Varun Beverages shares down 22% in one year, but Motilal Oswal sees 35% upside in Pepsi bottler. Here is why

Varun Beverages shares have declined over the past year, but analysts remain optimistic about long-term growth driven by expansion, product diversification and favourable weather conditions. Motilal Oswal sees over 35% upside, supported by capacity additions, international growth and improving demand outlook for the Pepsi bottler.