HINDUSTAN COCA-COLA HOLDINGS LIMITED IPO

Hindustan Coca-Cola Holdings Limited is the holding company for Coca-Cola’s India beverage bottling and marketing operations. The group’s material subsidiary is Hindustan Coca-Cola Beverages Private Limited (HCCB); the group also includes Hindustan Coca-Cola Marketing Company Private Limited and an associate.

IPO status: upcoming
IPO type: Mainboard
Exchange: NSE/BSE
Face value: 10

About HINDUSTAN COCA-COLA HOLDINGS LIMITED

HINDUSTAN COCA-COLA HOLDINGS LIMITED 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: Hindustan Coca-Cola Holdings Limited
Ipo Category: Mainboard
Ipo Status: DRHP filed – draft stage
Industry: Non-alcoholic beverages / beverage bottling and distribution
Business Tagline: Holding company for Coca-Cola’s India beverage bottling and marketing operations, with Hindustan Coca-Cola Beverages Private Limited as its material subsidiary.
Issue Type: Offer for sale (OFS) only
Face Value: 10
Fresh Issue Amount: 0
Fresh Issue Shares: 0
Ofs Shares: 99,74,61,456
Total Offer Shares: 99,74,61,456
Listing Exchange: BSE, NSE
Registrar Name: KFin Technologies Limited
Registrar Url: https://www.kfintech.com

02 company

Company Description: Hindustan Coca-Cola Holdings Limited is the holding company for Coca-Cola’s India beverage bottling and marketing operations. The group’s material subsidiary is Hindustan Coca-Cola Beverages Private Limited (HCCB); the group also includes Hindustan Coca-Cola Marketing Company Private Limited and an associate.
Incorporation Date: 1997-02-21
Corporate History: date or year: 21 February 1997; event: Incorporated as a private company; subsequently converted into a public limited company.; source pages: 1, 89, date or year: 2026; event: Changed name to Hindustan Coca-Cola Holdings Limited from Hindustan Coca-Cola Holdings Private Limited.; source pages: 1
Business Model: Holding company structure with beverage manufacturing, bottling, sales and distribution primarily conducted through Hindustan Coca-Cola Beverages Private Limited. The DRHP describes franchise bottling arrangements and territory-related business operations.
Products Services: Carbonated soft drinks, Juices and juice-based beverages, Packaged drinking water, Sports and hydration beverages, Other non-alcoholic ready-to-drink beverages
Industry Segments: name: Non-alcoholic ready-to-drink beverages; description: The group operates in the Indian beverage market; financial reporting identifies one reportable business segment.
Geographic Presence: name: India; description: Revenue from external customers of the company is reported as entirely generated within India in the subsidiary financial segment disclosure.
Manufacturing Facilities: Manufacturing and bottling operations are principally carried out through HCCB. The DRHP discusses multiple bottling facilities and territories; detailed plant-wise capacities should be reviewed from the operating section before publication.
Customer Profile: Products are sold through a broad distribution ecosystem serving retail outlets, modern trade, food-service and institutional channels across India.
Competitive Advantages: Established Coca-Cola brand portfolio and distribution reach, Large-scale bottling and beverage manufacturing infrastructure through HCCB, Long-standing franchise and brand relationships, Presence across multiple beverage categories and consumption occasions
Growth Strategy: Expand beverage portfolio and distribution reach, Invest in manufacturing, supply-chain and route-to-market capabilities, Develop product availability across channels and geographies

