Varun Beverages to launch Asahi's CALPIS in India by H2 2026
The PepsiCo bottler enters dairy-based beverages with a century-old Japanese brand, though first cans won't hit shelves for over a year.
— 1 earlier story on Varun Beverages Ltd. →What's new
- Strategic alliance with Asahi Group to launch CALPIS brand in India.
- Covers manufacturing, distribution and sales of dairy-based beverages.
- Launch expected in second half of 2026.
Why this matters
VBL is moving beyond carbonated drinks for the first time since its PepsiCo renewal allowed diversification. But the launch is over a year away, and with a market cap of ₹1,85,654 cr, the early revenue contribution will be modest until the brand gains scale.
What we're watching
- Whether VBL expands into more non-carbonated segments.
- Market reception of CALPIS against Indian dairy brands.
- Any disclosure of investment outlay or volume targets in future filings.
The full read
Varun Beverages has struck a deal with Japan's Asahi Group to bring the century-old CALPIS brand to India. The alliance, announced on June 18, covers manufacturing, distribution and sales of ready-to-drink dairy beverages in Original and Mango flavours. Asahi will handle product development and brand management; VBL will use its 53-plant network and nationwide distribution. The launch is set for the second half of 2026. This is VBL's first foray outside carbonated drinks—a direct consequence of its 2049 PepsiCo renewal, which lifted exclusivity restrictions. The move is strategically logical and taps VBL's cold-chain strength. But the filing offers no investment details, volume targets, or revenue expectations. For a company with a market cap of ₹1,85,654 cr and quarterly sales of ₹6,722 cr (Mar 2026), CALPIS will take time to move the needle. It is a step, not a leap.
Questions answered
- When will CALPIS launch in India?
- The launch is expected in the second half of 2026.
- What flavours will be launched?
- Original and Mango flavours initially.
- What does this deal mean for VBL's PepsiCo relationship?
- The recently revised PepsiCo agreement allowed diversification, and this alliance is the first such move outside carbonated beverages.
- How large is VBL's manufacturing and distribution network?
- VBL operates 53 plants across India with nationwide distribution, which it will use for CALPIS.
- What is CALPIS?
- CALPIS is a century-old Japanese dairy-based beverage brand currently sold in over 10 markets across Asia and North America.
- Is there any financial investment disclosed?
- No investment outlay, revenue contribution, or volume targets have been disclosed in the filing.
Varun Beverages Ltd.
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All notes on VBL →- 18 Jun 2026 · 10:57 AM IST Varun Beverages to launch Asahi's CALPIS in India by H2 2026
- 46d ago Varun Beverages locks in PepsiCo rights until 2049, exits exclusivity