Pernod Ricard considers listing its India business

Published Thu, Feb 19, 2026 · 07:52 AM

[MUMBAI] Pernod Ricard, the maker of Absolut vodka and Chivas Regal whisky, is considering a listing of its Indian business, sources with knowledge of the matter said.

The French drinks company is speaking with potential advisers as it weighs the merits of a separate listing for Pernod Ricard India, according to the sources.

Shares in Pernod Ricard have fallen about 17 per cent in Paris trading over the last 12 months, giving the company a market value of around 20.6 billion euros (S$30.8 billion). Pernod Ricard employs more than 1,500 people in India and has 24 production sites in the country, according to its website.

Deliberations are at a preliminary stage and there’s no certainty that Pernod Ricard will decide to pursue the listing, the sources said, asking not to be identified discussing confidential information.

“Pernod Ricard regularly reviews strategic options for its development and to deliver value to its shareholders, employees, clients and stakeholders,” a representative for the company said.

The company posted a 6 per cent rise in organic net sales in India during its financial year to Jun 30, 2025. That was thanks to double-digit growth on certain brands, including Jameson Irish Whiskey, which Pernod Ricard said was now the country’s top imported spirit brand.

The company also owns domestically-produced brands, such as Blenders Pride and Royal Stag whisky, which are made with a mixture of Indian grain spirits and imported Scotch malts.

Multinational companies, including Hyundai Motor and LG Electronics, have listed their local operations in Mumbai over the past couple of years to tap a deep pool of domestic investors. They can also benefit of higher valuations.

London-listed spirits group Diageo trades at 14.9 times this year’s estimated earnings, while its Indian unit United Spirits is valued at 56.4 times on that basis, according to data compiled by Bloomberg.

The French company is scheduled to publish figures for its fiscal first half on Thursday and has warned that these could be weak because of headwinds in its key US market. BLOOMBERG