Financial Performance Summary

Revenue Performance:

  • Revenue from Operations: INR 277.9 crore in Q2 FY27, up 19.4% YoY from INR 232.7 crore in Q2 FY26
  • Distillery Revenue: INR 271.3 crore, up 30.5% YoY
  • Distillery contribution to Revenue: 97.6% (vs. 89.3% in Q2 FY26)

Profitability Metrics:

  • EBITDA: INR 53 crore, increased 9.6% YoY
  • H1 FY27 PAT: Higher than corresponding period last year (exact figure not specified)

Operational Highlights:

  • Maturation Capacity: Achieved 96,000 barrels against current FY target of 1,00,000 barrels
  • Strategic focus on premium, superpremium and luxury spirits portfolio
  • Scaling up of Chhattisgarh Distillery with enhanced manufacturing capabilities

Business Segment Performance

Distillery Business:

  • Principal growth engine of the company
  • Accounted for 97.6% of quarterly revenue (vs. 89.3% in Q2 FY26)
  • Continued momentum with 30.5% YoY growth

Brand Portfolio:

  • Premium brands include Indri Single Malt, Camikara Aged Rum, Cashmir Vodka, and Whistler Whisky
  • Recent product introductions: Indri Ilika (travel retail market), Indri Agneya, Indri Diwali Collector's Edition 2026

Strategic Initiatives and Expansion

Product Innovation:

  • Multiple new product launches planned to strengthen portfolio and accelerate premiumization
  • Focus on expanding portfolio across attractive spirits categories
  • Widening presence across domestic and international markets

Manufacturing Capabilities:

  • Enhanced distillation capabilities at Indri Distillery and Chhattisgarh Distillery
  • Additional capacity to support growth of branded spirits portfolio
  • Integrated manufacturing capabilities supporting long-term value creation

Awards and Recognition

International Accolades:

  • Indri Diwali Collector's Edition 2026: Double Gold with 96 points at USA Spirits Ratings 2026
  • Indian Single Malt Whisky of the Year and Spirit of the Year – India at USA Spirits Ratings 2026
  • Indri Agneya: Indian Single Malt Whisky of the Year at London Spirits Competition 2026

Management Commentary

Mr. Natwar Agarwal, Chief Financial Officer, stated:

  • Q2 FY27 saw continued momentum in core Distillery business with over 30% YoY growth
  • H1 FY27 PAT higher than corresponding period last year
  • Company remains on track to achieve business objectives
  • Focus on building differentiated brands, expanding distribution footprint, and strengthening manufacturing capabilities
  • Commitment to natural maturation without addition of colour or flavours
  • Revised spirit maturation target to over 1,00,000 barrels by end of current fiscal year

Company Overview

Piccadily Agro Industries Limited operates in two strategic segments: Distillery and Sugar. Manufacturing facilities located at Indri, Haryana and Chhattisgarh produce Malt Spirit, ENA, Ethanol and White Crystal Sugar. The company has established itself as a leader in premium spirits category and was recognized as the 'fastest growing single malt whisky brand' in 2024.