Piccadily Agro Industries Ltd (PAIL), was incorporated in the year 1994 and started its commercial operations in 1997 as a sugar processing company. Later in 2007, PAIL has set up a distillery unit. At present the company is engaged in manufacturing sugar and distillery products at a manufacturing plant in Haryana.[1]
Business Segments1) Distillery (75% in H1 FY25 vs 46% in FY22):[1][2]The company produces Extra Neutral Alcohol (ENA), Ethanol, Country Liquor and alcoholic beverages. It is a key player in the alcoholic beverages industry with a premium portfolio of brands includingIndri - single malt whisky, Whistler & Royal Highland - blended malt whisky brands, Camikara - premium sugarcane juice aged rum, etc.The segment revenue grew 44% YoY in H1 FY25, driven by higher sales from the single malt and premium alcoholic beverage portfolio.[3][4]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | United Spirits | 1336.00 | 56.68 | 97174.07 | 0.90 | 464.00 | 42.56 | 3173.00 | 11.57 | 26.50 | 12658.00 | 18.34 | 1714.40 | 486.12 | 11.56 | 12.34 | 0.05 |
| 2. | United Breweries | 1519.60 | 105.71 | 40179.01 | 0.66 | 46.34 | -64.80 | 2052.83 | -3.02 | 13.88 | 9240.39 | 8.32 | 380.09 | 46.52 | 9.25 | 6.03 | 0.18 |
| 3. | Radico Khaitan | 2907.40 | 83.85 | 38928.19 | 0.14 | 138.96 | 69.07 | 1493.93 | 33.83 | 16.24 | 5598.29 | 14.85 | 464.24 | 138.96 | 13.34 | 7.98 | 0.21 |
| 4. | Allied Blenders | 475.15 | 51.72 | 13290.43 | 0.76 | 62.92 | 35.22 | 990.06 | 14.11 | 21.08 | 3807.51 | 12.86 | 256.98 | 64.31 | 8.53 | 6.29 | 0.68 |
| 5. | Tilaknagar Inds. | 419.30 | 38.04 | 10363.87 | 0.24 | 52.68 | -9.53 | 398.22 | 6.23 | 28.19 | 1553.60 | 18.89 | 272.47 | 52.68 | 4.38 | 20.26 | 0.02 |
| 6. | India Glycols | 959.40 | 24.81 | 6430.55 | 0.52 | 65.06 | 30.88 | 1092.20 | 13.63 | 12.35 | 3971.08 | 14.53 | 259.14 | 65.06 | 2.48 | 4.04 | 0.86 |
| 7. | Piccadily Agro | 575.00 | 51.06 | 5663.62 | 0.00 | 26.61 | 6.58 | 212.21 | 14.76 | 22.88 | 863.64 | 23.09 | 110.92 | 26.58 | 7.02 | 11.10 | 0.40 |
| – | Median: 23 Co. | 284.5 | 33.44 | 1640.47 | 0.14 | 19.5 | 0.0 | 212.21 | 11.57 | 13.25 | 863.64 | 8.55 | 79.6 | 19.5 | 2.85 | 6.29 | 0.43 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 110 | 115 | 200 | 219 | 114 | 178 | 269 | 196 | 185 | 182 | 255 | 214 | 212 |
Expenses | 99 | 97 | 184 | 194 | 89 | 143 | 202 | 168 | 142 | 134 | 189 | 176 | 165 |
Operating Profit | 11 | 18 | 16 | 25 | 25 | 35 | 67 | 28 | 43 | 48 | 66 | 38 | 47 |
Other Income | 0 | 0 | 0 | 0 | 0 | 29 | 1 | 1 | 1 | 3 | 2 | 1 | 2 |
Profit before tax | 4 | 10 | 10 | 15 | 16 | 57 | 60 | 20 | 33 | 37 | 54 | 25 | 36 |
Tax % | 19% | 27% | 36% | 25% | 25% | 21% | 27% | 29% | 25% | 32% | 26% | 25% | 25% |
Net Profit | 4 | 7 | 6 | 11 | 12 | 45 | 44 | 14 | 25 | 25 | 40 | 19 | 27 |
EPS in Rs | 0.37 | 0.73 | 0.67 | 1.21 | 1.26 | 4.80 | 4.61 | 1.52 | 2.64 | 2.66 | 4.28 | 1.99 | 2.70 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 376 | 344 | 271 | 329 | 334 | 371 | 399 | 488 | 572 | 598 | 742 | 797 | 864 |
Expenses | 330 | 316 | 248 | 282 | 308 | 344 | 359 | 437 | 503 | 535 | 590 | 612 | 664 |
