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

French spirits giant posts 4% India sales growth, says deleveraging plan does not hinge on listing local business

• Pernod Ricard rules out India IPO as part of debt reduction plan
• India net sales rose 4 percent, momentum seen in H2 FY26
• India is Pernod Ricard's largest market by volume globally

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Pernod Ricard has ruled out an IPO of its India business as part of its deleveraging strategy, even as the French spirits major reported a 4 percent rise in net sales in the country and signalled stronger growth in the second half of FY26.

The company made it clear that reducing debt will not involve listing its largest market by volume, despite growing investor curiosity around a potential India spin-off.

Chief Financial Officer Helene de Tissot said the group’s target to bring its net debt-to-EBITDA ratio below 3x by FY29 does not assume a listing of its India business.

“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,” she said during the post-earnings interaction.

The clarity comes as global investors have increasingly viewed India as a standalone value driver within multinational portfolios.

India posted 4 percent net sales growth, accelerating to 8 percent after excluding Imperial Blue, a brand that has been disposed of and closed. Chairman and CEO Alexandre Ricard said the momentum is expected to continue in the second half of FY26.

The company operates on a July-to-June fiscal cycle.

Despite a first quarter that was 'severely impacted' by a sharp tax increase in Maharashtra, 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.

“With India above that 6 percent range, which it already is, yes, we can deliver… between plus 3 and plus 6 percent,” he said.

Pernod Ricard highlighted strong double-digit growth in its international spirits portfolio in India, reflecting ongoing 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 is now Pernod Ricard’s largest market globally by volume and its second-largest by value after the United States, having overtaken China. The country contributes around 12–13 percent of global revenues.

“We are expecting a strong H2 for India… the momentum is great, and we have, as well, the stronger top-line ambition,” said Tissot.

For the first half of FY26, Pernod Ricard reported sales of €1.61 billion, down 7.5 percent on an organic basis and 18.7 percent overall.