Carlsberg India posts strong volume growth in H1, IPO process underway: Global CEO
Earlier this year, in July, Carlsberg India, the Indian arm of the Danish brewing major Carlsberg Group, filed confidential papers with the capital markets regulator SEBI for a proposed IPO
Carlsberg India reported robust volume growth in the first half of 2026, with the planned listing on the stock market progressing through the filing of a draft red herring prospectus. Chief Executive Officer Jacob Aarup-Andersen highlighted that the flagship Carlsberg and Tuborg brands led the volume growth, with Carlsberg India posting a mid-teens percentage increase.
The premium French wheat beer, 1664 Blanc, also experienced strong growth since its launch in India in 2024. The company had initiated the IPO process in July by submitting a pre-filed Draft Red Herring Prospectus to India's capital markets regulator, SEBI. Carlsberg India's Central & Eastern Europe and India (CEE & India) segment recorded an organic volume growth of 6.2 percent, with beer volumes up 1.1 percent, driven by growth in India and Nepal, offset by weaker volumes in Ukraine.
Soft drinks volumes surged 34 percent due to the expansion of PepsiCo's business in Kazakhstan. Revenue per hectolitre grew 3 percent organically, contributing to an organic revenue growth of 9.2 percent. However, total revenue growth was 5.7 percent due to currency fluctuations, particularly in the Indian rupee and Ukrainian hryvnia.
Organic operating profit increased 7.8 percent, but operating margins fell by 40 basis points due to losses in the unprofitable Kazakhstan Pepsi business. Carlsberg India's revenue for the first half of 2026 stood at 47.1 billion DKK, up 2.7 percent organically, driven by a 1.7 percent rise in volumes and a 1 percent increase in revenue per hectolitre.
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