Interim report
Page 1
£VARUn BEVERAGES October 30, 2026 To, National Stock Exchange of India Ltd. Exchange Plaza, Block G, C/l, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051 Email: cmlist@nse.co.in Symbol: VBL BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400 001 Email: corp.relations@bseindia.com Security Code: 540180 Subject: Outcome of the Board Meeting & Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, The Board of Directors at their meeting held today (started at 11:00 A.M. and concluded at 11:40 A.M.) inter-alia considered and approved the following: (i) The Unaudited Financial Results of the Company (Standalone and Consolidated) for the Quarter and Nine Months ended September 30, 2026 (Copy of the same along-with Limited Review Report issued by M/s. O P Bagla & Co. LLP and M/s. J C Bhalla & Co., Chartered Accountants, Joint Statutory Auditors of the Company, with unmodified opinion are attached and the same are being uploaded on website of the Company). (ii) The payment of 3rd interim dividend of ?0.50 (Fifty Paisa only) per Equity Share for the Financial Year 2026 on the total issued, subscribed and paid-up 338,24,94,644 Equity Shares of the nominal value of ^2/- (Rupees Two only) each. (iii) Pursuant to the provisions of Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, fixed Thursday, November 5, 2026 as the "Record Date" for the purpose of determining entitlement of Equity Shareholders for receipt of 3rd interim dividend. The 3rd interim dividend will be paid on and from November 7, 2026 to those shareholders whose name appears in the Register of Members of the Company or in the list of beneficial owners maintained by the Depositories as on November 5, 2026. Further, please note that our Company is following 1st January to 31st December as its financial year in terms of Section 2(41) of the Companies Act, 2013 as approved by Company Law Board. You are requested to take the above on record. Yours faithfully, Ravi Batra 12 l New Delhi I A i ® l . Chief Risk Officer & Group Company Secretary Encl.: As above VARUN BEVERAGES LIMITED Corporate Office: vot No. snstitutiona; Area. ^ec.-A4_, NurugraiTh HarysnaA22UO2 Hneha} i Ph: eQI 124 4643100-500 i W: www.varunbev@rages.corn CIN: L74899DL1995PLC069839 [ Registered Office: F-2/Z Okhta industrial Area, Phased New Delhi - IIO 0.20 | E: Nfo@ncorpJn j Ph: 011 41706720-25
Page 2
r v/v un J? BEVERAGES VARUN BEVERAGES LIMITED Corporate identification number: L74899DL1995PLC069839 Registered office: F-2/7, Okhia Industrial Area, Phase-I, New Delhi-110020 Corporate office: RJ Corp House, Plot No-31, Institutional Area, Sector-44, Gurugram-122002 (Haryana) Tel: +91-124-4643100, E-mail: complianceofficer@rjcorp.in, Website: www.varunbeverages.com Statement of consolidated financial results for the quarter and nine months ended on 30 September 2026 (? in million, except per share data) Particulars Three months ended on Three months ended on Three months ended on Nine months ended on Nine months ended on Year ended on 30 September 2026 30 June 2026 30 September 2025 30 September 2026 30 September 2025 31 December 2025 (Unaudited) (Unaudited) (Restated) (Refer note 10) (Unaudited) (Restated) (Refer note 10) (Unaudited) (Unaudited) (Restated) (Refer note 10) (Audited) (Restated) (Refer note 10) 1. Income (a) Revenue