Piccadily Agro Industries Limited reported its FY26 audited financial results at a Board meeting held on April 28, 2026, achieving a significant milestone with standalone revenue crossing INR1,000 crores to reach INR1,143 crores, representing a 28% year-on-year increase from INR893 crores in the previous year. The company's profit after tax grew 33% from INR105 crores to INR140 crores, while profit before tax increased 33% from INR144 crores to INR190 crores. On a standalone basis, Q4 revenue grew 33% year-on-year from INR270 crores to INR364 crores, with PAT rising 14% from INR40 crores to INR46 crores.

Financial Performance

The Alco-Bev (Distillery) business emerged as the primary growth driver, recording a 42% year-on-year increase in revenue from INR639 crores to INR908 crores, with segment profitability growing 37% from INR150 crores to INR209 crores. In Q4, the brand portfolio business demonstrated robust performance with revenue growing 67% year-on-year from INR150 crores to INR250 crores, and profit before tax increasing 79% from INR35 crores to INR63 crores. The audited standalone financial results for the quarter and year ended March 31, 2026 reflect total income of Rs. 1,14,284.22 lakhs for the full year, with profit before tax of Rs. 19,235.01 lakhs and profit for the period of Rs. 13,955.87 lakhs. Basic and diluted EPS (standalone) stood at Rs. 14.42 per equity share for the full year.

The following table summarises the key standalone financial metrics:

On a consolidated basis, total income for the year ended March 31, 2026 stood at Rs. 1,14,284.22 lakhs, with profit before tax of Rs. 19,028.75 lakhs and net profit after tax of Rs. 13,740.09 lakhs. The consolidated basic and diluted EPS stood at Rs. 14.21 per equity share. The consolidated results include the holding company, overseas subsidiary Portavadie Distillers and Blenders Ltd. (Scotland, UK), Indian subsidiaries Six Tress & Drinks Private Limited and Piccadily Food & Essentials Limited, and Indian associate Piccadily Sugar & Allied Industries Limited.

Standalone Balance Sheet Highlights

The audited standalone balance sheet as at March 31, 2026 reflects total assets of Rs. 1,63,964.14 lakhs, compared to Rs. 1,14,606.12 lakhs as at March 31, 2025. Total equity attributable to shareholders stood at Rs. 90,291.08 lakhs. Key balance sheet items are presented below:

Segment Performance

The standalone segment data for the year ended March 31, 2026 shows the Distillery segment contributing revenue of Rs. 90,201.21 lakhs and segment profit of Rs. 23,872.46 lakhs, while the Sugar segment recorded revenue of Rs. 23,305.03 lakhs with a segment loss of Rs. 904.62 lakhs. On a consolidated basis, the Distillery segment reported revenue of Rs. 63,675.55 lakhs and the Sugar segment contributed Rs. 24,950.10 lakhs for the year ended March 31, 2025 comparative period. Total consolidated segment assets as at March 31, 2026 stood at Rs. 1,63,919.01 lakhs.

Operational Expansion and Capacity

The company has significantly expanded its operational capabilities to meet growing demand. The Indri distillery expansion was completed in October 2025, scaling ENA and ethanol capacity from 78 KLPD to 220 KLPD and malt capacity from 12 KLPD to 30 KLPD. Additionally, a greenfield distillery in Mahasamund, Chhattisgarh, with 200 KLPD capacity was commissioned in December 2025. The total distillery capacity now stands at 450 KLPD, comprising 30 KLPD of malt and 420 KLPD of ENA and ethanol. For FY27, the company expects the Indri plant to generate additional revenue of INR250 crores to INR300 crores, while the Chhattisgarh plant is projected to contribute INR300 crores to INR400 crores. Management anticipates 60-70% revenue growth in FY27, with the company aiming to grow revenue by 3x to 4x over the next 3 to 4 years. The company currently holds approximately 85,000 barrels and plans to increase this to 100,000 barrels in the current year, with capex for FY27 expected to be around INR25 crores to INR30 crores.

Sugar Business Demerger Scheme

The Board of Directors, at its meeting held on April 28, 2026, approved a Scheme of Arrangement for the demerger of the company's Sugar Business into Piccadily Food & Essential Limited (PFEL), a wholly owned subsidiary of the company. The proposed transaction is subject to requisite approvals from statutory and regulatory authorities, including the National Company Law Tribunal, BSE Limited, National Stock Exchange of India Limited, SEBI, and the respective shareholders and creditors of both entities. Upon effectiveness of the Scheme, PFEL will be separately listed on BSE and NSE, resulting in two listed companies with proportionate shareholding. The Sugar Business, as defined in the Scheme, covers manufacturing, marketing, sales and distribution of white crystal sugar from sugarcane and allied products, as well as by-products such as bagasse boards and paper.

