Mumbai | Hindustan Coca-Cola Holdings Limited (HCCH), the largest Non-Alcoholic Ready To Drink (“NARTD”) beverage company by revenue operating exclusively in India for the Financial Year 2026, according to the TKC Report, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for its proposed IPO. HCCH is the largest TCCC Bottler within the Coca-Cola System in India based on units of Concentrate sold.
The Offer is entirely an Offer for Sale of up to 997,461,456 equity shares of face value ₹10 each by Hindustan Coca-Cola Overseas Holdings Pte. Ltd., the promoter selling shareholder. The offer is being made through the Book Building Process in compliance with Regulation 6(1) of the SEBI ICDR Regulations. In accordance with Regulation 32(1), not more than 50% of the Net Offer shall be available for allocation to Qualified Institutional Buyers (QIBs), not less than 15% to Non-Institutional Bidders (NIBs) and not less than 35% to Retail Individual Bidders (RIBs). The equity shares are proposed to be listed on BSE and NSE.
For the three-month period ended June 30, 2026, HCCH's Retained Units recorded revenue from operations of ₹4,310.17 crore, representing year-on-year growth of 20.46%, while total sales volume increased by 18.61%. EBITDA margin (excluding other income and exceptional items) increased to 17.20% from 13.76% in the corresponding period of the previous year.
HCCH benefits from its long-standing relationship with The Coca-Cola Company (TCCC), the largest NARTD company globally, in terms of revenue from non-alcoholic beverages (including concentrates) for the calendar year 2025. India was among the 5 largest markets for The Coca-Cola System by Unit Case volume in calendar year 2025 and was its largest aggregate contributor to volume growth for calendar years 2021 to 2025.
HCCH prepares, packages, distributes and sells a diversified portfolio of NARTD beverages across three categories, Sparkling, Hydration and Stills (including Juices). As of June 30, 2026, its portfolio comprised 41 beverages, with SKUs ranging from small formats at affordable price points to premium and multi-serve offerings.
8 of the Coca-Cola System Brands were featured in the top 12 brands in the Soft Drinks + Packaged Water category in the Key Select States based on market share by sales value for the 12 months ended June 30, 2026. Thums Up is the largest brand by sales value in the Sparkling – carbonated soft drinks (CSD) segment, Maaza is the largest brand by sales value in the Stills segment, and Kinley is the largest brand by sales value in the Hydration – Packaged drinking water category in Key Select States for the 12-month period ending June 30, 2026.
HCCH operates through its material subsidiary, Hindustan Coca-Cola Beverages Private Limited (HCCB), in exclusive Territories under the TCCC Agreements within 10 states and 4 Union Territories, primarily in southern and western India. The Key Select States have a combined population of approximately 616.9 million, include 5 of India's 8 largest metropolitan cities and have GDP per capita approximately 1.5 times the all-India average. The NARTD beverage market in the Key Select States was valued at ₹637.3 billion in Financial Year 2026 and is expected to reach ₹1,183.2 billion by Financial Year 2031, representing a CAGR of 13.17%.
HCCH's distribution network extends across approximately 1.7 million retail outlets serving Coca-Cola System Brands in its Territories as of June 30, 2026, serviced through its network of 2,273 distributors. As of June 30, 2026, the Company owned, controlled and operated a network of 14 production facilities, supplemented by 8 co-pack units, with 90 bottling lines.
Jubilant Beverages became one of the promoters of HCCH in July 2025. The company has recently undergone a strategic reorientation encompassing the completion of the refranchising process, leadership and organisational enhancements and a renewed focus on execution, including deepening distribution, expanding its portfolio and optimising the package-price architecture to address portfolio gaps. As of the date of the DRHP, The Coca-Cola Company through Hindustan Coca-Cola Overseas Holdings Pte. Ltd., held 60% of HCCH's equity share capital, while Jubilant Beverages Limited held 40%.
The company is led by an experienced management team, with recent additions of seasoned industry professionals, combining long tenures within the Coca-Cola System with extensive FMCG experience in India. Chief Executive Officer, Hemant Kumar Rupani, is in his third decade of experience, including FMCG experience in India, Vietnam and Singapore and was appointed as the chief executive officer of HCCB in September 2025. Chief Financial Officer, Harsh Kumar Bhutani, has over 29 years of experience, including 25 years with the Coca-Cola System, and was appointed as the chief financial officer of HCCB in October 2024.
The management team has deep experience across large-scale beverage production, supply chain management, sales and distribution across diverse geographies, route-to-market execution, and highly competitive FMCG businesses generally.
HCCH’s recognition as a Top Employer in India for 2026 by the Top Employers Institute reflects its focus on maintaining an engaged, capable and future-ready workforce.
Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited and IIFL Capital Services Limited are the Book Running Lead Managers to the IPO. KFin Technologies Limited is the registrar to the offer.
The details are available on www.hindustancoca-cola.com
