Pernod Ricard confirms India IPO evaluation
Pernod Ricard's board is actively discussing a potential IPO for its Indian operations and has begun legal preparations.
Pernod Ricard has confirmed its board is evaluating a potential initial public offering for its Indian operations. The French distiller has initiated legal preparatory steps to maintain flexibility for the listing, CEO Alexandre Ricard told investors on Thursday.
The CEO described the process as an ongoing analysis. "It's not an obvious yes or no," Ricard stated, according to the source. He said the board is weighing the strategic rationale and potential for shareholder-value creation. The company is taking legal steps to keep its options open.
This public confirmation follows a Bloomberg report from February. That report indicated Pernod Ricard was mulling an IPO for the Indian business, with discussions said to be preliminary.
Strong Indian Market Performance
The consideration comes as Pernod's India business shows robust growth. The unit reported a 7% increase in revenue for its financial year ended June 30, 2026. "All the lights are green from a business point of view," Ricard said. "In India, it is a buoyant market."
This performance provides a positive contrast to the company's broader global operations. Pernod's FY26 results showed declines in some major markets, while management highlighted India as a source of positive momentum.
India's position as the world's largest spirits market by volume underpins this growth. The market remains a priority for global players as the middle class expands and consumers trade up to premium brands. Millions reach the legal drinking age each year.
Recent market data shows accelerating growth.
| Period | Spirits Sales Growth | Total Volume |
|---|---|---|
| FY26 | 4% | 440 million cases |
| Previous Year | 1.6% | Not specified |
Trade Agreements as Growth Catalysts
Pernod Ricard is also banking on new trade pacts to fuel further expansion. The company has strong hopes for the India-UK free trade agreement, which was implemented from July 15.
Ricard said specific details are "competitive and sensitive information." However, he underlined that consumers should expect "new propositions coming from the UK into India around the Scotch." He predicted an acceleration in innovation and possible price adaptations to make brands more relevant and affordable.
The agreement is expected to provide "a nice booster for exports from the UK, particularly from Scotland."
Looking ahead, the company sees similar potential in a prospective European Union-India trade agreement. Ricard said if that pact mirrors the UK-India deal, it would be a significant boost. He specifically mentioned Jameson, which he called the number one imported spirit brand in India, along with other Pernod brands.
The CEO's comments frame the India IPO as one strategic option among several, contingent on continued market strength and favorable trade conditions.
