Hindustan Coca-Cola Holdings IPO

The offer

Issue method	Book built issue
Total issue	Up to 99,74,61,456 shares
Issue type	Offer for sale only
Fresh issue	None
Offer for sale	Up to 99,74,61,456 shares
Total issue size	Depends on the price band
Face value	₹10 per share
Price band	Not announced (comes with the RHP)
Lot size	Not announced
IPO dates	Not announced

Shares & intermediaries

Proposed listing	BSE, NSE
Book running lead managers	Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, IIFL Capital Services Limited
Registrar	KFin Technologies Limited

Strengths · 7

• 01Revenue from operations was Rs 11,548.58 crore in FY2026, and the company calls itself the largest NARTD company operating only in India by revenue.
• 02It holds about 38.53% of Coca-Cola India Private Limited's concentrate sales, making it the largest bottler in the Coca-Cola system in India.
• 03Its 10 key states account for 45.41% of the Indian NARTD market in FY2026, and it sells 41 beverages across three categories.
• 04It runs 14 production facilities, which gives it a bottling network close to its territories.
• 05Net cash from operating activities was Rs 2,290.19 crore in FY2026 against profit after tax of Rs 1,165.05 crore.
• 06Total borrowings were nil on 31 March 2026 and 30 June 2026, down from Rs 595.00 crore on 31 March 2025.
• 07EBITDA excluding other income and exceptional items margin rose to 17.20% in the three months to 30 June 2026, from 14.48% a year earlier.

Risks · 10

• 01The business depends on TCCC, a promoter, through the TCCC Agreements. Termination or non-renewal of any of them could hurt the business.
• 02TCCC and its affiliates supply the concentrate and have sole discretion over its price and terms.
• 03Five territories gave 75.63% of FY2026 revenue from operations, so a local setback would matter.
• 04Revenue from operations fell from Rs 14,021.55 crore in FY2024 to Rs 11,548.58 crore in FY2026, and volume fell from 818.2 million unit cases to 690.9 million.
• 05FY2024 profit after tax of Rs 2,812.10 crore was far above the profit before tax of Rs 1,196.73 crore excluding exceptional items, so that year included large exceptional gains.
• 06The whole offer is a sale by HCCOH, so the company gets no money from it. HCCOH's weighted average cost of acquisition is Rs 10 per share.
• 07Subsidiaries face 605 tax proceedings, 16 criminal matters and 84 regulatory matters, with Rs 4,455.47 crore of quantifiable amounts against them.
• 08Proceedings against the promoters' subsidiaries involve Rs 25,903.97 crore of quantifiable amounts, including 12 tax proceedings and 7 regulatory matters.
• 09Seasonality and weather affect sales. The company says a shorter summer and heavy rain slowed the market in FY2026.
• 10The auditors included emphasis of matter paragraphs on the equity share capital reduction and on a change in accounting policy for returnable containers in FY2024.

Hindustan Coca-Cola Holdings Limited is the holding company of Hindustan Coca-Cola Beverages (HCCB). The company says it is the largest non-alcoholic ready-to-drink (NARTD) beverage company by revenue operating only in India for FY2026, and the largest Coca-Cola bottler in India. It holds about 38.53% of the concentrate sales of Coca-Cola India Private Limited in its territories.

It prepares, packages, distributes and sells beverages in three categories: Sparkling (carbonated soft drinks and energy drinks), Hydration (still water, sparkling water, flavoured and advanced hydration) and Stills, including juices. The brands are owned or licensed by The Coca-Cola Company (TCCC) and its affiliates, or owned by Monster Beverage Corporation. On 30 June 2026 the portfolio had 41 beverages, from small affordable packs to premium and multi-serve packs.

The company has exclusive territories under its TCCC agreements. These cover Kerala, Karnataka, Tamil Nadu, Goa and Odisha fully, and most of Andhra Pradesh, Telangana, Maharashtra, Madhya Pradesh and Gujarat, plus four Union Territories. It has one reportable segment, non-alcoholic beverages, and 14 production facilities, including Vijayawada, Khurda, Bhopal, Ameenpur, Chittoor, Goblej, Nemam, Pune, Wada, Bidadi, Goa and Lote.

Products reach consumers through traditional trade outlets such as wholesalers, kirana and paan shops, eating outlets and bars, and through modern trade such as big-box retailers, malls, QSRs, cinemas, rail operators and quick commerce platforms. The document says there is no concentration among top customers.

The promoters are TCCC, Hindustan Coca-Cola Overseas Holdings Pte. Ltd. (HCCOH), Jubilant Beverages Limited, Jubilant BevCo Limited, the Bhartia family members and two family trusts. HCCOH holds 60.00% and Jubilant Beverages Limited holds 40.00% of the company.

The industry

The Indian NARTD market was estimated at Rs 1,403.4 billion in FY2026, up from Rs 628.5 billion in FY2020, a CAGR of 14.33%, according to the TKC Report. Growth slowed in FY2026 because of a shorter summer and an extended monsoon. The market is expected to grow at a CAGR of 12.76% from FY2026 to FY2031 and reach Rs 2,558.2 billion. The company's 10 key states account for 45.41% of the Indian NARTD market in FY2026.

Customer concentration: The document says there is no concentration among top customers and no material dependence on a single or few customers.