Pernod stays silent on Indian IPO rumour
Royal Stag owner Pernod Ricard has refused to comment on a report that alleges the multinational spirits firm is considering listing its Indian subsidiary.
Earlier this week, a report by Bloomberg claimed the French spirits firm is in discussions with potential advisors over an initial public offering (IPO) listing of Pernod Ricard India.
However, when asked about the rumour, Pernod Ricard said it would not comment.
“Pernod Ricard regularly reviews strategic options for its development and to deliver value to its shareholders, employees, clients and stakeholders,” a statement from the Paris-based group said. “As a matter of company policy, Pernod Ricard does not comment on market rumours or speculations.”
The Bloomberg report was published just a day before Pernod Ricard released its financial results for the first half (H1) of its fiscal 2026 year, covering July to December 2025.
Pernod Ricard was also asked about the rumour during an earnings call for its H1 results, but the firm remained tight-lipped.
In response to the IPO report, Pernod Ricard chief financial officer Hélène Bouvier told investors that “looking at strategic options that could create value” is part of their jobs, adding that she would not comment further.
“What I can tell you is that the intention that I shared earlier today, which is to deleverage and to bring our net debt to EBITDA [earnings before interest, taxes, depreciation and amortisation] ratio below 3x by 2029, does not include an assumption of a listing in India.”
The company’s net debt to EBITDA ratio – which measures its financial leverage and ability to pay off debt – currently stands at 3.8 times, Bouvier noted.
Earlier in the call, she explained how the company would bring this figure down: “We expect the ratio to improve with four levers. Number one: strategic investment normalising, reducing from peak levels. Number two: ongoing operating working capital management improvement initiative, including with the support of our operational efficiency programme.
“Number three: dynamic portfolio management. Number four: with a return to growth of the profit from recurring operations.”
Regarding the first lever, she told investors that strategic investment is expected to reach approximately €750 million (US$882m) in fiscal 2026 and no more than €800m for fiscal 2027-29.
Sales rise in India
In Pernod Ricard’s H1 results, the group reported an organic sales decline of 5.9% after double-digit decreases in its key US and China markets.
However, India managed to grow organic revenue by 4%. Excluding the divestment of its Imperial Blue whisky brand, sales in the market were up by 8%.
India represents 13% of Pernod Ricard’s total net sales for H1. The US remains the biggest market for the group.
In India, the company reported improving growth in the second quarter (October-December). However, sales were impacted by excise policy changes in Maharashtra.
In terms of brands, growth in India was led by double-digit gains for Jameson Irish whiskey, Ballantine’s Scotch whisky and Absolut Vodka. Pernod’s Indian whiskies, Royal Stag and Blenders Pride, recorded mid-single-digit growth.
The group also posted growth in India for its 2025 fiscal year (up 6%).
Royal Stag was the second biggest-selling Indian whisky brand in 2024, followed by Imperial Blue, according to The Brand Champions 2025 report. Behind only McDowell’s (owned by Diageo’s United Spirits arm), Royal Stag sold 31m cases in 2024, an increase of 11.1% year on year.
Meanwhile, Blenders Pride was the fifth largest at 10.1m cases in 2024 – up by 5% on 2023.
Pernod completed the sale of Imperial Blue to India’s Tilaknagar Industries in December 2025.
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