Operating Profit | 46 | 28 | 23 | 48 | 26 | 27 | 40 | 52 | 69 | 63 | 152 | 185 | 199 |
Other Income | 5 | 6 | 7 | 1 | 5 | 9 | -2 | 3 | 1 | 1 | 30 | 7 | 7 |
Interest | 8 | 9 | 15 | 17 | 16 | 17 | 15 | 16 | 14 | 13 | 16 | 28 | 33 |
Depreciation | 10 | 11 | 11 | 13 | 13 | 13 | 13 | 13 | 15 | 16 | 18 | 19 | 21 |
Profit before tax | 33 | 15 | 5 | 19 | 2 | 7 | 11 | 25 | 41 | 35 | 148 | 144 | 152 |
Net Profit | 21 | 9 | 2 | 8 | 5 | 6 | 13 | 18 | 29 | 25 | 112 | 105 | 111 |
EPS in Rs | 2.25 | 0.95 | 0.16 | 0.86 | 0.49 | 0.59 | 1.40 | 1.87 | 3.11 | 2.62 | 11.89 | 11.09 | 11.63 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 14% | 27% | 3% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 24 | 24 | 47 | 95 | 95 | 95 | 95 | 95 | 95 | 95 | 94 | 94 | 98 |
Reserves | 102 | 110 | 88 | 59 | 64 | 59 | 72 | 88 | 112 | 136 | 247 | 589 | 708 |
Borrowings | 90 | 85 | 156 | 128 | 144 | 131 | 126 | 125 | 135 | 154 | 172 | 308 | 324 |
Other Liabilities | 99 | 130 | 102 | 141 | 156 | 189 | 166 | 198 | 187 | 206 | 226 | 155 | 160 |
Total Liabilities | 315 | 349 | 392 | 423 | 458 | 473 | 458 | 506 | 529 | 590 | 739 | 1,146 | 1,291 |
Fixed Assets | 135 | 138 | 159 | 152 | 149 | 148 | 141 | 135 | 144 | 195 | 218 | 282 | 329 |
Gross Block | 208.75 | 223.91 | 255.89 | 262.09 | 270.80 | 283.15 | 288.64 | 296.77 | 320.00 | 385.87 | 426.32 | 509.60 | – |
Accumulated Depreciation | 74.13 | 86.05 | 96.98 | 109.63 | 122.27 | 134.83 | 147.87 | 161.36 | 175.70 | 191.29 | 208.40 | 227.65 | – |
CWIP | 2 | 4 | 30 | 47 | 50 | 46 | 46 | 46 | 52 | 21 | 26 | 182 | 220 |
Investments | 60 | 64 | 58 | 68 | 68 | 68 | 66 | 59 | 60 | 69 | 77 | 81 | 90 |
Other Assets | 118 | 143 | 145 | 155 | 191 | 211 | 205 | 265 | 273 | 306 | 418 | 601 | 652 |
Total Assets | 315 | 349 | 392 | 423 | 458 | 473 | 458 | 506 | 529 | 590 | 739 | 1,146 | 1,291 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 47 | 44 | -6 | 98 | 41 | 61 | -4 | 22 | 37 | 37 | 55 | -25 |
Cash from Investing Activity | -33 | -23 | -50 | -46 | -10 | -2 | -4 | 1 | -27 | -52 | -34 | -271 |
Cash from Financing Activity | -14 | -22 | 54 | -52 | -30 | -44 | -3 | -9 | -22 | 12 | -10 | 292 |
Net Cash Flow | 1 | -2 | -2 | 0 | 1 | 15 | -12 | 14 | -12 | -2 | 11 | -5 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 0 | 2 | 15 | 15 | 24 | 41 | 30 | 38 | 32 | 42 | 67 | 63 |
Inventory Days | 159 | 189 | 222 | 233 | 215 | 182 | 201 | 215 | 185 | 201 | 200 | 337 |
Days Payable | 89 | 160 | 134 | 152 | 175 | 214 | 172 | 174 | 123 | 139 | 113 | 59 |
Cash Conversion Cycle | 70 | 31 | 103 | 96 | 63 | 9 | 58 | 79 | 94 | 104 | 155 | 341 |
Working Capital Days | -29 | -49 | -17 | -70 | -82 | -101 | -56 | -28 | -5 | 4 | 38 | 95 |
ROCE % | 20% | 11% | 8% | 13% | 6% | 8% | 10% | 14% | 17% | 13% | 30% | 23% |
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Piccadily Agro Industries Ltd. is an Indian company involved in the manufacturing of sugar and distillery products, with a significant focus on alcoholic beverages including premium brands like Indri single malt whisky and Camikara rum.
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