Key details of the demerger scheme are summarised below:

The rationale for the demerger includes enabling focused attention on core businesses, attracting targeted investments, unlocking shareholder value through price discovery of individual entities, and providing greater business and capital allocation clarity for both companies. The Board also approved the report under Section 232(2)(c) of the Companies Act, 2013, explaining the effect of the Scheme on shareholders, key managerial personnel, promoters, and non-promoter shareholders.

Auditor Change

Jain & Associates, Chartered Accountants (FRN: 001361N), the company's statutory auditors, tendered their resignation on April 28, 2026, citing personal reasons and non-renewal of the firm's Peer Review Certificate. The Audit Committee noted that no concerns were raised by the outgoing auditors in connection with their resignation. The Board, on the recommendation of the Audit Committee, has recommended the appointment of Rattan Kaur & Associates, Chartered Accountants (ICAI Firm Registration No. 022513N), as statutory auditors to fill the casual vacancy, subject to shareholder approval at an Extraordinary General Meeting or Postal Ballot. Rattan Kaur & Associates was established in 2009, is based in Chandigarh, holds Peer Review Certificate Number 014929 valid till January 31, 2027, and provides audit and advisory services to banks, NBFCs, corporates, and government companies. The outgoing auditors issued an audit report with an unmodified opinion on the audited financial results (standalone and consolidated) for the year ended March 31, 2026.

Piccadily Agro Industries Limited announced its audited financial results for the quarter and year ended March 31, 2026, alongside a strategic scheme of arrangement to demerge its sugar business into a wholly-owned subsidiary. The company delivered strong financial performance for FY26, with the distillery business segment driving growth through capacity expansion and premium portfolio focus.

Q4 & FY26 Financial Performance

The company reported robust growth across key financial metrics for both the fourth quarter and full fiscal year 2025-26.

The distillery business demonstrated strong performance with revenue growing 41% year-on-year and EBITDA margins improving to 32%, an increase of 200 basis points. The company's IMFL portfolio recorded volumes increasing 48% year-on-year, led by robust performance across key brands including Whistler (98% growth), Indri (16% growth), and Camikara (11% growth).

Operational Highlights and Expansion

Piccadily Agro completed significant expansion initiatives during FY26. The Indri facility expansion increased distillery capacity from 78 KLPD to 220 KLPD for ENA and ethanol, and from 12 KLPD to 30 KLPD for malt. Additionally, a new greenfield facility in Chhattisgarh with 200 KLPD capacity for ENA and ethanol was commissioned. Barrel storage capacity is being scaled up from 45,000 to 100,000 barrels by March 2027, with 83,800 barrels procured in FY26.

The company's distribution footprint expanded significantly, with reach including on-trade channels increasing by over 50% during the year. The retail network now spans 25,000 outlets across India.

Sugar Business Demerger Scheme

The board approved a comprehensive scheme of arrangement between Piccadily Agro Industries Limited and Piccadily Food & Essential Limited (PFEL), its wholly-owned subsidiary, for the demerger of the sugar business. The scheme provides for the transfer of the Sugar Business Division into PFEL under sections 230 to 232 of the Companies Act, 2013.

The proposed transaction is subject to requisite approvals from statutory and regulatory authorities, including the National Company Law Tribunal, BSE Limited, National Stock Exchange of India Limited, and SEBI, along with respective shareholders and creditors.

Statutory Auditor Changes

The board addressed significant changes in statutory auditors. Jain & Associates, Chartered Accountants (FRN: 01361N) tendered their resignation on April 28, 2026, citing personal reasons and non-renewal of their peer review certificate. The audit committee confirmed no concerns were raised by the outgoing auditors.

The board recommended the appointment of Rattan Kaur & Associates, Chartered Accountants (ICAI Firm Registration No. 022513N) as statutory auditors, subject to shareholder approval.

Strategic Outlook

The company expects revenue growth to strengthen in the coming years, supported by higher capacity utilisation at Indri and Chhattisgarh facilities. Management plans to continue expanding the portfolio by strengthening existing brands, introducing new IMFL offerings, and entering white spirit categories. Opportunities to increase export revenues while expanding distribution presence across domestic and international markets are being pursued. The commissioning of additional distillation capacities is expected to support higher revenues from ENA, ethanol, and related products beginning FY27.