Zerodha CEO Nithin Kamath spots worrying trend from a recent earnings call

Nithin Kamath, co-founder and CEO of Zerodha, raised alarm over rising soft drink consumption in India, citing recent earnings commentary from beverage major Coca-Cola. In a post on X (formerly Twitter) on Thursday, Kamath said the trend is especially concerning given India’s position as the epicentre of the global diabetes crisis.

"Here's something worrying from a recent earnings call of a beverage maker: Indian's are consuming more soft drinks than ever. Even Indian companies have said something similar. Remember, India is at the epicentre of the global diabetes epidemic," Kamath wrote.



The Zerodha CEO attached a screenshot from Coca-Cola’s Q1 2025 earnings call, which detailed robust growth in India.

“In India, we had strong volume growth across our portfolio of global and local brands. Our system added nearly 350,000 outlets and increased household penetration. Also, our system increased cooler placement and added approximately 100,000 customers to its digital customer platforms,” the company said.

India a key growth driver for Coca-Cola

Coca-Cola reported double-digit volume growth in India for the quarter ended March 2025, driven by its flagship Coca-Cola brand and regional favourite Thums Up.

“In India, trademark Coca-Cola and Thums Up, a cherished regional brand, are fuelling consumers and contributing to double-digit volume growth for the market in the first quarter,” the company said in its earnings commentary.

India is currently the fifth largest market for the Atlanta-based beverage giant.

The health cost of rising consumption

Kamath’s concern about surging soft drink consumption is tied to India’s growing diabetes burden. In the same post, he resurfaced an earlier warning he had issued in 2024.

“Diabetes is a ticking time bomb for India. We have the largest number of people with diabetes in the world,” he wrote last year.

He pointed to a 2024 study that estimated 21 crore Indians are currently living with diabetes. “If you're a 20-year-old woman living in a city today, you have a 64.6% chance of developing diabetes during your lifetime. If you're a young man, your risk is also quite high at 55.5%,” Kamath said.

He highlighted the lack of awareness and treatment among diabetics in India. “About 27.5% of people with diabetes don't even know they have it. Even if they do know, very few people get treatment.”

With less than 20% of Indians having health insurance, Kamath warned that the out-of-pocket expenses are a major financial burden for low-income households. “What makes this a serious crisis is that less than 20% of Indians have health insurance,” he noted.

Call for systemic action

Kamath stressed that India’s diabetes crisis needs a multi-pronged solution. “There's no magic bullet to solve this issue. We need multiple approaches, from public awareness campaigns, insurance coverage for the poor and vulnerable, to introducing early detection programs,” he said.

Even simple lifestyle changes can be effective, he added. “Simple lifestyle changes, like adding a few extra minutes of exercise each day or reducing time spent sitting, can make a big difference.”

Kamath said Zerodha has been supporting startups working on health and wellness, but emphasised that tackling diabetes will require coordinated action from individuals, businesses, and the government.

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