from operations 68,155.86 87,447.38 51,124.38 223,712.41 181,011.15 225,107.99 (b) Other income 1,198.62 1,048.53 1,475.63 2,690.71 2,530.33 3,520.80 Total income 69,354.48 88,495.91 52,600.01 226,403.12 183,541.48 228,628.79 2. Expenses (a) Cost of materials consumed 29,096.15 37,184.51 19,374.15 98,401.82 75,473.37 95,159.34 (b) Excise duty 2,080.28 2,002.22 1,517.44 5,566.89 4,119.99 5,432.39 (c) Purchases of stock-in-trade 1,006.44 1,826.30 889.08 3,484.85 2,592.15 3,694.53 (d) Changes in inventories of finished goods, intermediate goods, stock-in-trade and work in-progress 891.14 (294.56) 1,349.52 (2,084.10) 1,591.90 44.42 (e) Employee benefits expense 6,025.57 6,954.62 5,642.14 19,294.11 16,475.59 22,452.02 (f) Finance costs 716.91 586.53 467.09 1,797.92 1,272.38 1,756.82 (g) Depreciation and amortisation expense 4,199.82 4,127.11 3,123.57 11,927.31 9,023.04 12,372.83 (h) Other expenses 14,789.19 16,451.45 10,947.97 46,303.00 36,750.19 47,995.59 Total expenses 58,805.50 68,838.18 43,310.96 184,691.80 147,298.61 188,907.94 3. Profit before share of loss of associates and joint ventures (1-2) 10,548.98 19,657.73 9,289.05 41,711.32 36,242.87 39,720.85 4. Share of loss of associates and joint ventures (22.82) (42.83) (16.76) (105.12) (34.42) (60.27) 5. Profit before tex (3+4) 10,526.16 19,614.90 9,272.29 41,606.20 36,208.45 39,660.58 6. Tax expense: (a) Current tax 2,532.07 4,420.29 1,768.12 9,654.83 7,724.49 8,389.07 (b) Adjustment of tax relating to earlier periods/year (143.87) (0.01) 26.70 (143.88) 24.84 16.90 (c) Deferred tax (credit)/charge (167.96) 97.94 162.37 72.27 737.92 1,070.09 Total tax expense 2,220.24 4,518.22 1,957.19 9,583.22 8/487.25 9,476.06 7. Net profit after tax (5-6) 8,305.92 15,096.68 7,315.10 32,022.98 27,721.20 30,184.52 8. Other comprehensive income A. Items that will not be reclassified to profit or toss 59.31 20.32 19.06 104.23 (10.48) 265.91 B. Income tax relating to items that will not be reclassified to profit or loss (15.00) (4.86) (4.84) (26.30) 2.10 (67.34) C. Items that will be reclassified to profit or toss 55.63 400.07 1,317.32 1,330.78 1,778.37 4,174.49 D. Income tax relating to items that will be reclassified to profit or loss - - - - Total other comprehensive income 99.94 415.53 1,331.54 1,408.71 1,769.99 4,373.06 9. Total comprehensive income for the periods/year (7+8) 8,405.86 15,512.21 8,646.64 33,431.69 29,491.19 34,557.58 10. Net profit attributable to: A Owners of the Company 8,280.01 15,051.10 7,275.08 31,887.91 27,547.84 29,928.99 B Non-controlling interest 25.91 45.58 40.02 135.07 173.36 255.53 11. Other comprehensive income attributable to: A Owners of the Company 91.05 397.65 1,289.86 1,314.91 1,736.17 4,309.14 B Non-controlling interest 8.89 17.88 41.68 93.80 33.82 63.92 12. Total comprehensive income attributable to: A Owners of the Company 8,371.06 15,448.75 8,564.94 33,202.82 29,284.01 34,238.13 B Non-controlling interest 34.80 63.46 81.70 228.87 207.18 319.45 13. Paid-up equity share capital (face value of ? 2 each) 6,764.99 6,764.59 6,763.92 6,764.99 6,763.92 6,763.98 14. Other equity 188,112.77 15. Earnings per share (of T 2/- each) (not annualised for quarters and nine months) (a) Basic 2.45 4.45 2.15 9.43 8.15 8.85 (b) Diluted 2.45 4.45 2.15 9.43 8.14 8.85 See accompanying notes & zt N SIGNED FOR pyppnoT n?u? ■;.
