Piccadily Agro Industries Limited reported its FY26 financial results, 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.

The Alco-Bev business emerged as the primary growth driver, recording a 42% year-on-year increase from INR639 crores to INR908 crores. Profitability in this segment grew 37% from INR150 crores to INR209 crores. In the fourth quarter of FY26, 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. 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.

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.

Strategic Initiatives and Future Outlook

Management has filed a scheme of demerger for the sugar business into a new entity with SEBI, with KPMG as the partner for this exercise. The process is expected to be completed by FY27, allowing the company to focus exclusively on its Alco-Bev business. The company also announced a change in statutory auditor from Jain Associates to Rattan Kaur & Associates, though the signing partner remains Mr. Krisha Mangawa.

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. Overall, 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.

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.