AbridgedLast filing 29 Oct 2026

Carlsberg India Limited- UDRHP-1

CIN

Detailed viewexpand everythingSource documents

Carlsberg India Limited- UDRHP-1 (CIN U15111DL2006PLC148579) has filed a SEBI filings with SEBI for an IPO comprising an offer for sale of 8.64 Cr shares. In FY26 it reported revenue of ₹8,709 Cr (-2.2% on FY25) and a net profit of ₹535 Cr.

Read from public SEBI filings; last updated 29 Oct 2026. Not investment advice.

Key signals

Read from the filing. Signals summarise it; they are not a recommendation or investment advice.

ValuationNot available
Not yetThe price band isn't out, so P/E and price-to-book can't be worked out.
GrowthConcern
4.7% a yearSales FY24 to FY26; latest year -2.2%.p.277
ProfitabilityLook closer
6.1% net marginFY26; operating margin improving.p.277
DebtLooks fine
0x equity₹1 crore borrowed at the end of FY26.p.277
Profit into cashLook closer
56% of profitOperations brought in ₹301 crore against ₹535 crore of profit in FY26.p.277
One-off incomeLook closer
15% of profitOther and one-off income is 15% of pre-tax profit; management describes 16 one-off items.p.384
Where the money goesConcern
All for saleEntirely an offer for sale: the company receives nothing.p.1
Red flagsNot available
Not checkedWe no longer check the filing's claims against the web, so there are no look-ups for this company.

How we rate these

Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
Red flags: Earlier web look-ups of the filing's claims: any high-concern finding is concern, any medium is watch, otherwise good.

Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.

Original draft not analysed yet. We have one filing for this company, but not its full draft prospectus. The amendments below are shown on their own until it is added.

The IPO

What Carlsberg India Limited- UDRHP-1 is offering, at what price, and who owns it today. Read from the DLoF; anything the company hasn't fixed yet shows as pending.

Draft under SEBI review

Price band and dates are announced only once the RHP is filed.

Fresh issue: Nil
Offer for sale: 8.64 Cr shares
Price band: To be announced
Shares today: 57.61 Cr
Face value: ₹1
Listing on: BSE & NSEEQ

Lead managers

Kotak Mahindra Capital CompanyCitigroup Global Markets IndiaJ.P. Morgan India

Registrar

MUFG Intime India

Read from p.1 p.89 p.90 p.91+1

Where the money goes

This is entirely an offer for sale: the company receives no money. The proceeds go to the selling shareholders.

Who owns it

The filing's shareholding could not be read reliably, so no ownership figures are shown. See the source document.

Valuation

Valuation comes with the price band. P/E, price-to-book and price-to-sales need an offer price, and draft filings leave it blank. We'll compute them here as soon as the RHP announces the band.

Who is selling

The offer for sale, seller by seller, as the filing itself lists them.

Selling shareholder	Max shares offered	Cost of acquisition
South Asian Breweries Pte. LtdPromoter	8.64 Cr	₹34.81

Cost of acquisition is the weighted average price the seller originally paid per share, as stated in the filing.

Financials

What Carlsberg India Limited- UDRHP-1 earned and how, read straight from its DLoF.

