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Revenue
₹335 Cr
verified against source
Revenue YoY
33%
reported change
EBITDA
₹63 Cr
latest reported figure
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Piccadily Agro reported a strong Q4 FY26 with standalone revenue of ₹364 crore (+33% YoY) and PAT of ₹46 crore (+14% YoY). The IMFL brand portfolio surged 67% YoY to ₹250 crore, driven by Indri, Kamikara, and Whistler. EBITDA margin contracted ~300bps YoY to 17.3% due to sugar segment weakness and mix shift, but full-year alcobiz EBITDA margin remained healthy at 31.5%. Management guided for 60-70% revenue growth in FY27, underpinned by recent capacity expansions (Indri distillery scaled to 220 KLPD, Chhattisgarh greenfield commissioned) and new product launches. A demerger of the sugar business is underway to sharpen focus on premium alcohol. Key risk: input cost inflation from glass packaging (up 40-50% due to geopolitical tensions) may pressure margins if sustained.
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Guidance to track
- Management expects overall alcobiz revenue to grow 60-70% in FY27, driven by capacity utilization and new products.
- The expanded Indri distillery is expected to generate additional revenue of ₹250-300 crore in FY27.
- The greenfield distillery in Chhattisgarh (200 KLPD) is expected to generate ₹300-400 crore revenue in FY27.
- Management expects EBITDA margin to be similar to FY26 (23.4%) or improve by up to 50bps in FY27.
Risks flagged
- Glass packaging prices have risen 40-50% due to geopolitical tensions; management has short-term arrangements but may need to pass on costs if sustained.
- Sugar segment EBITDA margin fell from 11% to 2% YoY, impacting overall margins; demerger may take time.
- Short-term borrowings jumped 132% due to higher receivables and malt inventory; management expects normalization in FY27.
Key quotes
- We see a growth of 60 to 70% in our alcobiz business keeping in mind the growth of our current portfolio, there are lot of new products pipeline which will add to it.
- We don't do any bulk malt sale. It will all for bottling for our flagship premium brands.
- We were constrained with supplies as you know we've expanded our capacities and we foresee the demand for Indri far more than we could supply in earlier stages.
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