1. Asahi Calpis - stabilize Calpis first On track - At the Q1 FY27 call, management stated the focus is to "stabilize Calpis" and "structure Calpis right in the market" first, with no commitment yet on other Asahi lines. The Asahi alliance to introduce CALPIS in India was entered, with Original and Mango variants planned.
2. No sugar impact on gross margin going forward On track - At the Q1 FY27 call, management committed there will be "no sugar impact going forward" on gross margin, as the entire portfolio is already converted to low-sugar/no-sugar. Low/no-sugar products were \~73% of consolidated volume in H1 2026, and gross margin improved 44 bps YoY to 55% in Q2 CY2026.
3. Post-June growth - 20% plus at least minimum On track - At the Q1 FY27 call, management guided post-June growth at "20% plus growth at least minimum", with month-on-month India growth exceeding 20% excluding April. July 2026 continued the 20%+ trend seen since March (ex-April), and Q2 CY2026 consolidated volumes grew 19.8%.
4. Crickley Dairy acquisition - subject to regulatory approvals Pending - At the Q4 FY26 call, management said the Crickley Dairy acquisition via BevCo remains subject to regulatory and other approvals; the Q4 FY26 PPT put it at 100% stake, enterprise value \~ZAR 23.8 crore. BevCo signed the share purchase agreement at \~ZAR 23.8 crore; no completion disclosure appears in the record.
5. International growth - not less than double digits comfortably On track - At the Q4 FY26 call, management said international growth "should not be less than double digits comfortably" going forward. International volumes grew 38.4% in Q2 CY2026, and the business ex-Twizza grew more than 25% YoY.
6. International EBITDA margins - toward Indian margins in next couple of years Pending - At the Q3 FY26 call, management expected international (ex-India) EBITDA margins to move toward Indian margins "sooner than 4-5 years... in the next couple of years". International (ex-India) EBITDA margins were \~16%-16.5% in Q3 FY26; no margin-improvement disclosure appears in the record.
7. Carlsberg Africa brewery - first greenfield plant ready by end of 2026 Pending - At the Q3 FY26 call, management said it is starting with Carlsberg in Africa and putting up its first greenfield plant this year, "hopefully will be ready by the end of next year". The Q1 FY27 call addressed only Indian alcobev plans, saying it is "not looking at Bira" and it is too early; no update on the Africa plant timeline was given, and the end-2026 deadline has not yet lapsed.
8. Twizza acquisition - 100% stake Delivered - At the December 2025 announcement, the company agreed to acquire 100% of Twizza (Pty) Limited through Bevco at \~ZAR 209.5 crore (\~Rs 1,118.7 crore) enterprise value, subject to regulatory approvals. The acquisition completed during Q1 CY2026 at ZAR 205.3 crore (\~Rs. 1,140 crore paid), with Twizza a step-down subsidiary from 18 March 2026.
9. International revenue growth - early teens from next quarter Delivered - At the Q2 FY26 call, management said "Yes, hopefully from the next quarter" on international revenue growth returning to 13-15%. International volumes grew 38.4% in Q2 CY2026, and the business ex-Twizza grew more than 25% YoY.
10. DRC growth - teens next year Pending - At the Q2 FY26 call, management said "for next year, we don't see any challenge in the teen's growth" for DRC. DRC had made initial errors affecting recent months but bounced back and started performing well again; no DRC growth rate is disclosed in the record.
11. Double-digit growth next quarter (Q4 CY2025) Delivered - At the Q2 FY26 call, management said "as soon as the weather changes we can grow in double digits, for example if you look at October, for the next quarter, we are growing in double digits". Q4 CY2025 consolidated volumes grew 10.2%, with India at 10.5% and international at 10%.
12. Zambia stake increase - from 90% to 95% Pending - At the Q1 FY26 call, management said an equity infusion was in-process to raise the company's stake in Zambia from 90% to 95%, reiterated in the Q1 FY26 PPT. No disclosure of the stake increase completing appears in the record.
13. India capex - not more than Rs. 600-700 crore for next year On track - At the Q1 FY26 call, management guided India CAPEX "not looking at more than Rs. 600-700 crore for next year"; at Q4 FY26 this was revised to "less than Rs. 500 crore - Rs. 600 crore this year". H1 CY2026 net capitalized capex was \~950 crore total, including \~200 crore brownfield in India, keeping India capex within the guided range.
