# Carlsberg India Limited- UDRHP-1: IPO analysis > 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. - Page: https://ipo.innerkore.com/in/company/U15111DL2006PLC148579/carlsberg-india-limited-udrhp-1/ - CIN: U15111DL2006PLC148579 - Last updated: 29 Oct 2026 ## Key facts - **Company:** Carlsberg India Limited- UDRHP-1 - **CIN:** U15111DL2006PLC148579 - **Filing stage:** Amendments only - **Latest SEBI filing:** 29 Oct 2026 - **Offer for sale:** 8,64,18,887 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹8,709 Cr - **Revenue growth:** -2.2% - **Net profit FY26:** ₹535 Cr - **Revenue CAGR FY24 to FY26:** 4.7% - **Lead managers:** Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited - **Registrar:** MUFG Intime India Private Limited ## Key signals (read from the filing; not investment advice) - **Growth** (concern): 4.7% a year. Sales FY24 to FY26; latest year -2.2%. - **Profitability** (look closer): 6.1% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0x equity. ₹1 crore borrowed at the end of FY26. - **Profit into cash** (look closer): 56% of profit. Operations brought in ₹301 crore against ₹535 crore of profit in FY26. - **One-off income** (look closer): 15% of profit. Other and one-off income is 15% of pre-tax profit; management describes 16 one-off items. - **Where the money goes** (concern): All for sale. Entirely an offer for sale: the company receives nothing. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | 3M Jun-25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:|---:| | 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% | | Net profit | 321 | 438 | 165 | 535 | 158 | | Net margin | 4.0% | 4.9% | 6.5% | 6.1% | 5.3% | | Net worth | 1,836 | 2,274 | 2,446 | 2,226 | 2,360 | | Borrowings | 25 | 33 | 34 | 0.96 | 0.00 | | Return on equity | 17.5% | 19.3% | – | 24.0% | – | ## Non-recurring items (as described by management) - The company received insurance claims, which are included in miscellaneous income. (p.384) - The company recorded a one-time provision for interest payable to micro and small enterprises in June 2025. (p.385) - The company recognized a one-off reversal of provisions for litigation in FY2025, partially offsetting other expenses. (p.388) - The company recorded an exceptional item of ₹8.26 Crore in FY2026 related to the implementation of the Labor Codes. (p.389) - The company recognized a one-off reversal of provisions for litigation in FY2026, partially offsetting other expenses. (p.389) - The company recorded a one-off reversal of provision for litigation in FY2025, which reduced expenses by ₹25.76 Crore. (p.393) - The company recognized a one-off reversal of provision for litigation in FY2024, which increased expenses by ₹16.64 Crore. (p.393) - 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) - Management states that the restated profit for the year ended March 31, 2026 includes an exceptional item of 5,345.07 million. (p.400) - Management states that the restated profit for the year ended March 31, 2025 includes an exceptional item of 4,379.43 million. (p.400) - Management states that the restated profit for the year ended March 31, 2024 includes an exceptional item of 3,210.25 million. (p.400) - Management states that the restated profit for the year ended March 31, 2023 includes an exceptional item of 1,822.59 million. (p.400) - Management states that the restated profit for the year ended March 31, 2022 includes an exceptional item of 1,822.59 million. (p.400) - Management states that the restated profit for the year ended March 31, 2021 includes an exceptional item of 1,822.59 million. (p.400) - Management states that the restated profit for the year ended March 31, 2020 includes an exceptional item of 1,822.59 million. (p.400) - The Company de-recognizes financial liabilities when the hedge relationship expires or is sold/terminated. (p.408) ## Common questions ### 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 - [Carlsberg India Limited- UDRHP-1](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1793273741929.pdf) (Draft letter of offer, filed 29 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.