Brands
Pernod Ricard, Chivas Regal parent, in talks for possible India IPO: Bloomberg
Deliberations in early stage, with no decision taken so far
PARIS: Pernod Ricard is evaluating a potential stock market listing of its Indian business, according to a Bloomberg News report citing people familiar with the matter.
The French drinks group has begun discussions with prospective advisers to assess the feasibility and merits of a separate public listing for Pernod Ricard India. The deliberations are at an early stage and no final decision has been made.
India is one of Pernod Ricard’s most important growth markets. The company is among the country’s largest alcoholic beverage players, selling premium global brands such as Chivas Regal and Absolut Vodka, and competing closely with Diageo across premium and mass-market segments.
The reported move comes as Pernod Ricard navigates heightened regulatory scrutiny in India. The group is facing antitrust proceedings and is also contesting allegations by authorities in New Delhi over potential violations of local liquor regulations. Pernod Ricard has denied any wrongdoing.
In the market, Pernod Ricard’s Paris-listed shares are up nearly 12 per cent so far this year, valuing the group at about $24.4 billion. That recovery follows a bruising 2025, when the stock lost close to a third of its value.
A separate India listing, if it materialises, could help unlock value from a fast-growing business, even as the group works through legal and regulatory challenges in one of its most strategically important markets.
Brands
Dunkin’ Donuts to exit India as Jubilant FoodWorks ends 15-year franchise deal
The quick service restaurant giant is ending a 15-year franchise partnership with the American doughnut chain, even as it renews its Domino’s agreement for another 15 years
NOIDA: Dunkin’ is done in India. Jubilant FoodWorks Ltd, the country’s leading quick service restaurant operator, has decided not to renew its franchise agreement with the American coffee and doughnut chain, and will wind down its Indian stores in a phased manner before December 31, 2026, bringing a 15-year partnership to a quiet, loss-laden close.
The decision, approved by JFL’s board on March 30, 2026, ends a relationship that began with a Multiple Unit Development Franchise Agreement signed on February 24, 2011. JFL will now evaluate and undertake what it described in a regulatory filing as the “rationalisation and/or cessation of certain operations and/or sale, transfer or disposal of assets and/or assignment or transfer of franchise rights,” all in consultation with Dunkin’s brand owners and strictly within the terms of the original agreement.
The numbers tell the story bluntly. In the financial year 2024-25, Dunkin’ India posted a revenue of Rs 37 crore against a loss of Rs 19 crore — a haemorrhage that was always going to test the patience of a parent company recording revenues of Rs 6,104 crore and a profit of Rs 194 crore in the same period. Doughnuts, it turns out, were never going to move the needle.
The contrast with JFL’s handling of its other marquee franchise could hardly be sharper. Even as it walks away from Dunkin’, the company has just doubled down on Domino’s, signing a fresh Master Franchise Agreement on March 31, 2026, granting it exclusive rights to develop and operate Domino’s Pizza stores in India for 15 years, with an option to renew for a further 10.
JFL, incorporated in 1995 and promoted by the Bharatia family, operates a network of more than 3,500 stores across six markets — India, Turkey, Bangladesh, Sri Lanka, Azerbaijan and Georgia. Its portfolio includes Domino’s and Popeyes on the global side, and two home-grown brands: Hong’s Kitchen and COFFY, a café brand in Turkey.
For Dunkin’, India was always a stretch. The brand never quite cracked the cultural code in a market where filter coffee and chai command fierce loyalty and where the doughnut remains, at best, an occasional indulgence rather than a daily habit. Fifteen years, mounting losses and a parent with better things to spend its capital on was always going to be a difficult equation to solve.
The doughnut has had its last day. The pizza, however, is staying.
