Piccadily Agro Industries Ltd — Q4 FY26

Piccadily Agro Industries Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=EAr53x9vHjc Published: 2 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to Picardi Agro Industries Limited FI26 earnings call. As a 0:09 9 seconds reminder, all participant lines will be in the listenon only mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:17 17 seconds Should you need assistance during the conference call, please signal an operator by pressing start then zero on the touchstone phone. Please note that this conference is being recorded. 0:27 27 seconds I now hand the conference over to Mr. 0:29 29 seconds Sadir Bharava, Investor Relations, Picardi Agro Industries Limited. Thank you and over to you sir. 0:37 37 seconds Good afternoon everyone for taking out time to our earnings conference call. I 0:44 44 seconds hope you have reviewed our quarterly and annual financial earning session that we had uploaded on NSE and BSE. 0:54 54 seconds Before we begin our talk, I would like to remind you that some of the statements made in today's conference call may be forward-looking in nature 1:03 1 minute, 3 seconds and may involve risks and uncertaintities. 1:07 1 minute, 7 seconds So that was a sort of disclaimer and it's there on our earnings presentation as well. We have with us our senior 1:14 1 minute, 14 seconds leadership team CFO Mr. Dipin Kapoor, president operations, 1:21 1 minute, 21 seconds Mr. Pravin Malvia who's the CEO for our IMFL business, Mr. Rakkesh Wash who heads sales he's president and Mr. DK director. 1:36 1 minute, 36 seconds I now hand over the call to Mr. Dipin Kapoor for his opening remarks. 1:45 1 minute, 45 seconds Hi ladies and gentlemen, thank you for joining us. I will briefly discuss our operational journey and expansion milestones before handing over to Natwar for the financials. 1:56 1 minute, 56 seconds Bigly agro was established as a sugar mill in Indri district kernal hana in 1994 and was listed on the BSC the same 2:04 2 minutes, 4 seconds year. Foreseeing shifts in the market, the company diversified into extra neutral alcohol and ethanol in 2007 by 2:12 2 minutes, 12 seconds setting up a 78 kil per day distillery just to the sugar mill. In 2010, it 2:19 2 minutes, 19 seconds further expanded by installing a 12 kilome per day malt plant at the same location and began procuring uh barrels for maturation. 2:29 2 minutes, 29 seconds This was this move driven the behalf on the belief that India's demographic and economic growth would fuel demand for 2:36 2 minutes, 36 seconds premium alcohol which has proven to be accurate. By around 2014, several alco beverage companies in India began 2:44 2 minutes, 44 seconds sourcing Picidlely's matured malt for use in their own IMFL brands. 2:49 2 minutes, 49 seconds Recognizing this exceptional quality of its malt shaped in part by Indique climate with temperatures ranging from 2:57 2 minutes, 57 seconds 0° which in parts distinct flavors, the company identified a strong foundation 3:06 3 minutes, 6 seconds uh for building its own brands. This region's raw and climate conditions became a key advantage. 3:13 3 minutes, 13 seconds Building on this insight and after years of experimentation, consumer feedback and refinement, Pic Agro launched its own IMFL brand in 2022, Indri, an Indian single malt. 3:27 3 minutes, 27 seconds Indre sales witnessed exceptional growth, surging from 15,000 cases in FI23 to over 100,000 cases in FI24. 3:36 3 minutes, 36 seconds Building on it momentum a premium IMFL portfolio edition of Kamika Ram Kashmir vodka which was 3:44 3 minutes, 44 seconds launched in May 2025 and a revamped whistler blended. 3:49 3 minutes, 49 seconds Our distribution footprint has also strengthened significantly. We now present across 29 sting territories in 3:56 3 minutes, 56 seconds India the CST network and 29 international markets in 30 days. To 4:03 4 minutes, 3 seconds meet surging demand, we significantly expanded operations. The Indri distillary expansion was completed in October 2025, scaling ENA and ethanol 4:12 4 minutes, 12 seconds capacity from 78 KLPD to 20 220 KPD and mold capacity from 12 to 30 KPD as well 4:20 4 minutes, 20 seconds as added barrels for maturation at the Indi distillery. A green field distillery in Mahasaman Chhattisgar with 4:27 4 minutes, 27 seconds a 200 kil per day capacity was commissioned in uh December 2025. 4:36 4 minutes, 36 seconds Our total this week now stands at a robust 400 kil per day comprising of 30 kil per day of malt and 422 420 kilo lit a day of ENA and ethanol. 4:47 4 minutes, 47 seconds I now hand it over to our CFO Mr. Nutar Agarwal to walk you through our record-breaking financial performance. 4:57 4 minutes, 57 seconds Uh thank you Denin. Uh good afternoon everyone and thank you for joining our first earning presentation. 5:07 5 minutes, 7 seconds So FI26 marks a defining milestone for us. We have crossed 1,000 cr sales uh uh 5:14 5 minutes, 14 seconds revenue numbers this year. So it's a milestone and uh we are all very happy and thanks for being with us on that. uh 5:23 5 minutes, 23 seconds talking about the Q4 performance and talking about our Alcob business. Uh our trajectory of growth continues from 5:31 5 minutes, 31 seconds previous quarter. This quarter also our brand portfolio business shown a robust 5:38 5 minutes, 38 seconds growth of 67% on year on year basis which is from 150 cr to 250 cr this 5:47 5 minutes, 47 seconds quarter and it's our flagship brands like uh our 5:56 5 minutes, 56 seconds and our crafted uh Kashmir vodka our similarly our profitability also also uh 6:03 6 minutes, 3 seconds grew by 79% uh which is PBT from 35 cr to 63 cr and 6:11 6 minutes, 11 seconds this is based on the strong uh pre premieration and our sale of our premium products and leveraging few cost on a 6:21 6 minutes, 21 seconds standalone basis uh revenue grew by 33% yearonear basis from 270 cr to 364 crt 6:32 6 minutes, 32 seconds grew by 17% from 54 cr to 63 cr and our pad 6:38 6 minutes, 38 seconds grew by 14% from rupees 40 cr 46 cr 6:46 6 minutes, 46 seconds uh couple of uh announcements also in a way we we know that our we want to be a 6:53 6 minutes, 53 seconds global uh lf company and in that pursuit we want to focus on our core brand 7:01 7 