Pernod Ricard India Sales Grow 7 Per Cent In FY26; Board Continues Discussions On Potential IPO

New Delhi, August 27, 2026: French spirits major Pernod Ricard on Thursday reported a 7 per cent growth in India sales for FY26, and said discussions are on for a potential IPO in the country, its second-biggest market globally.

Pernod Ricard, which reported a decline of 3.9 per cent in its global sales due to a hit from markets such as the US and China, saw "market share gain" in India where it witnessed strong momentum reflecting underlying consumer demand and premiumisation trends picking up.

The company that owns brands such as Absolut, Jameson, Chivas Regal, Ballantine's, Glenlivet among others, said it sees "two cherries on the cake" for its India business, with the recently implemented India-UK Free Trade Agreement (FTA) and the prospect of a similar trade pact between India and the European Union which is expected to provide an additional boost to growth.

"All the lights are green from a business point of view in India. It is a buoyant market. It is growing, not just for us, the market itself, the country itself," said its Chairman and CEO Alexandre Ricard in an earnings call.

Pernod Ricard's financial year runs from July 1 to June 30. The company's global net sales in the just-ended fiscal totalled 9.40 billion Euros.

India IPO Discussions Continue

When asked about the long-pending India listing plan, Ricard said the board continues to weigh the strategic rationale behind an IPO, though no decision has been taken yet.

"On India, yes, the board continues to discuss the India IPO opportunity. Again, it is a question of the strategic opportunity it may represent in terms of shareholder value creation, and they are weighing the strategic rationale, the pros and cons in terms of these kind of situations. It is not an obvious yes or no," said Ricard.

He further said "...we are taking some legal preparatory steps in order to maintain the flexibility around the India IPO and keep our options open. At this stage, we are still at discussion level at board," he added.

India Emerges As Growth Driver

Besides a host of global brands, Pernod Ricard owns Seagram profile of brands in India, which include Royal Stag, Blenders Pride, 100 Pipers, Longitude 77 and a new brand 'Xclamat!on'. It is the largest alcoBev player in India market.

Ricard acknowledged "India is now our second largest market in terms of sales" after the US market.

"India is a clear growth driver for last year, for this year, for next year, for the foreseeable future, for the medium-long term. What's happening in India is quite phenomenal," Ricard said.

Growth was driven by double-digit performance of its strategic international brands, led by Jameson, now the number one imported premium spirit brand in the country, along with steady gains in local brands such as Royal Stag -- now the world's largest-selling whisky by volume with around 32 million cases sold -- and Blender's Pride, he said.

Last year, it sold its 'Imperial Blue' business to Tilaknagar Industries Ltd for a lump-sum consideration of Rs 3,442 crore. Excluding Imperial Blue, Pernod Ricard's sales growth in India market was over 9 per cent for FY26.

Ricard said divestment of its mass-market Imperial Blue business has also aided margins.

FTA Expected To Boost Growth

Regarding the India-UK Free Trade Agreement, that took effect on July 15, Ricard said it is expected to further support performance through new Scotch offerings and accelerated innovation.

"It is difficult to share with you some very specific insights as to how we are leveraging this FTA to accelerate our performance in India, just because it's competitive and sensitive information. That being said, you should not be surprised if we were to introduce new propositions coming from the UK into India around the Scotch. You should not be surprised to see some degree of acceleration around innovation," he said.

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Pernod Ricard, through its subsidiary Chivas Brothers, a Scotch whisky firm, has brands such as Chivas Regal, Ballantine's, The Glenlivet, and Royal Salute under its fold.

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