Carlsberg India's revenue dips 2% as sales volumes, market share rise

Mumbai: Carlsberg India's total income fell 2.3% year-on-year to ₹8,815 crore in FY26 even as its net profit rose 22.1% to ₹535 crore, surpassing market leader United Breweries' ₹413 crore.

The fall in revenue is seen as a setback for the Danish brewer's plans for a $700-million initial public offering (IPO) of its Indian business.

In its latest annual filings with the Registrar of Companies, the maker of Tuborg and Carlsberg said it continued to record healthy volume growth, alongside improvements in brand performance, working capital and investment.


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Carlsberg India's market share rose to 16.2% in FY26 from 14.6% a year earlier, according to its directors' report, which said it retained its position as India's third-largest brewer.

The company attributed the improvement in profit to strong volume growth but did not quantify the increase.

The financial results come as Carlsberg India transitions to a public company and prepares for the proposed IPO. The company was converted from a private limited company into a public limited company in May 2026, after the close of the financial year.