minutes, 1 second portfolio And we've been discussing this uh and with management approval and board approval yesterday. Now we have filed a 7:09 7 minutes, 9 seconds scheme of de merger of our sugar business sugar segment uh to de demerge into a new entity. So the entire scheme 7:17 7 minutes, 17 seconds has been filed. Uh KPMG is our partner uh for this exercise. uh once we get a 7:25 7 minutes, 25 seconds go ahead from SEBI we will follow the due pro filing it to NCT and we envisage 7:32 7 minutes, 32 seconds to complete this process by FI 27 this year. 7:38 7 minutes, 38 seconds Uh there is also a change in uh statutory auditor uh which is not uh 7:45 7 minutes, 45 seconds which is just a change in the uh the audit firm uh because of some uh realignment between the partners. So 7:54 7 minutes, 54 seconds from Jan associate to Ratankor and associate though it's just a realignment between the uh partners of the firm our 8:02 8 minutes, 2 seconds signing partner will remain same which is Mr. Krishna Mangawa. 8:08 8 minutes, 8 seconds uh talking about the fullear performance now in FI26 our distillary or alcoare 8:16 8 minutes, 16 seconds business grew 42% in year basis which is 639 cr to 908 cr 8:24 8 minutes, 24 seconds led by again our uh flagship brands and our uh you know uh new brands like Kamikara and Whistler our profitability 8:33 8 minutes, 33 seconds grew by 37% from 150 cr to uh 209 cr which is the fastest growth by any 8:41 8 minutes, 41 seconds listed alcoh company on a standalone basis. Our revenue grew by 28% 8:47 8 minutes, 47 seconds year-on-year basis from 893 cr to 1143 cr. PBT grew by 33% from 144 cr to 190 8:58 8 minutes, 58 seconds and PAT grew from uh robustly from 33 to by 33% from 105 cr last year to 140 cr this year. 9:09 9 minutes, 9 seconds Uh in terms of outlook uh uh outlook uh outlook look very robust 9:15 9 minutes, 15 seconds we see demand of our portfolio and we expect much higher growth percentages in FI27. 9:23 9 minutes, 23 seconds There are lot of new product portfolio also in pipeline which will add to the overall growth trajectory. 9:30 9 minutes, 30 seconds We also expect Indri plan to generate additional revenue of 250 to 300 crores in FI27 9:38 9 minutes, 38 seconds of the capacities which have been come up recently. Talking about our green field project Chhattisgarh, we expect 9:45 9 minutes, 45 seconds Chhattisgarh plant to start getting monetized this year with a capacity of 200 KP and generate revenue of about 300 to 400 cr in FI27. 9:58 9 minutes, 58 seconds Going to the above factor we expect coming financial year FI 27 as an exceptional year for us it it's going to 10:07 10 minutes, 7 seconds be exceptional year where the company is looking to grow at 60 to 70%. 10:12 10 minutes, 12 seconds As mentioned earlier we also in a process of de merger uh just to focus on the main elcov business. 10:22 10 minutes, 22 seconds Also in next 3 to four years we expect revenue to grow by 3 to four times of the current revenue. 10:30 10 minutes, 30 seconds Uh we also aspire to be a global brand just not uh a domestic brand. So uh our 10:38 10 minutes, 38 seconds currently we are a top 15 uh brand in the world. Um in a year or two we'll be 10:45 10 minutes, 45 seconds in top 10 and next 3 to 5 years uh we aspire to be top five global brand. So 10:51 10 minutes, 51 seconds that's the vision and aspiration to take the company and the brand uh truly a global brand. Thank you so much. 11:04 11 minutes, 4 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone 11:13 11 minutes, 13 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are 11:20 11 minutes, 20 seconds requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question cue assembles. 11:37 11 minutes, 37 seconds The first question is from the line of Rika Bhya from Alami Capital. Please go ahead. 11:42 11 minutes, 42 seconds Um thanks for this uh congratulations on good set of numbers but uh um it was great that uh sir you highlighted uh 11:51 11 minutes, 51 seconds your vision your goals for current year but would be better if you could just give us a break up in the IMF space uh 11:58 11 minutes, 58 seconds given the uh current existing capacities plus the incremental capacities of mold and ENA uh how do you see uh under IMFL 12:07 12 minutes, 7 seconds segment the volume growth for Indi Kashmir Kamikara and rest of the uh whistlers etc. categories. Along with 12:16 12 minutes, 16 seconds that, if you could also help us understand the uh the distribution pattern uh in terms of CSD, how much of 12:23 12 minutes, 23 seconds the revenue comes from CSD uh from Hurka export and domestic and what are the things that we are doing uh uh you know to expand uh to our right audience. 12:38 12 minutes, 38 seconds Uh thanks for asking the question. uh uh as I said that uh what's happening is we have kind of exp you know increased our 12:46 12 minutes, 46 seconds capacities uh our demand is very robust uh we are experiencing a very very robust demand of our entire portfolio of 12:55 12 minutes, 55 seconds products whether flagship Indri kamiara or kashmir and we continue to see this 13:01 13 minutes, 1 second demand uh you know in coming FIF 27 also uh we will use our current expansion or 13:09 13 minutes, 9 seconds capac capacities in serving and fulfilling uh the demand. So as I mentioned in my commentary that uh we 13:18 13 minutes, 18 seconds see a growth of 60 to 70% in our Elco webare business uh keeping in mind the 13:25 13 minutes, 25 seconds growth of our current portfolio uh there are lot of new products pipeline which 13:31 13 minutes, 31 seconds will add to it and uh we have now the uh you know extra capacities uh both in chhattisgar and in plant. 13:41 13 minutes, 41 seconds Yeah, it would be great if you could quantify, you know, uh category wise like for single molds, your vodka, your 13:49 13 minutes, 49 seconds blended uh alcohol if that's possible. 13:54 13 minutes, 54 seconds I think uh you know uh these kind of a breakup we don't come up uh in the forums that's a matter of internal uh 14:03 14 minutes, 3 seconds you know internal dimension but what we can overage and we are confident to achieving 60 70% growth into the entire 14:12 14 minutes, 12 seconds elco business okay sure thanks and the distribution um you know how are we trying to expand if 14:19 14 minutes, 19 seconds you could just give us the sales mix of CSD versus Horeka versus the retail and export and how are we trying to expand uh each distribution uh channel. 