Pernod Ricard India begins operational steps ahead of potential IPO

Mumbai: Pernod Ricard India has begun the first operational step towards a potential IPO, asking vendors to reflect its proposed public limited status on invoices, people familiar with the matter said, as the French spirits maker moves ahead with legal preparations for a possible listing of its India business, people in the know said.

Pernod Ricard India has applied to change its legal status from Pernod Ricard India Private Limited to a public limited company and has begun preparing vendors for the transition, the people said. Pernod has not announced an IPO timetable or appointed advisers for the offering. However, the changes underway suggest preparations are moving from board-level discussions into the company's operations and supply chain.

The transition could have wider implications for Pernod's operations because liquor manufacturing and sales in India are governed by state-specific excise licences, registrations and approvals. Changes to the legal entity can therefore require updates across manufacturing, procurement, invoicing and distribution systems.

Pernod has increased supplies and built inventory to minimise disruption to the market while the transition takes place, sources familiar with the matter said.

The company is seeking to avoid a repeat of the experience of Bira 91, whose parent B9 Beverages 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, disrupting supplies and resulting in inventory write-offs, highlighting the operational risks for alcohol companies when their legal identity changes.

The move follows global CEO Alexandre Ricard's recent confirmation that the company's board is discussing an India listing and has started legal preparations to keep the option open.

"It's not an obvious yes or no," Ricard told investors, saying the board was evaluating the strategic rationale and potential shareholder-value creation. The company was taking "legal preparatory steps" to maintain flexibility around an India IPO, he said.

For the maker of Chivas Regal and Blenders Pride, the preparations come as India becomes an increasingly important growth market for the group.

Pernod Ricard India reported a 7% increase in revenue in FY26. Spirits sales in India rose about 4% to 440 million cases in FY26, compared with 1.6% growth a year earlier.

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