Varun Beverages Shares: Is It Time to Buy After Asahi Partnership? CLSA Sees 22% Upside; Check Target Price

Shares Of Varun Beverages surged after the PepsiCo bottling giant announced a partnership with Japan's Asahi Group Holdings to introduce the CALPIS beverage brand in India.

The announcement was made yesterday and the stock is in focus today. Varun beverages shares, At the time of writing, were trading at Rs. 531.85, up 0.06% during the day. The stock has gained 0.35% over the past five trading sessions, 3.31% in the last month, and is up 8.15%so far in 2026.

Asahi Group & Varun Beverages Partnership Details

Tokyo based Asahi Group Holdings Ltd. is making a first entry into India's FMCG beverage market and has signed a business agreement with Varun Beverages Ltd. to manufacture, distribute and sell CALPIS, Japan's very famous beverage, in India. After the partnership, CALPIS beverages will be launched in the second half of 2026.

India's non-alcoholic beverage market has grown approximately 2.3x in volume over the past decade. Varun Beverages will make use of this volume and its in house manufacturing facilities distribution network to sell the CALPIS beverages across India.

Varun Beverages Share Price Target: CLSA Bullish

Global brokerage firm CLSA has maintained its High-Conviction Outperform rating on Varun Beverages, assigning a target price of Rs. 654, implying meaningful upside of 22% from current levels.

According to CLSA, the partnership with Asahi offers strategic advantages like the addition of a premium dairy-based ready-to-drink beverage to Varun Beverages' portfolio. It will also strengthen Varun Beverages' already massive manufacturing and distribution network.

Varun Beverages Q4 results

This year has been Highly profitable for Varun beverages, the company reported a 20% jump in consolidated net profit Rs. 878.71 crore for March quarter 2026. The company follows the calendar year as its financial year. According to the company's filing, revenue from operations grew by 18.1% YoY to Rs. 6,574 Cr, EBITDA increased 21% to Rs. 1,528 Cr.

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