14:31 14 minutes, 31 seconds Yeah. Yeah. So currently see our CSV and PARA is about uh 30% of our portfolio 14:38 14 minutes, 38 seconds about uh 20% or so is export. Uh as I mentioned in our commentary that we just don't want to be a domestic brand we 14:47 14 minutes, 47 seconds want to be a international brand. So our uh our you know uh vision and uh 14:54 14 minutes, 54 seconds road map is to achieve around uh 50% code business in next 3 to 5 years and 15:01 15 minutes, 1 second to be a top five brand in the world. uh so that's how the vision is and the road map is accordingly same 15:10 15 minutes, 10 seconds right and uh um in India uh domestic how are we trying to expand 15:20 15 minutes, 20 seconds both uh in terms of WOD width of distribution and in terms of depth and uh we have re-calibrated a team on Hora 15:30 15 minutes, 30 seconds so there will be a bigger focus on Hora Okay, thank you so much. Um, that's it from 15:38 15 minutes, 38 seconds Thank you for asking. Thank you for Yeah. 15:41 15 minutes, 41 seconds Thank you ladies and gentlemen. To ask a question, please press star and one. 15:58 15 minutes, 58 seconds The next question is from the line of Harsha from Seven Rivers Holding. Please go ahead. 16:05 16 minutes, 5 seconds Uh yeah, hi good afternoon sir. Uh thanks for hosting the call. Uh and so my question is on IML portfolio 16:12 16 minutes, 12 seconds specifically Indry which saw a volume around 16% in FI26 16:19 16 minutes, 19 seconds and I mean how we have scaled up over last three years. I would I would say the growth has been a little on the lower side because we were expecting 25 16:27 16 minutes, 27 seconds 30 odd growth. So understand what the difference seven I mean is there any sort of fatigue happening with the 16:36 16 minutes, 36 seconds brands we face because of this this low mid team kind of a growth and what do you 16:44 16 minutes, 44 seconds expect to change it what kind of growth I'm sorry to interrupt you Mr. SH but we 16:51 16 minutes, 51 seconds are losing your voice in between sir can you please check your network 17:00 17 minutes no problem if uh if I got the question right uh you're specifically asking the growth of uh Indri right Indri branch 17:08 17 minutes, 8 seconds right hush are you around no we have lost the line for Mr. Har we'll move to the next question. 17:20 17 minutes, 20 seconds The next question is from the line of Dave, an individual investor. Please go ahead. 17:27 17 minutes, 27 seconds Hi uh thank you for the opportunity. Uh you know the previous participant had asked a question around the growth uh of the entire sort of uh the IMF segment. 17:37 17 minutes, 37 seconds You alluded to a 60% growth. 17:40 17 minutes, 40 seconds So capacity in ethanol country. Uh so if 17:47 17 minutes, 47 seconds you if you really have to look at just if you have to look at the IMF growth, what would that be for FI27? 17:57 17 minutes, 57 seconds Yeah. So if I uh talk particularly for a quarter, our IMFL growth is about 63%. 18:05 18 minutes, 5 seconds If I talk on a analyze basis, IMF growth is about uh 31%. 18:16 18 minutes, 16 seconds So, and what are you forecasting for FI27? 18:20 18 minutes, 20 seconds FI27 as we said our overall uh growth would be 60 to 70%. 18:30 18 minutes, 30 seconds And how much of this will be from IMS? It will be mainly through MFL only. 18:37 18 minutes, 37 seconds Mainly through. Okay. Got it. So, uh the second part of my question is on gross margins. I believe that this particular 18:44 18 minutes, 44 seconds quarter we had seen a you know a Q1Q reduction in the gross margins. How are we looking at gross margins uh for the 18:52 18 minutes, 52 seconds next year? Uh uh is there a change in the product portfolio? Uh should we expect you know this to be the new sort of steady state margins moving forward? 19:01 19 minutes, 1 second uh if you could just comment on that that would be helpful. 19:05 19 minutes, 5 seconds Yeah sure. So if we look so I'm just going to talk on aida margin. uh if you look at on a standalone basis our AIDA 19:13 19 minutes, 13 seconds margin has uh little bit dropped about 300 basis point that is uh one of the 19:20 19 minutes, 20 seconds major factor is uh because of sugar uh drop in business shop draw sugar margins 19:27 19 minutes, 27 seconds drop uh which was 11% AIDA margin last year and uh last year same quarter and 2% uh this year quarter so one of the 19:35 19 minutes, 35 seconds main reason is that and we also if you look at that there is always a you know when you look at quarter to quarter 19:43 19 minutes, 43 seconds either last year or previous quarter there's always a uh you know mix changes you know lot of dynamic changes in the 19:50 19 minutes, 50 seconds business uh so it's difficult sometime to map quarter to quartarter uh margins but if you look at the overall AITA 19:57 19 minutes, 57 seconds margin on an annualized basis uh which is exactly same uh at uh 23% uh 23.4% 4% uh last year and this year also 23.4%. 20:10 20 minutes, 10 seconds I would like to highlight one more point here uh that if you look at our Elco business uh uh Aida margin which is in 20:17 20 minutes, 17 seconds the range of uh let's say current year about 31.5%. 20:22 20 minutes, 22 seconds Uh which is uh one of the highest margin in any Alcob competition. So I think uh 20:30 20 minutes, 30 seconds that is how we look at it and we as we keep expand our premium portfolio and uh 20:37 20 minutes, 37 seconds you know and uh new pipeline of premium or luxury so we start maintaining this kind of margins or maybe slightly higher clear. Thank you so much. 20:49 20 minutes, 49 seconds Thank you. 20:51 20 minutes, 51 seconds Thank you. The next question is from the line of Hen Hares from Alicia Capital Market Management. Please go ahead. 