Beverage major Coca-Cola said its India business delivered strong volume growth in Q3 CY2026 as it has sharply focused on both affordability and premiumisation. The company, which released its global earnings on Tuesday, simultaneously reiterated that it is exploring a potential public listing of Hindustan Coca-Cola Holdings, the parent of Hindustan Coca-Cola Beverages, but did not comment on timelines.
Speaking on the earnings call, Henrique Braun, Global CEO of The Coca-Cola Company, said, “India delivered strong volume growth, with each of our top 10 brands growing double digits. We are expanding our consumer base by scaling both affordability and premiumisation, strengthening execution, and leaning into emerging channels.”
“For example, we expanded our Sprite & Spicy platform into the QSR channel in India with meal combo activations, social media content, and influencer collaborations, which contributed to Sprite’s volume growth of nearly 20 per cent in the region,” Braun added.
On the earnings call, John Murphy, President and Chief Financial Officer of The Coca-Cola Company, said, “As previously announced, we are exploring a potential IPO of our bottling operations in India and will provide further updates as appropriate.” The company, in June, said initial preparations are underway for a potential listing on the BSE and the National Stock Exchange of India, subject to market conditions and applicable regulatory and other approvals. Last year, Jubilant Bhartia Group acquired a 40 per cent stake in HCCH.
In its Q3 CY2026 earnings statement, the company said unit volume grew 5 per cent, led by India, China, Mexico and Brazil. It also said the bottling investments division’s unit case volume grew 8 per cent, driven primarily by growth in India and South Africa.
Published on October 27, 2026
