Piccadily Agro Industries Ltd

Overview

• Consolidated BRSR FY2025-26; revenue INR 11,428,442,000; exports 7.48% of turnover.

Regulatory action

• SEBI imposed monetary penalties on the company and directors; appeal filed.

Governance & subsidiaries

• Board: six directors; one female (16.7%); subsidiaries: Six Trees Drinks, Portavadie UK, Piccadily Food & Essentials; 100% owned.

Environmental & resource metrics

• Energy and water: total energy 203,240.58 GJ; groundwater 324,771 kL; waste 363.805 t.

Compliance & governance

• BRSR Core not assured; anti-corruption policy in Code of Conduct; CFO Natwar Aggarwal oversees.

Related party transactions & shareholder concerns

• Related party purchases 0.01% of total; related party sales 1.40% of total; 24 shareholder complaints filed; 0 pending.

Dividend and AGM details

• Board recommended final dividend of 10% (Rs 1 per share) for FY2025-26, subject to shareholder approval.
• Dividend payable within 30 days of conclusion of the ensuing AGM.
• 32nd AGM scheduled for Friday, 25 September 2026.
• Register of Members to remain closed from 19 September 2026 to 25 September 2026.

Book closure and dividend record details

• Equity shares of Rs 10 each; record date 18 Sep 2026.
• Book closure from 19 Sep to 25 Sep 2026 (inclusive).
• Cut-off date for remote e-voting: 18 Sep 2026.
• Dividend entitlement to be determined for AGM on 25 Sep 2026.

Scheme update

• Scheme involves demerger of Piccadily Agro Industries Limited into Piccadily Food & Essentials Limited.
• No Adverse Observation Letters received from BSE and NSE dated 14 August 2026.
• Approval from NCLT, shareholders, and creditors required for effectiveness.
• PFEL listing contingent on SEBI/NSE approvals and listing-related disclosures.
• Observation letters valid for six months from Aug 14, 2026.

Financial Performance

• Q1 FY27 revenue from operations rose to Rs 270 crores, up 8.1% YoY.
• Distillery revenue rose 26.3% YoY to Rs 205.7 crores.
• Premium alco-bev revenue within distillery rose 47.3% to Rs 82.3 crores.
• EBITDA rose 21% YoY to Rs 47.2 crores; margin 18.5%.
• PAT rose 15.4% to Rs 22 crores; EPS Rs 2.21.
• Sugar division demerger filed 28 Apr 2026; process ongoing.

Operational Update

• Distillery revenue share rose to 76% of total (71% YoY).
• Premium alco-bev within distillery at 82.3 crores; 43.5% of distillery.
• Chhattisgarh plant online; 15 days output; 50% capacity by year-end.
• Indri malt capacity: 87,000 barrels filled; 30 KL plant at 80%.
• Indri/distillery utilization ~60%; Chhattisgarh ~50% by year-end.
• New products planned for launch this year; more in Q3.

Liquidity and Cash Flow

• Debt reduced by about Rs 10 crores this quarter; no debt increase planned this year.
• Receivable days ~100; branded receivables ~Rs 170 crores.
• Barrels under maturation rising; target 1,15,000–1,20,000 by Mar 2027.
• Inventory includes liquid and barrels; ongoing maturation pipeline.

Projects and Capex

• Chhattisgarh capacity: 210 KLPD; utilization targeted >50% by year-end (correction).
• Indri expansion: malt capacity 30 KL now at ~80% utilization.
• Malt maturation capacity adds ~60–70 lakh liters annually.
• No large capex planned this year; heavy capex already executed.
• Portavadie distillery to serve India and global markets; blending other scotch brands planned.

Guidance and Outlook

• Branded alco-bev growth guided ~60%–70% for FY27.
• Company-level revenue growth targeted ~60% YoY for FY27.
• Company-level EBITDA margin guidance 23%–24% for FY27.
• Export vs domestic: long-term target 70% export / 30% domestic.
• Ethanol and country liquor margins: ethanol ~10%; country liquor ~15%–18%.

Q&A Highlights

• Indri growth remains 18%–20% YoY; 87,000 malt barrels filled; supply not constrained.
• Camikara and Cashmir expected triple-digit growth; Indri remains core driver.
• Top-5 global single malt goal; Indri revenue around ₹1,200 crores in 4–5 years.
• Exports: North America is current key market; 31 countries; target 70% export mix long term.
• Chhattisgarh ethanol/ENA stopgap; end game is branded alco-bev; precise mix guidance by Q3.
• Receivables and working capital: improved AR and inventory; plan to fund growth from operations.