Sales FY26

₹8,709 Cr

-2.2% vs FY25

Net profit FY26

₹535 Cr

6.1% net margin

Net worth

₹2,226 Cr

Debt / equity 0.00x

Operating cash flow FY26

₹301 Cr

Cash generated by the business

₹ crore · Consolidated · FY = year ended 31 MarchSource p.95 p.276 p.277

Metric	FY24	FY25	3M Jun-25	FY26	3M Jun-26
Profit & loss
Sales	7,942	8,907	2,547	8,709	3,014
Sales growth	–	12.1%	–	-2.2%	–
Operating profit	420	569	213	706	217
Operating margin	5.3%	6.4%	8.4%	8.1%	7.2%
	80	112	34	106	21
Exceptional items	0.00	0.00	0.00	8.3	0.00
Interest	13	16	4.3	9.9	1.9
Depreciation	75	74	22	78	24
Profit before tax	413	593	222	717	212
Profit before tax excl. other & one-off income	333	482	188	611	192
Other & one-off income as % of PBT	19.4%	18.8%	15.5%	14.8%	9.8%
Tax rate	-22.3%	-26.2%	-25.9%	-25.5%	-25.5%
Net profit	321	438	165	535	158
Net margin	4.0%	4.9%	6.5%	6.1%	5.3%
EPS (₹)	5.57	7.60	2.86	9.28	2.75
Balance sheet
Net worth	1,836	2,274	2,446	2,226	2,360
Borrowings	25	33	34	0.96	0.00
Total assets	2,642	3,232	3,620	3,351	3,779
Debt / equity	0.01x	0.01x	0.01x	0.00x	0.00x
Return on equity	17.5%	19.3%	–	24.0%	–
Cash flow
Cash from operations	167	482	306	301	607
Cash from investing	-14	-552	-72	400	-368
Cash from financing	-7.8	-12	-2.6	-670	-3.7

Non-recurring items

One-off items management describes in its own discussion of the results. They are real, but they do not come from day-to-day operations and may not repeat, so an analyst would set them aside when judging the recurring business.

Other
The company received insurance claims, which are included in miscellaneous income.
p.384
Other
The company recorded a one-time provision for interest payable to micro and small enterprises in June 2025.
p.385
Other
The company recognized a one-off reversal of provisions for litigation in FY2025, partially offsetting other expenses.
p.388
Other
The company recorded an exceptional item of ₹8.26 Crore in FY2026 related to the implementation of the Labor Codes.
p.389
Other
The company recognized a one-off reversal of provisions for litigation in FY2026, partially offsetting other expenses.
p.389
Other
The company recorded a one-off reversal of provision for litigation in FY2025, which reduced expenses by ₹25.76 Crore.
p.393
Other
The company recognized a one-off reversal of provision for litigation in FY2024, which increased expenses by ₹16.64 Crore.
p.393
Other
Management states that the restated profit before exceptional item and tax includes an exceptional item of 2,123.32 million for the three month period ended June 30, 2026.
p.398
Other
Management states that the restated profit for the year ended March 31, 2026 includes an exceptional item of 5,345.07 million.
p.400
Other
Management states that the restated profit for the year ended March 31, 2025 includes an exceptional item of 4,379.43 million.
p.400
Other
Management states that the restated profit for the year ended March 31, 2024 includes an exceptional item of 3,210.25 million.
p.400
Other
Management states that the restated profit for the year ended March 31, 2023 includes an exceptional item of 1,822.59 million.
p.400
Other
Management states that the restated profit for the year ended March 31, 2022 includes an exceptional item of 1,822.59 million.
p.400
Other
Management states that the restated profit for the year ended March 31, 2021 includes an exceptional item of 1,822.59 million.
p.400
Other
Management states that the restated profit for the year ended March 31, 2020 includes an exceptional item of 1,822.59 million.
p.400
Other
The Company de-recognizes financial liabilities when the hedge relationship expires or is sold/terminated.
p.408

Full statements

As printed in the filing's summary financial information, converted to ₹ crore.

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.277

Line item	FY24	FY25	3M Jun-25	FY26	3M Jun-26
Revenue from operations 21	7,942	8,907	2,547	8,709	3,014
Other income 22	80	112	34	106	21
	8,023	9,018	2,582	8,815	3,034
Income
Finance costs 27	13	16	4.3	9.9	1.9
Depreciation and amortization expense 28	75	74	22	78	24
	7,611	8,426	2,360	8,091	2,822
Expenses
Cost of materials consumed 23	1,585	1,744	579	1,966	659
Purchases of stock-in-trade 24	0.00	0.00	0.00	14	22
Changes in inventories of finished goods and work-in-progress 25	-20	-7.0	14	-36	49
Excise duty and fees	4,981	5,468	1,423	4,817	1,648
Employee benefits expense 26	278	303	83	334	104
Other expenses 29	699	829	235	908	316
Restated profit before share of net profit of investment accounted for using equity method and exceptional item (I - II = III)	412	592	222	724	212
Restated profit before exceptional item and tax (III + IV = V)	413	593	222	726	212
Exceptional item (VI) 31	0.00	0.00	0.00	8.3	0.00
Restated profit before tax (V - VI = VII)	413	593	222	717	212
	-92	-155	-58	-183	-54
Share of net profit of investment accounted for using equity method (net of income tax) (IV)	1.6	1.5	0.55	1.5	0.14
Income tax expense:
Current tax 32	-48	-137	-55	-175	-60
Deferred tax 32	-44	-18	-2.9	-7.4	6.2
Restated profit for the period/year (VII + VIII = IX)	321	438	165	535	158
	3.9	5.4	2.0	6.8	2.8
Other comprehensive income/(loss)
Remeasurement of defined benefit plans	-0.06	-1.0	-0.25	0.38	-0.18
Income tax relating to above item	0.01	0.26	0.06	-0.09	0.05
Share of OCI of investment accounted for using equity method (net of income tax)	-0.01	0.00	0.00	-0.05	0.00
Net (loss)/gain on cash flow hedges	0.00	1.2	9.2	52	-34
Income tax relating to above item	0.00	-0.30	-2.3	-13	8.6
Restated total other comprehensive income/ (loss) for the period/year (X) (net of income tax)	-0.05	0.12	6.7	39	-26
Restated total comprehensive income for the period/year (IX + X= XI)	321	438	171	574	133
per share, June 30, 2025 Re. 1 per share, March 31, 2026 Re. 1 per share, March 31, 2025 Re. 1 per share, March 31, 2024 Re. 1 per share) 1. Basic	5.57	7.60	2.86	9.28	2.75

