Carlsberg India IPO

Carlsberg India Limited Initial Public Offering is a Book Building Issue consisting entirely of an Offer for Sale of up to 8.64 crore shares.

The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited. Kotak Mahindra Capital Company Limited is the Book Running Lead Manager, and MUFG Intime India Private Limited is the Registrar to the Issue. Key details, including Initial Public Offering dates, price bands, and lot size, are yet to be announced.

About Carlsberg India Limited

Carlsberg India Limited was incorporated as South Asia Breweries Private Limited on May 3, 2006, under the Companies Act, 1956. The company subsequently changed its name to Carlsberg India Private Limited in 2008 and was converted into a public limited company under the name Carlsberg India Limited in May 2026. It is part of the Carlsberg Group, which has a 178-year legacy in the global alcoholic beverages industry. The company is primarily engaged in the manufacturing and sale of alcoholic beer in India and offers a portfolio of internationally recognised beer brands across different consumer segments and price categories.

The company operates in India's alcoholic beverages industry, with a focus on the beer segment. Its product portfolio includes internationally recognised brands such as Carlsberg, Tuborg, and 1664 Blanc, catering to the Super-Premium, Premium, and Mainstream price tiers. Its products are further classified into strong beer, with an alcohol by volume content of 5% to 8%, and mild beer, with an alcohol by volume content of less than 5%. The portfolio includes products such as 1664 Blanc, Carlsberg Smooth, Carlsberg Elephant, Tuborg Classic, Tuborg Ice Draft, Tuborg Green, and Tuborg Strong.

The company operates through a network of seven owned and operational breweries, supported by third-party co-manufacturers. As of June 30, 2026, its owned breweries had an annual installed production capacity of 5,461.00 kilo hectolitres. These facilities are located in Chhatrapati Sambhajinagar (Maharashtra), Alwar (Rajasthan), Paonta Sahib (Himachal Pradesh), Dharuhera (Haryana), Kolkata (West Bengal), Mysuru (Karnataka), and Hyderabad (Telangana). The company also works with co-manufacturers to improve production flexibility, expand manufacturing capacity, and manage seasonal demand. As of the date of the Updated Draft Red Herring Prospectus-I, it had nine co-manufacturers.

Carlsberg India has established a distribution network across 21 addressable markets in India, with an indirect presence in two additional markets through royalty-based arrangements. Its distribution network reaches approximately 80,000 licensed outlets out of around 100,000 licensed outlets in India. The company serves different distribution channels, including traditional on-trade outlets such as independent bars, pubs, and restaurants, traditional off-trade outlets such as liquor stores, modern on-trade outlets such as organised bars, hotels, and restaurants, and modern off-trade outlets such as organised retail chains. Its sales teams directly serviced more than 41,000 strategically selected outlets during the three-month period ended June 30, 2026.

The company's manufacturing operations rely primarily on raw materials such as water, barley, wheat, sugar, rice, hops, and yeast. A majority of its raw materials, including barley and rice, are sourced domestically, while certain specialised ingredients, including specific variants of barley and hops, are imported from countries such as France, Belgium, and Germany. The company also procures packaging materials, including glass bottles, aluminium cans, and pull-off caps, with most packaging materials sourced domestically. It follows the Carlsberg Group's quality standards across its owned breweries and co-manufacturing facilities.

The company has expanded its product portfolio through several brand launches and product introductions in India. Key milestones include the launch of Tuborg Green in 2009, Tuborg Classic Strong in 2010, Carlsberg Elephant in 2011, Tuborg Classic Black Strong in 2017, Carlsberg Smooth in 2018, Tuborg Ice Draft in 2022, and 1664 Blanc in 2024. Its operations are supported by the global manufacturing practices, quality standards, and brand portfolio of the Carlsberg Group. The company also undertakes marketing initiatives, including event sponsorships, consumer engagement activities, and brand development programmes, to strengthen brand visibility and expand its market presence.

Industry Outlook

• The Indian beer market was valued at approximately ₹825 billion in FY2026, compared with ₹532 billion in FY2020. The market recorded a compound annual growth rate (CAGR) of approximately 10% between FY2023 and FY2026 and is projected to grow at a CAGR of 9.5%–10.5% in value terms between FY2026 and FY2030.
• India was the world's third-largest and one of the fastest-growing alcoholic beverages markets in FY2026. Beer accounted for approximately 33%–35% of the total alcoholic beverages market by sales volume during the year.
• Beer is expected to be the fastest-growing alcoholic beverages category in India, with sales volume projected to increase at a CAGR of 6%–7% between FY2026 and FY2030. Growth is expected to be supported by changing consumer preferences, rising disposable incomes, urbanisation, increased out-of-home consumption, and a youthful population.
• The Indian beer industry is broadly classified into two categories based on alcohol content: strong beer, containing 5%–8% alcohol by volume, and mild beer, containing less than 5% alcohol by volume. The industry is further segmented into four price tiers: Economy, Mainstream, Premium, and Super-Premium, catering to consumers across different income groups and preferences.
• Premium beer has emerged as the fastest-growing price segment in the Indian beer industry, recording a volume CAGR of 22.5%–24.5% between FY2022 and FY2026. This growth has been driven by increasing disposable incomes, evolving consumption preferences, and demand for differentiated products. Premium offerings are expected to grow faster than the overall beer market.
• Growing urbanisation, increasing social acceptance of alcohol consumption, expanding pub culture, and rising out-of-home consumption have supported beer demand. Younger consumers, particularly millennials and Generation Z, are increasingly opting for beer as a relatively lower-alcohol alternative to spirits. Product innovation, including flavoured beers, craft variants, and low-alcohol offerings, is further expanding consumption occasions.

