Piccadily Agro Industries Limited – Investor Presentation Summary

Key Operational Highlights

  • Distillery business revenue grew 30.5% YoY to ₹271.3 crore in Q2 FY27 and 28.7% YoY to ₹477.0 crore in H1 FY27
  • Branded alcobev products (Indri, Camikara, Cashmir, Whistler) sales volumes grew 38% YoY in Q2 FY27 and 45% YoY in H1 FY27
  • Distribution expanded to 29 States and UT's (including CSD) and over 25,700 retail outlets including On Trade in India
  • International presence across 33 countries, 23 Indian duty free and 20 International duty free locations
  • Barrel capacity at 96,000 with additional procurement ongoing
  • Capacity utilization improving at both Indri and Chhattisgarh distilleries following recent expansions

Key drivers of operational performance: Strong demand across markets for branded alcobev products, geographic expansion, new product launches, and improved capacity utilization post-expansion

Segment-wise Performance

Distillery Vertical:

  • Q2 FY27: ₹271.3 crore (30.5% YoY growth)
  • H1 FY27: ₹477.0 crore (28.7% YoY growth)
  • NSR of ₹8,797 per case for Branded Alcobev Business in Q2
  • NSR of ₹9,274 per case for Branded Alcobev Business in H1

Sugar Vertical:

  • Q2 FY27: ₹6.6 crore (-73.4% YoY decline)
  • H1 FY27: ₹71.7 crore (-21.2% YoY decline)

Explanation of significant changes in segment performance: Distillery growth driven by strong branded alcobev demand and new facility contributions; Sugar division decline due to planned demerger process

Financial Highlights

Q2 FY27 Standalone:

  • Revenue from Operations: ₹277.9 crore (19.4% YoY growth)
  • EBITDA: ₹53.0 crore (9.5% YoY growth)
  • PAT: ₹24.2 crore (-9.0% YoY decline)
  • EPS: ₹2.46 (-12.1% YoY decline)
  • EBITDA Margin: 21.7% (vs 22.8% in Q2 FY26)
  • PBT Margin: 11.1% (vs 15.2% in Q2 FY26)
  • PAT Margin: 8.7% (vs 11.4% in Q2 FY26)

H1 FY27 Standalone:

  • Revenue from Operations: ₹548.7 crore (18.8% YoY growth)
  • EBITDA: ₹100.3 crore (14.5% YoY growth)
  • PAT: ₹46.0 crore (1.2% YoY growth)
  • EPS: ₹4.67 (-2.5% YoY decline)
  • EBITDA Margin: 20.2% (vs 20.5% in H1 FY26)
  • PBT Margin: 10.8% (vs 13.1% in H1 FY26)
  • PAT Margin: 8.3% (vs 9.8% in H1 FY26)

YoY/QoQ comparison: Q2 revenue growth of 19.4% YoY but 2.6% QoQ; EBITDA growth of 9.5% YoY and 12.4% QoQ

Drivers of financial performance: Higher distillery revenue growth offset by increased cost of materials consumed (65.4% YoY increase in Q2), excise duty (66.8% YoY increase), and initial costs from Chhattisgarh facility commissioning

Key Risks: Raw material price increases, regulatory changes, competitive dynamics, evolving consumer preferences

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Regional Breakdown: Not Specified

Balance Sheet Snapshot

Net Debt/Equity: Not Specified

Reserves: Not Specified

Current Assets/Liabilities: Not Specified

Working Capital/Leverage Metrics: Not Specified

Financial Health Insights: Company assigned CRISIL A+/Stable and CRISIL A1 ratings for long term and short term bank loan facilities aggregating ₹400 Crore in October 2026

Capex & Cash Flow Health

Capital Expenditure: Expansion completed at Indri and Chhattisgarh facilities

Free Cash Flow: Not Specified

Operating Cash Flow: Not Specified

Net Debt Movement: Not Specified

Investment Rationale: Capacity expansion from 78 KLPD to 220 KLPD for ENA/Ethanol and from 12 KLPD to 30 KLPD for malt at Indri facility; 200 KLPD greenfield distillery commissioned at Chhattisgarh

Strategic & R&D Initiatives

Investments in Innovation: New product development for premium and luxury spirits categories; NFC-based bottle authentication technology; maturation capacity enhancement; experiential centers

Expected impact on growth: New product launches from both Indri and Chhattisgarh facilities to broaden portfolio and support growth; H2 typically contributes higher share of branded alcobev business

Strategic Rationale: Shifting revenue profile from bulk commodity-based sales towards branded and premium alcoholic beverages; expanding into high-growth markets; reducing operational costs through integrated supply chain

Industry Trends & Business Environment

Macro/Industry Trends: India spirits market projected to grow from 420 million cases in 2025 to 560 million cases in 2030F (~6% CAGR); rum market expected to grow from 52.7 million cases to 62.6 million cases (~3.50% CAGR); premiumization driven by younger consumers; strong demand for artisanal and craft spirits

Impact on Company: Rising disposable incomes and expanding legal drinking age demographic creating opportunities for premium products; consumer preference for authenticity and craftsmanship aligning with company's product strategy

Management Commentary & Growth Outlook

Strategic Outlook: "With H2 typically contributing a higher share of our branded alcobev business, and with improving utilisation and new launches, we expect the business mix and operating performance to strengthen through the second half of the year" - Harvinder Chopra, Managing Director

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Sugar division demerger expected to be finalized over coming months, removing sugar division losses from company's financials; exploring inorganic growth opportunities in other spirit categories

ESG Updates

Not Specified

Digital Transformation

NFC-based bottle authentication implemented for Indri Diwali Collector's Edition 2026; digital marketing initiatives with 300k-1M+ views on digital content