Pernod Ricard weighs options for India IPO, kicks off legal process

Mumbai: French distiller Pernod Ricard has for the first time publicly confirmed its board is discussing a potential listing of the Indian operations and that it has initiated legal steps to evaluate the option, amid expectations of sustained business growth in the country.

"It's not an obvious yes or no," CEO Alexandre Ricard told investors on Thursday, adding the board is weighing the strategic rationale and potential shareholder-value creation. "It is a clear process of analysis and discussion and so I can confirm the discussion is still ongoing and that in the meantime, we are taking some legal preparatory steps in order to maintain the flexibility around the India IPO and keep our options open."

ALSO READ | Pernod Ricard blames weak US, Chinese markets for 26% profit fall


The comments track Pernod's India business reporting a 7% growth in revenue for its financial year ended June 30, 2026. "All the lights are green from a business point of view," said Ricard. "In India, it is a buoyant market."

Bloomberg reported in February that Pernod Ricard is mulling an IPO for the Indian business, although discussions were preliminary with the company speaking to potential advisers about the merits of a separate listing.

Pernod's sustained growth in India contrasts with a broader weakness in its global operations. The company's FY26 results showed declines in some major markets, while management said India was among markets providing positive momentum.

ALSO READ | Tilaknagar Industries open to another large deal after Imperial Blue buyout, chairman says

India is the world's largest spirits market by volume and remains a priority for global liquor makers as an expanding middle class trades up to premium brands and millions of consumers reach the legal drinking age every year.

Pernod is also laying strong hopes on the India-UK free trade agreement, implemented from July 15, for business growth. Ricard said it's difficult to give specific details as they are "competitive and sensitive information" but underlined that consumers should expect "new propositions coming from the UK into India around the Scotch".

"You should not be surprised to see some degree of acceleration around innovation," Ricard said, adding the company could pursue "price adaptation to make our brands more relevant and more affordable to consumers." He said the trade agreement would provide "a nice booster for exports from the UK, particularly from Scotland."

Pernod also sees potential from a European Union-India trade agreement under discussion. Ricard said if that pact is similar to the UK-India agreement, "this would be a great boost for the number one imported spirit brand in India, which, as you all know, is Jameson," as well as other Pernod brands.

In India, spirits sales grew about 4% in FY26 to 440 million cases, accelerating from a 1.6% increase the year before.