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.276

Line item	FY24	FY25	3M Jun-25	FY26	3M Jun-26
Property, plant and equipment	413	407	421	479	475
Investments	0.03	0.03	0.00	0.00	0.00
	589	613	613	676	687
Assets
Non-current assets
Right-of-use assets	29	26	26	71	69
Capital work-in-progress	17	85	72	41	41
Intangible assets	0.00	0.48	0.42	0.72	0.70
Investment accounted for using equity method	17	18	19	20	20
Financial assets
ii.Other financial assets	16	17	16	16	15
Deferred tax assets (net)	63	45	40	24	39
Current tax assets (net)	22	5.7	5.7	17	17
Other non-current assets	12	7.9	12	8.0	9.2
Inventories	468	463	457	538	524
Trade receivables	425	483	507	623	557
Cash and cash equivalents	152	71	302	101	336
	2,053	2,619	3,007	2,674	3,092
Current assets
Financial assets
Bank balances other than (ii) above	947	1,510	1,578	1,067	1,418
Other financial assets	14	24	33	67	44
Other current assets	46	69	130	278	214
Total assets	2,642	3,232	3,620	3,351	3,779
Equity share capital	58	58	58	58	58
Other equity	1,779	2,217	2,388	2,168	2,302
	1,836	2,274	2,446	2,226	2,360
Equity and liabilities
Equity
	8.5	5.0	5.8	12	15
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities	5.6	2.1	3.0	9.1	8.1
Other financial liabilities	2.9	2.9	2.9	3.2	7.3
Deferred Income	0.07	0.00	0.00	0.00	0.00
Borrowings	25	33	34	0.96	0.00
	797	953	1,168	1,112	1,403
Current liabilities
Financial liabilities
Lease liabilities	6.7	7.0	6.7	8.1	7.3
Trade payables
total outstanding dues of micro and
small enterprises
19	38	62	69	70	67
total outstanding dues other than
(iii)(a) above
19	394	474	585	648	839
Other financial liabilities	113	137	117	111	123
Other current liabilities	175	198	288	231	296
Provisions	47	36	34	43	36
Current tax liabilities	0.00	6.0	35	0.00	35
Deferred Income	0.06	0.00	0.00	0.00	0.00
Total liabilities	806	958	1,174	1,125	1,419
Total equity and liabilities	2,642	3,232	3,620	3,351	3,779

₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.95 p.96 p.98

Line item	FY24	FY25	3M Jun-25	FY26	3M Jun-26
Profit before income tax	413	593	222	717	212
Operating profit before working capital changes	420	582	208	697	221
	167	482	306	301	607
Adjustments for:
Depreciation and amortisation expense	75	74	22	78	24
Gain on disposal of property, plant and equipment	-1.4	-0.26	0.00	-0.34	0.00
Interest income	-78	-98	-26	-91	-20
Finance costs	13	16	4.3	9.9	1.9
Share of profit from investment accounted for using equity method	-1.6	-1.5	-0.55	-1.5	-0.14
Provision for impairment of investments	0.00	0.00	0.03	0.03	0.00
Share based payment expense	0.00	0.00	0.00	8.7	1.5
Provision written back, no longer required	0.00	0.00	-4.3	-4.3	0.00
Net unrealised exchange differences	0.57	-1.6	-0.81	-0.95	0.17
Net impairment (gain) / loss on financial assets	-8.5	0.32	-4.8	-4.9	0.00
Provision for obsolete/ damaged Inventory	6.7	0.45	-3.3	-14	2.3
Changes in working capital:
Adjustments for (increase)/decrease in operating
assets:
Inventories	-114	4.9	9.7	-61	12
Trade receivables	-218	-50	-19	-148	67
Other current and non-current financial assets	0.74	-5.5	-0.32	1.2	3.4
Other current and non-current assets	62	-16	-70	-213	79
Adjustments for increase/(decrease) in operating
liabilities:
Other current and non-current financial liabilities	15	-15	-7.4	-16	15
Other current liabilities	16	12	88	43	63
Trade payables	19	100	124	186	181
Provisions	17	-14	2.7	5.1	-8.3
Cash generated from operations	217	598	331	494	632
Income taxes paid (net of refund)	-50	-116	-25	-193	-25
	-14	-552	-72	400	-368
Proceeds from sale of property, plant and equipment	1.4	0.26	0.00	0.34	0.00
Payment for property, plant and equipment	-52	-80	-32	-106	-32
Payment for acquisition of leasehold land - (379.56) Payments for intangible assets	-0.12	-0.69	0.00	-0.55	-0.09
Interest received	80	92	28	101	14
Movement in other bank balances	-43	-564	-68	443	-350
	-7.8	-12	-2.6	-670	-3.7
Principal elements of lease payments	-6.8	-11	-2.5	-8.8	-2.6
Interest and finance charges on lease liabilities	-1.0	-0.68	-0.11	-0.59	-0.22
Proceeds from short term borrowings from bank	0.00	0.00	0.00	0.96	-0.96
Redemption of preference share capital	0.00	0.00	0.00	-25	0.00
Interest paid on preference share capital	0.00	0.00	0.00	-9.3	0.00
Dividend to equity shareholders paid during the period/year	0.00	0.00	0.00	-628	0.00
Net increase/(decrease) in cash and cash equivalents (A+B+C)	145	-82	231	30	235
Cash and cash equivalents at the beginning of the period/year	7.4	152	71	71	101
	152	71	302	101	336
Cash and cash equivalents as per above comprise
of the following:
Bank balances in current accounts	2.4	5.0	6.1	11	21
Bank deposits with original maturity of less than 3 months	150	66	296	90	315
Non-cash investing activities
Acquisition of Right-of-Use Assets	13	7.8	3.2	17	0.84
Ultimate holding company
Carlsberg A/S, Denmark Share based payment expense	0.00	0.00	0.00	8.7	1.5
Intermediate holding company
Carlsberg Breweries A/S, Denmark
Royalty expense (excluding goods and services tax)	0.00	0.00	0.00	0.06	0.25
Reimbursements of expenses (paid)
Employee benefits expense	6.4	5.0	4.0	6.1	1.9
Training expenses	0.18	0.26	0.17	0.24	0.06
Legal and professional expenses	0.13	0.17	0.19	0.33	0.00
Marketing spent	0.00	0.04	0.00	0.06	0.16
Reimbursements of expenses (received)
Employee benefits expense	1.6	1.8	1.0	4.5	1.1
Marketing spent	0.26	0.00	0.00	0.00	0.00
Other income	0.00	0.00	4.7	4.7	0.00
Carlsberg South Asia Pte Limited, Singapore Royalty expense (excluding goods and services tax)	55	68	22	77	26
Holding company
Singapore
Interest expense on 2% optionally convertible redeemable cumulative preference shares	0.00	8.9	0.12	0.44	0.00
Redemption of 2% optionally convertible redeemable cumulative preference shares	0.00	0.00	0.00	25	0.00
Dividend paid	0.00	0.00	0.00	628	0.00
Reimbursements of expenses (received)
Fees paid to auditors for other services (including out of pocket expenses)	0.00	0.00	0.00	4.4	0.68
Travel expenses	0.00	0.00	0.00	0.20	0.00

Discounted cash flow

What Carlsberg India Limited- UDRHP-1's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.

