Mumbai, February 17, 2026: Danish beer maker Carlsberg is exploring the possibility of listing its Indian subsidiary on the stock market through an Initial Public Offering (IPO), according to CEO Jacob Aarup-Andersen.
CEO’s Statement
In a recent investor call, Aarup-Andersen confirmed that the company is assessing the potential benefits of an IPO for shareholders. However, he clarified that no final decision has been made yet. “This is just an early-stage discussion. If we decide to proceed with an IPO, we will share more details in due course,” he stated.
Why the IPO Matters
India is one of Carlsberg’s fastest-growing markets, and the company sees a strong opportunity to capitalize on the expanding beer industry, which has become increasingly competitive. Carlsberg reported high single-digit volume growth in India in 2025, with particularly strong performance in the fourth quarter, gaining market share in most states. The surge is attributed to growing demand for premium beer.
Company Background
Carlsberg entered India in 2007 through a partnership with Nepal’s Khetan Group. Following disputes with its partner, the Danish company acquired 100% ownership of Carlsberg India around two years ago. Since then, the company has focused on capital investment, sales, and marketing expansion. In FY 2023-24, Carlsberg India’s net profit rose 61% to ₹323 crore, while sales grew 15% to ₹8,045 crore.
Market Position and Competitors
Carlsberg India currently accounts for roughly 5% of the total beer market, equating to six million hectoliters. Its main competitor, United Breweries (UB), has double Carlsberg’s sales but only about 25% higher net profit. UB focuses on both mainstream and premium brands in select markets. Carlsberg values its Indian operations at approximately ₹30,000–35,000 crore, while UB’s market capitalization stands at ₹42,500 crore.
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