Carlsberg India Eyes INR 30,000 Cr to INR 35,000 Cr Valuation in 2026 IPO The funds raised are expected to support capacity expansion, distribution growth, and marketing initiatives.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
A potential public listing of Carlsberg India is drawing attention from investors and industry observers as the Danish brewing group moves to strengthen its presence in one of its fastest-growing markets.
The Indian arm of Carlsberg Group is reportedly preparing for an initial public offering (IPO) in 2026, with an estimated valuation of INR 30,000 crore to INR 35,000 crore.
The planned IPO is expected to unlock value from India's expanding beer market, where Carlsberg India holds the number-two position with roughly 20% market share. It trails United Breweries, the maker of the Kingfisher brand, but has seen steady growth driven by rising urban consumption and a shift toward premium products.
The funds raised are expected to support capacity expansion, distribution growth, and marketing initiatives.
Market watchers are also focusing on potential ripple effects across the supply chain. One company attracting attention is Asgard Alcobev Ltd, a small-cap firm that recently pivoted from paper trading to contract brewing. Formerly known as Banganga Paper Industries, the company rebranded after acquiring a controlling stake of about 79% in CMJ Breweries, a brewing facility in Meghalaya.
The acquisition transformed Asgard into a contract manufacturer serving major beverage companies, including Carlsberg India and United Breweries. CMJ Breweries produces beer for the northeastern market, making it a key regional supplier.
Industry observers note that if Carlsberg India expands production following the IPO, demand for contract brewing could rise. Higher output would likely increase plant utilisation and revenue for suppliers such as Asgard Alcobev.
The shift from paper trading to contract brewing may also influence investor perception. Alcohol manufacturing businesses often command higher valuation multiples due to licensing barriers and stronger margins compared with traditional trading operations. With India's alcoholic beverage market estimated to grow at around 10% annually, companies linked to production and distribution could benefit from improved sentiment.
Asgard has also relocated its registered office to Shillong, closer to its brewing operations, signaling a strategic focus on the beverage sector. The relationship with multinational clients provides greater revenue visibility and operational stability in a market where consumption trends have remained resilient.
