PICCADIL - Piccadily Agro

📊 NSE: PICCADIL 🏢 Breweries & Distilleries 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

In H1 FY26, the Distillery segment grew 21.9% YoY to INR 370.7 Cr, while the Sugar segment declined 13.2% to INR 91 Cr. For Q2 FY26, Distillery grew 12.4% YoY to INR 207.9 Cr and Sugar grew 59.0% to INR 24.8 Cr.

Geographic Revenue Split

The company has an established presence in 28 countries and distribution across 9 global and 15 domestic duty-free locations. Specific regional percentage splits are not disclosed.

Profitability Margins

H1 FY26 Standalone PAT margin stood at 9.8% (up 30 bps YoY). FY24 PAT margin was 14.37%, a significant improvement of 1032 bps from 4.05% in FY23 due to increased sales realization and volume.

EBITDA Margin

Standalone EBITDA margin for H1 FY26 was 18.6% (up 120 bps YoY). Q2 FY26 EBITDA margin was 20.7%, down 90 bps YoY due to a lower share of high-margin IMFL products in that specific quarter.

Capital Expenditure

Not explicitly disclosed as a total planned figure, but the company is currently seeking excise approval to utilize full capacity at its Indri distillery unit.

Credit Rating & Borrowing

Credit rating upgraded to IVR A-/Stable (Long Term) and IVR A2+ (Short Term) in February 2025. Total rated bank facilities amount to INR 347.96 Cr, including term loans of INR 180.96 Cr maturing in Feb 2033.

⚙️ Operational Drivers

Raw Materials

Sugarcane (for sugar processing) and grains/malt (for distillery). Cost of materials consumed in H1 FY26 was INR 134.6 Cr, representing 29% of total income and increasing 64.7% YoY.

Import Sources

Sourced primarily from Haryana, India, where the 168-acre manufacturing plant is located in Karnal.

Capacity Expansion

Current capacity includes a 5,000 TCD sugar production unit and a 150 KLPD distillery unit. Excise approval for utilizing full capacity at the Indri unit is currently in progress.

Raw Material Costs

Raw material costs rose 64.7% YoY in H1 FY26 to INR 134.6 Cr. Procurement strategies involve leveraging the local agricultural base in Haryana.

Manufacturing Efficiency

EBITDA margin improved by 913 bps in FY24 to 19.48% due to a decline in raw material consumption costs relative to scale.

Logistics & Distribution

Not disclosed as a specific percentage of revenue.

📈 Strategic Growth

Expected Growth Rate

28%

Growth Strategy

The company is shifting its revenue profile from bulk commodity sales to branded and premium alcoholic beverages (IMFL). IMFL revenue share grew from 1.7% in FY22 to 42.9% in FY25. Growth will be driven by increasing the share of premium products like Indri Single Malt and expanding global duty-free presence.

Products & Services

Sugar, Ethanol, Extra Neutral Alcohol (ENA), Indian Made Indian Liquor (IMIL), and premium Indian Made Foreign Liquor (IMFL) including Single Malt Whisky and Rum.

Brand Portfolio

Indri (Single Malt Whisky), Camikara (Premium Rum).

New Products/Services

Focus on value-added and branded IMFL products; specific new launch contribution percentages are not disclosed.

Market Expansion

Expanding distribution across global duty-free locations (currently 9 global and 15 domestic) and established presence in 28 countries.

🌍 External Factors

Industry Trends

The Indian premium alcohol market is growing rapidly. Piccadily is positioning itself by moving away from bulk commodities to high-margin branded spirits, with distillery margins reaching 30.2% in FY25.

Competitive Landscape

Competes with both domestic sugar mills and international/domestic premium spirit manufacturers.

Competitive Moat

Moat is built on the 'Indri' brand equity, which has gained international recognition, and the integrated nature of the manufacturing facility which provides cost efficiencies in power and raw materials.

Macro Economic Sensitivity

Sensitive to agricultural output in Haryana (sugarcane) and national biofuel policies (ethanol blending).

Consumer Behavior

Shift toward 'premiumization' in India, where consumers are moving from country liquor to branded IMFL and single malts.

Geopolitical Risks

Trade barriers in the 28 countries of operation could impact export volumes of premium brands like Indri.

⚖️ Regulatory & Governance

Industry Regulations

Operations are highly regulated by state excise policies and pollution control norms. Full capacity utilization at Indri is currently pending excise approval.

Environmental Compliance

Not disclosed in absolute INR terms.

Taxation Policy Impact

Effective tax rate for H1 FY26 was approximately 25.4% (INR 15.5 Cr tax on INR 60.9 Cr PBT).

Legal Contingencies

The auditor's report for FY25 did not identify any material weaknesses in internal financial controls, though specific values for pending court cases were not provided.