Guidance ledger · Q4 FY26

Varun Beverages Limited VBL

4 revisions on record · 1 lowered · 3 raised — the strikethrough is what management used to say

directional guidance only · held across quarters

Holding view → · latest concall · The pulse

↓ lowered India CAPEX CY2026 Q1 FY26 → Q4 FY26

~~Rs. 600-700 crore (Q1FY26) / 'very low' (Q3FY26)~~ → less than Rs. 500 crore - Rs. 600 crore (Q4FY26)

“Our CAPEX will be less than Rs. 500 crore - Rs. 600 crore this year for India. It will be very low this year.”

↑ raised India outlet addition CY2026 Q1 FY26 → Q4 FY26

~~300,000-400,000 incremental / 10% YoY~~ → ~500,000 outlets / >10% already achieved (base 4 million)

“this year we have added more than 10% outlets. So, that is why we are hoping to add close to half a million outlets with a base of about 4 million.”

↑ raised Snacks Africa revenue Q1 Q3 FY26 → Q4 FY26

~~Rs. 340 crore CY25 annual / Zimbabwe ramp targeting ~$100m~~ → Rs. 112 crore Q1 CY2026 (vs Rs. 52 crore Q1 CY2025)

“snack foods in the first quarter this year is Rs. 112 crore, which was last year Rs. 52 crore in the first quarter.”

↑ raised Twizza + Crickley revenue Q3 FY26 → Q4 FY26

~~no revenue guidance provided (Q3FY26)~~ → combined ~Rs. 1,000 crore (Twizza Rs. 800 cr + Crickley Rs. 160 cr)

“revenue was Rs. 800 crore for Twizza and about Rs. 160 crore for Crickley. So, about consolidated maybe close to a Rs. 1,000 crore between the two”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.