Copy of Transcript of investors meet as per SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 dated 29.05.2026
PICCADIL · price
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Piccadily Agro Industries crossed the INR1,000 crore revenue milestone in FY '26, with Alco-Bev business growing 42% to INR908 crores. The company operates in IMFL, ENA/ethanol, and sugar segments, with its flagship Indri single malt driving premium growth. Management announced a demerger of the sugar business into a separate listed entity (expected FY '27) and commissioned a new 200 KLPD distillery in Chhattisgarh, taking total capacity to 450 KLPD. For FY '27, the company guides 60-70% revenue growth driven by new product launches, expanded IMFL distribution, and Chhattisgarh ramp-up expected to contribute INR300-400 crores. Alco-Bev EBITDA margins are around 31.5% with IMFL margins at 45-50%. The company is exploring domestic and international brand acquisitions but is not dependent on them. Short-term borrowings jumped 132% due to working capital needs (malt inventory and receivables), which management expects to normalize in FY '27.
The strong 60-70% growth guidance and demerger of sugar business signals management's focus on becoming a pure-play premium alco-bev company. However, the supply constraints on Indri brand that limited FY '26 growth to 16% appear resolved with expanded capacities. The company's ambition to be a top 5 global single malt brand and reach 50% exports in 3-5 years represents a bold long-term vision.