03 financials

Revenue From Operations: period: 3M ended 2026-06-30; value: 43,101.7, period: 3M ended 2025-06-30; value: 36,882.62, period: FY2026; value: 1,15,485.79, period: FY2025; value: 1,27,512.93, period: FY2024; value: 1,40,215.45
Profit After Tax: period: 3M ended 2026-06-30; value: 4,086.16, period: 3M ended 2025-06-30; value: 10,548.63, period: FY2026; value: 11,650.48, period: FY2025; value: 7,598.98, period: FY2024; value: 28,120.99
Profit Before Tax: period: 3M ended 2026-06-30; value: 5,538.98, period: 3M ended 2025-06-30; value: 12,563.98, period: FY2026; value: 14,174.78, period: FY2025; value: 10,091.66, period: FY2024; value: 37,234.33
Cash Flow Operations: period: 3M ended 2026-06-30; value: 7,619.97, period: 3M ended 2025-06-30; value: 6,201.41, period: FY2026; value: 22,901.94, period: FY2025; value: 15,727.01, period: FY2024; value: 2,846.89
Total Borrowings: period: June 30 2026; value: 0, period: June 30 2025; value: 1,176.69, period: FY2026; value: 0, period: FY2025; value: 5,950, period: FY2024; value: 0
Cash Equivalents: period: 3M ended 2026-06-30; value: 5,127.09, period: 3M ended 2025-06-30; value: 16,921.68, period: FY2026; value: 4,319.61, period: FY2025; value: 1,329.7, period: FY2024; value: 1,389.49
Pat Margin: period: FY2026; value: 10.09, period: FY2025; value: 5.96, period: FY2024; value: 20.06
Other Income: period: 3M ended 2026-06-30; value: 338.47, period: 3M ended 2025-06-30; value: 468.9, period: FY2026; value: 1,146.65, period: FY2025; value: 1,182.56, period: FY2024; value: 2,186.83
Total Income: period: 3M ended 2026-06-30; value: 43,440.17, period: 3M ended 2025-06-30; value: 37,351.52, period: FY2026; value: 1,16,632.44, period: FY2025; value: 1,28,695.49, period: FY2024; value: 1,42,402.28
Depreciation Amortisation: period: 3M ended 2026-06-30; value: 2,085.45, period: 3M ended 2025-06-30; value: 2,063.92, period: FY2026; value: 8,432.49, period: FY2025; value: 8,250.14, period: FY2024; value: 7,475.3
Finance Costs: period: 3M ended 2026-06-30; value: 129.49, period: 3M ended 2025-06-30; value: 83.87, period: FY2026; value: 464.15, period: FY2025; value: 439.78, period: FY2024; value: 523.55
Tax Expense: period: 3M ended 2026-06-30; value: 1,452.82, period: 3M ended 2025-06-30; value: 2,015.35, period: FY2026; value: 2,524.3, period: FY2025; value: 2,492.68, period: FY2024; value: 9,113.34
Basic Eps: period: 3M ended 2026-06-30; value: 0.61, period: 3M ended 2025-06-30; value: 1.59, period: FY2026; value: 1.75, period: FY2025; value: 1.14, period: FY2024; value: 4.23
Diluted Eps: period: 3M ended 2026-06-30; value: 0.61, period: 3M ended 2025-06-30; value: 1.59, period: FY2026; value: 1.75, period: FY2025; value: 1.14, period: FY2024; value: 4.23
Total Assets: period: 3M ended 2026-06-30; value: 1,50,978.96, period: 3M ended 2025-06-30; value: 1,51,342.67, period: FY2026; value: 1,56,370.85, period: FY2025; value: 1,47,332.99, period: FY2024; value: 1,34,710.07
Net Worth: period: 3M ended 2026-06-30; value: 1,01,913, period: 3M ended 2025-06-30; value: 1,07,226.35, period: FY2026; value: 97,651.44, period: FY2025; value: 96,541.84, period: FY2024; value: 89,012.71
Current Borrowings: period: 3M ended 2026-06-30; value: 0, period: 3M ended 2025-06-30; value: 1,176.69, period: FY2026; value: 0, period: FY2025; value: 5,950, period: FY2024; value: 0
Long Term Borrowings: period: 3M ended 2026-06-30; value: 0, period: 3M ended 2025-06-30; value: 0, period: FY2026; value: 0, period: FY2025; value: 0, period: FY2024; value: 0
Trade Receivables: period: 3M ended 2026-06-30; value: 2,037.03, period: 3M ended 2025-06-30; value: 1,921.9, period: FY2026; value: 2,844.67, period: FY2025; value: 2,852.35, period: FY2024; value: 2,188.17
Inventory: period: 3M ended 2026-06-30; value: 15,527.72, period: 3M ended 2025-06-30; value: 20,724.33, period: FY2026; value: 21,811.37, period: FY2025; value: 26,468.69, period: FY2024; value: 27,215.69
Trade Payables: period: 3M ended 2026-06-30; value: 21,787.8, period: 3M ended 2025-06-30; value: 18,820.07, period: FY2026; value: 29,806.22, period: FY2025; value: 21,820.79, period: FY2024; value: 22,275.59
Cash Flow Investing: period: 3M ended 2026-06-30; value: -6,456.43, period: 3M ended 2025-06-30; value: 14,394.01, period: FY2026; value: -2,194.46, period: FY2025; value: -20,715.58, period: FY2024; value: -2,915.46
Cash Flow Financing: period: 3M ended 2026-06-30; value: -356.06, period: 3M ended 2025-06-30; value: -5,003.44, period: FY2026; value: -17,717.57, period: FY2025; value: 4,928.78, period: FY2024; value: -1,250.47
Financial Basis: Restated consolidated summary financial statements prepared for DRHP; amounts in INR million unless stated otherwise.
Financial Periods: period: 3M ended 2026-06-30; period type: interim; annualised: No, period: 3M ended 2025-06-30; period type: interim; annualised: No, period: FY2026; period type: annual; annualised: Yes, period: FY2025; period type: annual; annualised: Yes, period: FY2024; period type: annual; annualised: Yes