21:00 21 minutes Yeah. Hi. Uh uh thanks for taking my question and congratulations on good numbers. I think just as a followup to 21:07 21 minutes, 7 seconds the uh uh you know previous question if you could help us uh you know what uh you know while your 21:15 21 minutes, 15 seconds overall EIDA margins for the year were same but in Q4 it was lower was it 21:22 21 minutes, 22 seconds because the mix was significantly different? uh compared to the full year 21:29 21 minutes, 29 seconds and how do you see the mix in the current financial year? 21:37 21 minutes, 37 seconds Uh I think I have I mean what's the right way to look at your Yeah. Yeah. So I have just explained on the to the previous uh audience but I'll 21:45 21 minutes, 45 seconds do it again. So as I said that uh as you rightly said that overall our uh aid margins are same on year basis but 21:54 21 minutes, 54 seconds quarterly uh somehow one factor is a sugar because of seasonality of the 22:01 22 minutes, 1 second sugar business uh uh sugar this quart excluding sugar I'm I'm asking excluding sugar just for the alco 22:09 22 minutes, 9 seconds business yeah was explaining the overall then one is the sugar and the second is uh From a uh brand business perspective 22:18 22 minutes, 18 seconds uh we you always see a change in terms of how much uh you know in change of uh product portfolio quarter sometime in 22:26 22 minutes, 26 seconds the quarter to quarter. So this time we see a little bit uh you know uh more of a distillary uh sale than the maybe a 22:35 22 minutes, 35 seconds little bit IMFL. So that could that is one of the reason of little lesser aida margins this quarter. But as I explained 22:43 22 minutes, 43 seconds the right way of and you asked the right question how to look at it I think uh the right way of looking at it on an 22:49 22 minutes, 49 seconds annualized basis uh and annualized basis we are maintaining uh the AIDA margins similar to last year uh in spite of uh you know sales growth of more than 40%. 23:02 23 minutes, 2 seconds And we maintain the same and uh we uh you know as we hope to increase and we hope to increase this year as we 23:10 23 minutes, 10 seconds increase our uh premier premium portfolio offerings uh with the new products and current expanding the current lines. 23:20 23 minutes, 20 seconds So uh you know uh with premiumization in the current year uh what kind of range 23:28 23 minutes, 28 seconds of expansion of EITA margin could we expect roughly if you could guide for some range of improvement over year because of the improved mix. 23:43 23 minutes, 43 seconds So one we have so one is looking at the percentage and second looking at the overall increase in a bit the uh value 23:53 23 minutes, 53 seconds right so I'm just trying to make things clear in terms of how to look at it so we are looking at clearly in terms of 24:01 24 minutes, 1 second value so sometime just a percentage may not be the right metrics but if you are growing in terms of value that would 24:08 24 minutes, 8 seconds really a right metrics to look at it so as I said that we are growing we are planning to grow about 60 to 7% in top 24:17 24 minutes, 17 seconds line and similar kind of a range we would see growth in terms of absolute 24:24 24 minutes, 24 seconds uh if if I do that math our margins will be either the same or 50 bit higher so 24:32 24 minutes, 32 seconds that is that answer your question 24:42 24 minutes, 42 seconds Yeah. Okay. Thanks. And just one last question. Uh you did mention in your opening remarks that there was some realignment 24:50 24 minutes, 50 seconds between the partners. Could you just clarify what is this? So I mean is the CA firm split and therefore you have a 24:58 24 minutes, 58 seconds different auditor but the same partner signing the balance sheet. Can you just clarify that? 25:03 25 minutes, 3 seconds So yeah. Yeah. So our current uh partner who is signing the balance sheet, Mr. 25:09 25 minutes, 9 seconds Krishnan Manga has came out of Jan Associate which was his earlier firm uh 25:16 25 minutes, 16 seconds to to the new firm Ratangor. So he's the he has changed he has changed the realignment between the with the old 25:23 25 minutes, 23 seconds partners and he's come up with the new firm with the new partners which is Ratan Core and and Ratnor. So we wanted 25:32 25 minutes, 32 seconds a continuity in terms of our audit and audit partner and because he understand the business well he can contribute uh 25:41 25 minutes, 41 seconds in terms of uh you know looking at the corporate governance improving the process. So we wanted to continue with the partner than the firm. So that's the 25:50 25 minutes, 50 seconds reason we chooses the partner uh over the firm. We always have the choice to continue with the firm but we chooses the partner uh than the firm. 26:01 26 minutes, 1 second Okay, got it. Thank you so much. Thank you. Thank you. Thank you. 26:08 26 minutes, 8 seconds Ladies and gentlemen, to ask a question, please press star and one. Now the next question is from the line of Himman Shusha from Dalith Capital. 26:18 26 minutes, 18 seconds Please go ahead. 26:21 26 minutes, 21 seconds Yeah, thank you. Thanks a lot for the opportunity. Uh couple of questions. 26:26 26 minutes, 26 seconds First is can you highlight what kind of volumes HNRI has done this financial year 26:32 26 minutes, 32 seconds it was one lakh in FY24 you called out you know so uh hush uh as we said we are 26:41 26 minutes, 41 seconds consistent about this we don't discuss uh on uh you know on individual brands 26:48 26 minutes, 48 seconds uh we talk about the overall Alcobar business so I think we are consistent in our approach uh we We don't discuss uh 26:57 26 minutes, 57 seconds any brand specific growth or numbers what we will talk as the overall alpha web business. Hope so you understand this. 27:05 27 minutes, 5 seconds Okay. Fine. No issues. Uh just a question surrounding that. Uh but are we seeing increased competition in the 27:12 27 minutes, 12 seconds segment? Uh because some of the other players have also entered in our price point of 4 to 5,000 range from a single 27:21 27 minutes, 21 seconds mold perspective. So is that impacting us and that has been the reason for a soft growth at 16%. 