Carlsberg India IPO

Strengths · 8

• 01Sales volume rose from 5,216.15 kHL in FY2024 to 5,880.62 kHL in FY2025 and 6,374.86 kHL in FY2026.
• 02Revenue grew at 14.6% a year from FY2024 to FY2026, against 9.5% for the industry, according to the CRISIL report.
• 03EBITDA rose from Rs 501.89 crore in FY2024 to Rs 813.25 crore in FY2026, and gross profit margin went from 47.18% to 50.03%.
• 04Premium and super-premium beers were 24.72% of beer net revenue in FY2026, up from 21.30% in FY2024.
• 05Its beer reaches about 80,000 of the roughly 100,000 licensed outlets in India, and sales teams directly serve over 45,000 outlets.
• 06Seven owned breweries give 5,461.00 kHL of annual capacity, and nine co-manufacturers add more supply.
• 07Operating activities brought in Rs 301.15 crore of cash in FY2026, and current borrowings were Rs 0.96 crore at 31 March 2026.
• 08Return on net worth was 24.87% in FY2026, against 17.61% in FY2024.

Risks · 10

• 01Tuborg Strong gave 72.60% of Gross Sales in FY2026 (76.54% in FY2024), so one beer drives most of the business.
• 02Seven states, led by Maharashtra, Rajasthan and Karnataka, gave 91.34% of Gross Sales in FY2026.
• 03Two unnamed customers gave 19.08% and 17.13% of Gross Sales in FY2026.
• 04The company depends on Carlsberg Group entities for parts of its business, including expansion, and the document lists this as its first risk.
• 05Revenue from operations fell from Rs 8,906.50 crore in FY2025 to Rs 8,708.79 crore in FY2026, and net worth fell from Rs 2,261.40 crore to Rs 2,149.31 crore.
• 06This is a pure offer for sale. The company receives nothing, and South Asian Breweries Pte. Ltd. sells up to 8,64,18,887 shares.
• 07Litigation against the company includes 41 tax matters, 4 criminal proceedings and 12 regulatory actions, with Rs 178.30 crore involved.
• 08A Registrar of Companies letter dated 25 May 2026 flagged alleged non-compliances. Eleven compounding and adjudication applications and one writ petition have followed.
• 09Top 10 suppliers of raw and packing materials made up 68.64% of purchases in FY2026.
• 10Beer sales were nil in one of 21 states and union territories in the quarter to 30 June 2026, because inter-state movement approval was not obtained.

Carlsberg India Limited is a beer company that sells internationally known brands in India. It has been in the country for about two decades and is part of the Carlsberg Group, which has a 178-year history in the global alcobev industry. Its brands include Carlsberg, Tuborg and Kronenbourg 1664. Beer made up more than 99% of its revenue from operations in FY2024, FY2025 and FY2026.

As of 30 June 2026, the company had a distribution network and direct presence in 17 states and four union territories. It also has an indirect presence in two more markets through royalty-based models. Its beer reaches about 80,000 of the roughly 100,000 licensed outlets in India, according to the CRISIL report. Its own sales teams directly serve over 45,000 outlets in FY2026.

In some states, beer is sold to state-owned corporations, which then supply retailers. Other states leave wholesale or retail to private players. This is why the company has no single national channel and depends on state rules for pricing and licences.

As of 30 June 2026, the company ran seven owned and active breweries with an installed capacity of 5,461.00 kHL for the year ended 31 March 2026. It also uses nine co-manufacturers across seven states and union territories. Sales volume was 6,374.86 kHL in FY2026, or 71.20 million cases. Premium and super-premium beers were 24.72% of net revenue from beer in FY2026, up from 21.30% in FY2024.

The company is promoted by Carlsberg A/S and South Asian Breweries Pte. Ltd. South Asian Breweries, with six nominees, is the only shareholder today. Nilesh Patel is the Managing Director and Amit Gandhi is the Chief Financial Officer.

The industry

According to the CRISIL report, India is the world's third largest alcohol market in FY2026. Beer was valued at about Rs 825 billion in FY2026, up from Rs 532 billion in FY2020. The beer market is expected to grow at 9.5% to 10.5% a year in value between FY2026 and FY2030. Beer is 33% to 35% of alcoholic beverage sales volume and is expected to be the fastest-growing category, at 6% to 7% a year in volume. The premium beer tier grew at 22.5% to 24.5% a year in volume between FY2022 and FY2026. Carlsberg India grew revenue at 14.6% a year from FY2024 to FY2026, against 9.5% for the industry.

Customer concentration: Top 2 unnamed customers gave 19.08% and 17.13% of FY2026 Gross Sales. Seven states gave 91.34% of Gross Sales.