The Major Producers Are Growing in India. That Is Not the Same as Having Built Something There. A Conversation with Swati Sharma, Co-Founder, The Dram Club.

Every major producer currently presenting India as a priority growth market is working from the same data. The population is large and young. The premium segment is expanding. Pernod Ricard – India’s largest spirits company by volume and second-largest by value – reported 11% revenue growth in India in the March quarter of 2026, outperforming its global results by a significant margin. Diageo’s United Spirits is the other major player. Both are growing. Both are investing.