Varun Beverages shares under bear attack: Why the Pepsico bottler could rise 40% in a year
Varun Beverages share price today: The FMCG stock, which logged its first loss in terms of returns in nine years, has extended its losing streak this year.
- Mar 20, 2026,
- Updated Mar 20, 2026 9:16 AM IST
Shares of Varun Beverages, which are trading near their 52-week low, are expected to see a decent upside of 40% from their current levels, believes Mirae Asset Sharekhan.
The FMCG stock, which logged its first loss in terms of returns in nine years, has extended its losing streak this year.
The multibagger stock fell 23.14% in 2025 compared to a loss of 16.55% in 2016. The ongoing war between US-Israel and Iran in West Asia has further dampened sentiment around the stock. The stock has already accounted for rising competition in the fast-moving consumer goods (FMCG) and beverage sectors, the potential initial public offering (IPO) of Coca-Cola Beverages India business, high operating costs and the overvaluation concerns.
In the current year, Varun Beverages stock is down 18% and lost 14% in three months. The stock has delivered negative returns in time durations up to two years. Varun Beverages stock slipped 25% in a year and 27% in two years.
The stock fell to its 52 week low of Rs 400.60 on March 13, 2026.
Meanwhile, Varun Beverages stock is likely to see an upside of 40% in the next one year, according to Sharekhan.
The brokerage believes that the firm is strategically positioned for long-term growth, anchored by a robust manufacturing footprint and strategic presence in both India and high-growth African markets.
"With new greenfield plants and backward integration facilities stabilizing, the company is set to unlock significant operating leverage. Growth is also underpinned by aggressive investments in capacity, cold chain infrastructure, and distribution - particularly in India’s under-penetrated regions. Bolstered by a strong balance sheet and disciplined capital allocation, VBL remains well-positioned to capitalize on favorable demographic shifts and deliver sustainable stakeholder value," said the brokerage.
The stock has corrected by 19% from recent highs and trades at 40x/33x its CY26E/CY27E EPS, respectively, according to Sharekhan.
Another brokerage Motilal Oswal has a price target of Rs 550 on the Varun Beverages stock.
It expects the company to deliver double-digit domestic volume growth in CY26. MOSL's optimism emanates from strategic innovation, capacity investments, and premiumisation initiatives, which position the firm to deliver double-digit domestic volume growth in CY26. The brokerage expects margins to stabilise near current levels despite near-term realisation pressures.
Shares of Varun Beverages, which are trading near their 52-week low, are expected to see a decent upside of 40% from their current levels, believes Mirae Asset Sharekhan.
The FMCG stock, which logged its first loss in terms of returns in nine years, has extended its losing streak this year.
The multibagger stock fell 23.14% in 2025 compared to a loss of 16.55% in 2016. The ongoing war between US-Israel and Iran in West Asia has further dampened sentiment around the stock. The stock has already accounted for rising competition in the fast-moving consumer goods (FMCG) and beverage sectors, the potential initial public offering (IPO) of Coca-Cola Beverages India business, high operating costs and the overvaluation concerns.
In the current year, Varun Beverages stock is down 18% and lost 14% in three months. The stock has delivered negative returns in time durations up to two years. Varun Beverages stock slipped 25% in a year and 27% in two years.
The stock fell to its 52 week low of Rs 400.60 on March 13, 2026.
Meanwhile, Varun Beverages stock is likely to see an upside of 40% in the next one year, according to Sharekhan.
The brokerage believes that the firm is strategically positioned for long-term growth, anchored by a robust manufacturing footprint and strategic presence in both India and high-growth African markets.
"With new greenfield plants and backward integration facilities stabilizing, the company is set to unlock significant operating leverage. Growth is also underpinned by aggressive investments in capacity, cold chain infrastructure, and distribution - particularly in India’s under-penetrated regions. Bolstered by a strong balance sheet and disciplined capital allocation, VBL remains well-positioned to capitalize on favorable demographic shifts and deliver sustainable stakeholder value," said the brokerage.
The stock has corrected by 19% from recent highs and trades at 40x/33x its CY26E/CY27E EPS, respectively, according to Sharekhan.
Another brokerage Motilal Oswal has a price target of Rs 550 on the Varun Beverages stock.
It expects the company to deliver double-digit domestic volume growth in CY26. MOSL's optimism emanates from strategic innovation, capacity investments, and premiumisation initiatives, which position the firm to deliver double-digit domestic volume growth in CY26. The brokerage expects margins to stabilise near current levels despite near-term realisation pressures.