Mutlibagger stock with 2 bonus, 3 splits & 1,600% rise in 10 yrs; Did you miss this rally?
Shares of Varun Beverages were listed in November 2016 as the stock had traded ex-bonus thrice and ex-split twice with 13 dividends in nearly 10 years.
- Apr 1, 2026,
- Updated Apr 1, 2026 12:38 PM IST
Varun Beverages shares target price: PepsiCo-bottler Varun Beverages Ltd continues to attract brokerage interest lately, even as the stock has tumbled nearly 30 per cent from its 52-week highs. Analysts tracking the stock believe that the multibagger stock is set for a 40 per cent upside in the coming days.
Ambit, which initiated coverage on Varun Beverages on March 30, believes that the is evolving from a regional bottler into a diversified global F&B compounder. In India, its manufacturing and distribution moats protect against share losses arising from price aggression of Campa Cola.
Shares of Varun Beverages were listed in November 2016 as the stock had traded ex-bonus thrice in 1:2 ratio in July 2019, January 2021 and June 2022, respectively. Besides, it also traded ex-split in June 2023 and September 2024. It has traded announced dividend 13 times since its debut.
Effectively, the shares of Varun Beverages have zoomed more than 1,565 per cent from its adjusted price around Rs 24.5 apeice to Rs 399.40 on Wednesday, April 1. The stock has corrected as much as 30 per cent from its 52-week high around Rs 568.50, hit in April 2025. Investors have lost more than 57,000 crore of wealth in this carnage.
Internationally, Varun Beverages is building a pan-African FMCG network – replicating its India playbook across South Africa, Morocco and Zimbabwe, while expanding into snacks and AlcoBev optionality – to drive profitability. Beyond CY28E, low per capita consumption would support over 10 per cent industry growth, with gradual market share gains, said Ambit.
"The trajectory mirrors LATAM bottlers (KOF/ARCA/Andina) that scaled via distribution, geography and portfolio expansion in the last 25 years," it added with a 'buy' and a target price Rs 501. However it has cited inflation in key input costs and irrational competitive pricing as risk to its thesis.
Varun Beverages, along with its affiliated companies, produces, bottles, markets and distributes a range of beverages and premium products under the umbrella of the PepsiCo brand. In recent news India-based Varun Beverages has completed its acquisition of Twizza through its subsidiary, The Beverage Company (BevCo).
Varun Beverages demonstrated resilient financial results in Q4CY25, supported by robust volume growth and improved realisations despite earlier weather-related disruptions. The planned acquisition in South Africa is expected to strengthen manufacturing capabilities and deepen distribution networks, unlocking further synergies, said Geojit Investments.
"Its focus on operational efficiency and strategic investments, with moderated capex requirements in India and focused investments overseas, positions the business for future growth. However, concerns persist around the volume-value gap, with pricing pressures and competitive discounting potentially weighing on margins," it said with a 'hold' rating and target price of Rs 422.
Among other brokerage firms, Elara Capital has an 'accumulate' rating on Varun Beverages with a target price of Rs 535 apeice. Motilal Oswal and BofA Securities have maintained their 'buy' ratings on the stock. Both have similar target price of Rs 550 each on the counter.
Varun Beverages shares target price: PepsiCo-bottler Varun Beverages Ltd continues to attract brokerage interest lately, even as the stock has tumbled nearly 30 per cent from its 52-week highs. Analysts tracking the stock believe that the multibagger stock is set for a 40 per cent upside in the coming days.
Ambit, which initiated coverage on Varun Beverages on March 30, believes that the is evolving from a regional bottler into a diversified global F&B compounder. In India, its manufacturing and distribution moats protect against share losses arising from price aggression of Campa Cola.
Shares of Varun Beverages were listed in November 2016 as the stock had traded ex-bonus thrice in 1:2 ratio in July 2019, January 2021 and June 2022, respectively. Besides, it also traded ex-split in June 2023 and September 2024. It has traded announced dividend 13 times since its debut.
Effectively, the shares of Varun Beverages have zoomed more than 1,565 per cent from its adjusted price around Rs 24.5 apeice to Rs 399.40 on Wednesday, April 1. The stock has corrected as much as 30 per cent from its 52-week high around Rs 568.50, hit in April 2025. Investors have lost more than 57,000 crore of wealth in this carnage.
Internationally, Varun Beverages is building a pan-African FMCG network – replicating its India playbook across South Africa, Morocco and Zimbabwe, while expanding into snacks and AlcoBev optionality – to drive profitability. Beyond CY28E, low per capita consumption would support over 10 per cent industry growth, with gradual market share gains, said Ambit.
"The trajectory mirrors LATAM bottlers (KOF/ARCA/Andina) that scaled via distribution, geography and portfolio expansion in the last 25 years," it added with a 'buy' and a target price Rs 501. However it has cited inflation in key input costs and irrational competitive pricing as risk to its thesis.
Varun Beverages, along with its affiliated companies, produces, bottles, markets and distributes a range of beverages and premium products under the umbrella of the PepsiCo brand. In recent news India-based Varun Beverages has completed its acquisition of Twizza through its subsidiary, The Beverage Company (BevCo).
Varun Beverages demonstrated resilient financial results in Q4CY25, supported by robust volume growth and improved realisations despite earlier weather-related disruptions. The planned acquisition in South Africa is expected to strengthen manufacturing capabilities and deepen distribution networks, unlocking further synergies, said Geojit Investments.
"Its focus on operational efficiency and strategic investments, with moderated capex requirements in India and focused investments overseas, positions the business for future growth. However, concerns persist around the volume-value gap, with pricing pressures and competitive discounting potentially weighing on margins," it said with a 'hold' rating and target price of Rs 422.
Among other brokerage firms, Elara Capital has an 'accumulate' rating on Varun Beverages with a target price of Rs 535 apeice. Motilal Oswal and BofA Securities have maintained their 'buy' ratings on the stock. Both have similar target price of Rs 550 each on the counter.