French spirits major Pernod Ricard on Tuesday said that no decision has been made on the listing of its Indian subsidiary, although it continues to explore options to create shareholder value.

The company, which owns popular brands such as Absolut, Chivas Regal, and Glenlivet, said, "At this stage, no decision has been made regarding any particular action or involving any of these options." However, it also said it regularly "assesses and evaluates" its strategic opportunities and is continuously exploring options to create value for its shareholders, including optimising its capital structure.

Its local subsidiary, Pernod Ricard India (PRI), is the leading Indian alchoBev player with a revenue of Rs 27,446 crore for FY2024-25. It has grown at a high single-digit CAGR of 8 per cent over the last five years.

PRI has recently divested its Imperial Blue business to home-grown Tilaknagar Industries. Now, PRI's Segram profile consists of the brands Royal Stag, Blenders Pride, 100 Pipers, Longitude 77, and the newly-launched 'Xclamat!on'.

While replying to a query over any possibility of IPO of its India business, Pernod Ricard's global management in an earnings call in February had said it is not part of their deleveraging strategy.

"What I can tell you is that the intention that I shared earlier today, which is 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," its CFO Helene de Tissot had said.

India is the largest market for Pernod Ricard globally by volume, driven by strong sales of brands like Royal Stag, Blenders Pride, and premium imports such as Chivas Regal and Glenlivet. By value, India ranks second after the US, having surpassed China due to rapid premiumisation trends and contributing around 12-13 per cent to global revenues.

"We are expecting a strong H2 for India, which is obviously a very exciting market for us. Number 2 market, and there would be some acceleration in H2, because the momentum is great, and we have, as well, the stronger top-line ambition," it said.

Published on April 21, 2026