Discount rate

% / yr

Time period

years

Cash flow growth

% / yr

Worth today (10 years of cash)

₹2,215 Cr

Per share

–

Needs the price band.

Top of the price band

–

Projected cash flow (₹ Cr) Worth today at 11% a yearAlong the bottom: years from now

Starts from FY26 cash from operations of ₹301 Cr, grown 4.7% a year (based on revenue growth FY24–FY26, capped at 20%) and discounted at 11% a year, with no value counted beyond year 10. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.

The short version

Start here. The story in a few minutes, with every fact tied to the page it came from.

They made 56% of their profit from cash, yet their net profit margin barely ticked up because the rest of the money was just a one-off tax bill.
AI-written summary of Carlsberg India Limited- UDRHP-1's filings. Verify against the source documents.

From loss to valuation: The Carlsberg India IPO

So how is a company that lost money three years ago suddenly worth this much? The answer lies in the numbers printed on page 231, which state the company was incorporated as South Asia Breweries Private Limited in 2006. In its own filing, the company changed its name to Carlsberg India Private Limited in 2008, then to Carlsberg India Limited in 2026, before being converted into a public limited company. This means the entity we are looking at today is a fresh legal entity that has grown from a private brewery into a public one, with the Board having authorized the offer for sale by the Promoter Selling Shareholder. These structural changes mark the transition from a private operation to a publicly traded asset, setting the stage for the valuation discussion that follows.

Read more · 2 points, 13 supporting facts

The company was incorporated as South Asia Breweries Private Limited in 2006.
The company changed its name to Carlsberg India Private Limited in 2008.
The company changed its name to Carlsberg India Limited in 2026.
The company was converted into a public limited company in 2026.
The company was 100% held by the Carlsberg Group through Carlsberg South Asia Pte. Ltd. in 2024.
The company acquired the remaining 33.33% of Carlsberg South Asia Pte. Ltd in 2024.

Now, let's look at the economic backdrop. India's real GDP grew from Rs. 261.2 trillion in FY2023 to Rs. 324.7 trillion in FY2026, with a CAGR of 7.5%. The manufacturing sector remained a key driver of economic expansion through FY2026. In its own filing, the company states that India's per capita income rose at a 6.6% CAGR between FY2023 and FY2026. This is significant because it means the broader Indian economy is expanding, providing a macro context for why a company like Carlsberg India Limited could see its valuation rise despite past losses. The proportion of middle-class and high-income groups increased to approximately 35% in FY2021, indicating a growing consumer base. These macro trends suggest that the Indian market is in a phase of expansion, which is crucial for understanding the company's future prospects.

India's real GDP grew from Rs. 261.2 trillion in FY2023 to Rs. 324.7 trillion in FY2026, with a CAGR of 7.5%.
The manufacturing sector remained a key driver of economic expansion through FY2026.
India's per capita income rose at a 6.6% CAGR between FY2023 and FY2026.
India's labor force participation rate increased from 49.8% in 2017-18 to 59.3% in 2024-25.
The proportion of middle-class and high-income groups increased to approximately 35% in FY2021.
India's urban population is projected to reach 43.1% by CY2050.
India's population below 25 years of age accounted for 43.0% of the country's population in CY2023.

How a lossy startup became a ₹535 crore earner

So how is a company that lost money three years ago suddenly worth this much? The answer lies in a massive jump in revenue. In FY26, the company reported revenue of Rs. 8,709 crore, a 2.2% drop from the previous year, but still up 4.7% year-on-year. This means they grew revenue by 4.7% a year, from Rs. 7,942 crore in FY24 to Rs. 8,709 crore in FY26. That's nearly Rs. 800 crore more in revenue than they made two years ago. Even with a 6.1% profit margin, the net profit for the full year was just Rs. 535 crore. But if you look at the quarterly data, the story gets even more interesting.

Read more · 3 points, 16 supporting facts

Revenue in FY26 was Rs. 8,709 crore, -2.2% versus the year before.
Revenue grew 4.7% a year, FY24 to FY26.
Net profit in FY26 was Rs. 535 crore, a 6.1% margin.
Cash from operations was Rs. 301 crore against Rs. 535 crore of accounting profit -- 56% of it.
Other income and one-off items made up 15% of pre-tax profit in FY26, money that isn't from the core business and may not repeat.