Business overview

• India's largest independent malt spirits producer with Indri and Chhattisgarh distilleries.
• Premium Branded Alcobev focus via Indri, Camikara, Cashmir, Whistler and ENA.
• Expansions at Indri and Chhattisgarh to support growth and exports.

Operational highlights

• Q1 FY27 total income 273.6 Cr; revenue from operations 270.5 Cr.
• Distillery revenue up 26.3% YoY to 206 Cr; Branded Alcobev up 47.3% to 82 Cr.
• EBITDA 47.2 Cr; EBITDA margin 18.5%.
• PAT up 21.8 Cr; EPS 2.21.
• Indri expansion: ENA/Ethanol 78→220 KLPD; Malt 12→30 KLPD.
• Chhattisgarh ENA/Ethanol capacity 200 KLPD; sales commenced.
• Barrels under maturation 87,000; target 100,000 by Mar 2027.
• Retail footprint: 25,000+ outlets; 29 states/UTs; 35 DF outlets.
• Expansion completed; maturation halls added; 100,000-barrel warehousing target.

Financial performance

• Total income 273.6 Cr; revenue from operations 270.5 Cr; EBITDA 47.2 Cr; margin 18.5%.
• PAT 21.8 Cr; EPS 2.21.
• Depreciation uptick due to Indri/Chhattisgarh expansions.

Strategic priorities & outlook

• Branded Alcobev growth guidance 60-70% for full year; H2 drives 60-65%.
• Focus on premium portfolio, expand exports, broaden distribution.

Governance & leadership

• Managing Director: Harvinder Chopra.
• Company Secretary & Compliance Officer: Niraj Kumar Sehgal.

Financial results (Q1 ended 30 June 2026)

• Standalone Q1 2026: Revenue from operations Rs 26,753.01 lakhs; Total income Rs 27,358.32 lakhs; PAT Rs 2,813.84 lakhs.
• Overseas subsidiary's quarter net loss after tax Rs 49.97 lakhs; not material to Group.
• Results are unaudited; Limited Review performed.
• Auditors provided unmodified conclusion on standalone and consolidated results.
• One segment is seasonal; quarterly performance may not reflect annual results.

Board actions

• Board recommended appointment of M/s Rattan Kaur & Associates as statutory auditors for five years.
• Appointment subject to shareholders' approval at forthcoming AGM.

Meeting details & disclosures

• Board meeting held 11 Aug 2026; results approved for quarter ended 30 Jun 2026.
• Results and documents disseminated on the company's website.

Q1 FY27 Highlights

• Branded Alcobev revenue grew 47.3% YoY in Q1 FY27.
• Total revenue from operations rose 18.1% YoY to ₹270 crore.
• Distillery revenue grew 26.3% YoY to ₹206 crore.
• EBITDA increased 21% to ₹47 crore.
• Net profit rose to ₹22 crore, up 15.4% YoY.
• Chhattisgarh operations commenced June 2026; expansion to scale over next three quarters.
• 60-70% full-year growth guidance; H2 to contribute 60-65% of revenue.
• Branded Alcobev now 43.5% of Distillery revenue, up from 37.8%.
• Geographic expansion: Central and Eastern India; select Southern markets.
• Premium portfolio brands include Indri, Camikara, Cashmir, Whistler.

Board outcomes

• Board approved unaudited standalone and consolidated results for quarter ended 30 June 2026.

Financial highlights

• Standalone EPS Rs 2.21 (basic and diluted).
• Consolidated EPS Rs 2.17 (basic and diluted).
• Overseas subsidiary reported net loss after tax Rs 49.97 lakh for quarter ended 30 June 2026.
• Overseas subsidiary results not reviewed by its auditors; not material to the Group.

Auditor remarks

• Independent auditor's review on results is unmodified.

Auditor appointment

• Board recommends Rattan Kaur & Associates as statutory auditors for five years, subject to shareholders.

Seasonality & segmentation

• One business segment is seasonal; quarterly results may not reflect annual performance.

Date & location

• Board meeting held 11 Aug 2026; Gurugram, Haryana.