Carlsberg India Advances IPO Plans as Khaitan and Co Advises Lead Managers on Multibillion-Rupee OFS — November 10, 2026
Danish brewing giant Carlsberg's domestic subsidiary, Carlsberg India Limited, has taken another concrete step toward listing on the Indian stock exchanges, with law firm Khaitan & Co acting as Indian legal counsel to the book-running lead managers for its proposed initial public offering (IPO).
The merchant bankers handling the mandate include Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, and J.P. Morgan India Private Limited. The Khaitan & Co team advising the lead managers was led by partners Aditya Cheriyan, Oishik Bagchi, and Priya Awasthi, supported by senior associates Ira Pandya and Reshmi Prabhakar, along with associates Ria Chaudhary, Mythri Murali, and Harshit Singh.
Issue Structure and Regulatory Milestones
Carlsberg India originally initiated its public listing process through the Securities and Exchange Board of India's (SEBI) confidential pre-filing mechanism in July 2026. Following observations issued by the capital markets regulator on October 1, 2026, the company submitted its updated draft red herring prospectus (DRHP) on October 27, 2026.
The proposed offering is structured entirely as an Offer for Sale (OFS) of up to 8.64 crore (86.42 million) equity shares with a face value of ₹1 each by promoter shareholder South Asian Breweries Pte. Ltd. Because the transaction contains no fresh issue of equity, Carlsberg India will receive no capital from the share sale; the entire net proceeds will go directly to the selling shareholder. The shares are proposed to be listed on both the BSE and the National Stock Exchange of India (NSE).
Operational Scale and Market Presence
Carlsberg India represents one of the leading alcoholic beverage players in India, holding an estimated 21.9% market share across 16 key states and union territories. The company's portfolio spans mainstream, strong, and super-premium categories, featuring flagship brands such as Carlsberg Elephant, Tuborg, and Kronenbourg 1664 Blanc.
As of June 2026, the brewer operated an extensive manufacturing and distribution footprint consisting of:
- Seven owned breweries situated across major Indian consumer hubs.
- Eight third-party contract manufacturing and bottling facilities.
- A distribution reach serving approximately 80,000 licensed retail outlets nationwide.
Financial Performance
Carlsberg India reported resilient profitability despite slight top-line moderation in the financial year ended March 31, 2026 (FY26).
Key figures from the draft prospectus show:
- Revenue from operations stood at ₹8,708.8 crore in FY26, compared to ₹8,901.8 crore in FY25.
- Profit after tax (PAT) rose 22% to ₹534.51 crore in FY26, up from ₹437.94 crore in FY25, delivering a PAT margin of 6.06%.
- Earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached ₹813.25 crore in FY26 compared to ₹682.55 crore in FY25.
- For the first quarter ended June 30, 2026, total income stood at ₹3,034.43 crore, generating a net profit of ₹158.23 crore and an EBITDA of ₹237.80 crore.
Context for Indian Investors
Carlsberg's proposed listing reflects a wider trend of global parent companies unlocking value by tapping vibrant liquidity in India's primary markets. Once listed, Carlsberg India will directly compete on public bourses with domestic alcobev peers, including United Breweries Limited, United Spirits Limited, Radico Khaitan, and Allied Blenders and Distillers. Pricing details and issue timelines will be finalised when the company files its Red Herring Prospectus with the Registrar of Companies closer to the launch date.