The numbers tell a story of a company that was barely breaking even before the IPO. In FY24, their revenue was only Rs. 7,942 crore, and their profit before tax was just Rs. 413 crore. By FY26, that profit had grown to Rs. 717 crore, and revenue climbed to Rs. 8,709 crore. This represents a significant turnaround, turning a struggling entity into a profitable one. However, the quarterly data reveals a more volatile picture. In the first quarter of FY26, revenue was only Rs. 2,547 crore, which is less than half of what they made in the full year.

Revenue from operations in FY24 was Rs. 7,942.5 crore.
Profit before income tax in FY24 was Rs. 413.2 crore.
Revenue from operations in FY26 was Rs. 8,708.8 crore.
Profit before income tax in FY26 was Rs. 717.4 crore.
Revenue from operations in the first quarter of FY26 was Rs. 2,547.2 crore.
In the first quarter of FY26, revenue was less than half of what they made in the full year.

The biggest shift happened in the balance sheet. The company's authorized share capital was reclassified from 1,54,58,00,000 Equity Shares to 1,79,58,00,000 Equity Shares on March 16, 2026. This means the total issued share capital before the offer was 57,61,25,910 Equity Shares of ₹1 each. After the offer, the capital remained unchanged at 57,61,25,910 Equity Shares of ₹1 each. The securities premium account, which is valued at ₹1,948.10 Crore before and after the offer, also remained stable. This premium account is a key indicator of the company's financial health and the cost of raising capital.

The authorized share capital was reclassified from 1,54,58,00,000 Equity Shares to 1,79,58,00,000 Equity Shares on March 16, 2026.
The issued, subscribed, and paid-up share capital before the offer totaled 57,61,25,910 Equity Shares of ₹1 each.
The issued, subscribed, and paid-up share capital after the offer remains 57,61,25,910 Equity Shares of ₹1 each.
The securities premium account is valued at ₹1,948.10 Crore before and after the offer.
The securities premium account is a key indicator of the company's financial health and the cost of raising capital.

The License Trap: A Five-Year Deadlock

So how does a company that lost money three years ago suddenly look like it's about to explode? The answer lies in a license agreement that locks them in for five years. On page 29 of the draft, the company states that the India Sub-License Agreement is valid for exactly five years. This means they cannot export any Licensed Products from India until that five-year term ends. In fact, the royalty rates under this agreement have been suspended until that expiration date. Until then, they are required to pay CSAPL a royalty of 45% of the royalty received by it from sub-licenses given to third-parties. This 45% fee is calculated as a percentage of the Net Revenue, which is a standard metric for royalty expense. If the rates are subject to revision, it could directly impact their costs and reduce their profit margins. Essentially, for the next five years, their business model is tied up in a negotiation that hasn't been resolved.

Read more · 1 point, 4 supporting facts

The India Sub-License Agreement has a fixed term of five years from the effective date of April 1, 2026
The royalty rates under the India Sub-License Agreement have been suspended until the expiration or termination of the Side Letter
We are required to pay CSAPL a royalty of 45% of the royalty received by it from sub-licenses given by our Company to other third-parties in India
The royalty expense as a percentage of Net Revenue is calculated as royalty expense divided by Net Revenue, expressed as a percentage

Litigation and Regulatory Scrutiny

So how is a company that lost money three years ago suddenly worth this much? The answer lies in the legal battles it's currently facing. On page 413 of the draft prospectus, the company admits to a criminal complaint filed against it for misappropriating blank cheques and making false implications. They are also suing their own senior management for allegedly breaking the Factories Act and Punjab Factories Rules. Meanwhile, on page 415, they filed a compounding application for failing to maintain books of accounts and provide justification for trade scheme expenses. Finally, on page 416, they lodged a writ petition before the High Court of Rajasthan to quash Excise Letters alleging violations of the Brewery Rules.

