Hindustan Coca-Cola Holdings files DRHP for IPO

INDIA – Hindustan Coca-Cola Holdings Ltd, the Indian bottling company backed by The Coca-Cola Company and Jubilant Beverages, has filed its draft red herring prospectus with the Securities and Exchange Board of India to launch an initial public offering.

The proposed offering involves the sale of up to 99.74 crore (US$10.52 million) equity shares, each with a face value of ₹10 (US$0.11), and will be entirely an offer for sale by the company’s promoter, Hindustan Coca-Cola Overseas Holdings Pte Ltd, meaning proceeds will go to the selling shareholder.

The company intends to list its shares on the Bombay Stock Exchange and the National Stock Exchange, following the book-building process with allocations for institutional, non-institutional and retail investors. 

The Coca-Cola Company, through its Singapore-based subsidiary, owns 60% of the company, while Jubilant Beverages holds the remaining 40%.

Packaging Strategies Identified as Operational Priority

The company operates through its material subsidiary, Hindustan Coca-Cola Beverages, which handles beverage preparation, packaging, distribution and sales across ten states and four Union Territories. 

Its portfolio covers sparkling drinks, hydration products and still beverages including juices, offering 41 beverages as of 30 June 2026, including brands such as Thums Up, Maaza and Kinley. 

Following completion of its refranchising process, the company has identified distribution expansion, product innovation and improvements to its packaging and pricing strategies as key operational priorities.

Manufacturing Network Spans 14 Facilities and 90 Bottling Lines

Its manufacturing network comprises 14 production facilities owned, controlled and operated by the company, alongside eight co-packaging units. 

Together, these facilities operate 90 bottling lines, giving the company substantial capacity to serve territories with a combined population of approximately 61.69 crore, including five of India’s eight largest metropolitan cities.

Revenue Rises 20.46% in First Quarter

For the three months ended 30 June 2026, the company recorded revenue from operations of ₹4,310.17 crore (US$45.5 million), representing a 20.46% increase from the corresponding period last year. 

Total sales volumes grew 18.61% during the quarter, while EBITDA margin excluding other income and exceptional items improved to 17.20% from 13.76%. 

As of 30 June 2026, the company distributed its products through approximately 17 lakh retail outlets supported by 2,273 distributors. 

The non-alcoholic ready-to-drink beverage market in these territories was valued at ₹63,730 crore (US$6.72 billion) in FY26 and is projected to reach ₹1.18 lakh crore (US$12.4 billion) by FY31.

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