04 business quality

Revenue Growth Drivers: Revenue from operations decreased to ₹115,485.79 million in FY2026 from ₹127,512.93 million in FY2025 and ₹140,215.45 million in FY2024. Interim revenue increased to ₹43,101.70 million for the three months ended June 30, 2026 from ₹36,882.62 million in the corresponding prior-year period.
Revenue Concentration Analysis: The DRHP states that the group has one reportable business segment, sale of beverages. Geographic revenue from external customers is entirely within India.
Profit Quality Analysis: Restated PAT was ₹11,650.48 million in FY2026, ₹7,598.98 million in FY2025 and ₹28,120.99 million in FY2024. FY2024 profit includes substantial exceptional items; compare underlying earnings with care.
Margin Trend Analysis: PAT margin calculated on revenue from operations was approximately 10.09% in FY2026, 5.96% in FY2025 and 20.06% in FY2024. FY2024 included significant exceptional items.
Working Capital Analysis: Net cash from operating activities was ₹22,901.94 million in FY2026, compared with ₹15,727.01 million in FY2025 and ₹2,846.89 million in FY2024.
Debt Quality Analysis: The consolidated balance sheet reports borrowings of ₹5,950.00 million at March 31, 2025 and nil at March 31, 2026; lease liabilities remain separately recognised.
Capacity Expansion Analysis: The DRHP describes investment in property, plant and equipment and bottling infrastructure. Net cash used in purchase of PPE and leasehold land was ₹16,413.76 million in FY2026.

05 ipo objects

Objects Of Issue: object: Offer for sale by promoter selling shareholder Hindustan Coca-Cola Overseas Holdings Pte. Ltd.; shares: 99,74,61,456; source pages: 1, 103, object: Listing of equity shares on BSE and NSE; description: Benefits of listing, enhanced visibility and public market/liquidity.; source pages: 103
Debt Repayment Amount: 0
Capex Amount: 0
Working Capital Amount: 0
General Corporate Purpose: 0
Proceeds Assessment: Entire offer is an offer for sale of up to 997,461,456 equity shares by Hindustan Coca-Cola Overseas Holdings Pte. Ltd. The company will not receive proceeds; net proceeds accrue to the selling shareholder after offer expenses.

06 peer comparison

Comparability Notes: The group operates in the Indian non-alcoholic beverage market. Peer comparison should account for differences in brand ownership, franchise bottling, product mix and holding-company structure.

07 valuation

Valuation Basis: DRHP does not disclose price band or offer price; valuation is deferred until RHP.
Valuation Conclusion: Not assessable at DRHP stage because the price band and offer price are not disclosed.

08 risks

Business Risks: title: OFS and no proceeds to issuer; category: business; description: The entire offer is an OFS; the company will not receive proceeds to fund growth or deleveraging.; severity: medium, title: No prior trading market; category: business; description: This is the first public issue and there has been no formal market for the equity shares. Post-listing price and liquidity are uncertain.; severity: high, title: Beverage franchise and brand dependence; category: business; description: The group’s operations depend on bottling/franchise arrangements and the continued relationship with The Coca-Cola Company and related entities.; severity: high
Industry Risks: title: Regulatory and product compliance; category: industry; description: Beverage manufacturing and distribution are subject to food safety, packaging, environmental, labour and other regulatory requirements.; severity: medium
Financial Risks: title: Exceptional item volatility; category: financial; description: FY2024 and FY2025 reported profit includes material exceptional items associated with business territory transactions; underlying profitability should be analysed separately.; severity: high
Litigation Regulatory Risks: title: Litigation exposure; description: The DRHP discloses 64 proceedings initiated against HCCB by designated authorities; assess nature, amounts and outcomes from the litigation disclosures.; severity: medium
Related Party Risks: title: Related-party transactions; description: The group has material transactions and balances with promoter/group entities, including brand/franchise ecosystem counterparties.; severity: medium
Ipo Specific Risks: title: OFS only; description: The entire offer is an OFS; the company will not receive proceeds to fund growth or deleveraging.; severity: medium, title: No trading history; description: This is the first public issue and there has been no formal market for the equity shares. Post-listing price and liquidity are uncertain.; severity: high
Risk Register: OFS and no proceeds to issuer, The entire offer is an OFS; the company will not receive proceeds to fund growth or deleveraging., medium, No prior trading market, This is the first public issue and there has been no formal market for the equity shares. Post-listing price and liquidity are uncertain., high, Beverage franchise and brand dependence, The group’s operations depend on bottling/franchise arrangements and the continued relationship with The Coca-Cola Company and related entities., high, Regulatory and product compliance, Beverage manufacturing and distribution are subject to food safety, packaging, environmental, labour and other regulatory requirements., medium, Litigation exposure, The DRHP discloses 64 proceedings initiated against HCCB by designated authorities; assess nature, amounts and outcomes from the litigation disclosures., medium, Related-party transactions, The group has material transactions and balances with promoter/group entities, including brand/franchise ecosystem counterparties., medium, Exceptional item volatility, FY2024 and FY2025 reported profit includes material exceptional items associated with business territory transactions; underlying profitability should be analysed separately., high

