VBL Q2 FY27 Guidance vs Delivery (VBL Management Mirror)

Sep'26 Qtr EBITDA Margin Contracts 140 bps YoY to 21.6%, Falling Short of Maintenance Guided in Jun'26 Qtr

In the Sep'26 Qtr, the company reported an actual EBITDA margin contraction of 140 bps YoY to 21.6%, alongside a 334 bps YoY gross margin decline to 53.1% driven by ~300 bps of packaging cost headwinds and a higher mix of non-beverage sales. This contraction fell short of the Jun'26 Qtr concall guidance, where management expressed high confidence in maintaining EBITDA margins YoY without adverse P&L surprises based on securing raw material requirements at average inventory costs. Looking ahead, management guides that absent further external geopolitical shocks, gross margins have likely troughed in the Sep'26 Qtr.