New Delhi, Nov. 2 -- PepsiCo bottler Varun Beverages Ltd's (VBL) solid volume growth in the September quarter (Q3CY26) was overshadowed by margin compression. Investors didn't take this well, pulling the stock down 5.5% on Friday. The company follows a January-December financial year and the September quarter is its third.

VBL's consolidated volume grew 28.7% year-on-year to 354.4 million cases in Q3CY26, driven by 22.5% growth in India and 39.9% in international markets. India volume growth, aided by a low base and favourable weather, was a key highlight, especially after disappointment in the previous quarter, and momentum continued in October, said Jefferies India.

India volume growth in Q2CY26 was 14.4%. DAM Capital noted that in CY...