Pernod Ricard is reportedly evaluating a separate public listing for its Indian business, a strategic move that could unlock significant value in one of the company's most vital global markets. Preliminary discussions with advisors are underway, though the French spirits giant maintains that an IPO is just one of several options reviewed annually. This consideration comes at a time when the parent company faces a 7.6% decline in organic net sales across major markets like China and the U.S. The Indian subsidiary currently holds the top spot as the country's largest alcoholic beverage maker by value. In the 2025 fiscal year, it reported record consolidated sales of 27,445.80 crore INR. This performance narrowly outpaced its primary rival, Diageo India, which recorded 27,276 crore INR in revenue. Pernod Ricard India’s net profit grew by 8% to reach 1,734.59 crore INR in 2025. The company’s success is largely driven by a aggressive premiumization strategy. Brands like Jameson Irish Whiskey have seen double-digit growth, making India the brand's second-largest market worldwide by volume. The broader Indian alcohol market is currently valued at approximately 208 billion USD and is projected to reach 312 billion USD by 2036. This growth is supported by a rising middle class and a structural shift toward premium spirits, which now account for 75% of the market share. Despite strong financial performance, the company continues to navigate a complex regulatory landscape. The New Delhi market, which previously accounted for 5% of its domestic sales, remains a challenge due to ongoing license disputes. Legal proceedings related to alleged violations of liquor regulations in the capital are still active. Additionally, the company is managing two antitrust cases and a tax demand of nearly 250 million USD regarding the valuation of imports. In the public markets, Pernod Ricard SA’s shares have shown a recovery trend. The stock is up approximately 12% in Paris since the start of 2026, giving the group a market valuation of roughly 24.4 billion USD. This follows a volatile 2025 where the stock lost nearly a third of its value. A local listing in India would allow the company to capitalize on the high valuation multiples typically awarded to Indian consumer firms. It would also provide the autonomy needed to pursue further innovations in a market expected to grow at a compound annual rate of 7.9% through 2026.