27:32 27 minutes, 32 seconds Well, there is increase in competition and we welcome that. That helps the category grow. Um but uh that is not the 27:40 27 minutes, 40 seconds reason. Um we were also constrained with supplies as you know we've expanded um 27:47 27 minutes, 47 seconds our capacities and uh we foresee the demand for indri far more than we could 27:55 27 minutes, 55 seconds supply uh in earlier stages. Uh but yes this year onwards um those constraints are uh kind of going away and uh we 28:04 28 minutes, 4 seconds should be able to grow at a much stronger pace. 28:08 28 minutes, 8 seconds Sure. And sadly uh just a clarification in our IMFL business you highlighted that CSD contributes 30% of the revenue 28:18 28 minutes, 18 seconds 20% is exports and balance 50% comes from domestic is that understanding correct 28:26 28 minutes, 26 seconds is this mix for IMFL business within the distillery segment or is this for the entire distillery segment? 28:39 28 minutes, 39 seconds Uh just just so so number we talked yeah so our as I said that our uh CSD and para 28:48 28 minutes, 48 seconds contribution is about uh 30% and uh and export contribution is about 25%. 28:57 28 minutes, 57 seconds So uh and this is for the IMFL business. Correct. Correct. 29:02 29 minutes, 2 seconds And okay. So X of this balance from the consumer channel X of CSC balance 45 50% 29:10 29 minutes, 10 seconds comes from uh do market. Yeah. Yeah. Correct. 29:15 29 minutes, 15 seconds Okay. And we uh and what would be a a better margin in IMF business or is it possible to segregate a dist segment 29:24 29 minutes, 24 seconds into IMFL and uh a balanced business? 29:29 29 minutes, 29 seconds Uh I can give you a flavor that uh you know our MFL uh AIDA margins are quite high as we deal in uh you know products. 29:41 29 minutes, 41 seconds So our aid margins are much higher than the industry. So around uh 45 50%. 29:49 29 minutes, 49 seconds Okay. and or uh and within the distally segment if I spin out IMFL business and the balance business is for only for ENA 29:58 29 minutes, 58 seconds and ethnol sales or it also has uh a malt sale also as part of that 30:07 30 minutes, 7 seconds the we don't do as we said that we are uh kind of we have we are facing a robust demand for our flagship Hindi 30:15 30 minutes, 15 seconds brand right so we are in fact kind of producing malt every Okay. So we don't sell malt. Uh the other than IMFL it 30:24 30 minutes, 24 seconds mainly consists of your as you rightly said ethanol and country liquor. Ethanol country liquor. Okay. 30:32 30 minutes, 32 seconds Correct. 30:32 30 minutes, 32 seconds And fine. And we are guiding for 60 to 70% revenue growth in the IMFL segment 30:39 30 minutes, 39 seconds or at distillery segment level overall uh uh alcoare business 30:47 30 minutes, 47 seconds that is including uh country liquor and ethanol. Correct. 30:54 30 minutes, 54 seconds Okay. And what could drive the last two years? If we see we have broadly added around uh last year we have added around 31:02 31 minutes, 2 seconds 250 odd or cr revenues but that was due to this capacity coming up in the uh country in the Chhattisgarh but what 31:10 31 minutes, 10 seconds will drive this such a high growth in IMF business because broadly we have added 100 to 120 cr additional revenue per month per perom. 31:20 31 minutes, 20 seconds Now we are guiding for adding almost 300 to 350 cr revenue on a base of 500 cr. 31:26 31 minutes, 26 seconds So what will drive this 300 350 cr additional revenue in the MFL business. 31:32 31 minutes, 32 seconds So there are few things will happen. One uh we were constrained by the supplies and capacities right so we will be able 31:42 31 minutes, 42 seconds to use now we have done that expansion uh both in Indri and Chhattisgarh right. 31:49 31 minutes, 49 seconds So that will drive uh a growth uh using the capacities also 31:56 31 minutes, 56 seconds uh there will be lot of new new production uh right so that decline will 32:03 32 minutes, 3 seconds start taking in uh from maybe Q1 right so putting both these factors together 32:11 32 minutes, 11 seconds uh will give us the robust growth uh this year uh as compared to last year and we already said that we will see 32:19 32 minutes, 19 seconds exceptional growth uh this this year FI27 will mark a exceptional year for us this 32:28 32 minutes, 28 seconds sure sir and uh on if you can just highlight on what are our capex plans for uh FY27 32:38 32 minutes, 38 seconds uh are there any pending large capex or we intend to do any large pending capex 32:45 32 minutes, 45 seconds no so we don't uh so most of the uh project plans has been done. Now the 32:52 32 minutes, 52 seconds capeex would mainly either to uh uh have some more barrels right we have around 32:59 32 minutes, 59 seconds 85,000 barrels currently we plan to go about 100,000 uh barrels uh this year there could be 33:08 33 minutes, 8 seconds some warehouse extension to store that barrels and uh yeah some maybe bottling uh 33:15 33 minutes, 15 seconds expansion but nothing major of nature of either Chhattisgarh or or in the expansion period. 33:23 33 minutes, 23 seconds Okay. So overall what should be the capex guidance for fi 27 ballpark capix guidance should not be more than 25 30c. 33:34 33 minutes, 34 seconds Okay and somewhere in the presentation we have also highlighted that we might go for some inorganic acquisition 33:43 33 minutes, 43 seconds opportunity. So this or acquisition is in which particular segment and what's the in why why we are looking for 33:52 33 minutes, 52 seconds acquisitions we have healthy growth plans on an organic basis just trying to understand 33:59 33 minutes, 59 seconds yeah so one inorganic uh could be domestic or international uh we are exploring opportunities either 34:08 34 minutes, 8 seconds in India or outside one and we are exploring all kind of opportunities it is which could be strategically fit into 34:16 34 minutes, 16 seconds our portfolio offerings. So there is nothing in particular we have it uh in mind but anything which could add 34:25 34 minutes, 25 seconds strategic depth to our portfolio uh either in India or international will fit into our uh scheme of things and lot 34:34 34 minutes, 34 seconds of discussions are happening. So uh depend you know how we trying to understand is this on the 34:43 34 minutes, 43 seconds brand side in the alcob in the IMFL business or it is more on the capacity side of ENA ethnol or 34:51 34 minutes, 51 seconds no no it will be mainly on the brand side on the right side and we also have some 34:57 34 minutes, 57 seconds facility in Scotland of malt or that hello Yeah. Yeah. Go on. 35:07 35 minutes, 7 seconds Do we have any facility in Scotland of single mod? 35:12 35 minutes, 12 seconds Uh not at the moment. Uh still in the works. Um though there's work in progress. We do have the land and the licenses and all the approvals in place. 