Pernod Ricard India’s IPO Plans Take Shape as FY26 Revenue Rises 7 Percent

Pernod Ricard India has started operational preparations for a potential initial public offering (IPO), asking vendors to update invoices to reflect its proposed transition from a private limited to a public limited company, according to people familiar with the matter.

The spirits maker has applied to change its legal status from Pernod Ricard India Private Limited to a public limited company. While the company has not announced an IPO timeline or appointed advisers, the move indicates that preparations are extending into its vendor and supply chain operations.

The change carries operational implications for the company’s manufacturing and distribution network. India’s liquor business is governed by state-specific excise licences, registrations and approvals, meaning a change in legal status can require updates across procurement, invoicing, manufacturing and distribution systems.

To limit potential market disruption, Pernod Ricard India has increased supplies and built inventory during the transition, people familiar with the matter said.

The company is seeking to avoid supply-related problems similar to those experienced by Bira 91’s parent, B9 Beverages, when it changed its legal status from a private to a public company as part of preparations for a proposed IPO. The transition required changes to licences and registrations across states, disrupted supplies and resulted in inventory write-offs.

Pernod Ricard’s preparations follow global CEO Alexandre Ricard’s recent confirmation that the company’s board is discussing a potential India listing and has begun legal preparations to keep the option open. "It's not an obvious yes or no," Ricard told investors, explaining that the board was assessing the strategic rationale and potential to create shareholder value. He said the company was taking "legal preparatory steps" to retain flexibility around an India IPO.

The potential listing comes as India remains an important market for the group, which owns brands including Chivas Regal and Blenders Pride. Pernod Ricard India reported a 7 percent increase in revenue in FY26.

India’s spirits market also recorded higher sales volumes during the year. Spirits sales rose about 4 percent to 440 million cases in FY26, compared with 1.6 percent growth a year earlier.

"All the lights are green from a business point of view," Ricard said, describing India as a "buoyant market".