14. Tanzania and Ghana acquisitions - only if clearances obtained Delivered - At the Q4 FY25 call, management said it would move forward on Tanzania and Ghana only if required clearances were obtained. The agreements were terminated/on hold as certain conditions and clearances could not be met in time.
15. South Africa growth - \~30% over 3 years, ambitions even higher On track - At the Q3 FY25 call, responding to an analyst's \~30%-over-3-years suggestion, management said "we are confident of achieving even better results". South Africa volume grew 12.5% in its first year, reached 14.1 crore cases (\~13% growth) over trailing four quarters, delivered mid-double-digit growth in Q3 CY2025, and grew above the international average in Q1 FY26.
16. Sting Gold launch - very soon Delivered - At the Q3 FY25 call, management planned to launch Sting Gold "very soon" as a long-term product like Sting Red. Sting Gold launched in March 2025 with good initial reaction, though it later saw mixed response, "not been anywhere close to our Sting Red".
17. India capacity increase - 20-25% in 2025 over 2024 Delivered - At the Q3 FY25 call, management said India capacity would go up by "about 20% to 25%" in 2025 over 2024, with new plants in production by March. Four greenfield plants at Prayagraj, Damtal, Buxar and Mendipathar were commissioned by April-May 2025, and 20%-plus capacity was added in CY2025.
18. New India facilities - Kangra, Prayagraj, Buxar, Meghalaya before key season Delivered - At the Q2 FY25 call, management said new facilities at Kangra, Prayagraj, Buxar and Meghalaya were on track to be commissioned before the key season next year, reiterated in the October 2024 announcement. Four greenfield plants at Prayagraj, Damtal, Buxar and Mendipathar came up by April-May 2025, with Bihar starting May 1, 2025 and Meghalaya by end of May 2025.
19. QIP - Rs. 7,500 crore raise Delivered - At the Q2 FY25 call, the Board approved raising up to Rs 7,500 crore via QIP, subject to shareholders' approval, for expansion, acquisitions and balance-sheet strengthening; the October 2024 announcement reiterated it. The company raised Rs 7,500 crore through a QIP during Q4 CY2024 and used proceeds for debt repayment, becoming net debt free.
20. Snacks business - close to $100 million revenue in next couple of years On track - At the Q1 FY25 call, management guided "in the next couple of years, we can definitely look at close to $100 million revenue" in snacks, reiterated at Q2 FY25 for the three African plants. Food segment revenue ran at \~Rs. 300 crore annually in Q2 FY26, snacks revenue was \~Rs. 340 crore in CY2025, Q1 CY2026 snack revenue was Rs. 112 crore vs Rs. 52 crore a year earlier, and the Africa food business is growing at about 50%.
21. Simba Munchiez snacks - Zimbabwe by October 2025, Zambia by April 2026 Partial - At the Q1 FY25 call, management announced the exclusive snack franchising appointment to manufacture, distribute and sell 'Simba Munchiez' in Zimbabwe by October 2025 and in Zambia by April 2026. The Zimbabwe snacks plant started in December 2025, later than October 2025; Zambia distribution started 1 February 2025, with no Zambia manufacturing start disclosed.
22. CY2025 capex - likely higher than Rs. 1,000-1,500 crore Missed - At the Q4 FY24 call, management declined to confirm Rs. 1,000-1,500 crore CY25 capex, saying "it has to be more"; guidance then moved to \~2,500-2,600 crore (Q1 FY25), \~Rs 2,400 crore (Q2 FY25) and \~Rs. 3,100 crore (Q4 FY25). CY2025 capex came in at \~Rs. 4,500 crore, above the guided range.
23. Debt-to-EBITDA and Debt-to-Equity - return to Dec 2023 levels by year end Delivered - At the Q4 FY24 call, management stated that by year end Debt-to-EBITDA would return to \~1-1.25 and Debt-to-Equity to 0.5-0.7. Debt-to-Equity was 0.67x and Debt-to-EBITDA 1.37x at 30 June 2024; the company became net debt free at end-CY2024, with consolidated net debt negligible at Rs. 25.6 crore at end-CY2025.
24. South Africa capacity improvements - by September-October 2024 Delivered - At the Q4 FY24 call, management stated capacity improvements at the 5 operational BevCo plants would be made "by September-October when the season starts". The first 6 months focused on fixing the backend, with lines running at 50% efficiencies corrected, and a can line was set up in Durban.
25. Morocco Cheetos manufacturing - by May 2025 Partial - At the Q4 FY24 call, management stated Varun Beverages Morocco would manufacture and package Cheetos "by May 2025" under the Exclusive Snacks Appointment Agreement. Commercial production of Cheetos in Morocco commenced in June 2025, with a "very good" initial response.
