PICCADIL
Micro CapPiccadily Agro Industries Limited
Consumer
Piccadily Agro Industries Ltd. (PAIL) is India’s largest independent producer of malt spirits, with a portfolio including single malt whiskies, cane juice rum, and IMFL brands. It also manufactures Ethanol, ENA, DDGS, and white crystal sugar. Operates state-of-the-art facilities in Haryana and Chhattisgarh.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 52/100margin compression · Rev +31% YoY · PAT +13% YoY · +21% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹335 Cr | +31.4% | +21.4% |
| EBITDA | ₹71 Cr | +7.6% | -9.0% |
| Operating margin | 21.0% | -500 bps | -700 bps |
| PAT | ₹45 Cr | +12.5% | -6.3% |
| PAT margin | 13.4% | -226 bps | -396 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 Total Income grew 28% YoY to Rs 1,142.9 Cr, driven by 41.7% YoY distillery revenue growth. PAT increased 33.4% YoY to Rs 139.6 Cr, with company EBITDA margin at 23.4% (flat YoY).
The company is executing its premiumization strategy well, evidenced by strong IMFL volume and revenue growth. Completed capacity expansions are expected to drive future distillery revenue. The sugar business remains a drag, but a demerger scheme has been filed. Execution on new capacity utilization and IMFL market penetration is key.
Revenue Composition – Segment-wise (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Premiumization Strategy
Company has steadily shifted its revenue profile from bulk commodity-based sales towards branded and premium alcoholic beverages, with focus on value-added IMFL products.
IMFL Portfolio Expansion
Launched new brands like Cashmir Vodka and multiple Indri City Series editions, with product development underway for more premium and luxury spirits.
Enhanced Distillation Capacity
Commissioning of additional distillation capacities at Indri and Chhattisgarh is expected to support higher revenues from ENA, ethanol, and related products beginning FY27.
Distribution Expansion
Strengthening distribution domestically across Tier 1 and 2 cities and scaling international routes-to-market in key regions, including duty-free.
Indri Distillery Expansion
Expansion completed to increase distillery capacity from 78 KLPD to 220 KLPD for ENA/Ethanol and from 12 KLPD to 30 KLPD for malt.
Chhattisgarh Greenfield Facility
A 200 KLPD distillery for ENA/Ethanol was commissioned in Mahasamund, Chhattisgarh.
Barrel Storage Capacity
Barrel storage capacity is being scaled up from 83,800 barrels (FY26) to 100,000 barrels by March 2027.
Portavadie, Scotland Distillery
New Malt distillery in Scotland is under evaluation for suitable plant and machinery, with likely commissioning in FY27.
Indian Economy Growth
India’s nominal GDP is expected to grow from USD 4 trillion to USD 7.3 trillion by 2030, supporting consumer spending.
Premiumization Trend
India’s whisky market is premiumizing rapidly; IMFL whisky sales at standard & above price points have tripled.
Rising Urbanization
India’s urban population is expected to exceed 40% by 2030 from current levels of 37%, driving premium alcohol demand.
Global Recognition
International accolades for brands like Indri influence purchase decisions by validating premium quality and building trust.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company operates in the consumer sector with potential seasonality in demand and production cycles, making year-over-year comparisons more relevant for underlying business performance trends.
IMFL Sales Volumes Growth
IMFL sales volumes grew 48% in FY26 YoY, led by robust performance across key brands.
Distillery EBITDA Margin
Distillery business EBITDA margins improved to 31.5% in FY26, an increase of 130 basis points.
Company EBITDA Margin
Company EBITDA margin at 23.4% in FY26, same as last year.
Distribution Footprint (Retail)
Distribution footprint, including on-trade channels, increased by over 50% during the year, reaching over 25,000 retail outlets as of Dec 31, 2025.
Strengthening Revenue Growth
Management expects revenue growth to strengthen in the coming years, supported by higher capacity utilisation at Indri and Chhattisgarh facilities.
Portfolio Expansion
Company will continue expanding its portfolio by strengthening existing brands, introducing new IMFL offerings, and entering white spirit categories.
Acquisition Opportunities
Management continues to evaluate acquisition opportunities within the IMFL segment to strengthen market presence.
Sugar Business Demerger
Scheme of arrangement for Sugar business formulated and filed with the Stock Exchanges.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Distillery Capacity Utilization | Increasing at Indri and Chhattisgarh facilities. | Ramp-up of new capacities and their contribution to revenue growth in FY27 and beyond. |
| IMFL Volume Growth | 48% YoY in FY26. | Sustained high growth rates, especially for premium and luxury segments, and market share gains. |
| Export Revenues | Focus to increase. | Tangible growth in international markets and duty-free channels. |
| Sugar Business Demerger | Scheme formulated and filed. | Progress and completion of the demerger, and its impact on the company's focus and financials. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52NeutralSMA20 +2.4% / mo
Technical chart
PICCADILweekly · 5Y-2.3%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 51.
- SMA20 rising (~2.4% over last month) — short-term momentum positive.
- RSI(14) at 51 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 22% off 52W high · 14% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 46.2%.
- Growth contributes 22/25 to the score.
Main drags
- Quality is weaker at 8/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Valuation is weaker at 13/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 70th percentile of the scored universe and 70th percentile within Consumer. Main check: financial discipline is weak at 58/100.
Healthy Trust Lite: Promoter holding is 68.6%. Key concern: Promoter holding fell 1.9%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 70th pctile, median 67 · Micro: 56th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 68.6%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸6/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 1.9%.
- ▸ROCE trend is -5.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 41.90
- P/B
- 6.39
- EV/EBITDA
- 24.56
- Market Cap
- 5757.00Cr
Profitability
- ROE
- 17.40%
- ROCE
- 18.00%
- ROA
- 8.42%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 50.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- 83.00%
Balance Sheet
- Debt/Equity
- 0.59
- Interest Coverage
- 8.32×
- Altman Z
- 6.67
- Book Value
- 91.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 118.00 Cr
- EPS TTM
- 13.95
Shareholding
- Promoter Hold
- 68.56%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 24%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.