Carlsberg India sees high H1 volume, IPO advances
Danish brewing giant Carlsberg reported robust performance for the first half of 2026 in India, with a significant surge in sales volume and the progress of its planned IPO. CEO Jacob Aarup-Andersen highlighted that the company's flagship brands, Carlsberg and Tuborg, led the growth in the Indian market, with a mid-teens percentage increase in volume during the first half of the year. Premium French wheat beer 1664 Blanc also saw strong growth, propelled by an expanding distribution network since its launch in 2024.
Earlier this year, in July, Carlsberg India submitted confidential documents to the SEBI for a proposed initial public offering. The IPO filing process has advanced since then, with the company issuing a pre-filed Draft Red Herring Prospectus to Indian authorities. However, no further details on India's performance or the IPO process were provided by Aarup-Andersen after the filing.
In terms of overall performance, Carlsberg's Central & Eastern Europe and India (CEE & India) segment experienced organic volume growth of 6.2% in H1 2026, with a notable acceleration in the second quarter compared to the first. Beer volumes increased by 1.1%, primarily driven by India and Nepal, though strong growth in Nepal helped offset weak volumes in Ukraine. Soft drinks volumes surged by 34%, mainly due to the expansion of the PepsiCo business in Kazakhstan.
Revenue per hectolitre for the CEE & India region grew by 3% organically, translating to an organic revenue growth of 9.2%. However, total reported revenue growth for the segment was 5.7% due to adverse currency movements, particularly in the Indian rupee and Ukrainian hryvnia. Organic operating profit grew by 7.8%, despite a decline in operating margin by 40 basis points, primarily due to dilution from the unprofitable Kazakhstan Pepsi business.
Carlsberg's first-half 2026 revenue stood at 47.1 billion DKK, an increase of 2.7% organically, driven by a 1.7% rise in volumes and a 1% increase in revenue per hectolitre.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
