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.

Piccadily Agro Industries Limited has formally disclosed to BSE and NSE that it does not qualify as a 'Large Corporate' for the financial year ended March 31, 2026, under the SEBI regulatory framework. The disclosure was made on April 15, 2026, in compliance with SEBI Circular SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023.

Regulatory Compliance Disclosure

The company submitted the mandatory disclosure regarding its status under the SEBI framework for fund raising by issuance of debt securities by large corporates. Company Secretary and Compliance Officer Niraj Kumar Sehgal confirmed that Piccadily Agro Industries does not meet the applicability criteria specified under the aforementioned SEBI circulars for classification as a Large Corporate.

Financial Position and Credit Ratings

As part of the disclosure requirements, the company provided detailed financial information in the prescribed format:

SEBI Framework Background

The disclosure relates to SEBI's framework governing fund raising through debt securities by large corporates. The regulatory framework, established through SEBI Circular SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023, requires companies to assess and disclose their status based on specific applicability criteria.

Corporate Information

Piccadily Agro Industries Limited operates with its registered office in Village Bhadson, Karnal, Haryana, and corporate office in Gurugram. The company, incorporated in 1994 with CIN L01115HR1994PLC032244, maintains listings on both BSE (Code: 530305) and NSE (Scrip Code: PICCADIL). The formal disclosure ensures compliance with stock exchange requirements and provides transparency regarding the company's regulatory status for the current financial year.