New Delhi: Carlsberg India recorded strong volume growth in the first half of 2026, with volumes rising in the mid-teens percentage range, driven by its flagship Carlsberg and Tuborg beer brands. The company’s growth accelerated in the April-June quarter, with performance in Q2 stronger than in Q1, according to Carlsberg Group CEO Jacob Aarup-Andersen during the company’s H1 2026 earnings call.
Carlsberg’s premium French wheat beer 1664 Blanc also delivered strong growth in India during the first half, albeit from a relatively low base. Launched in the Indian market in 2024, the brand has continued to expand its distribution network, supporting its growth in the country’s premium beer segment.
The strong performance comes as Carlsberg India advances plans for a proposed initial public offering (IPO). In July 2026, the Indian arm of Danish brewing major Carlsberg Group confidentially filed IPO papers with the Securities and Exchange Board of India (SEBI). The company subsequently pre-filed its Draft Red Herring Prospectus (DRHP) with Indian authorities, bringing the planned listing a step closer.
Commenting on the IPO, Aarup-Andersen said the work on the proposed listing is continuing but declined to provide further details on Carlsberg India’s performance or the IPO process following the DRHP pre-filing.
→ Bira 91 Revival Plan Anicut-Led Board Offers to Buy Out Key Investors→ AB InBev Plans Smaller Packs, Protein Beers and Non-Beer Drinks to Adapt to Changing Consumer Preferences
India is part of Carlsberg’s Central & Eastern Europe and India (CEE & India) reporting segment, which recorded 6.2% organic volume growth in H1 2026. Beer volumes in the segment increased 1.1%, primarily supported by strong growth in India and Nepal, which partly offset weaker volumes in Ukraine.
Revenue per hectolitre in the CEE & India region increased 3% organically, supported by price increases and a favourable product mix. This helped drive 9.2% organic revenue growth for the segment. However, reported revenue growth was limited to 5.7% due to adverse currency movements, particularly involving the Indian rupee and Ukrainian hryvnia.
The segment’s organic operating profit increased 7.8%, supported by stronger revenue and favourable year-on-year comparisons. Operating margin, however, declined by 40 basis points, partly due to the impact of Carlsberg’s PepsiCo business in Kazakhstan, which remains unprofitable in 2026.
Carlsberg also reported strong momentum in Nepal, where beer volumes grew in the mid-teens, supported by the local Gorkha brand as well as Tuborg and Carlsberg.
At the group level, Carlsberg reported first-half 2026 revenue of DKK 47.1 billion, representing 2.7% organic growth. The increase was supported by a 1.7% rise in volumes and a 1% improvement in revenue per hectolitre.
With sustained double-digit volume growth in India, strong performance from Carlsberg and Tuborg, rising momentum for 1664 Blanc and the ongoing IPO process, Carlsberg India continues to strengthen its position in India’s rapidly evolving beer market.
About the Author
