Risk Intelligence
Glass Packaging Cost Inflation
View Risks →Piccadily Agro reported a strong Q4 FY26 with standalone revenue of ₹364 crore (+33% YoY) and PAT of ₹46 crore (+14% YoY).
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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.
Glass Packaging Cost Inflation
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Read Transcript →Q4 IMFL brand portfolio revenue grew from ₹150 crore to ₹250 crore YoY.
Indri single malt volume grew 16% in FY26, constrained by supply; capacity now expanded.
Maturation barrels increased from ~60,000 to 85,000; targeting 100,000 in FY27.
CSD/para contributes 30%, exports 25% of IMFL revenue; targeting 50% exports in 3-5 years.
Management expects overall alcobiz revenue to grow 60-70% in FY27, driven by capacity utilization and new products.
Glass packaging prices have risen 40-50% due to geopolitical tensions; management has short-term arrangements but may need to pass on costs if sust...
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