PICCADIL

Piccadily Agro Industries share price & financials

Price
₹579
Market cap
₹6.9k Cr
Sector
Fast Moving Consumer Goods
Calls analysed
2
Latest concall · Q1 FY27 · call held 12 Aug 2026

Piccadily Agro Industries Limited Q1 FY27

Revenue from Operations ₹270 cr +8%EBITDA ₹47 cr +21%EBITDA Margin 18.5% Profit After Tax ₹22 cr +15%

What went well

  • Strong revenue growth of 8.1% YoY to ₹270 crores, driven by a 26.3% increase in distillery revenue.
  • Significant premiumization with the premium, super premium, and luxury portfolio growing 47.3% to ₹82 crores.
  • EBITDA expanded 21% YoY to ₹47 crores, with EBITDA margin improving by 30 bps to 18.5%.

What to watch

  • EBITDA margin improvement was only 30 bps despite strong premiumization, attributed to cost pressures and investments.
  • Delay in ethanol plant orders due to a Chennai court order, impacting Chhattisgarh revenue flow in Q1.
Read the full call →

What Piccadily Agro Industries Limited does

Piccadily Agro Industries is a grain-based distillery and sugar manufacturer, producing extra-neutral alcohol (ENA), ethanol and malt spirit at its Indri (Haryana) facility and a newly commissioned distillery in Chhattisgarh. These inputs feed both bulk/industrial sales and its own Indian-Made Foreign Liquor (IMFL) brand portfolio, sold under the Indri single malt whisky, Camikara rum and Cashmir vodka labels. Its products reach the market across 29 Indian states/union territories, through the defense Canteen Stores Department (CSD) network, and in international markets. The company also operates a sugar manufacturing business, for which it has filed a demerger scheme with SEBI to sharpen its focus on the Alco-Bev operations.

Segments

  • Alco-Bev
  • Sugar
ENA/ethanol distillation capacity (Indri, Haryana)
220 KLPD
Malt spirit capacity (Indri, Haryana)
30 KLPD
New distillery capacity (Chhattisgarh, commissioned Dec 2025)
200 KLPD
Domestic distribution footprint
29 states/union territories
International markets served
29 countries
Manufacturing locations
Indri (Haryana) and Chhattisgarh

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 0 delivered 2 missed 9 open
  • Indri Plant Additional Revenue went quiet said Q4 FY26 Promised: INR250 crores to 300 crores Q1 FY27: This specific guidance for additional revenue from the Indri plant expansion was not mentioned. Management gave a new guidance for overall Indri brand growth (18-20%) but did not address this capex-linked revenue target.
  • Export Business Share revised up said Q4 FY26 Promised: around 50% export business in next 3 to 5 years Q1 FY27: Management raised the long-term ambition: 'The long-term goal is to achieve a 70% export and 30% domestic revenue mix, though this is several years away.'
  • Overall Value Growth on track said Q4 FY26 Promised: 60% to 70% Q1 FY27: Guidance reiterated: 'At the company level we continue to target approximately 60% revenue growth year-on-year.' Management expects 60-65% of revenue to come in H2.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 17.3%, net profit up 15.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue185 182 255 214 212 +15%276 +52%335 +31%251 +17%
EBITDA43 48 66 38 47 +9%78 +63%72 +9%44 +16%
Net profit25 25 40 19 27 +8%48 +92%46 +15%22 +16%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −5.5% 1Y

₹500₹600₹700₹800Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q4 FY26 — 29 Apr 2026Q1 FY27 — 12 Aug 2026

1Y: ₹637.25 on 10 Sept 2025 → ₹602.15. High ₹784.5 (4 Aug 2026), low ₹517.35 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−11.0%
12 Aug
Q4 FY26
−9.4%
29 Apr

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 15.3% a year over 2 years, FY24 to FY26. Operating margin widened to 22.7%.

