Carlsberg India sees strong volume growth, IPO progresses

Danish brewer Carlsberg said its India business delivered mid-teens percentage volume growth in the first half of 2026, with an acceleration in the April-June quarter. CEO Jacob Aarup-Andersen said flagship brands Carlsberg and Tuborg drove gains. The premium French wheat beer 1664 Blanc, launched in India in 2024, also grew strongly from a low base as distribution expanded.

Carlsberg India filed confidential papers with SEBI in July for a proposed IPO. Aarup-Andersen confirmed the pre-filing of a draft red herring prospectus but declined further comment. India is part of the CEE & India segment, which posted organic volume growth of 6.2 per cent in H1. Beer volumes in the segment grew 1.1 per cent, driven by India and Nepal but partly offset by weak volumes in Ukraine.

The segment's organic revenue grew 9.2 per cent, though reported revenue rose only 5.7 per cent due to adverse currency movements in the rupee and hryvnia. Organic operating profit grew 7.8 per cent, but operating margin fell 40 basis points because the Kazakhstan Pepsi business remains unprofitable. Group revenue was 47.1 billion DKK, up 2.7 per cent organically.