HSBC has initiated a buy call on Varun Beverages, with a target price of ₹780 per share, implying a 28% upside from the current market price of ₹610.35. The company holds 90% of PepsiCo’s bottling volume in India, operating in an underpenetrated soft drink market.
The report highlights the arrival of disruptive digital marketing development models in India, powered by new AI tools, which are expected to drive sales growth. HSBC suggests that Varun Beverages could gain speed and market share if it adopts these tools ahead of its competitors.
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