09 research

Score Confidence: Low – preliminary DRHP extraction; valuation unavailable.
Business Strengths: Established Coca-Cola beverage ecosystem and material subsidiary HCCB, Strong operating cash generation in FY2026, Broad beverage portfolio and national distribution footprint
Key Concerns: Offer is entirely an OFS; no proceeds go to the company, Revenue declined in FY2025 and FY2026 versus FY2024, FY2024 profit includes significant exceptional items, Price band and valuation are not available in DRHP, Dependence on franchise and related-party ecosystem
Growth Opportunities: Beverage portfolio expansion, Distribution and route-to-market improvements, Manufacturing and supply-chain investments
Bull Case: Established brands, bottling infrastructure and distribution reach, combined with strong FY2026 operating cash flow, may support resilient operating performance if revenue stabilises and margins are sustained.
Bear Case: Revenue has declined over FY2024–FY2026, reported earnings are affected by exceptional items, and the OFS structure provides no fresh capital to the issuer. Valuation cannot be assessed until the price band is announced.
Key Monitoring Points: Price band and implied market capitalisation, Revenue and volume growth by beverage category, EBITDA excluding exceptional/other income and margin trend, Operating cash flow and capex, Franchise and promoter-related agreements, Litigation and regulatory outcomes
Overall Assessment: Preliminary view: a large beverage holding-company IPO with an established operating ecosystem, but the offer is a pure OFS and revenue has contracted over the last two reported financial years. A valuation view should wait for the RHP price band and detailed peer comparison.
Research Disclaimer: This is an independent summary of the uploaded DRHP for information only, not investment advice or a recommendation to subscribe. Verify all figures against the final RHP and consult a registered investment adviser where appropriate.

10 management

Promoters: The Coca-Cola Company, Hindustan Coca-Cola Overseas Holdings Pte. Ltd., Jubilant Beverages Limited, Jubilant Bevco Limited, Shyam Sunder Bhartia, Hari Shanker Bhartia, Arjun Shanker Bhartia, Shamit Bhartia, Shyam Sunder Bhartia Family Trust, Hari Shanker Bhartia Family Trust
Directors: name: Shamit Bhartia; designation: Non-Executive Director; din: 00020623, name: Hemant Kumar Rupani; designation: Whole-time Director and Chief Executive Officer; din: 01798365
Key Management: name: Hemant Kumar Rupani; designation: Whole-time Director and Chief Executive Officer, name: Harsh Kumar Bhutani; designation: Chief Financial Officer, name: Pooja Bedi; designation: General Counsel, Company Secretary and Compliance Officer
Related Party Transactions: The DRHP includes related-party transactions with group/holding entities, including interim dividend paid to Hindustan Coca-Cola Overseas Holdings Pte. Ltd. and Bharat Coca-Cola Overseas Holdings Pte. Ltd. in FY2026.
Auditor Name: S. R. Batliboi & Co. LLP, Chartered Accountants
Auditor Observations Summary: Independent auditor report on the restated consolidated summary statements dated in connection with the DRHP; detailed qualifications/observations should be checked in the auditor report before publication.
Corporate Governance Notes: The DRHP identifies the IPO committee and board committees; detailed composition and independence disclosures require full governance-table review.
Litigation Summary: The DRHP states that 64 proceedings have been initiated against HCCB by designated authorities; materiality and current status should be reviewed from the litigation section.

11 documents

Exchange Filings: BSE, NSE
Sebi Filings: DRHP dated November 6, 2026; draft filing for proposed IPO.
Source Register: document: Hindustan Coca-Cola Holdings Limited DRHP dated 6 November 2026; uploaded filename: 1794477903359.pdf; pages reviewed: 1, 24, 82, 89, 103, 105, 172, 195, 220, 223, 242, 246, 249, 267, 268, 269, 270, 331, 332
Document Version: DRHP dated 6 November 2026
Research Version: 2.0
Last Researched At: 2026-11-15
Last Updated At: 2026-11-15
Change Log: date: 2026-11-15; change: Initial DRHP extraction for Hindustan Coca-Cola Holdings Limited.