Carlsberg India Posts Strong Volume Growth In H1, IPO Process Underway: Global CEO

Danish brewing major Carlsberg on Friday said its India business delivered strong volume growth in the first half of this year, and the company's planned India listing has moved a step closer with the pre-filing of a draft red herring prospectus.

The company's growth accelerated in the April-June quarter as its flagship Carlsberg and Tuborg brands drove gains in the Indian market, said its Chief Executive Officer Jacob Aarup-Andersen on the earnings call for the group's H1 2026 results.

"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.

Besides, 1664 Blanc, its premium French wheat beer, which was launched in India by Carlsberg India in 2024, "grew strongly" from a low base as the company continued to expand its distribution network, he said.

Earlier this year, in July, Carlsberg India, the Indian arm of the Danish brewing major Carlsberg Group, filed confidential papers with the capital markets regulator SEBI for a proposed initial public offering (IPO).

On the IPO front, Aarup-Andersen said, "The work on the IPO continues, and as you may have seen, Carlsberg India in July filed a so-called pre-filed Draft Red Herring Prospectus with the Indian authorities... We cannot provide further comments on the India performance or the process following the filing," he said.

India is part of Carlsberg's Central & Eastern Europe and India (CEE & India) reporting segment, which posted organic volume growth of 6.2% in H1 2026, with an acceleration in the second quarter compared to the first, the company said.

Within the segment, beer volumes grew 1.1%, driven by strong growth in India and Nepal, partly offset by weak volumes in Ukraine, while soft drinks volumes surged 34% on the back of the ramp-up of the PepsiCo business in Kazakhstan, it said.

"Beer volumes grew by 1.1% thanks to strong growth in India and Nepal, partly offset by weak volumes in Ukraine," the company said.

Revenue per hectolitre for the CEE & India region grew 3% organically on the back of price increases and favourable product mix, translating into organic revenue growth of 9.2%.

However, total reported revenue growth for the segment was lower at 5.7% due to adverse currency movements, mainly in the Indian rupee and Ukrainian hryvnia, the company said.

The segment's organic operating profit grew 7.8%, aided by the strong top line and easier year-ago comparisons, though operating margin declined 40 basis points due to dilution from the Kazakhstan Pepsi business, which remains unprofitable in 2026, Carlsberg said.

Carlsberg also reported strong momentum in neighbouring Nepal, where volumes grew in the mid-teens, driven by both the local Gorkha brand and the Tuborg and Carlsberg brands.

Carlsberg reported first-half 2026 revenue of 47.1 billion DKK (Danish Krone), up 2.7% organically, driven by a 1.7% rise in volumes and a 1% increase in revenue per hectolitre.