Goldman Sachs sees 22% upside in Varun Beverages, starts coverage with Buy on long-term growth potential

May 27, 2025

Goldman Sachs initiated coverage on Varun Beverages with a ‘buy’ rating and a target price of Rs 600, highlighting strong execution and long-term growth potential in India’s underpenetrated ready-to-drink market. The brokerage expects VBL to continue gaining market share, driven by leadership in fast-growing segments like energy and hydration drinks. Robust financials and a resilient distribution network further strengthen the growth outlook.

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