Carlsberg India Ltd IPO
## About Carlsberg India Limited Carlsberg India Limited was incorporated on May 3, 2006, and operates in the Indian alcoholic beverages industry, primarily focusing on the production, marketing and distribution of beer. The company is part of the globally established Carlsberg Group, which brings extensive brewing experience, international expertise and established brand recognition to its Indian operations. The company's product portfolio includes well-known international beer brands such as Carlsberg, Tuborg and 1664 Blanc. These brands cater to different consumer segments, ranging from mainstream and premium to super-premium categories. Its business strategy focuses on strengthening brand presence, maintaining product quality, introducing innovative offerings and expanding its distribution reach across the Indian market. As of June 30, 2026, Carlsberg India operated seven company-owned breweries, alongside manufacturing arrangements with third-party contract manufacturers. Its distribution network extended to approximately 80,000 licensed retail outlets. The company supports this extensive reach through dedicated sales teams and a cluster-based market strategy, enabling it to manage regional demand and improve product availability. Being part of the Carlsberg Group provides the company with access to international brewing standards, technical expertise, established brand-building practices and operational capabilities. These advantages support its manufacturing efficiency, product development and long-term market positioning. As of June 30, 2026, the company employed 1,274 permanent employees and 205 contractual employees across manufacturing, sales, marketing, administration and other business functions. ### Key Competitive Advantages - **Strong International Brand Portfolio:** Offers established global beer brands, including Carlsberg, Tuborg and 1664 Blanc, across multiple market segments. - **Extensive Distribution Network:** Reaches approximately 80,000 licensed outlets through an established sales and distribution ecosystem. - **Strategic Manufacturing Presence:** Operates seven owned breweries, supplemented by third-party manufacturing facilities to support production and supply requirements. - **Focused Market Strategy:** Uses a cluster-based approach to strengthen regional operations, improve market penetration and address consumer demand. - **Operational and Execution Capabilities:** Focuses on manufacturing efficiency, distribution management, brand development and sustainable business growth. - **Global Group Backing:** Benefits from the brewing expertise, international presence, technical knowledge and brand-building capabilities of the Carlsberg Group. - **Experienced Workforce:** Supported by a workforce spanning brewery operations, sales, marketing and administrative functions.
- IPO status
- upcoming
- IPO type
- Mainboard
- Exchange
- NSE/BSE
- Face value
- 1
About Carlsberg India Ltd
## About Carlsberg India Limited Carlsberg India Limited was incorporated on May 3, 2006, and operates in the Indian alcoholic beverages industry, primarily focusing on the production, marketing and distribution of beer. The company is part of the globally established Carlsberg Group, which brings extensive brewing experience, international expertise and established brand recognition to its Indian operations. The company's product portfolio includes well-known international beer brands such as Carlsberg, Tuborg and 1664 Blanc. These brands cater to different consumer segments, ranging from mainstream and premium to super-premium categories. Its business strategy focuses on strengthening brand presence, maintaining product quality, introducing innovative offerings and expanding its distribution reach across the Indian market. As of June 30, 2026, Carlsberg India operated seven company-owned breweries, alongside manufacturing arrangements with third-party contract manufacturers. Its distribution network extended to approximately 80,000 licensed retail outlets. The company supports this extensive reach through dedicated sales teams and a cluster-based market strategy, enabling it to manage regional demand and improve product availability. Being part of the Carlsberg Group provides the company with access to international brewing standards, technical expertise, established brand-building practices and operational capabilities. These advantages support its manufacturing efficiency, product development and long-term market positioning. As of June 30, 2026, the company employed 1,274 permanent employees and 205 contractual employees across manufacturing, sales, marketing, administration and other business functions. ### Key Competitive Advantages - **Strong International Brand Portfolio:** Offers established global beer brands, including Carlsberg, Tuborg and 1664 Blanc, across multiple market segments. - **Extensive Distribution Network:** Reaches approximately 80,000 licensed outlets through an established sales and distribution ecosystem. - **Strategic Manufacturing Presence:** Operates seven owned breweries, supplemented by third-party manufacturing facilities to support production and supply requirements. - **Focused Market Strategy:** Uses a cluster-based approach to strengthen regional operations, improve market penetration and address consumer demand. - **Operational and Execution Capabilities:** Focuses on manufacturing efficiency, distribution management, brand development and sustainable business growth. - **Global Group Backing:** Benefits from the brewing expertise, international presence, technical knowledge and brand-building capabilities of the Carlsberg Group. - **Experienced Workforce:** Supported by a workforce spanning brewery operations, sales, marketing and administrative functions.
