltd Initiating Coverage Report pdf Copy Link Share on Share on Share on Share on Alert
	03 Nov 2022	Varun Beverages	Bonanza Reco Target	451.85	1317.00	1189.00 (-62.00%)	Target met	Hold	pdf post cache	Broker Report Growth momentum expected to continue due to sting’s energy along with diversification into non-beverages SKUs Bonanza VBL has once again posted a tremendous volume growth (24% YoY) in Q3CY22, way ahead than our estimate on the back of strong demand especially for Sting (fastest growing beverages market), Tropicana and Dairy products. pdf Copy Link Share on Share on Share on Share on Alert
	02 Nov 2022	Varun Beverages	ICICI Securities Limited	451.85	1150.00	1107.00 (-59.18%)	Target met	Hold	pdf post cache	Broker Report Strong performance across parameters ICICI Securities Limited Varun reported robust revenue growth of 32.5% YoY, driven by strong volume growth across segments. pdf Copy Link Share on Share on Share on Share on Alert
	02 Nov 2022	Varun Beverages	Axis Direct	451.85	1300.00	1127.50 (-59.92%)	Target met	Buy	pdf post cache	Broker Report Result Update:Varun Beverages Axis Direct We factored in Revenue/EBITDA/PAT CAGR of 27%/35%/52% over CY21-24E and arrive at a revised TP of Rs 1,300/share vs. Rs 1150/share earlier, valuing it at 36x Sep-24E EPS. Maintain BUY pdf Copy Link Share on Share on Share on Share on Alert
	01 Nov 2022	Varun Beverages	Motilal Oswal Target	451.85	1330.00	1127.50 (-59.92%)	Target met	Buy	pdf post cache	Broker Report Operating leverage continues to drive earnings Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	11 Oct 2022	Varun Beverages	Motilal Oswal Target	451.85	1230.00	1068.35 (-57.71%)	Target met	Buy	pdf post cache	Broker Report Sting - Energizing the growth path Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	03 Aug 2022	Varun Beverages	Bonanza	451.85	1220.00	915.60 (-50.65%)	Target met	Buy	pdf post cache	Broker Report Spectacular volume growth with sustainable margins: Geographical expansion have started to bear fruit Bonanza VBL’s strategy towards expanding the distribution network (3 Mn outlets, out of which, 0.4 Mn are exclusive for “Sting”), into new territories where it has very small market share indicates huge scope to grow. VBL is also benefitting from demand recovery after two consecutive years of pandemic related disruptions. pdf Copy Link Share on Share on Share on Share on Alert
	02 Aug 2022	Varun Beverages	ICICI Direct	451.85	1100.00	915.60 (-50.65%)	Target met	Buy	pdf post cache	Broker Report Varun Beverages ICICI Direct pdf Copy Link Share on Share on Share on Share on Alert
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31.91% Fall from 52W High

Varun Beverages Ltd. share price target

Varun Beverages Ltd. has an average share price target of 592.20. The consensus estimate represents an upside of 31.06% from the last price of 451.85. View 20 reports from 10 analysts offering long-term price targets for Varun Beverages Ltd..

Varun Beverages Limited

Higher realization and operating leverage drive earnings

Varun Beverages Limited

Growth momentum expected to continue due to sting’s energy along with diversification into non-beverages SKUs

Strong performance across parameters

Result Update:Varun Beverages

Operating leverage continues to drive earnings

Sting - Energizing the growth path

Spectacular volume growth with sustainable margins: Geographical expansion have started to bear fruit

Varun Beverages

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