Varun Beverages Limited's promoters and persons acting in concert have confirmed that they have not encumbered their shares, directly or indirectly, during the financial year ended December 31, 2025, and the period ended March 31, 2026. This declaration was submitted to the National Stock Exchange of India Ltd and BSE Limited pursuant to Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The disclosure ensures that no new liens or charges have been created on the promoter holdings other than those previously disclosed. The company follows a financial year from January 1 to December 31 as approved by the Company Law Board under Section 2(41) of the Companies Act, 2013.

The filing was signed by Ravi Kant Jaipuria on behalf of the Promoter, Promoter Group, and Persons Acting in Concert. The declaration includes a comprehensive list of 71 entities categorized as promoters or promoter group members.

Promoter and Promoter Group Details

The following table details the individuals and entities comprising the promoter and promoter group of Varun Beverages Limited as on March 31, 2026:

*Promoter/Promoter Group divested its shareholding in these entities.

The list includes entities with nil shareholding as filed quarterly in the shareholding pattern with the stock exchanges pursuant to a SEBI circular dated March 20, 2025.

Varun Beverages Limited has formed a strategic alliance with Asahi Group Holdings to introduce the Calpis brand to the Indian market. The partnership aims to launch a ready-to-drink, non-alcoholic, dairy-based beverage in the second half of 2026, marking Asahi Group's entry into India's non-alcohol and non-carbonated beverage sector. The collaboration leverages Varun Beverages' extensive distribution network and manufacturing capabilities to establish the Japanese brand in a market that has grown approximately 2.3 times in volume over the past decade.

CLSA Analyst View

Global brokerage CLSA has maintained its High Conviction Outperform rating on Varun Beverages, assigning a target price of ₹654. The brokerage cited the company's strategic partnership with Asahi Group Holdings to launch CALPIS in India as a key positive. CLSA highlighted that the deal adds a differentiated fermented dairy ready-to-drink beverage to Varun Beverages' portfolio, while leveraging the company's strong manufacturing capabilities, cold-chain infrastructure, and distribution network.

Partnership Structure and Roles

Under the business alliance agreement, responsibilities are divided between the two entities to optimize their respective strengths. Asahi Group Holdings will oversee product development and provide technical support for production. Its local subsidiary will manage marketing and brand management activities. Varun Beverages will be responsible for the manufacturing, distribution, and sales of the Calpis products within India.

Product Details and Launch Timeline

The initial product launch will feature Calpis Smooth Yogurt in two flavor offerings: Original and Mango. The beverage is a fermented milk-based drink known for its sweet and tangy taste. The launch is scheduled for the second half of 2026. The product packaging design is subject to change, though the initial release will feature plastic bottles in white and yellow variants corresponding to the flavors.

Strategic Rationale

The alliance targets India's large consumer base, which is the largest in the world with a population exceeding 1.4 billion. The non-alcohol beverage market in the country is identified as a promising segment due to rising health-consciousness and the expansion of the wealthy middle-class. For Varun Beverages, the partnership adds a product with unique value to its portfolio, complementing its existing operations as the second largest franchisee of PepsiCo outside the United States.

Management Commentary

Atsushi Katsuki, President and Group CEO at Asahi Group Holdings, highlighted the significance of the partnership, noting that India is a dynamic market. He expressed confidence that combining the strengths of both companies would create new value and contribute to sustainable growth. Varun Jaipuria, Executive Vice Chairman at Varun Beverages Limited, stated that the company is committed to building the category and sees significant long-term potential for the brand in India.