Piccadily Agro Industries Ltd

Rating action and rated facilities

• Long-term bank facilities upgraded to Crisil A+/Stable.
• Short-term bank facilities upgraded to Crisil A1.
• Total rated facilities: Rs 400 crore.
• Previous rating: Infomerics IVR A/Stable.

Rationale and financial highlights

• Premium alco-beverage profile led by Indri single malt.
• FY2026 revenue Rs 1,038 crore; PAT Rs 138 crore; margin 13.3%.
• Gearing ~0.6x; interest coverage 8.6x; strong cash accruals.
• Liquidity robust: Rs 70 crore cash; WCDL Rs 145 crore; CC utilisation ~60%.
• Working capital intensity due to ageing inventory; maturation stock target >100,000 barrels by Mar 2027.
• GCAs around 270 days FY2026; 240-260 days medium term.
• Regulatory risks in the alcoholic beverages industry.

Outlook and sensitivities

• Outlook: Stable.
• Upward factors: scale expansion with margins above 25%.
• Downward factors: margins below 20% sustained; debt-funded capex.

AGM Details

• 32nd AGM on 25 September 2026 at 4:30 PM via VC/OAVM.
• Voting cut-off date: 18 September 2026.

Ordinary resolutions

• Adoption of standalone and consolidated financial statements for year ended 31 March 2026.
• Declaration of dividend on equity shares for FY2026.
• Reappointment of Jai Parkash Kaushik by rotation.

Special resolutions

• Appointment of Statutory Auditors for five-year term.
• Re-appointment of Harvinder Singh Chopra as Managing Director.
• Re-appointment of Dharmendra Kumar Batra as Whole-time Director.
• Ratification of remuneration to Cost Auditor.

Voting outcomes

• Resolution 1 approved with 99.90% in favour.
• Dividend resolution approved with 100% in favour.
• Director rotation approved with 99.84% in favour.
• Auditor appointment approved with 100% in favour.
• MD appointment approved with 99.90% in favour.
• WTD appointment approved with 99.86% in favour.
• Cost Auditor remuneration approved with 100% in favour.

Director changes

• Jai Parkash Kaushik retired by rotation and reappointed.
• Harvinder Singh Chopra re-appointed as MD for one year.
• Dharmendra Kumar Batra re-appointed as Whole-time Director for one year.

Auditor appointments

• Statutory auditors appointed for five-year term.

AGM Details

• Date: 25 Sep 2026; Time: 04:30 PM; Mode: VC/OAVM.

Key Resolutions

• Adopt financial statements (Ordinary); voting results pending (to be intimated within 48 hours).
• Declare dividend (Ordinary); results pending; amount undisclosed.
• Appoint Jai Parkash Kaushik as Director by rotation (Ordinary); voting pending.
• Appoint Rattan Kaur & Associates as Statutory Auditors (Ordinary); voting pending.
• Re-appoint Harvinder Singh Chopra as Managing Director (Special); voting pending.
• Re-appoint Dharmendra Kumar Batra as Whole-time Director (Special); voting pending.
• Ratify remuneration to Cost Auditor (Ordinary); voting pending.

Piccadily Agro Industries Ltd trading window closed from Thursday, 01st October, 2026 till the expiry of 48 hours after the September, 2026 for the quarter ending 30 September 2026

Awards and product details

• Camikara 3YO, 8YO and 12YO won Silver medals at ISC 2026 in the UK.
• Camikara 8YO won Best in Class Platinum at SIP Awards 2026 in California.
• Camikara 3YO won Gold at SIP Awards; both expressions received the Innovation Award.
• Camikara is crafted from 100% pure sugarcane juice with no additives, matured in oak casks.
• Camikara demonstrates Indian rum on the global stage, competing with established international brands.

Financial highlights

• Revenue from operations: ₹113,506.24 lakh (Standalone FY26); up 28% YoY.
• Total Income: ₹114,284.21 lakh (Standalone FY26).
• PAT: ₹13,955.86 lakh; up 33.4% YoY.
• EPS: ₹14.42; Standalone.
• Distillery revenue: ₹902.1 crore; IMFL revenue: ₹502 crore.
• IMFL volume growth: 48%; Whistler growth 98%.
• Market reach: 29 states, 32 countries, 35 DF locations; 25,000+ outlets.
• Dividend proposed: ₹1 per share; record date 18-Sep-2026.
• Sugar demerger approved; sugar business to PFEL; entitlements 1 PFEL share per 9 PAIL.
• Indri Experience Centre inaugurated; Portavadie Scotland project progressing; UK-FTA opportunities.
• Indri Diwali Collector's Edition 2025 won Best World Whisky (99.1 score).
• Indri portfolio has 141+ international awards; Emphasis on premiumisation.

Capex & capacity expansion

• Indri ENA/ethanol capacity rose from 78 KLPD to 220 KLPD; malt to 30 KLPD.
• Chhattisgarh greenfield distillery commissioned Dec 2025; 200 KLPD ENA/ethanol; IMFL ramp-up planned.
• Total distillery capacity now 450 KLPD; growth platform for premium brands.
• Barrel procurement increased to ~85,000; target over 100,000 by Mar 2027.
• Indri expansion and Chhattisgarh facility commissioned within planned timelines.
• Portavadie, Scotland: first international manufacturing investment; UK FTA opportunities explored.
• New product launches: Cashmir Vodka; Indri City Series editions.

