Antique has reiterated its “buy” rating on Varun Beverages (VBL), setting a target price of ₹710. This suggests a potential upside of 12% from the current market price of ₹635.00.
The brokerage highlighted that VBL’s recent acquisitions are expected to significantly boost its international volume share, increasing from 19.3% in CY23 to 36.5% by CY26. VBL is projected to deliver a compound annual growth rate (CAGR) of 21% in overall volumes, 24% in revenue, and 28% in EBITDA over CY23-26.
Antique also revised its earnings per share (EPS) estimates for CY24/25/26 by -3%, +10%, and +3%, respectively, reflecting its confidence in the company’s growth trajectory despite short-term adjustments.
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