Jameson and Absolut parent Pernod Ricard rules out India IPO even as sales rise 4%

Pernod Ricard Ruling Out India IPO Amid Strong Growth

Pernod Ricard, a French spirits major, has confirmed that it will not pursue an IPO of its India business as part of its deleveraging strategy.

Despite the company reporting a 4 percent rise in net sales in India and signaling stronger growth in the second half of FY26, Chief Financial Officer Helene de Tissot made it clear that reducing debt will not involve listing its largest market by volume.

Key Highlights:

• 4 percent net sales growth in India, accelerating to 8 percent after excluding Imperial Blue.
• Strong double-digit growth in international spirits portfolio in India, driven by premiumisation trends.
• Strategic brands such as Jameson, Ballantine’s, and Absolut have seen robust traction, while Royal Stag and Blenders Pride recorded mid-single-digit growth.
• India has become Pernod Ricard's largest market globally by volume and its second-largest by value after the United States.

Company Strategy:

Pernod Ricard aims to bring its net debt-to-EBITDA ratio below 3x by FY29, without listing its India business.

Chairman and CEO Alexandre Ricard said India remains comfortably above the 6 percent growth range, supporting the group’s medium-term ambition of delivering 3–6 percent average annual growth over the next three years.

Full-Year Outlook:

Pernod Ricard is expecting a strong second half of FY26, driven by the momentum in India and other key markets.

The company reported sales of €1.61 billion for the first half of FY26, down 7.5 percent on an organic basis and 18.7 percent overall.

Quotes:

• Helene de Tissot, Chief Financial Officer: “What I can tell you is that the intention… to leverage and to bring with a Net Debt EBITDA ratio below 3 by 29 does not include an assumption of a listing in India.”
• Alexandre Ricard, Chairman and CEO: “With India above that 6 percent range, which it already is, yes, we can deliver… between plus 3 and plus 6 percent.”

Market Impact:

Global investors have increasingly viewed India as a standalone value driver within multinational portfolios, leading to growing investor curiosity around a potential India spin-off.

Pernod Ricard's decision to rule out an IPO of its India business is expected to have a significant impact on the market, as investors await the company's next move.