Carlsberg India Ltd IPO dates and issue details
Issue opening: To be announced; closing: To be announced; basis of allotment: To be announced; expected listing: To be announced.
Published IPO research
01 overview
- Company Name: Carlsberg India Limited
- Ipo Category: Mainboard
- Ipo Status: UDRHP-I stage; IPO dates and price band not yet specified
- Industry: Alcoholic beverages; beer
- Business Tagline: Indian beer business with internationally recognised brands and a network of owned breweries and contract manufacturers
- Issue Type: Offer for Sale (OFS) only
- Face Value: 1
- Fresh Issue Amount: 0
- Ofs Shares: 8,64,18,887
- Total Offer Shares: 8,64,18,887
- Listing Exchange: BSE Limited, National Stock Exchange of India Limited
- Registrar Name: MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
- Drhp Url: https://carlsbergindia.com/
02 company
- Company Description: Indian alcoholic-beverage company focused on beer, with a portfolio of internationally recognised brands and operations in India. It is part of the Carlsberg Group.
- Incorporation Date: 2006-05-03
- Corporate History: Incorporated as South Asia Breweries Private Limited on 3 May 2006; renamed Carlsberg India Private Limited in 2008; converted into a public limited company and renamed Carlsberg India Limited in May 2026.
- Business Model: Manufacture, market and distribute beer in India through owned breweries and co-manufacturers; also receives royalty income from sub-licensing certain brands in selected states.
- Products Services: Carlsberg, Tuborg, Holsten, Kronenbourg 1664 Blanc
- Industry Segments: Mainstream beer, Premium beer, Super-premium beer
- Geographic Presence: Operations across Indian states and union territories; 16 key states/UTs represented 74%–76% of India beer market volume and 92.2% of company sales volume in FY2026, as per issuer-commissioned CRISIL Report.
- Manufacturing Facilities: Seven owned and active breweries and eight co-manufacturers as of 30 June 2026.
- Installed Capacity: 1,365.25
- Customer Profile: Beer distribution through a large outlet network; over 45,000 directly serviced outlets during FY2026.
- Supplier Dependence: Most critical raw materials and packing materials are sourced domestically; company also benefits from Carlsberg Group supplier relationships and relies on group entities for certain R&D, IT systems and yeast cultures.
- Competitive Advantages: Internationally recognised brands, Owned brewery footprint supported by co-manufacturers, Cluster-based go-to-market strategy, Over 45,000 directly serviced outlets in FY2026, Market share of 21.9% across 16 key states/UTs in FY2026 (issuer-commissioned CRISIL Report)
- Growth Strategy: Focus on premiumisation, expanding distribution, cluster-based state targeting, brand building and growing sales volumes across premium and mainstream price tiers.
03 financials
- Ebitda: period: 3M_Jun_2026; value: 2,378.04, period: 3M_Jun_2025; value: 2,480.54, period: FY2026; value: 8,132.46, period: FY2025; value: 6,825.46, period: FY2024; value: 5,018.9
- Profit After Tax: period: 3M_Jun_2026; value: 1,582.31, period: 3M_Jun_2025; value: 1,646.33, period: FY2026; value: 5,345.07, period: FY2025; value: 4,379.43, period: FY2024; value: 3,210.25
- Ebitda Margin: period: 3M_Jun_2026; value: 17.41, period: 3M_Jun_2025; value: 22.06, period: FY2026; value: 20.9, period: FY2025; value: 19.85, period: FY2024; value: 16.94
- Pat Margin: period: 3M_Jun_2026; value: 11.59, period: 3M_Jun_2025; value: 14.64, period: FY2026; value: 13.73, period: FY2025; value: 12.74, period: FY2024; value: 10.84
- Basic Eps: period: FY2026; value: 9.28, period: FY2025; value: 7.6, period: FY2024; value: 5.57, period: Weighted average; value: 8.1, period: 3M_Jun_2026; value: 2.75, period: 3M_Jun_2025; value: 2.86
- Diluted Eps: period: FY2026; value: 6.75, period: FY2025; value: 5.44, period: FY2024; value: 3.91, period: Weighted average; value: 5.84, period: 3M_Jun_2026; value: 2.75, period: 3M_Jun_2025; value: 2.01
- Net Worth: period: 2026-06-30; value: 40.08, period: 2026-03-31; value: 37.31
04 business quality
- Revenue Growth Drivers: Company-reported revenue CAGR of 14.6% from FY2024 to FY2026 versus industry average CAGR of 9.5%, according to issuer-commissioned CRISIL Report.
