Varun Beverages share price targets as FIIs pare stake amid falling returns 

Varun Beverages share price: Shares of Varun Beverages Ltd are in a downtrend for the last two years. The stock of the Pepsico bottler has slipped 32% in two years, 16% this year and cracked 23% in three months. The stock fell 23% in 2025. Before that, Varun Beverages stock ended in the green for eight consecutive years since 2017.

Meanwhile, FIIs have been paring their stake in the firm since December 2024 quarter. Their stake, which stood at 25.3% in December 2024 quarter fell to 19% in the June 2026 quarter.

On the other hand, mutual funds are on a buying spree in the Varun Beverages stock with historical MF holding rising to 9.1% in June 2026 quarter against 2.6% in the September 2024 quarter.

In the short term and the long term, shareholders are sitting on losses with the stock's 5 day, 10 day, 20 day , 30 day, 50 day, 100 day, 150 day and 200 day simple moving averages (SMAs) trading in the red. 
Varun Beverages shares have fallen 26% from their 52-week high of Rs 555.60 reached on June 17, 2026.

In the current session, Varun Beverages stock rose 2% to Rs 413.50 against the previous close of Rs 406.50. A total of 2.91 lakh shares of the firm changed hands, amounting to a turnover of Rs 11.91 crore. Market cap of the FMCG firm rose to Rs 1.39 lakh crore.

Share price targets 

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.

Laxmikant Shukla, Technical Analyst at YES Securities said investors should avoid the stock. Resistance is fixed at Rs 450 and support level at Rs 400.

"Varun Beverages formed a bearish belt hold candlestick pattern, signalling increased selling pressure at current levels. A short-term support zone is likely to emerge around Rs 410 to Rs 400, which corresponds with the previous swing low. However, if the price fails to stage a meaningful recovery from this area, it may invite further downside. A breakdown below this support range could potentially drag the stock toward the Rs 385 to Rs 380 regions. The broader outlook stays cautious unless the stock manages a decisive move above the strong resistance near Rs 450 as only a clear breakout beyond this level would indicate a possible shift in the prevailing trend," said Shukla.

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.