Carlsberg India Reports Mid-Teens Volume Growth in H1 as IPO Process Moves Forward

Danish brewing major Carlsberg reported that its India business delivered strong volume growth during the first half of the year, supported by the performance of its flagship brands. Speaking on the earnings call for the group's H1 2026 results, Chief Executive Officer Jacob Aarup-Andersen noted that the company's growth accelerated in the April-June quarter compared to the January-March period.

“In India, the very positive trajectory continued. Our business delivered mid-teens percentage volume growth in the first half, with an acceleration in Q2 compared to Q1. Growth was driven by both Carlsberg and Tuborg,” said Aarup-Andersen.

Additionally, the company's premium French wheat beer brand, 1664 Blanc—launched in India by Carlsberg India in 2024—grew strongly from a low base as the firm continued expanding its distribution network across the country.

The company's planned public listing in India has moved closer following confidential filings made earlier this year. In July, Carlsberg India filed pre-filed draft red herring prospectus papers with the capital markets regulator SEBI for a proposed initial public offering. Regarding the ongoing listing process, Aarup-Andersen stated that work continues, though further comments on the Indian performance or the regulatory process following the filing could not be provided.

India operates under Carlsberg's Central & Eastern Europe and India reporting segment. For H1 2026, the broader segment posted an organic volume growth of 6.2 percent, experiencing similar acceleration in the second quarter. Across the segment, beer volumes grew by 1.1 percent, bolstered by strong performances in India and Nepal, though offset by weaker volumes in Ukraine. Soft drinks volumes within the segment surged by 34 percent, driven by the ramp-up of the PepsiCo business in Kazakhstan.

Revenue per hectolitre for the CEE & India region increased by 3 percent organically due to price increases and a favourable product mix, leading to an organic revenue growth of 9.2 percent. However, total reported revenue growth for the segment stood lower at 5.7 percent, impacted by adverse currency movements affecting the Indian rupee and the Ukrainian hryvnia.

Operating profit for the reporting segment grew organically by 7.8 percent, supported by the top line and favourable year-ago comparisons. However, the operating margin declined by 40 basis points, largely driven by the dilution from the Kazakhstan Pepsi business, which remained unprofitable in 2026.

Alongside India, Carlsberg noted robust commercial momentum in neighbouring Nepal, where volumes grew in the mid-teens, supported by the local Gorkha brand alongside Tuborg and Carlsberg.

On a consolidated group level, Carlsberg reported first-half 2026 revenue of 47.1 billion Danish Krone, marking a 2.7 percent organic increase driven by a 1.7 percent rise in volumes and a 1 percent increase in revenue per hectolitre.

"Carlsberg India's consistent mid-teens volume growth reflects strong consumer demand for its core and premium portfolios in the domestic market. The progression of their IPO through the pre-filing stage with SEBI highlights the growing maturity of the consumer beverage sector in India. Public listings of established multinational subsidiaries provide strong validation of the depth and liquidity available in the Indian capital markets, offering a clear roadmap for large-scale businesses seeking domestic capital expansion." — Dr. Shishir Gupta, Founder & CEO, StartupLanes