Danish brewer Carlsberg is exploring an initial public offering (IPO) for its India business, as the company looks to unlock value from one of its fastest-growing global markets.
Chief Executive Officer Jacob Aarup-Andersen confirmed during an investor call that the company intends to explore a potential listing in India, though no final decision has been taken.
“We are today confirming the intention to explore an IPO in India,” Aarup-Andersen said, adding that the move remains exploratory and will proceed only if it creates adequate shareholder value.
Riding India’s premiumisation wave
The proposed listing comes amid rising competition in India’s premiumising beer market. Carlsberg reported high single-digit volume growth in India in 2025, supported by a strong fourth quarter and robust demand for premium offerings.
The maker of Tuborg has strengthened its market share across most states and continues to focus on mainstream and premium brands in select geographies.
India currently accounts for about six million hectolitres of sales for the group, representing roughly 5% of Carlsberg’s global volumes.
Full ownership and fresh investments
Carlsberg entered India in 2007 through a joint venture with Nepal-based Khetan Group. Following years of commercial disputes, the Danish brewer acquired full ownership of its India operations about two years ago.
Since then, the company has stepped up investments in capital expenditure, manufacturing expansion and sales and marketing. Last year, it signed a memorandum of understanding with the Ministry of Food Processing Industries to invest ₹1,250 crore over three years to expand its manufacturing footprint in key states.
Carlsberg India reported a 61% jump in net profit to ₹323 crore on 15% sales growth to ₹8,045 crore in FY24, according to the latest available data.
Valuation outlook
Executives indicated that the company may seek a valuation of around ₹30,000–35,000 crore for its India unit. Rival United Breweries, owned by Heineken, currently commands a market capitalisation of about ₹42,500 crore.
While United Breweries is roughly twice the size of Carlsberg in sales, its net profit is only about 25% higher, underscoring the Danish brewer’s focus on margin strength and premium positioning.
India’s growing strategic importance has also been highlighted by global brewers. Heineken CEO Dolf van den Brink recently described India as a critical frontier market with significant upside in both per capita consumption and absolute growth potential.
If Carlsberg proceeds with the IPO, it would mark one of the most significant listings in India’s alcoholic beverages sector in recent years, signalling the country’s rising prominence in the global beer industry.