Page 3
" * LRUO BEVERAGES VARUN BEVERAGES LIMITED Corporate identification number L74899DL1995PLC069839 Registered office: F-2/7, Okhla Industrial Area, Phase-1, New Delhi-110020 Corporate office: RJ Corp House, Plot No-31, Institutional Area, Sector-44, Gurugram-122002 (Haryana) Tel: +91-124-4643100, E-mail: complianceofficer@qcorp.in, Website: www.varunbeverages.com Statement of standalone financial results for the quarter and nine months ended on 30 September 2026 (? in million, except per share data) Particulars Three months ended on Three months ended on Three months ended on Nine months ended on Nine months ended on Year ended on 30 September 2026 30 June 2026 30 September 2025 30 September 2026 30 September 2025 31 December 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1. Income (a) Revenue from operations 38,224.47 59,962.08 30,639.83 143,192.09 124,215.32 145,568.22 (b) Other income 1,434.95 1,043.92 1,496.93 3,222.09 2,995.06 5,139.34 Total income 39,659.42 61,006.00 32,136.76 146,414.18 127,210.38 150,707.56 2. Expenses (a) Cost of materials consumed 18,105.34 26,612.87 12,622.02 67,805.85 55,011.16 66,018.96 (b) Purchase of stock-in-trade 163.23 385.68 61.35 765.85 1,192.39 1,404.54 (c) Changes in inventories of finished goods, intermediate goods, stock-in-trade and work-in-progress 731.72 1,169.34 1,278.12 (494.97) 1,804.22 129.66 (d) Employee benefits expense 3,391.39 3,401.25 3,029.67 10,090.90 9,408.29 12,602.18 (e) Finance costs 79.29 39.42 79.36 161.29 194.17 322.38 (f) Depreciation and amortisation expense 2,019.07 2,234.97 1,720.28 6,243.85 5,171.43 7,024.20 (g) Other expenses 6,651.49 9,611.26 5,780.71 25,337.94 22,413.34 27,773.18 Total expenses 31,141.53 43,454.79 24,571.51 109,910.71 95,195.00 115,275.10 3. Profit before tax (1-2) 8,517.89 17,551.21 7,565.25 36,503.47 32,015.38 35,432.46 4. Tax expense (a) Current tax 1,937.44 4,164.61 1,562.68 8,583.75 7,072.98 7,644.46 (b) Adjustment of tax relating to earlier periods/year (144.02) - - (144.02) - (9.06) (c) Deferred tax charge 139.15 143.28 228.54 356.03 786.16 1,030.64 Total tax expense 1,932.57 4,307.89 1,791.22 8,795.76 7,859.14 8,666.04 5. Net profit after tax (3 - 4) 6,585.32 13,243.32 5,774.03 27,707.71 24,156.24 26,766.42 6. Other comprehensive Income A. Items that will not be reclassified to profit or loss 59.70 17.71 19.25 105.53 (4.38) 270.35 B. Income tax relating to items that will not be reclassified to profit or loss (15.03) (4.45) (4.85) (26.56) 1.10 (68.04) Total other comprehensive income/floss) 44.67 13.26 14.40 78.97 (3.28) 202.31 7. Total comprehensive income for the periods/year (5+6) 6,629.99 13,256.58 5,788.43 27,786.68 24,152.96 26,968.73 8. Paid-up equity share capital (face value of ? 2/- each) 6,764.99 6,764.59 6,763.92 6,764.99 6,763.92 6,763.98 9. Other equity 180,884.00 10. Earnings per share(of ? 2Z- each) (not annualised for quarters and nine months) (a) Basic 1.95 3.92 1.71 8.19 7.14 7.91 (b) Diluted 1.95 3.91 1.71 8.19 7.14 7.91 See accompanying notes SIGNED FOR I GENII FiCATION PURPOSE ONLY
Page 4
BEVERAGES VARUN BEVERAGES LIMITED Corporate identification number: L74899DL1995PLC069839 Registered office: F-2/7, Okhla Industrial Area, Phase-I, New Delhi-110020 Corporate office: RJ Corp House, Plot No-31, Institutional Area, Sector-44, Gurugram-122002 (Haryana) Tel: +91-124-4643100, E-mail: complianceofficer@ricorp.in, Website: www.varunbeverages.com (? in million, except per share data) Notes: 1. These standalone and consolidated financial results for the quarter and nine months ended on 30 September 2026 have been reviewed and recommended for approval by the Audit, Risk Management and Ethics Committee and accordingly approved by the Board of Directors of Varun Beverages Limited (“VBL” or “the Company”) at their respective meetings held on 30 October 2026. The Statutory Auditors have conducted a limited review of these financial results. 