- Profit Quality Analysis: PAT margin was 10.84% in FY2024, 12.74% in FY2025 and 13.73% in FY2026; assess alongside cash conversion, excise/tax structure and group-related royalties.
- Margin Trend Analysis: EBITDA margin improved from 16.94% in FY2024 to 19.85% in FY2025 and 20.90% in FY2026; June quarter margin was 17.41% in 2026 versus 22.06% in 2025.
- Working Capital Analysis: Trade working capital as a percentage of Net Revenue was 15.61% in FY2024, 11.93% in FY2025 and 11.39% in FY2026; June 2026 was 12.76% (not annualised).
- Capacity Expansion Analysis: Seven owned breweries had combined production capacity of 1,365.25 kHL for a three-month period as of 30 June 2026; supported by eight co-manufacturers.
05 ipo objects
- Objects Of Issue: Offer for Sale by promoter selling shareholder South Asian Breweries Pte. Ltd.; no fresh issue. Proceeds from OFS accrue to the selling shareholder and not to Carlsberg India Limited.
- Capex Amount: 0
- Working Capital Amount: 0
- General Corporate Purpose: 0
- Proceeds Assessment: The IPO is entirely an OFS. It does not inject fresh capital into the issuer; investors should distinguish promoter monetisation from company fundraising.
06 peer comparison
- Peer Valuation Metrics: industry pe highest: 92.14; industry pe lowest: 52.01; industry pe average: 71.85; as of: 2026-10-23; basis: NSE closing price divided by diluted EPS for FY2026
- Comparability Notes: Peer-group P/E is based on peer set as at 23 October 2026. Confirm peer composition, fiscal periods and business mix before using the mean as a direct valuation benchmark.
07 valuation
- Valuation Basis: Price band and offer price are not final in UDRHP-I. Available reference metrics include FY2026 basic EPS ₹9.28, diluted EPS ₹6.75, NAV ₹37.31 at 31 March 2026 and peer-group P/E average 71.85x.
08 risks
- Litigation Regulatory Risks: Alcohol production, distribution, pricing and consumption are regulated state by state; changes in excise duties, licences, taxes or state policies can affect volumes, margins and comparability. Contingent liabilities were ₹2,225.19 million as at 30 June 2026, including income tax ₹254.90m, central excise ₹7.63m, state excise ₹790.91m, sales/entry tax ₹618.88m, GST ₹167.53m, service tax ₹353.85m, PF ₹1.74m and other claims ₹29.75m.
- Related Party Risks: Key brands are used under licence agreements with group entities. The India sub-licence arrangement is initially for five years from 1 April 2026, subject to extension or earlier termination. Company relies on Carlsberg Group entities for certain R&D, IT systems, yeast cultures and supplier relationships; continued support is significant to operations.
- Ipo Specific Risks: No fresh capital is raised by the company through this offer; proceeds accrue to the selling shareholder.
- Risk Register: title: Regulatory and state excise exposure; category: industry; description: Alcohol production, distribution, pricing and consumption are regulated state by state; changes in excise duties, licences, taxes or state policies can affect volumes, margins and comparability.; severity: high; source refs: document: Carlsberg India Limited Updated Draft Red Herring Prospectus - I dated 27 October 2026; page: 23, document: Carlsberg India Limited Updated Draft Red Herring Prospectus - I dated 27 October 2026; page: 72; analyst assessment: Source-derived summary; validate against complete risk-factor wording before publication., title: Contingent tax and litigation liabilities; category: financial; description: Contingent liabilities were ₹2,225.19 million as at 30 June 2026, including income tax ₹254.90m, central excise ₹7.63m, state excise ₹790.91m, sales/entry tax ₹618.88m, GST ₹167.53m, service tax ₹353.85m, PF ₹1.74m and other claims ₹29.75m.; severity: high; source refs: document: Carlsberg India Limited Updated Draft Red Herring Prospectus - I dated 27 October 2026; page: 369; analyst assessment: Source-derived summary; validate against complete risk-factor wording before publication., title: Brand and intellectual property licence dependence; category: business; description: Key brands are used under licence agreements with group entities. The India sub-licence arrangement is initially for five years from 1 April 2026, subject to extension or earlier termination.; severity: high; source refs: document: Carlsberg India Limited Updated Draft Red Herring Prospectus - I dated 27 October 2026; page: 230, document: Carlsberg India Limited Updated Draft Red Herring Prospectus - I dated 27 October 2026; page: 376; analyst assessment: Source-derived summary; validate against complete risk-factor wording before publication., title: Royalty outflow