Pernod Ricard India sales rise 7% in FY26 as India IPO review continues

Pernod Ricard India reported 7% sales growth in FY26, rising above 9% excluding the divested Imperial Blue business. The company is still discussing a potential India IPO and sees the India-UK FTA as an opportunity to accelerate Scotch launches and innovation.

— Source publishedThu, 27 Aug, 2026, 20:47 IST·First seen Thu, 27 Aug, 2026, 21:02 IST·Source ET Small Business

What happened

Pernod Ricard India sales rose 7% in FY26, with over 9% growth excluding Imperial Blue. The alco-beverage leader is evaluating an India IPO, while the India-UK

Key facts

  • India sales rose 7% in FY26
  • India sales growth exceeded 9% in FY26 excluding Imperial Blue
  • Global sales declined 3.9%
  • Global net sales were €9.40 billion
  • Imperial Blue business was sold for Rs 3,442 crore
  • Royal Stag sold around 32 million cases
  • India-UK FTA took effect July 15

Why this matters

The continuing India IPO review and the India-UK FTA create dual strategic levers for Pernod Ricard to unlock local capital-market value and accelerate premium Scotch innovation.

What to watch

  • Formal progress, implementation timeline, and alcohol-duty provisions in the India-UK FTA.
  • Any company statement on India IPO structure, timing, stake sale size, or adviser appointments.
  • Quarterly organic sales growth versus reported growth after the Imperial Blue divestiture.
  • Scotch volume growth, premium-mix trends, and margin commentary in India.
  • Changes in state excise duties, retail licensing rules, import levies, or advertising restrictions.
  • Competitor investment and pricing actions from Diageo, Allied Blenders, Radico Khaitan, and United Spirits.
  • Increase launches and marketing behind premium Scotch, Indian whisky, and prestige labels in major urban states.
  • Use the India-UK FTA process to plan pricing, supply-chain, and product-registration strategies for imported Scotch.
  • Continue reshaping the portfolio toward higher-growth, higher-margin brands following the Imperial Blue divestiture.
  • Advance IPO-readiness work while retaining flexibility on timing and valuation.
  • Prioritize state-market execution where distribution access, premium consumption, and regulatory economics are most favorable.