2. These financial results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards ('Ind AS’) notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in section 133 of the Companies Act, 2013 (read with SEBI Circular CIR/CFD/FAC/62/2016 dated 05 July 2016 and other recognised accounting practices and policies). 3. VBL follows calendar year as its financial year as approved by the Company Law Board, New Delhi. 4. The business activities of the Company and its subsidiaries (together referred to as the "Group") predominantly fall within a single primary business segment viz. manufacturing and sale of beverages. There is no separate reportable business segment. The Group operates in two principal geographical areas, i.e., in India, its home country, and in other countries. The aforesaid is in line with review of operating results by the chief operating decision maker. The sate of products of the Group is seasonal. 5. During the quarter ended 30 September 2026, Varun Beverages (Zimbabwe) (Private) Limited, subsidiary of our Company has incorporated a subsidiary company in Zimbabwe namely “Varun Beverages Holding (Zimbabwe) (Private) Limited” as a vehicle to hold investments. 6. During the quarter ended 30 September 2026, the Company incorporated a wholly owned subsidiary in India, KIVA Spirits and Company Limited, to carry on the business of Ready-to-Drink (RTD), alcoholic beverages and allied products. 7. During the quarter ended 30 September 2026, Varun Beverages (Zimbabwe) (Private) Limited (a subsidiary of our Company) on 24 September 2026 has entered into an Exclusive Distribution Agreement with Mondelez South Africa Proprietary Limited (“Mondelez”) effective from 01 October 2026 for the exclusive distribution of chocolate, biscuit, candy and gum products of Mondelez in the territory of the Republic of Zimbabwe. 8. During the nine months period ended 30 September 2026, The Beverage Company Proprietary Limited (“Bevco”), a subsidiary of the Company, entered into an agreement dated 17 March 2026 to acquire a 100% equity stake in Crickley Dairy Proprietary Limited (“Crickley”) at an enterprise value of ZAR 238 million (equivalent to T 1,314.68 million, at an exchange rate of ZAR 1 = 5.52), a company incorporated in South Africa, from Clark Holdings Proprietary Limited (“Seller”), with the objective of diversifying its product portfolio into new categories, including value added dairy-based beverages. However, due to non-fulfillment of certain condition precedent the transaction is not consumated and during the quarter ended 30 September 2026, the above-mentioned transaction has been referred by sellers to The Arbitration Foundation of Southern Africa (“AFSA”). 9. During the nine months period ended 30 September 2026, The Beverage Company Proprietary Limited (“Bevco”), subsidiary of our Company in South Africa, has acquired 100% Share Capital of Twizza Proprietary Limited ("Twizza"), a company incorporated under the laws of South Africa, at an enterprise value of ZAR 2,053 Million (T 11,398 Million; 1 ZAR = 5.55), accordingly it has become step down subsidiary of our Company w.e.f. 18 March 2026. The Company is in the process of determining the fair values of acquired assets and liabilities including goodwill as per the requirement of Ind AS 103 "Business Combinations". Accordingly, the consolidation of Twizza has been done on provisional basis from the date of acquisition. Twizza is inter-alia engaged in the business of manufacturing and distribution of own branded non-alcoholic Beverages. During the quarter ended 30 September 2026, on 02 July 2026, the Board of Directors of Bevco and Twizza have approved the merger of Twizza with its holding company i.e. Bevco, w.e.f. 01 August 2026. Post merger, the shareholding remained unchanged since merger is between a subsidiary and its step-down subsidiary of the Company and consequently, Twizza has ceased to be a step-down subsidiary of the Company.
