French spirits maker Pernod Ricard, which on Thursday reported a 19 per cent sales growth in India for the September quarter, said its proposed initial public offering (IPO) in the country remains under discussion and is awaiting board approval.
Pernod Ricard said double-digit sales growth in the first quarter of financial year 2027 in the India market, its second largest globally after the US, is "driven by strong demand and continuing premiumisation" as "the market continues to enjoy dynamic consumer fundamentals".
Pernod Ricard's financial year runs from July 1 to June 30.
"Growth is broad-based across the portfolio, with imported spirits in very strong double-digit growth, including Jameson, Absolut and Ballantine's, and with strong double-digit growth from Seagram's whiskies Royal Stag and Blenders Pride," said the company's earnings statement.
Pernod Ricard said preparatory steps for a potential IPO in India had resulted in a favourable pipeline-filling effect, contributing to sales growth in the first quarter.
The company brought forward some shipments to ensure uninterrupted supplies during the transition following a change in its name, which necessitated relabelling of products.
"Underlying sales grew in the high single-digit range with an additional benefit from the Maharashtra comparison base and from pipe fill effects linked to preparatory steps for a potential IPO," said Pernod Ricard management, while replying to a query in the earnings call.
It reported a decline of 10 per cent in its sales in US, its largest market and 25 per cent in China as both markets were " impacted by inventory adjustments"
On the group level, Pernod Ricard SA net sales declined by 6 per cent to 2.23 billion Euros, down from 2.38 billion in Q1 FY26.
The company, which owns brands as Absolut, Jameson, Chivas Regal, Ballantine's, and Glenlivet among others, said it is "taking preparatory steps for a potential IPO, which is leading to a favourable pipe-fill effect that is further benefitting sales in Q1."
However, it also added, "decision to proceed to an IPO remains subject to board approval".
"The board has been asking us to continue on the preparatory steps for a potential IPO. That being said, it's really for us to take on these steps and be prepared would the decision be made in the coming months," said Pernod Ricard Mauve Croizat, EVP, Finance and Tech.
He also acknowledged "pipe-fill effects in Q1" as the company was "anticipating some of the shipments to ensure we would avoid any type of disruption with the consumers".
Pernod Ricard is the largest alcoBev player in the Indian market. Besides global brands, Pernod Ricard owns Seagram profile of brands in India which include Royal Stag, Blenders Pride, 100 Pipers, Longitude 77 and the new brand 'Xclamat!on'.
India remains an important growth market for Pernod Ricard, supported by rising consumer demand and a shift towards premium alcoholic beverages.
