Varun Beverages Ltd (VBL), PepsiCo's largest franchise bottler, reported a 20.14% increase in consolidated net profit to ₹878.71 crore for the March quarter of 2026, compared to ₹731.35 crore in the same quarter of 2025. Revenue from operations also saw an 18.33% rise, reaching ₹6,721.53 crore. The company attributed this growth to a 16.3% increase in sales volume, totaling 363.4 million cases, driven by 14.4% growth in India and 21.4% in international markets. Despite a 1.5% decline in net realization per case in India due to strategic pricing initiatives, overall margins improved, with gross margins rising by 62 basis points to 55.2%. VBL's total expenses increased by 18.35% to ₹5,597.92 crore. Chairman Ravi Jaipuria highlighted the strong performance due to healthy demand and disciplined execution, alongside strategic acquisitions in South Africa aimed at expanding their market presence. The company also declared an interim dividend of 25% per equity share. Shares of VBL traded at ₹503.10, reflecting a 2.52% increase from the previous close.