Page 5
VARUn BEVERAGES VARUN BEVERAGES LIMITED Corporate identification number: L74899DL1995PLC069839 Registered office: F-2/7, Okhla Industrial Area, Phase-I, New Delhi-110020 Corporate office: RJ Corp House, Plot No-31, Institutional Area, Sector-44, Gurugram-122002 (Haryana) Tel: +91-124-4643100, E-mail: complianceofficer@rjcorp.in, Website: www.varunbeverages.com in million, except per share data) 10. During the quarter ended 30 September 2026, the subsidiary company, namely, VBL Industries (Kenya) Limited acquired business from Devyani Food Industries (Kenya) Limited for a purchase consideration of USD 32 million (T 3,050 Million; 1 USD = T 95.30) with effect from 01 August 2026. The acquisition qualifies as a business combination of entities under common control, as these entities were utimately controlled by the same company both before and after the business combination, and such control was not transitory. Accordingly, business combination has been accounted for in accordance with Appendix C of Ind AS 103, Business Combinations, using the pooling of interests method and acquired assets and liabilities of the combining entities have been recognised at their respective carrying amounts. The financial results/statement for the previous reporting period(s) has been restated as if the business combination had occurred from the beginning of the earliest reporting period(s) presented. The comparative financial results/statement has been restated to give effect to the aforesaid business combination. The restatement has been made for comparative presentation purposes and does not represent a revision of the financial results/statement previously approved and published by the Company, except to the extent of the adjustments arising from the aforesaid business combination. 11. The Board of Directors have approved an interim dividend of T 0.50 (Rupee fifty paisa only) per equity share of the face value of t2/- each. Place : Gurugram Dated : 30 October 2026 Raj Gandhi -or and on behalf of Board of Directors oi K Varun Beverages Limited ?! New Delhi 2 SVViEZ FOR HJRRCSE ONOR
Page 6
Independent Auditor’s Review Report on Consolidated Unaudited Quarterly and Year to Date Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Varun Beverages Limited 1. We have reviewed the accompanying statement of consolidated unaudited financial results (‘the Statement') of Varun Beverages Limited (‘the Holding Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘the Group’) and its associates and joint ventures (refer Annexure 1 for the list of subsidiaries, associates and joint ventures included in the Statement) for the quarter ended 30 September 2026 and the consolidated year to date results for the period from 01 January 2026 to 30 September 2026 being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (‘Listing Regulations’). 2. This Statement, which is the responsibility of the Holding Company’s management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting (‘Ind AS 34’), prescribed under section 133 of the Companies Act, 2013 (‘the Act’) read with relevant rules issued thereunder, and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 - “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statements are free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of the Listing Regulation, to the extent applicable. 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of the other auditors referred to in paragraph 5 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act read with relevant rules issued thereunder, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to Note 10 to the Statement, which describes the acquisition of business of Devyani Food Industries (Kenya) Limited by VBL Industries (Kenya) Limited, a wholly owned subsidiary of the Holding Company, with effect from 01 August 2026. The transaction has been given effect in the Consolidated Financial Results of the Group from the beginning of the preceding period, i.e., 01 January 2025 in accordance with Appendix C to Ind AS 103, 'Business Combinations'. Accordingly, the comparative prior period financial information for the quarter ended 30 June 2026, the quarter and year-to-date period ended 30 September 2025 and the year ended 31 December 2025 included in the Statement have been restated. Our conclusion on the accompanying Statement, in so far as it relates to the amounts and disclosures with respect to such restatement is based solely on the review report of other auditor as furnished to us by the management. Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the report of the other auditor.
Page 7
Independent Auditor’s Review Report on Consolidated Unaudited Quarterly Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont’d) 6. We did not review the interim financial information of seventeen subsidiaries included in the Statement, whose financial information reflects total revenues of? 36,167.29 million and ? 91,306.89 million, total net profit aftertax of ? 1,688.65 million and ? 5,052.68 million and total comprehensive income of ? 1,688.28 million and ? 5,051.64 million for the quarter and year-to-date period ended on 30 September 2026, respectively, as considered in the Statement. Out of the above, interim financial information of two subsidiaries included in the Statement whose financial information reflects total revenues of ? 474.40 million and ? 1,687.79 million, total net profit after tax of ? 20.97 million and total net profit after tax ? 107.45 million, total comprehensive profit of ? 21.28 million and total comprehensive income ? 