Brands & market presence

• Indri dominates premium single malt; Agneya, Rudhira and Founder's Reserve expanded.
• Indri Dubai City Series, Indri Mumbai City Series, Indri Bengaluru City Series launched.
• Camikara: India's first premium pure cane juice aged rum; Expressions released periodically.
• Whistler repositioned as premium, with expanded IMFL scope.
• Indri leading multi-market premium strategy; strong international awards footprint.

Strategic developments & governance

• Board approved sugar demerger; PFEL to house sugar, PAIL to continue distillery.
• M/s Rattan Kaur & Associates appointed as Statutory Auditors; 5-year term (2026-2031).
• Jain & Associates resigned due to peer-review certificate expiry; new appointment approved.
• Eight board meetings held in FY2025-26; robust governance framework.
• ESOPs: 1,98,728 options outstanding; 25,558 new options granted in FY26.

ESG, environment & sustainability

• 60% reduction in groundwater consumption versus industry benchmark.
• 6 MW biomass-based captive power plant; zero fossil fuel reliance.
• Zero Liquid Discharge (ZLD) implementation; condensate recycled for cooling.
• Water and energy efficiency: improved through ETP/STP and automation.
• NOx 96,063 kg; SOx 34,991 kg; PM 37,055 kg in FY26.

CSR & social responsibility

• CSR spend: ₹210.51 lakh in FY26; average net profit ₹108.98 crore.
• CSR obligation for FY26: ₹206.09 lakh; 2% of average net profit; shortfall ₹7.45 lakh.
• CSR projects: health care, education, livelihoods; activities across Haryana & Chhattisgarh.
• CSR committee: Chair Dharmendra Batra; Members Kaushik and Sanger.

Dividend & capital structure

• Dividend policy published on company website; dividend ₹1 per share proposed.
• Share capital at 31.03.2026: ₹985.7 million; ESOPs converted into equity during FY26.
• Consolidated credit ratings: IVR A/Stable for borrowings; robust liquidity management.
• Dual listing on BSE & NSE enhanced liquidity; NEAPS reported.

Risks, outlook & management focus

• Material risks: raw-material cost volatility, regulatory complexity, talent scaling, large-capex risk.
• Outlook: premiumisation-led growth; continued expansion in India and overseas markets.
• Strategic focus on durable brands, ageing inventory, and disciplined capital allocation.

Other notable items

• Sugar demerger filing and approvals linked with timelines; PFEL to issue shares per scheme.
• UK Scotland distillery project under evaluation; potential terroir and global supply benefits.
• Indri Experience Centre to deepen consumer engagement and brand storytelling.

AGM Details

• Date/time: 25 September 2026 at 4:30 PM via VC/OAVM.
• Mode: VC/OAVM.
• Venue: deemed at the company’s registered office.
• Register and Share Transfer Books closure: Sep 19–25, 2026.

Key Resolutions

• Adoption of standalone and consolidated financial statements for year ended 31 March 2026.
• Dividend on equity shares for FY 2025-26 to be declared.
• Re-appointment of Jai Parkash Kaushik as Director.
• Appointment of Statutory Auditors for 5 years (2026–2031) with Rs 2.50 Lakh fee for 2026-27.
• Re-appointment of Harvinder Singh Chopra as Managing Director (2 Aug 2026 to 1 Aug 2027).
• Re-appointment of Dharmendra Kumar Batra as Whole-time Director (29 Jun 2026 to 28 Jun 2027).
• Ratification of remuneration to Cost Auditor: Rs 36,000 per annum plus GST.

Dividend

• Dividend proposed: Rs 1 per equity share.

Director Changes

• Kaushik reappointed as Director (retiring by rotation).
• Harvinder Singh Chopra reappointed as Managing Director (Aug 2026–Aug 2027).
• Dharmendra Kumar Batra appointed as Whole-time Director (Jun 2026–Jun 2027).

Auditor Appointments

• Statutory Auditor: M/s Rattan Kaur & Associates appointed for 5 years.
• Cost Auditor remuneration ratified: Rs 36,000 per annum.

Material Related Party Transactions

• No material related party transactions disclosed.

Other Material Approvals

• Remuneration approvals for MD and WTD; statutory audit approvals.

Overview

• Consolidated BRSR FY2025-26; revenue INR 11,428,442,000; exports 7.48% of turnover.

Regulatory action

• SEBI imposed monetary penalties on the company and directors; appeal filed.

Governance & subsidiaries

• Board: six directors; one female (16.7%); subsidiaries: Six Trees Drinks, Portavadie UK, Piccadily Food & Essentials; 100% owned.

Environmental & resource metrics

• Energy and water: total energy 203,240.58 GJ; groundwater 324,771 kL; waste 363.805 t.

Compliance & governance

• BRSR Core not assured; anti-corruption policy in Code of Conduct; CFO Natwar Aggarwal oversees.

Related party transactions & shareholder concerns

• Related party purchases 0.01% of total; related party sales 1.40% of total; 24 shareholder complaints filed; 0 pending.

Dividend and AGM details

• Board recommended final dividend of 10% (Rs 1 per share) for FY2025-26, subject to shareholder approval.
• Dividend payable within 30 days of conclusion of the ensuing AGM.
• 32nd AGM scheduled for Friday, 25 September 2026.
• Register of Members to remain closed from 19 September 2026 to 25 September 2026.