Carlsberg India IPO Objectives

The Carlsberg India Limited IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.

Financial Performance of Carlsberg India Limited

Carlsberg India Limited Peer Details Comparison 

Strengths and Opportunities of Carlsberg India IPO

1. Carlsberg India has a portfolio of internationally recognised beer brands, including Carlsberg, Tuborg, and 1664 Blanc, catering to different consumer segments across the Mainstream, Premium, and Super-Premium price tiers. It had an estimated all-India market share of 19%–20% in the Mainstream segment in FY2026 and held top-three positions in at least eight states and one union territory.
2. The Company follows a strategic cluster-based approach to target Indian markets. It classifies states and union territories into four clusters based on market scale, growth opportunities, operational profitability, and ease of doing business. In FY2026, it directly serviced over 45,000 outlets, with more than 80% located in Cluster 1 and Cluster 2 markets.
3. Its robust go-to-market strategy and brand-building initiatives support distribution expansion and consumer engagement. The Company uses an outlet-tiering system to align product offerings with outlet potential and conducts experiential marketing through music events, sporting events, and festivals. Its initiatives have also received industry awards, including recognition at the WOW Awards Asia 2025 and Dragons of Asia Awards 2025.
4. Carlsberg India operates seven owned and active breweries in key markets, with an installed annual capacity of 5,461 kHL as of March 31, 2026. Its manufacturing network is supplemented by co-manufacturers, supporting production flexibility, cost efficiency, and timely supply. The states in which its owned breweries are located accounted for approximately 49.1% of India's total beer consumption by volume in FY2026.
5. The Company has demonstrated strong execution, growth, and profitability. Its EBITDA margin increased from 16.94% in FY2024 to 19.85% in FY2025 and 20.90% in FY2026. Its gross profit margin also improved from 47.18% in FY2024 to 50.03% in FY2026, reflecting improvements in its operating performance.

Risks and Threats of Carlsberg India IPO

1. Carlsberg India is significantly dependent on entities forming part of the Carlsberg Group for product development, procurement of certain raw materials, IT systems, branding, and technical know-how. Any adverse change in its relationship with the Group or the licensing arrangements for its brands could affect its business operations and financial performance.
2. The Company derives a substantial portion of its revenue from Tuborg Strong beer. The product accounted for 72.60% of its gross sales in FY2026. Any decline in consumer demand for Tuborg Strong could adversely affect its sales, revenue, and profitability.
3. Carlsberg India is exposed to regulatory and taxation risks due to the state-specific licensing, pricing, distribution, and excise frameworks governing the alcohol industry. Changes in state excise policies, restrictions on inter-state movement of products, or limitations on revising selling prices could affect its operations, sales volumes, and margins.
4. The Company faces volatility in raw material and packaging costs. Its production depends on third-party suppliers for barley, malt, rice, hops, yeast, glass bottles, and aluminium cans. Fluctuations in commodity prices, adverse weather conditions, foreign exchange rates, and transportation costs could increase production expenses and adversely affect profitability.
5. Carlsberg India operates in a highly competitive beer market, facing competition from domestic alcoholic beverage companies and Indian subsidiaries of multinational players, including United Breweries and Anheuser-Busch InBev India. Increased competition could lead to pricing pressure, higher marketing expenditure, and a potential loss of market share.
6. The Company's sales are concentrated in seven key states, which accounted for 91.34% of its gross sales in FY2026. Any adverse regulatory changes, distribution disruptions, decline in demand, or operational challenges in these markets could significantly affect its overall business performance. Its sales are also seasonal, with demand typically highest between March and June, making inaccurate demand forecasts or inventory planning a risk to revenue and profitability.

Carlsberg India IPO Reservation

Carlsberg India IPO Promoter Holding

The promoters of the company are Carlsberg A/S and South Asian Breweries Pte. Ltd.

Carlsberg India IPO Prospectus

• Carlsberg India IPO DRHP

Carlsberg India IPO Registrar and Lead Managers

Carlsberg India IPO Lead Managers

• Kotak Mahindra Capital Company Limited

Registrar for Carlsberg India IPO

MUFG Intime India Private Limited

• Contact Number: 022-49186000
• E-mail: carlsberg.ipo@in.mpms.mufg.com

Carlsberg India IPO Registrar

How To Apply for Carlsberg India IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Carlsberg India IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
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6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

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Contact Details of Carlsberg India IPO

Registered Office: 4th Floor, Rectangle No. 1 Commercial Complex, D4 Saket, New Delhi - 110 017, India

Phone: 124 6923530

E-mail: cs@carlsberg.asia