No Listing Plan for India Business in Deleveraging Roadmap
French liquor major Pernod Ricard has ruled out any plans to launch an initial public offering of its India business as part of its deleveraging strategy, even as the company reported a 4 percent rise in net sales in the country.Responding to queries on the possibility of an India listing, Chief Financial Officer Helene de Tissot clarified that the group’s plan to reduce leverage does not assume a public listing in India.
She stated that the company aims to bring its Net Debt to EBITDA ratio below 3x by Fiscal Year 2029, but this objective does not include any IPO of the India arm.
India Delivers 4 Percent Sales Growth, 8 Percent Excluding Imperial Blue
Pernod Ricard posted a 4 percent increase in net sales in India. Growth accelerated to 8 percent after excluding Imperial Blue, a brand that has now been disposed of and closed by the company.Chairman and Chief Executive Officer Alexandre Ricard said the company expects the momentum to continue into the second half of FY26.
“We expect to see this momentum continue over the second half,” he said during the post earnings call.
The company follows a July to June fiscal year. According to Ricard, the first quarter was severely impacted by a strong tax increase in Maharashtra, making the recent performance notable despite early headwinds.
Strong Double Digit Growth in International Spirits Portfolio
Ricard highlighted that Pernod Ricard’s international spirits portfolio is witnessing strong double digit growth in India. This trend reflects the ongoing premiumisation of the Indian alcoBev market.India’s growth trajectory, he said, is comfortably above the 6 percent range. This performance gives the group confidence that it can deliver average growth between 3 percent and 6 percent over the next three years.
“With India above that 6 percent range, which it already is, yes, we can deliver, on average, over the next three years, a growth comprised between plus 3 and plus 6 percent,” Ricard stated.
India Emerges as Key Global Growth Engine
India is now the largest market for Pernod Ricard globally by volume. The growth is driven by strong sales of brands such as Royal Stag and Blenders Pride, along with premium imports including Chivas Regal and Glenlivet.By value, India ranks second after the United States. It has surpassed China amid rapid premiumisation trends and contributes around 12 to 13 percent to the group’s global revenues.
Tissot said the company expects a strong second half for India, supported by acceleration in momentum and a stronger top line ambition.
Brand Performance and Global Sales Snapshot
The company reported growth in its strategic international brands including Jameson, Ballantine’s and Absolut. Royal Stag and Blenders Pride recorded mid single digit growth.In the first half of FY26, Pernod Ricard’s global sales stood at 1.61 billion euros. Sales declined 7.5 percent on an organic basis and fell 18.7 percent overall.
Pernod Ricard India remains the leading alcoBev maker in the country by value, reinforcing the strategic importance of the Indian market in the group’s global portfolio.
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