Year endingFY24FY25FY26
Revenue₹780 Cr₹818 Cr₹1.0k Cr
Operating profit₹152 Cr₹185 Cr₹235 Cr
Operating margin19.5%22.6%22.7%
Interest₹16 Cr₹27 Cr₹29 Cr
Depreciation₹18 Cr₹20 Cr₹23 Cr
Net profit₹112 Cr₹104 Cr₹140 Cr
Net margin14.4%12.7%13.5%
ROCE30.0%23.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹95 Cr₹95 Cr₹95 Cr₹94 Cr₹98 Cr₹99 Cr
Reserves₹88 Cr₹112 Cr₹136 Cr₹247 Cr₹706 Cr₹804 Cr
Borrowings₹125 Cr₹135 Cr₹154 Cr₹172 Cr₹324 Cr₹531 Cr
Other liabilities₹198 Cr₹187 Cr₹206 Cr₹226 Cr₹162 Cr₹206 Cr
Total liabilities₹506 Cr₹529 Cr₹590 Cr₹739 Cr₹1.3k Cr₹1.6k Cr
Fixed assets₹135 Cr₹144 Cr₹195 Cr₹218 Cr₹330 Cr₹580 Cr
Capital work in progress₹46 Cr₹52 Cr₹21 Cr₹26 Cr₹242 Cr₹49 Cr
Investments₹59 Cr₹60 Cr₹69 Cr₹77 Cr₹61 Cr₹100 Cr
Other assets₹265 Cr₹273 Cr₹306 Cr₹418 Cr₹659 Cr₹911 Cr
Total assets₹506 Cr₹529 Cr₹590 Cr₹739 Cr₹1.3k Cr₹1.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters trimmed −1.91 pp while the public added +0.94 pp. The shareholder count shrank 7% to 72,980.

Promoters
68.6%
FIIs
0.8%
DIIs
0.9%
Public
29.7%

Since Jun 2025

  • Promoters −1.91 pp
  • Public +0.94 pp
  • DIIs +0.88 pp

How it drifted, 12 quarters

Over this window promoters fell from 71.0% to 68.6% — −2.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 71.0%, Public 29.0%.Dec '23: Promoters 71.0%, DIIs 0.0%, Public 29.0%.Mar '24: Promoters 71.0%, DIIs 0.1%, Public 28.9%.Jun '24: Promoters 71.0%, FIIs 0.2%, DIIs 0.1%, Public 28.8%.Sep '24: Promoters 71.0%, FIIs 0.9%, DIIs 0.0%, Public 28.1%.Dec '24: Promoters 71.0%, FIIs 0.8%, DIIs 0.0%, Public 28.2%.Mar '25: Promoters 71.0%, FIIs 0.7%, DIIs 0.0%, Public 28.3%.Jun '25: Promoters 70.5%, FIIs 0.7%, Public 28.8%.Sep '25: Promoters 68.6%, FIIs 0.9%, DIIs 1.0%, Public 29.5%.Dec '25: Promoters 68.6%, FIIs 1.1%, DIIs 0.7%, Public 29.5%.Mar '26: Promoters 68.6%, FIIs 0.8%, DIIs 0.8%, Public 29.9%.Jun '26: Promoters 68.6%, FIIs 0.8%, DIIs 0.9%, Public 29.7%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Piccadily Agro Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Soon -N-Sure Holdings Limited 32.67%unchanged
Siddhartha Sharma 21.75%unchanged
Piccadily Hotels Private Limited 13.95%unchanged
Prachi Setty 0.20%unchanged
Piccadily Sugar And Allied Industries Ltd. 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Fair

To justify its price of ₹602, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~25%. At that growth it is worth ₹545 — downside of 10%.

Growth the price implies
27.2% a year
for 7 years, fading to 4%
It has actually compounded at
27.7% a year
net profit, FY24–FY26 · EPS 25.2%
The gap
0.0 pp
-10% downside if it only repeats history
Price today ₹602.15 Value at the reference growth ₹544.93

Change the assumptions yourself →

All earnings calls (2)

Read the Q1 FY27 call →

Learn to analyse Piccadily Agro Industries Limited

Guides on how to read this kind of business and the numbers that matter.