26. DRC greenfield plant - commercial production by Q2 CY2024 Delivered - At the Q4 FY24 call, management said the DRC greenfield plant would start commercial production "by the next quarter" / "by the end of this quarter" (Q2 CY2024); the November 2023 announcement had it "slated to be commissioned in the upcoming months". The DRC plant started commercial production on 22 July 2024.
27. Juices and dairy - 7-8% of volumes at least On track - At the Q1 FY24 call, management said juices and dairy should be 7%-8% of volumes at least. The mix was 6% in CY2023, 6.2% in CY2024, 5.9% in CY2025, then 7.5% in Q1 CY2026 and 7% in Q2 CY2026.
28. Full-year volume - around 90 crore cases in CY2023 Delivered - At the Q1 FY24 call, the CFO said if H1's 11% volume growth held, full-year volume would reach around 90 crore cases. CY2023 consolidated sales volume was 91.29 crore cases, exceeding the projection.
29. Peak debt - around Rs. 3,600-3,700 crore Missed - At the Q1 FY24 call, the CFO concurred peak debt "should be around" Rs. 3,600-3,700 crore. Net debt was Rs. 4,734.5 crore at 31 December 2023 and Rs. 5,880.8 crore at 30 June 2024, exceeding the guided range.
30. CY2024 capex - \~Rs. 2,400-2,500 crore capitalization Missed - At the Q1 FY24 call, management guided total capitalization for CY24 at \~Rs. 2,400-2,500 crore; this was revised to \~2,500 crore (Q2 FY24), Rs. 3,600 crore (Q3 FY24), and reiterated at 3,600 crore through Q1 FY25 and its PPT. CY2024 net capex came in at \~Rs. 4,500 crore, above the revised Rs. 3,600 crore guidance.
31. ROCE guidance - 100-125 bps increase every year, 34-35% in 3-4 years Missed - At the Q4 FY23 call, the CFO guided ROCE to increase 100 to 125 bps every year for a few more years and agreed 34%-35% in 3-4 years was "possible". ROCE moved from \~30% in CY2022 to 24.59% (CY2023), 24.32% (CY2024), 19.98% (FY25) and 18.92% (FY26), declining rather than rising.
32. 100 crore cases in India by 2025 - internal mission Missed - At the Q3 FY23 call, management confirmed an internal mission of reaching 100 crore cases in India by 2025, \~50% growth over 3 years from 65.2 crore cases. India volumes reached 83.9 crore cases in CY2025, after \~73.6 crore in CY2023 and \~82 crore in CY2024, well short of the target.
33. Sting mix - settle at 10-15% of India beverage mix Delivered - At the Q3 FY23 call, management expected Sting to settle at 10-15% of the total beverage mix in India over the coming years. Sting was 9.6% of mix for CY2022 and as high as 16% in Q4 CY22, reached \~14%-15% by Q3 FY24, and was slightly more than 15% of 9M CY2024 volumes.
34. Tax rate guidance - India 25%, blended 22.5-23% Delivered - At the Q2 FY23 call, management guided the tax rate at India 25% and blended with international 22.5%-23%, a 3% overall advantage going forward. The tax rate fell from 32.2% to 23.3% over 5 years, with CY2023 at 23.3%, after the move to the new tax regime u/s 115BAB from Q1 FY23.
35. PET recycling JV - 30,000 tonnes first capacity, production by 2025 On track - At the Q1 FY23 call, management said the first PET recycling capacity (JV with IVL Dhunseri Petrochem) was about 30,000 tonnes, with production targeted by 2025; subsequent updates moved to a Q2-next-year start meeting 30% of the rPET mandate, then early Q3 2025 close to 100% of FY26 rPET needs in-house. \~22,000 MT of rPET was used in 2025 with Pepsi Zero Sugar and Sting in rPET packaging, and a 50% rPET mix targeted by 2030; no JV commissioning date is explicitly disclosed.
36. Distribution footprint expansion - 8-10% annual outlet growth Delivered - At the Q1 FY23 call, management targeted 8%-10% annual expansion in distribution footprint, later revised upward to 10%-12%, then 10-15%, and eventually 300,000-500,000 outlets a year, with Q4 FY26 targeting close to half a million. Outlet reach grew from \~0.3 crore in CY2022 to \~0.4 crore by Q1 FY25, with more than 10% outlets added in the year to Q4 FY26 and a visi-cooler base "close to a million plus".