106.90 million for the quarter and year-to-date period ended on 30 September 2026, respectively, as considered in the Statement have been reviewed by one of the joint auditors, O P Bagla & Co LLP. The Statement also includes the Group’s share of net loss after tax of ? 25.50 million and ? 107.22 million, total comprehensive loss of ? 25.50 million and ? 107.22 million for the quarter and year-to-date period ended on 30 September 2026, respectively, as considered in the statement in respect of three joint ventures whose interim financial information have not been reviewed by us. Out of the above, interim financial information of two joint ventures included in the Statement whose financial information reflects net loss after tax of ? 21.13 million and ? 84.17 million, total comprehensive loss of ? 21.13 million and ? 84.17 million for the quarter and year-to-date period ended on 30 September 2026, respectively, as considered in the Statement have been reviewed by one of the joint auditors, O P Bagla & Co LLP. These interim financial results have been reviewed by one of the joint auditors, O P Bagla & Co LLP and other auditors whose review reports have been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint ventures is based solely on the review reports of one of the joint auditors, O P Bagla & Co LLP and other auditors, and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of O P Bagla & Co LLP and the other auditors. 7. The Statement also includes the Group’s share of net profit after tax of ? 2.69 million and net profit after tax of ? 2.10 million, and total comprehensive profit of ? 2.69 million and total comprehensive profit of ? 2.10 million for the quarter and year-to-date period ended on 30 September 2026, in respect of two associates based on their financial information, which have not been reviewed by their auditors. These financial information have been furnished to us by the Holding Company’s management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of aforesaid associates is based solely on such unreviewed financial information. According to the information and explanations given to us by the management, these financial information are not material to the Group. Our conclusion is not modified in respect of this matter with respect to our reliance on the financial information certified by the Board of Directors of the associate companies. For J. C. Bhaila & Co. Chartered Accountants Firm Registration No. 001111M a/| HI Chartered bX V \ Accountants r II Akhil Bhaila Partner Membership No: 505002 UDIN: 26505002EDLNVN8069 Place: Gurugram Date: 30 October 2026 B-5, Sector-6, Noida Uttar Pradesh 201301 For O P Bagla & Co LLP Chartered Accountants Firm Registration No: 000018N/N500091 Neeraj Kumar Agarwal Partner Membership No. 094155 UDIN: 26094155IIKLXF1448 Place: Gurugram Date: 30 October 2026 501, 5th Floor, B-225, Okhla Industrial Area, Phase 1, New Delhi 110020
Page 8
Independent Auditor’s Review Reporton Consolidated Unaudited Quarterly Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont’d) Annexure 1 List of entities included in the Statement. Holding Company 1. Varun Beverages Limited Subsidiaries 1. Varun Beverages (Nepal) Private Limited 2. Varun Beverages (Lanka) Private Limited 3. Ole Spring Bottlers (Private) Limited 4. Varun Beverages Morocco SA 5. Varun Beverages (Zambia) Limited 6. Varun Beverages (Zimbabwe) (Private) Limited 7. Varun Beverages Holding (Zimbabwe) Private Limited (w.e.f 03 August 2026) 8. Lunarmech Technologies Private Limited 9. Varun Beverages RDC SAS 10. Varun Beverages International DMCC 11. Varun Beverages South Africa (Pty) Ltd 12. VBL Mozambique, SA 13. The Beverage Company Proprietary Limited, South Africa (‘Bevco’) 14. The Beverage Company Bidco Proprietary Limited 15. Little Green Beverages Proprietary Limited 16. Twizza Proprietary Limited (w.e.f 18 March 2026 and merged with Bevco w.e.f 01 August 2026) 17. VBL Industries (Kenya) Limited 18. KIVA Spirits and Company Limited (w.e.f 29 August 2026) Associates 1. Clean Max Tav Private Limited 2. Huoban Energy 7 Private Limited Joint Venture 1. I DVB Recycling Operations Private Limited 2. Everest Industrial Lanka (Private) Limited 3. White Peak Refrigeration Private Limited
Page 9
Independent Auditor’s Review Report on the Standalone Unaudited Quarterly and Year to Date Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Varun Beverages Limited 1. We have reviewed the accompanying statement of standalone unaudited financial results of Varun Beverages Limited (‘the Company’) for the quarter ended 30 September 2026 and year to date results for the period from 01 January 2026 to 30 September 2026 (‘the Statement’) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (‘Listing Regulations’). 2. The Statement, which is the responsibility of the Company’s management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting (‘Ind AS 34’), prescribed under section 133 of the Companies Act, 2013 (‘the Act’) read with relevant rules issued thereunder, and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 - “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statements are free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act read with relevant rules issued thereunder, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For J. C. Bhalla & Co. Chartered Accountants Firm Registration No. 001111N Akhil Bhalla Partner Chartered Accountants /■ Membership No: 505002 UDIN: 26505002QWJHDX8485 For O P Bagla & Co LLP Chartered Accountants Firm Registration No: 000018N/N500091 Neeraj Kumar Agarwal Partner .. ’ •- Membership No. 094155 UDIN: 26094155TQNWAX4126 Place: Gurugram Date: 30 October 2026 B-5, Sector-6, Noida Uttar Pradesh 201301 Place: Gurugram Date: 30 October 2026 501, 5th Floor, B-225, Okhla Industrial Area, Phase 1, New Delhi 110020