Carlsberg India IPO

Carlsberg India Limited brews and sells beer in India. Production began at Paonta Sahib, Himachal Pradesh, in June 2007, and the company now runs seven owned breweries — Paonta Sahib, Alwar (Rajasthan), Chhatrapati Sambhajinagar (Maharashtra), Sangareddy (Telangana), Dharuhera (Haryana), Hooghly (West Bengal) and Mysuru (Karnataka) — alongside eight contract manufacturers. The portfolio is Tuborg Strong, Tuborg Green, Tuborg Classic with Scotch Malts, Carlsberg Smooth, Carlsberg Elephant and 1664. Strong beer above 5% ABV is roughly 80% of the Indian market, and Tuborg Strong is both the company's largest brand and the second-largest beer brand in the country. Across the states it sells in, which carry about 80% of industry volume, Carlsberg held 22% share at H1 2025 against the leader's 52%, up from 5% in 2011. Beer reaches drinkers through about 100,000 licensed outlets.

Volume earnings squeezed through a state-run gauntlet. At its October 2025 capital markets day Carlsberg showed that across its top eight states, state taxes take 55-65% of the shelf price and the brewer keeps only 16-31% of consumer price as net sales revenue, with pricing flexibility in just two of those eight. Some 62% of industry volume moves through government-controlled corporations and 24% through auctioned licences; consumer advertising is banned outright. Capacity is the binding constraint: volume grew 63% between 2017 and 2024 against a 20% capacity increase, owned capacity has been flat since 2018, and utilisation peaks near 90%. Revenue compounded 9% a year and volume 7% a year over 2017-2024.