35:23 35 minutes, 23 seconds Um we starting construction and looking forward to uh building that distillery over the next years. 35:32 35 minutes, 32 seconds Over the next couple of years. Yes. 35:37 35 minutes, 37 seconds Okay. And lastly, this de merger of sugar business into a subsidiary I think so subsidiary wholly own subsidiary. So 35:45 35 minutes, 45 seconds what is the intent? Are we looking to sell out eventually this particular business or 35:52 35 minutes, 52 seconds uh what are they or list it separately or what are the intent or plans on that particular site? 36:00 36 minutes Yeah, intent is uh very clear that we want to be a global elcobe company, right? We want to pull our human and 36:09 36 minutes, 9 seconds capital resources just for the elcobe business. So, uh sugar business is like a traditional heritage business for us. 36:19 36 minutes, 19 seconds So, we want to separate it and list it as a separate entity than our elcov company. 36:26 36 minutes, 26 seconds and focus on focus on only the alcob portfolio. 36:32 36 minutes, 32 seconds Sure. That's it from my side at the moment. Thanks a lot and all the best to the management. Thank you. 36:39 36 minutes, 39 seconds Thank you. The next question is from the line of Rajika Bhya from LK Capital. 36:44 36 minutes, 44 seconds Please go ahead. [snorts] Thank you. Uh so just a follow up on the uh previous question. So if you could at least uh you know uh since the mold 36:53 36 minutes, 53 seconds capacity has been uh uh you know increased from 12 to 30 KPD so how much of that would rightly be you know added 37:01 37 minutes, 1 second to our current year's goal that we have so how much of that uh capacity or you know the output is matured and available 37:09 37 minutes, 9 seconds for sale like in terms of volume if that could be guided. 37:14 37 minutes, 14 seconds So I think uh uh the the maturity of the mold will be uh at various stages right 37:23 37 minutes, 23 seconds uh so we have enhanced our capac mold capacity by 40 50% versus last year but in terms of maturation it will be at 37:32 37 minutes, 32 seconds different stages uh what we can say is that uh this year it will be the growth you know we are 37:39 37 minutes, 39 seconds looking at uh a growth which which I already given guidance and which will 37:46 37 minutes, 46 seconds kind of fulfill uh the current demand of our flagship brands. 37:53 37 minutes, 53 seconds Okay. Uh but so it'll be close to the growth that we are talking about uh that has been grown like 40 50%. Will that be 38:00 38 minutes added to the uh the salable uh mold? Correct. Correct. 38:07 38 minutes, 7 seconds Okay. Thanks. And also if you know uh uh in India and different channels that we spoke about retail outlets that we have 38:14 38 minutes, 14 seconds 25,000 plus out of how many of these outlets like you know it could be a ballpark percentage or number that you can share that you know indri or single mall uh the main product is being sold. 38:28 38 minutes, 28 seconds Well, the universe has several category of outlets and most of the a category outlets in the states we are operating we are available 38:38 38 minutes, 38 seconds and how many more uh such uh you know outlets are present that we can keep on adding next couple of years. 38:45 38 minutes, 45 seconds No, wherever there is a potential for the price point we are available as the economy is growing the number of outlets is growing and as it grows we will be available in all those outlets. 38:56 38 minutes, 56 seconds I'm sure we must have done some uh you know work on it that this much more you know category A stores are there that we 39:03 39 minutes, 3 seconds can try and uh you know um uh sell as many um products as possible especially for indri 39:10 39 minutes, 10 seconds see broadly speaking about uh the growth in premium segment is about uh 14 15%. 39:17 39 minutes, 17 seconds Right and uh that is how it is going to outlay into the retail market. 39:23 39 minutes, 23 seconds Okay thank you. Thank you. Thank you. 39:31 39 minutes, 31 seconds Participants to ask a question please press star and one. 39:42 39 minutes, 42 seconds The next question is from the line of Sha from Ali Capital. Please go ahead. 39:49 39 minutes, 49 seconds Thank you for the opportunity. Uh just wanted to understand sir because your balance sheet also is uh your end 39:56 39 minutes, 56 seconds balance sheets are also out uh on your short please be louder we can't hear you your voice is very low please 40:04 40 minutes, 4 seconds yes can you hear me now yeah okay so on your short-term borrowing which has jumped about 132% 40:13 40 minutes, 13 seconds uh how much of that is you know because of the sugar season working capital versus distillery inventory 40:22 40 minutes, 22 seconds uh financing and what is the expected normalization path sir? 40:28 40 minutes, 28 seconds Uh thanks for this question. Uh uh the short-term borrowings are uh mainly uh 40:35 40 minutes, 35 seconds towards the working capital. As we can clearly see we have uh grown our sales. 40:41 40 minutes, 41 seconds So there are uh datas added uh to the balance sheet and we have increased our malt also uh mold inventory also about 40:50 40 minutes, 50 seconds 100 cr. So that's also added to the working capital. So both factors put together uh has been deployed through 40:58 40 minutes, 58 seconds short-term borrowings. uh but as we go in FI27 uh as we grow by 60 70%. We try to bring 41:08 41 minutes, 8 seconds down this borrowings to the uh FI26 levels uh by monetizing uh the 41:14 41 minutes, 14 seconds investment both in uh uh malt and uh you know increasing the sales. 41:21 41 minutes, 21 seconds Understood sir and actually you're right the trade receivables have also moved up. So so which channel is kind of driving this increase in trade receivables? 41:30 41 minutes, 30 seconds No, it's of course our uh uh you know MFL business. If you can see our last quarter, we have added 100 CR of sales uh in MFL business versus last quarter. 