Hindustan Coca-Cola Holdings files DRHP for IPO
The bottler, backed by Coca-Cola and Jubilant Beverages, reported 20.46% quarterly revenue growth and operates 14 manufacturing facilities across India.
INDIA – Hindustan Coca-Cola Holdings Ltd (HCCH), the Indian bottling company backed by The Coca-Cola Company and Jubilant Beverages, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO).
The proposed offering involves the sale of up to 99.74 crore equity shares, each with a face value of Rs 10.
The IPO will be entirely an offer for sale (OFS) by the company’s promoter, Hindustan Coca-Cola Overseas Holdings Pte Ltd, meaning the proceeds will go to the selling shareholder.
HCCH intends to list its shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
The offering will follow the book-building process, with allocations for institutional, non-institutional and retail investors in accordance with SEBI regulations.
The company has two major shareholders. The Coca-Cola Company, through its Singapore-based subsidiary Hindustan Coca-Cola Overseas Holdings, owns 60% of HCCH, while Jubilant Beverages holds the remaining 40%. Jubilant Beverages joined as a promoter in July 2025.
HCCH operates through its material subsidiary, Hindustan Coca-Cola Beverages Pvt Ltd (HCCB), which handles beverage preparation, packaging, distribution and sales across 10 states and four Union Territories.
Its portfolio covers sparkling drinks, hydration products and still beverages, including juices. As of June 30, 2026, the company offered 41 beverages, including established brands such as Thums Up, Maaza and Kinley.
According to the DRHP, the three brands held leading positions by sales value in their respective categories across key markets.
Additionally, eight Coca-Cola System brands featured among the top 12 brands in the soft drinks and packaged water categories in these territories.
For the three months ended June 30, 2026, HCCH recorded revenue from operations of Rs 4,310.17 crore, representing a 20.46% increase from the corresponding period last year. Total sales volumes grew 18.61% during the quarter.
Its EBITDA margin, excluding other income and exceptional items, improved to 17.20% from 13.76% in the previous year’s corresponding quarter.
HCCH operates across territories with a combined population of approximately 61.69 crore, including five of India’s eight largest metropolitan cities.
The non-alcoholic ready-to-drink beverage market in these territories was valued at Rs 63,730 crore in FY26 and is projected to reach Rs 1.18 lakh crore by FY31, representing annual growth of 13.17%.
As of June 30, 2026, the company distributed its products through approximately 17 lakh retail outlets supported by 2,273 distributors.
Its manufacturing network comprises 14 production facilities owned, controlled and operated by the company, alongside eight co-packaging units. Together, these facilities have 90 bottling lines.
Following completion of its refranchising process, HCCH has identified distribution expansion, product innovation and improvements to its packaging and pricing strategies as key operational priorities.
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