Hindustan Coca-Cola Beverages (HCCB), Coca-Cola’s largest bottling partner in India, and responsible for making and selling Coca-Cola’s beverages, has said that it is currently focussed on strengthening marketplace execution and consumer value and dismissed media reports around a potential initial public offering any time soon,
“We are focused on strengthening marketplace execution with a strong commitment to our consumers. We have been passing on the benefits of the new GST-led pricing to ensure better value and more affordable choices to consumers. With a realigned leadership team in place, we remain focused on driving operational excellence to enhance the overall consumer experience. Any other news is speculative,” an HCCB spokesperson said in response to a note seeking clarification on reports on IPO plans to financialexpress.com.
“An IPO is not something that is on the table for this summer, or anytime soon,” an industry official further added to financialexpress.com.
Refranchising reshapes the bottling business
The statement comes against the backdrop of a sharp reset underway in Coca-Cola’s bottling operations in India. The Atlanta-headquartered beverage major sells concentrate to its bottling partners, and in India operates through HCCB as well as multiple independent franchise bottlers, with volumes more or less evenly split between the two.
HCCB reported consolidated revenue of Rs 12,751.29 crore in FY25, down 9% year-on-year from Rs 14,021.55 crore in FY24, as per HBL. Consolidated net profit fell sharply by 73% to Rs 756.64 crore in FY25 from Rs 2,808.31 crore a year earlier, as per the filing.
The company attributed the decline largely to the sale of manufacturing plants to existing franchise bottling partners across several territories, including Rajasthan, Bihar, the North-East and parts of West Bengal. These assets were transferred to three of its largest bottlers, Moon Beverages, Kandhari Global Beverages and SLMG Beverages, under Coca-Cola’s global refranchising strategy.
Last year. The Coca-Cola Company said it had completed the sale of a 40% stake in Hindustan Coca-Cola Holdings, the parent of HCCB, to Jubilant Bhartia Group in July, further advancing this strategy, according to a report by The Hindu BusinessLine.
In July last year, HCCB appointed Hemant Rupani, formerly president for Southeast Asia at Mondelez, as its chief executive, succeeding Juan Pablo Rodriguez.
India business posts profit growth
At the brand-owner level, Coca-Cola India Private Limited reported a stronger financial performance. The unlisted entity posted a 46.3% rise in consolidated profit to Rs 615.03 crore in FY25, while revenue from operations increased 7% to Rs 5,042.56 crore, according to financial data accessed through Tofler and reported by PTI.
Total income, including other income, rose 7.7% year-on-year to Rs 5,171.48 crore for the year ended March 31, 2025. In comparison, Coca-Cola India had reported a net profit of Rs 420.3 crore and revenue from operations of Rs 4,713.38 crore in FY24, the PTI report added.
India is the fifth-largest market globally for The Coca-Cola Company. Coca-Cola India is wholly owned by Hong Kong-based Coca-Cola South Asia (India) Holdings Ltd and operates power brands including Coca-Cola, Thums Up, Limca, Sprite, Maaza and Minute Maid.