41:42 41 minutes, 42 seconds And you can clearly see our uh you know credit period are generally in the range of 70 80 90 days. So the entire last 41:49 41 minutes, 49 seconds quarter incremental sale has added to the datas for the closing balance sheet. 41:56 41 minutes, 56 seconds Okay. So, so, so, sir, just on the channel side, is this because of state government, CSD, exports uh you know? 42:05 42 minutes, 5 seconds No, no, it's it's a mix of uh stuff uh putting together our DSO is around uh 90 days, 80 to 90 days. 42:15 42 minutes, 15 seconds Okay. Okay. Sir, uh just on the other side on you know uh you know this could be because of power cost also but your 42:22 42 minutes, 22 seconds power and fuel cost has jumped up from last quarter FI25 to this quarter. Is 42:29 42 minutes, 29 seconds that a one-time ramp up on you know because of the cost of the new capacities? 42:35 42 minutes, 35 seconds Yes, I think there are some increment I mean the additional or uh hard cost on terms of commodities like husk and uh 42:44 42 minutes, 44 seconds you know naku I think it's a it's a temporary phenomena uh it's a seasonal phenomena I would say uh it will uh 42:52 42 minutes, 52 seconds stabilize uh as we see you know in the next year okay okay so next year it should 43:00 43 minutes normalize to levels we saw in FI25 is that correct sir Correct. 43:06 43 minutes, 6 seconds Okay. Okay. And sir on Chhattiska ramp up uh what KPD utilization do we ex 43:13 43 minutes, 13 seconds expect to exit next year in FI27 and when do we expect the first MFS FL sales from that facility? 43:22 43 minutes, 22 seconds So we will start uh uh the sale uh starting May itself and uh as we keep along we'll keep 43:30 43 minutes, 30 seconds building it up. We will see maybe in next 6 months full utilization of the entire capacity. 43:38 43 minutes, 38 seconds Okay. 43:39 43 minutes, 39 seconds And as I said in my commentary, we plan to achieve about 300 to 400 cr business uh out of Chhattisgarh this year. 43:50 43 minutes, 50 seconds Okay. So just on just on the distance I mean uh you know I I think Indri someone actually mentioned it earlier. Indria 43:57 43 minutes, 57 seconds Indri grew by about 16%. uh Whistler probably grew much faster. Is that a conscious strategy or is it because 44:05 44 minutes, 5 seconds indri supply constants or you know Yeah. 44:11 44 minutes, 11 seconds Yeah. Dipen also mentioned that in the initial part of the year we were facing few supply constraints uh and and that's 44:20 44 minutes, 20 seconds the reason we are we doing our expansions ei malt and now in the second half if you would see that that supply 44:28 44 minutes, 28 seconds constraint has stabilized and now on we will see uh you know good growth because the the demand 44:37 44 minutes, 37 seconds now we have the capacities so we will start using the capacities is a full year basis this year. 44:44 44 minutes, 44 seconds Okay. And so then just to get an idea what was a blended IMFL realization per case FI26, FI25 and where should we see it going forward in FI27? 44:57 44 minutes, 57 seconds Uh sorry. 45:00 45 minutes So uh sir any if you can give us a broad uh you know uh kind of a you know look uh outlook on IMFL realization per case 45:10 45 minutes, 10 seconds how has it kind of uh you know uh been in FI25 FI26 and what do we expect that 45:16 45 minutes, 16 seconds to be in FI27 realization I think for yeah I think the guidance on AIDA uh we 45:24 45 minutes, 24 seconds mentioned that uh in uh Aida margins would be either similar uh In terms of 45:30 45 minutes, 30 seconds percentage, our uh absolute number should grow about 60 to 70% in AIDA and 45:38 45 minutes, 38 seconds a percentage either would be same or about 50 bits higher. 45:45 45 minutes, 45 seconds Okay. Sir and just on the barrel count what proportion would be used for IMFL versus bulk and if you can give us some 45:53 45 minutes, 53 seconds guideline on you know how should we look at the revenue or you know visibility curve because you have you know you have really well aged uh it over the years. 46:04 46 minutes, 4 seconds So how what is the visibility on revenue curve for fi28 and you know and beyond 46:10 46 minutes, 10 seconds for you know some guidelines on the u B2B model. No. 46:16 46 minutes, 16 seconds So, uh I think uh you're missing the some of the uh answers or the commentary in between. We have already answered 46:23 46 minutes, 23 seconds that uh uh you know that we don't do a bulk barrel bulk mold sale. Currently we 46:30 46 minutes, 30 seconds are holding about 85,000 barrel filled uh we I'm sorry 85,000. 46:38 46 minutes, 38 seconds Sorry. Go ahead. Yeah. 83,000. Yeah. 85,000. One lakh right? Yeah. 46:43 46 minutes, 43 seconds Yeah. It will go to one lakh. We don't do any uh bulk mall sale. It will all for bottling for our uh flagship premium 46:50 46 minutes, 50 seconds brands. And in terms of guidance, we said that in next 3 to four years, we will uh uh grow by three to four uh three to four times from this revenue. 47:04 47 minutes, 4 seconds Okay, got it. That's it. Thank you, sir. Thank you so much. Thank you. 47:08 47 minutes, 8 seconds Thank you. The next question is from the line of Hersa from Seven Rivers Holding. Please go ahead. 47:16 47 minutes, 16 seconds Uh yeah. Hi sir. Uh so just wanted to understand on the supply chain side because of the Iran war the prices of glass packaging materials have gone up 47:24 47 minutes, 24 seconds by 40 50%. So what kind of inflationary environment are you seeing? What kind of price hike? Uh I mean of course alcohol 47:33 47 minutes, 33 seconds is a regulated business but but what kind of inflation are you seeing and how much can it be passed on? 47:41 47 minutes, 41 seconds like currently we have medium to short-term arrangements uh with the suppliers. So uh we are not facing uh that much challenge currently. 