Hindustan Coca-Cola Holdings IPO; Files DRHP for Proposed 2027 Listing

Hindustan Coca-Cola Holdings Limited (HCCH), the parent company of Coca-Cola's Indian bottling business Hindustan Coca-Cola Beverages (HCCB), has taken a step towards entering the public markets. The company filed its draft red herring prospectus (DRHP) with SEBI on 6 November for a proposed IPO in 2027. 

The proposed issue will consist entirely of an offer for sale by Hindustan Coca-Cola Overseas Holdings Pte Ltd. Up to 997.46 million equity shares, each carrying a face value of ₹10, will be offered for listing on the BSE and NSE. 

HCCH's Shareholding Structure After the IPO 

HCCH currently holds a 60% stake in HCCB. Following Jubilant Beverages' acquisition of a 40% stake in 2025, the proposed IPO will see HCCH's holding reduced to 45%. 

The company operates through HCCB, with its business concentrated primarily in southern and western India. 

Revenue and Margins Improve in June Quarter 

For the three months ended 30 June 2026, revenue from operations increased 20.46% to ₹4,310.17 crore. Total sales volume grew 18.61% during the period. 

The EBITDA margin also improved to 17.20%, compared with 13.76% in the corresponding period last year. 

DRHP Highlights Beverage Market Opportunity 

HCCH's selected operating states have a combined population of around 616.9 million and include five of India's eight largest metropolitan cities.  

The DRHP estimates the non-alcoholic ready-to-drink beverage market in these states at ₹63,730 crore in FY26. It expects the market to reach ₹1,18,320 crore by FY31, representing a CAGR of 13.17%. 

The company has also outlined efforts to deepen distribution, expand its product portfolio and optimise package pricing to address gaps in its offerings. 

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Conclusion 

The DRHP filing sets the proposed IPO process in motion, bringing HCCH's Indian bottling operations closer to a potential public listing in 2027. 

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