37. Value-added dairy capacity doubling - by end of 2024 Delivered - At the Q1 FY23 call, management expected to double value-added dairy capacity by end of 2024 with Western-region expansion; updates moved to capacity tripling by end of 2023 and two plants ready in January. Supa (Maharashtra) was commissioned 25 January 2024 and Gorakhpur 13 April 2024, with capacity practically doubled before the season, and VAD growing close to 80% in Q1 CY2025 and \~100% in Q3 CY2025.
38. \~30% more CSD/JBD PET capacity - Rs. 1,200 crore capex, ready by next summer Delivered - At the Q1 FY23 call, management planned \~30% more CSD/JBD PET capacity via \~Rs. 1,200 crore capex, ready by the onset of the next summer season; guidance was later revised to Rs. 1,200-1,300 crore, then \~1,500 crore, then Rs. 1,900 crore for CY2023. CY2023 net capex was \~Rs. 2,100 crore, with greenfield Bundi and Jabalpur commissioned, brownfield expansion of 6 facilities completed, and India capacity up 45% during season 2024 over season 2022.
39. Double-digit volume growth - medium-term floor Partial - At the Q1 FY23 call, management firmly reiterated double-digit volume growth (minimum) on a medium-term view, and reiterated the framework through Q1 FY27, including "double-digits for the next 5-10 years at least" at Q4 FY26. India volume growth was +12.9% (CY2023), +11.4% (CY2024), then +2.2% in CY2025 on weather, recovering to +14.4% in Q1 and Q2 CY2026.
40. Full-year EBITDA margin guidance - \~21% (later 21-22%) Delivered - At the Q4 FY22 call, management reiterated full-year EBITDA margin guidance of \~21%, later reconfirmed at 20%-21% and 21%-22%, and capped at 21%-22% through Q1 FY27. Annual EBITDA margins were 21.2% (CY2022), 22.5% (CY2023), 23.5% (CY2024), 23.3% (CY2025) and 23.45% TTM, every year at or above the guided floor.
41. Tropicana capacity expansion - second facility by next year, 100% growth Delivered - At the Q4 FY22 call, management expected further Tropicana capacity "by next year" given 100% utilization, with 100% growth once the second facility was ready; updates moved the timeline to June-July, then before end of the next year, then "maybe a little earlier" than March. Supa was commissioned 25 January 2024, Gorakhpur 13 April 2024 and Khordha 30 April 2024 with aseptic lines for Tropicana, and Tropicana PET grew more than 100% in Q1 CY2026.
42. Kurkure Puffcorn co-packing - commercial production from Q3 CY2022 Delivered - At the Q4 FY22 call, management said Kurkure Puffcorn commercial production for PepsiCo India would begin from quarter three of 2022 with about Rs. 20-23 crore as a test investment, co-packing only; at Q1 FY23 the start was pushed to end of October or November 2022. Commercial production commenced at the Kosi (UP) plant under the 28 February 2022 co-manufacturing agreement, with India snacks production starting early December 2022 at full capacity and Puffcorn at practically complete plant utilization by Q4 FY23.
43. Bonus issue - 1:2 (May 2021) Pending - With Q1 2021 results, the Board recommended a bonus issue of one equity share for every two equity shares held, signalling confidence in the growth trajectory. The cited sources confirm only the recommendation, dated 3rd May 2021; no cited page evidences completion of the issue.
44. New manufacturing facilities - Bihar CSD/juice/water, Jammu preforms/closures Delivered - At the Q3 FY22 PPT, the company announced new manufacturing facilities for CSD, juice and packaged drinking water at Bihar, and for plastic preforms and closures at Jammu & Kashmir. The Bihar plant started commercial production in Q1 CY2022, and the Jammu backward integration plant commenced commercial production.
45. Combined capex CY2023 and CY2024 - 45% peak month capacity increase Delivered - In the FY24 annual report, combined capex for CY 2023 and CY 2024 was expected to boost peak month capacity in India by approximately 45% over CY 2022. India production capacity increased 45% during season 2024 over season 2022, delivering on the commitment.
46. Bonus issue - 1:2 (2021) Pending - At the Q4 FY21 results on 3rd May 2021, the Board recommended a bonus issue of 1 equity share of Rs. 10 each for every 2 equity shares held, by capitalizing reserves. The cited sources confirm only the recommendation; no completion or outcome filing is provided, so the outcome remains unverified.