Carlsberg Considering Listing of India Business to Unlock Shareholders Value: Group CEO

Why It Matters

An India IPO could provide Carlsberg with fresh capital and a higher valuation while signaling strong confidence in the country’s premium beer segment, reshaping competitive dynamics. Investors will watch the decision closely as it may set a precedent for other global brewers seeking growth in emerging markets.

Key Takeaways

• Carlsberg exploring India IPO, no final decision yet
• Indian unit posted high single‑digit volume growth FY’25
• Market share rose across most Indian states
• Kronenbourg 1664 Blanc gaining premium market traction
• Tuborg volumes up 2% driven by India growth

Pulse Analysis

Carlsberg’s contemplation of an Indian listing underscores a broader strategic shift among multinational brewers toward capitalising on emerging market momentum. India’s beer consumption is projected to outpace many mature markets, driven by a youthful demographic and rising disposable incomes. By potentially spinning off its Indian subsidiary, Carlsberg could tap into local capital markets, reduce financing costs, and create a transparent valuation benchmark that reflects the unit’s robust growth trajectory.

The Indian arm’s performance metrics reinforce the rationale for an IPO. FY’25 saw high single‑digit volume growth, with Tuborg volumes rising 2% and Carlsberg Elephant strengthening its foothold. The launch of Kronenbourg 1664 Blanc marks a deliberate push into the premium segment, a space where consumers are increasingly willing to pay for differentiated taste profiles. This brand diversification, coupled with expanding market share across most states, positions Carlsberg to capture both mass‑market and upscale demand, challenging domestic rivals and global peers alike.

For investors, the prospect of an Indian listing offers a dual benefit: exposure to a high‑growth market and a clearer assessment of Carlsberg’s contribution from the region. Should the IPO proceed, it could unlock significant shareholder value, improve balance‑sheet flexibility, and set a precedent for other breweries eyeing similar routes. Even without a definitive decision, the signal alone may boost confidence in Carlsberg’s growth narrative and influence market sentiment across the broader alcoholic‑beverages sector.

Carlsberg considering listing of India business to unlock shareholders value: Group CEO

PTI · Last Updated: Feb 17 2026, 07:53 PM IST

Danish brewing giant Carlsberg is considering listing its India business, as it looks to unlock shareholder value in the country where it is witnessing strong growth, said its Group CEO Jacob Aarup‑Andersen.

Ending speculation, Andersen, during the investor call, revealed the company's listing plans; however, he added that no final decision has been made so far.

“We are today confirming the intention to explore an IPO in India. And we have not made any final decisions yet on that,” he said while replying to a query.

The company is exploring different options for increasing shareholder value, and that may potentially include an IPO of its business in India, he said.

However, he declined to divulge further details, saying:

“It also unfortunately restricts me from a legal perspective in terms of what I can say and not say around that. But … what I can say is that this exploration is driven by our aim to create shareholder value… So, we are assessing this on the back of assessing whether we can create shareholder value.”

The decision is “purely driven” from a shareholder‑value perspective, said Andersen.

“And the assessment we are doing right now is whether it will create adequate shareholder value. Beyond that, we cannot comment more around a potential IPO. If we do make a decision to go ahead, of course, we can be more specific,” he added.

The company, which operates in India with brands such as Tuborg, Carlsberg Elephant and others, had a high single‑digit volume growth following a strong end‑of‑the‑year performance, Andersen said in the earnings call for FY’25.

“If we look at the key markets in the region, we had another good year in India,” he said, adding that its Indian subsidiary strengthened its market share in most of the states.

It saw “very strong growth” for Carlsberg Elephant and continued solid growth for Tuborg Strong, its largest brand in India.

Carlsberg had last year launched Kronenbourg 1664 Blanc, the iconic French wheat beer, in the Indian market to expand its presence on the fast‑growing premium side.

“The brand has come off to a good start,” said Andersen.

In 2025, Tuborg volumes were up by 2 per cent, supported by growth in China and many markets, in particular India, Kazakhstan and Nepal, he said.