Varun Beverages shares slip 25% from 52-week high; more downside ahead?

Varun Beverages share price: Shares of Varun Beverages Ltd have slipped 25% from their 52-week high in three months. The stock is in a bear phase amid high volatility and weakness in the broader market. Varun Beverages stock hit a 52 week high of Rs 555.60 on June 17, 2026.  In the previous session, the FMCG stock ended 1.2% higher at Rs 416.25. A total of 8.04 lakh shares of the firm changed hands, amounting to a turnover of Rs 32.94 crore. Market cap of Varun Beverages stood at Rs 1.4 lakh crore. 

The shares of the PepsiCo bottler are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 150 day and 200 day simple moving averages.

Varun Beverages stock has been in a downtrend for the last two years. It has fallen 34% in two years and lost 20% in the last three months. 

Varun Beverages share price targets 

Vishnu Kant Upadhyay, AVP of Research & Advisory at Master Capital Services assigned a buy call on the stock with a target price of Rs 445 - Rs 460. Stop loss can be fixed at Rs 380. 

"Varun Beverages Ltd is attempting to form a base around the Rs 390-400 zone, which has acted as an important historical support area. The recent stabilization near these levels indicates emerging buying interest after the prolonged corrective phase. Importantly, the daily chart is exhibiting a bullish RSI divergence, suggesting improving underlying momentum despite price weakness. A sustained hold above the Rs 390 zone could trigger a recovery towards the stock’s short term moving averages. Considering the potential base formation at current juncture, prices are looking to pave the way for Rs 445 and then Rs 460, " said Upadhyay. 

Global brokerage CLSA has maintained its High Conviction Outperform rating on the Varun Beverages stock. It expects the stock to hit a target price of Rs 654. The brokerage cited the company's strategic partnership with Asahi Group Holdings to launch CALPIS in India as a key positive. 

CLSA also said that the deal adds a differentiated fermented dairy ready-to-drink beverage to Varun Beverages' portfolio, while leveraging the company's strong manufacturing capabilities, cold-chain infrastructure, and distribution network.

Axis Securities has a price target of Rs 530 on the stock. 

The brokerage said Varun Beverages is poised to maintain its strong growth trajectory, driven by multiple levers: 1) Strengthening foot fold in South Africa with acquisition of Twizza and Crickley; 2) Expansion of its snacks portfolio beyond India, particularly in Zimbabwe and Zambia; 3) Continued efforts to enhance distribution reach with a focus on rural penetration; 4) Ongoing distribution expansion and adequate capacity position the company well to sustain growth; 5) Ongoing expansion of the high-margin Sting energy drink (launched Sting Classic – Gold & Black & Sting in Cans), along with a sharper focus on value-added dairy, sports drinks (Gatorade), and juice categories; and 6) Entry into alcoholic beverages. These strategic initiatives are set to support sustained revenue and margin expansion. 

The brokerage expects revenue/EBITDA/PAT to grow at 20%/18%/23% CAGR over CY25-2 estimates. 

 About Varun Beverages 

Varun Beverages is a beverage company. It operates franchisee of PepsiCo. The company produces and distributes a range of carbonated soft drinks (CSDs), as well as a large selection of non-carbonated beverages (NCBs), including packaged drinking water sold under trademarks owned by PepsiCo.