Varun Beverages, Pepsico’s second-largest franchise outside of the US, has seen a significant increase in share prices. The company is the only one belonging to the Nifty FMCG index that has garnered multibagger returns in just one year. Such strong figures have been attributed to consistent earnings growth upgrades, near-monopoly positions in the beverages industry, the expansion of distribution reach and executing capabilities. The company has recently commissioned a manufacturing unit in Bihar and has incorporated a subsidiary in South Africa to expand its reach further. Despite the bullish sentiment, some analysts remain cautious.