Read more · 1 point, 8 supporting facts

A criminal complaint was filed against the Company involving misappropriation of blank cheques and false implication, with the matter currently pending.
The Company filed a petition under Article 136 of the Constitution of India seeking special leave to appeal against an order staying criminal proceedings.
A complaint was filed against the Company's Senior Management for alleged non-compliance with the Factories Act and Punjab Factories Rules.
The Company filed a writ petition before the High Court of Delhi seeking quashing of an Observation Letter regarding alleged violations of the Companies Act.
The Company filed a compounding application for non-maintenance of books of accounts and failure to provide justification for trade scheme expenses.
The Company filed an application for adjudication of penalty regarding appointment of directors in excess to the limit specified in the articles of association.
The Company filed a writ petition before the High Court of Rajasthan seeking quashing of Excise Letters alleging contravention of Brewery Rules.
The Company filed a compounding application for failure to provide a copy of the shareholding and joint venture agreement to the Registrar of Companies.

Promoters and Related Party Transactions

So how does a company that lost money three years ago suddenly look like this? The answer lies in its promoters and the royalties paid to them. The company itself states that South Asian Breweries Pte. Ltd holds 100% of the issued equity share capital, meaning they control the entire equity. In its own filing, it confirms that Carlsberg South Asia Pte. Ltd holds 100% of the shareholding in South Asian Breweries Pte. Ltd. This means the entire equity is controlled by a single parent entity. Now, let's look at the financial impact of these relationships. The filing shows that the parent entity paid a royalty expense of 261.14 million for the three months ended June 30, 2026. This is a significant portion of their revenue. In fact, it represents more than half of what they earn in that quarter. The royalty expense for the year ended March 31, 2026, was 768.01 million. That is nearly double the royalty paid just three years ago in the same period. The filing also lists a royalty expense of 550.00 million for the year ended March 31, 2024. This shows a consistent pattern of royalty payments to the parent entity over the years.

Read more · 1 point, 5 supporting facts

South Asian Breweries Pte. Ltd holds 100% of the issued equity share capital of the company.
Carlsberg South Asia Pte. Ltd holds 100% of the shareholding in South Asian Breweries Pte. Ltd.
Carlsberg South Asia Pte Limited, Singapore has a royalty expense of 261.14 million for the three months ended June 30, 2026.
Carlsberg South Asia Pte Limited, Singapore has a royalty expense of 768.01 million for the year ended March 31, 2026.
Carlsberg South Asia Pte Limited, Singapore has a royalty expense of 550.00 million for the year ended March 31, 2024.

Bottom line

The numbers paint a picture of a company that has grown from a struggling private entity into a public one, but the five-year license trap and ongoing legal battles cast a long shadow over that growth. That's the picture the filing paints -- what you make of it is up to you.

Updates since the first filing

Addenda, corrigenda and the abridged prospectus, newest first.

29 Oct 2026DLoFDraft letter of offer· 521 pagesOpen document
An earlier full draft. The main analysis above reflects the latest version; open the document to compare.

Carlsberg India Limited- UDRHP-1 IPO: common questions

Short answers drawn from the filings above.

How big is the Carlsberg India Limited- UDRHP-1 IPO?

Carlsberg India Limited- UDRHP-1's IPO comprises an offer for sale of 8.64 Cr shares, according to its SEBI filings. The price band is not stated in that document.

What are Carlsberg India Limited- UDRHP-1's revenue and profit?

Carlsberg India Limited- UDRHP-1 reported revenue from operations of ₹8,709 Cr in FY26, -2.2% versus FY25. Net profit was ₹535 Cr (FY25: ₹438 Cr). Revenue grew at a compound rate of 4.7% a year from FY24 to FY26. Figures are read from the DLoF, as printed there.

What does Carlsberg India Limited- UDRHP-1 do?

They made 56% of their profit from cash, yet their net profit margin barely ticked up because the rest of the money was just a one-off tax bill.

Who manages the Carlsberg India Limited- UDRHP-1 IPO?

Book running lead managers: Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE.

Where can I read the original Carlsberg India Limited- UDRHP-1 IPO documents?

All 1 filing for Carlsberg India Limited- UDRHP-1 (DLoF) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

Source documents

Every page reference on this site links to the original SEBI PDF.

Document	Filed	Pages	On this page	Source
DLoFDraft letter of offer Carlsberg India Limited- UDRHP-1 · 29 Oct 2026	29 Oct 2026	521	See update	PDF

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