47:53 47 minutes, 53 seconds scenario continues. Uh you know depending on what kind of inflation we are looking at it. Uh it all depend uh 48:03 48 minutes, 3 seconds so either we will uh renegotiate uh you know do some efficiencies internally into other things and try not 48:11 48 minutes, 11 seconds to pass it to the customer. But if the situation takes it little longer we may think it off passing it all depend right 48:21 48 minutes, 21 seconds you understand it's all very volatile situation uh depending how uh you know hard the harden the rates would be when 48:29 48 minutes, 29 seconds it will be how long it will be uh so but just to answer you in a short term and nearshortterm 48:36 48 minutes, 36 seconds uh we are not we are kind of have a relationship and arrangement with the vendor so it's not going to impact 48:44 48 minutes, 44 seconds And uh we'll see from you know take it from quarter to quarter. 48:49 48 minutes, 49 seconds Okay. Okay. Understood. And uh sir on um on on the Elco website when you when you 48:57 48 minutes, 57 seconds speak of 60% growth is that volume growth or value growth? 49:01 49 minutes, 1 second Uh we are talking volume. Oh value growth? Value growth. All right. All right. 49:08 49 minutes, 8 seconds Sure. Sure. Got it. Okay. Okay. Thank you so much. That was it. Thank you. 49:15 49 minutes, 15 seconds Thank you. The next question is from the line of Pankach Kumar from Kotak Securities. Please go ahead. 49:22 49 minutes, 22 seconds Yes sir. Thanks for taking my question. 49:24 49 minutes, 24 seconds So this 60% growth guidance that you have largely this valuedriven. So how would be the volume growth in that? 49:40 49 minutes, 40 seconds Hello hello hello uh Mr. So Pankash Kumar please go 49:49 49 minutes, 49 seconds ahead with a question. Um uh yeah yeah no sorry so I was I was on mute sorry. Yeah so I was saying that 49:57 49 minutes, 57 seconds our value growth and volume grow good more or less would be similar because we don't do any mass products we are into 50:04 50 minutes, 4 seconds premium and luxury segment with similar kind of EDPs. Uh it's all depend you know what kind of a launches we have but 50:12 50 minutes, 12 seconds broadly speaking our value and volume growth would be almost similar. 50:17 50 minutes, 17 seconds Okay sir the question on the overall other brands that you have of course India has done well that we have seen over the years uh how is the performance 50:26 50 minutes, 26 seconds of other brand in your category and the white spirits how you are dealing in that and how is the path ahead since 50:34 50 minutes, 34 seconds you're looking at 3x to 4x kind of revenue. So which are the other categories that you believe will drive those kind of numbers? 50:43 50 minutes, 43 seconds We showing we're seeing very good acceptance uh for you know our new brands that we've launched in the last couple of years like Kamigara and 50:50 50 minutes, 50 seconds Kashmir for Whistler there's been a great acceptance with the new branding in 50:57 50 minutes, 57 seconds place. Um the new products that we are launching are all going to be uh more on the premium and luxury side of things. 51:05 51 minutes, 5 seconds Um so uh we're exploring different categories some of the categories that we're not currently in. Um and also 51:13 51 minutes, 13 seconds within the categories that we already are in. Um these are these are all new products. Uh we can't really comment much on them but they they'll all be in 51:22 51 minutes, 22 seconds the uh super premium and uh luxury segment. 51:28 51 minutes, 28 seconds Okay. and uh uh inorganic creations which you talked about uh will that play a significant role in that journey? 51:38 51 minutes, 38 seconds Well, we're not completely dependent on that. Um we do not want to uh you know look at acquisitions just for the sake 51:47 51 minutes, 47 seconds of it. Uh the idea is to uh identify uh high potential categories and brands and 51:54 51 minutes, 54 seconds um uh you know and and uh we will um very seriously consider them uh depending upon uh what comes our way. 52:02 52 minutes, 2 seconds There are some that we are uh exploring um hopefully uh in the next few quarters we will have more clarity on that. 52:13 52 minutes, 13 seconds And uh for the next year FY27 what are the launch pipes and I mean broadly you can uh highlight on the how many plans 52:21 52 minutes, 21 seconds that category that we are looking for the 60 60% growth that is 52:29 52 minutes, 29 seconds sorry we couldn't hear you properly could you repeat that and uh could you be louder please yeah what I was saying is for FY27 how 52:36 52 minutes, 36 seconds is the launch pipeline and the new brands uh that we are looking at uh in which categories 52:44 52 minutes, 44 seconds I'm sorry to interrupt you, Mr. Kumar, but we are unable to hear you, sir. Your voice is sounding muffled. 52:54 52 minutes, 54 seconds Yeah. Can you hear me now? Yes, please go ahead. 52:59 52 minutes, 59 seconds Yes. The question is on uh for FY27 now how is the launch pipeline in terms of uh new uh categories and the brands uh 53:08 53 minutes, 8 seconds and how that will play the role in 60% growth uh guidance that's my last question. 53:16 53 minutes, 16 seconds Uh see within the new products uh there are certain which are uh extensions or expressions of some of our current 53:24 53 minutes, 24 seconds product pipeline um that will um give us immediate um results. But then the new 53:33 53 minutes, 33 seconds categories that we are coming into or the new products that are completely or new brands that are being launched um we are not um really depending on those at 53:42 53 minutes, 42 seconds the moment to give us that 60 or 70%. Um those will give us they'll take their own time and their own course. Um so 53:50 53 minutes, 50 seconds those are a long-term outlook. Um in the immediate um for this particular financial year uh we are we are focusing 53:58 53 minutes, 58 seconds more on the growth of the existing products and their extensions and expressions. Okay. Thank you. Thanks. 54:07 54 minutes, 7 seconds Thank you. Participants to wish who wish to ask a question please press star and one 54:24 54 minutes, 24 seconds ladies and gentlemen that was the last question for today I now hand the conference over to Mr. Sadi Bharava for closing comments. 54:32 54 minutes, 32 seconds Thank you for taking out time and uh interacting with us on this earnings call. A good day to you all. Bye-bye. 54:43 54 minutes, 43 seconds Thank you. On behalf of PGA Delay Agro Industries Limited, that concludes this conference. Thank you for joining us and you may now disconnect the lines.