and margin sensitivity; category: financial; description: Royalty expense was ₹900.08m in FY2026, ₹794.91m in FY2025 and ₹642.31m in FY2024; equivalent to 2.31%, 2.31% and 2.17% of Net Revenue respectively.; severity: medium; source refs: document: Carlsberg India Limited Updated Draft Red Herring Prospectus - I dated 27 October 2026; page: 376; analyst assessment: Source-derived summary; validate against complete risk-factor wording before publication., title: Group dependence; category: related_party; description: Company relies on Carlsberg Group entities for certain R&D, IT systems, yeast cultures and supplier relationships; continued support is significant to operations.; severity: medium; source refs: document: Carlsberg India Limited Updated Draft Red Herring Prospectus - I dated 27 October 2026; page: 376; analyst assessment: Source-derived summary; validate against complete risk-factor wording before publication., title: Offer is OFS only; category: ipo_specific; description: No fresh capital is raised by the company through this offer; proceeds accrue to the selling shareholder.; severity: medium; source refs: document: Carlsberg India Limited Updated Draft Red Herring Prospectus - I dated 27 October 2026; page: 1, document: Carlsberg India Limited Updated Draft Red Herring Prospectus - I dated 27 October 2026; page: 118; analyst assessment: Source-derived summary; validate against complete risk-factor wording before publication., title: Industry data commissioned by issuer; category: other; description: Market and industry data in the UDRHP-I includes the CRISIL Report commissioned and paid for by the issuer; users should consider source and methodology limitations.; severity: medium; source refs: document: Carlsberg India Limited Updated Draft Red Herring Prospectus - I dated 27 October 2026; page: 72, document: Carlsberg India Limited Updated Draft Red Herring Prospectus - I dated 27 October 2026; page: 182; analyst assessment: Source-derived summary; validate against complete risk-factor wording before publication.
09 research
- Score Confidence: Low / provisional; valuation inputs and full risk review pending.
- Business Strengths: Recognised international beer brands, Seven owned breweries plus eight co-manufacturers, 14.6% FY2024–FY2026 revenue CAGR claimed in UDRHP-I, 21.9% share across 16 key states/UTs in FY2026 per issuer-commissioned CRISIL Report
- Key Concerns: OFS-only issue; no fresh capital for issuer, State excise and regulatory exposure, Brand licence and group dependency, ₹2,225.19m contingent liabilities at 30 June 2026, Final price band and offer valuation not available in UDRHP-I
- Overall Assessment: Preliminary document-based view only. The business has established brands, brewery infrastructure and reported growth, but the offer is entirely OFS, valuation is unavailable pending price band, and regulatory, licensing, tax-contingency and group-dependence risks require careful review.
- Research Disclaimer: This is an informational extraction and analytical aid, not investment advice. UDRHP-I is a draft offer document; verify all facts against the RHP, prospectus, exchange filings and final price band.
10 management
- Promoters: Carlsberg A/S, South Asian Breweries Pte. Ltd.
- Related Party Transactions: Royalty expense to group/licensor entities: ₹900.08m FY2026, ₹794.91m FY2025, ₹642.31m FY2024; 2.31%, 2.31%, 2.17% of Net Revenue respectively. Company also relies on group entities for selected support services and inputs.
- Corporate Governance Notes: Promoters are Carlsberg A/S and South Asian Breweries Pte. Ltd.; South Asian Breweries Pte. Ltd. is the promoter selling shareholder in the OFS.
- Litigation Summary: Contingent liabilities total ₹2,225.19 million as at 30 June 2026, primarily tax and excise matters, with additional litigation and claims.
11 documents
- Drhp Url: https://carlsbergindia.com/
- Source Register: document: Carlsberg India Limited Updated Draft Red Herring Prospectus - I dated 27 October 2026; type: UDRHP-I; date: 2026-10-27; uploaded filename: 1793273741929.pdf; pages reviewed: 1, 3, 23, 72, 86, 120, 121, 122, 132, 182, 187, 226, 230, 257, 264, 367, 369, 376; notes: Issuer filing. Industry metrics in CRISIL Report are issuer-commissioned; verify all metrics and tables before public release.
- Document Version: UDRHP-I dated 27 October 2026
- Research Version: Carlsberg UDRHP-I extraction v1.0
- Last Researched At: 2026-11-14
- Last Updated At: 2026-11-14
- Change Log: date: 2026-11-14; version: 1.0; change: Initial extraction from Carlsberg India Limited UDRHP-I dated 27 October 2026; structure copied from MoneyCalc4All frontend data v2 reference.