At a Glance
Once a sleepy sugar mill in Haryana, Piccadily Agro has pulled off a Dhoni-style late-game comeback—diversifying into premium alco-bev with its Indri whisky, and now clocking 22%+ margins. But with a 55x P/E and zero dividends, is this sugar-cane unicorn fermenting too fast?
1. 🧃 WTF Do They Even Do?
- Incorporated in 1994 as a sugar manufacturer 🧂
- Set up its distillery unit in 2007, but real swag came with premium liquor in the 2020s
- Operates out of Haryana (Karnal), now active in:
- Sugar manufacturing
- Ethanol, ENA (Extra Neutral Alcohol)
- Premium whisky & rum under brands like:
- 🥃 Indri – Single malt that competes with Glenfiddich
- 🥃 Camikara – India’s first aged sugarcane rum
- 🥃 Whistler, Royal Highland – For the common whisky soldier
- Bonus: Export potential unlocked with Tesco UK onboarding Indri in 2024
2. 💸 Financials – Profit, Margins, ROE, Growth
| Metric | FY20 | FY23 | FY25 |
|---|---|---|---|
| Revenue (Cr) | ₹399 | ₹598 | ₹818 |
| Net Profit (Cr) | ₹19 | ₹22 | ₹102 |
| OPM (%) | 10% | 10% | 22% |
| ROE (%) | 2% | 20% | 20.1% |
| 5Y Profit CAGR | — | — | 38% |
| 5Y Stock CAGR | — | — | 128% 🚀 |
✅ Operating leverage has kicked in big time
✅ Single malt + ethanol boom = happy shareholders
❌ But FY25 H2 growth has slowed vs H1
3. 💰 Valuation – Is It Cheap, Meh, or Crack?
- Current Price: ₹595
- P/E (TTM): 55.3x (💀 for an alco-bev biz)
- P/B: 8.26x — valuation stronger than their whisky
- Market Cap: ₹5,655 Cr
- EPS (FY25): ₹10.85
- Fair Value Range:
yamlCopyEditBase Case: 25x EPS → ₹270
Optimistic Whisky Bros: 40x EPS → ₹430
Bubble Hype: 55x (current) → Already here
🔍 EduInvesting FV Range: ₹270–₹430
Anything above ₹500 assumes Indri becomes a cult… globally.
4. 🔥 What’s Cooking – News, Triggers, Drama
- 🥇 3 Gold Awards at Spiritz Conclave 2024
- 🍾 Indri Founders Reserve 11 YO launched
- 📍 “Indri Experience Centres” launched – whisky tourism incoming?
- 🛡️ ForgeStop NFC labels for anti-counterfeiting – no fake booze
- 💰 ₹312 Cr raised in Nov 2024 for ₹1000 Cr expansion
- 🏭 ₹500 Cr FY25 capex announced – distillery + bottling expansion
- 💼 CFO resigned in Nov 2024 — transition risk?
5. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
| FY25 | ₹ Cr |
|---|---|
| Net Worth | ₹680 |
| Borrowings | ₹308 |
| D/E Ratio | 0.45x |
| Total Assets | ₹1,144 Cr |
| CWIP | ₹201 Cr (👀 FY26 bump expected) |
📌 Healthy gearing + decent reserves = can raise more if needed
6. 💵 Cash Flow – Sab Number Game Hai
| FY25 Cash Flow | ₹ Cr |
|---|---|
| Operating CF | -27 ❌ |
| Investing CF | -270 (Capex-heavy) |
| Financing CF | +292 (Warrants etc.) |
| Net CF | -5 |
😬 Operating cash flow negative despite ₹100+ Cr PAT
But big capex cycle ongoing — execution will matter now
7. 📊 Ratios – Sexy or Stressy?
| Metric | FY25 |
|---|---|
| ROCE | 22.7% ✅ |
| ROE | 20.1% ✅ |
| OPM | 22% ✅ |
| Working Capital Days | 166 ❌ |
| Inventory Days | 337 ❌ |
| Cash Conversion Cycle | 339 days 😬 |
🎯 Efficiency is meh, growth is yum
8. 💸 P&L Breakdown – Show Me the Money
- FY25 Revenue: ₹818 Cr
- ~75% from distillery (was 46% in FY22)
- EBITDA: ₹183 Cr
- Net Profit: ₹102 Cr
- EPS: ₹10.85
- Dividend: ₹0 🙃
- R&D or Marketing: No details – whisky selling itself?
9. 🧼 Peer Comparison – Who Else in the Game?
| Company | Rev (Cr) | ROCE | OPM | P/E | M.Cap |
|---|---|---|---|---|---|
| 🥇 United Spirits | ₹12,069 | 28.7% | 18.5% | 61.8 | ₹1L Cr |
| 🥈 Radico Khaitan | ₹4,851 | 16.2% | 13.9% | 104.6 | ₹36K Cr |
| 🥃 Tilaknagar | ₹1,434 | 28.4% | 17.7% | 28.9 | ₹6.6K Cr |
| 📉 Piccadily Agro | ₹818 | 22.7% | 22.4% | 55.3 | ₹5.6K Cr |
✅ Best margins
❌ Worst cash flow
🧪 Valuation = pricing in Glenfiddich-level execution
10. 🧍Misc – Shareholding, Promoters
- Promoter Holding: 70.97% (very stable)
- FII + DII: ~1% only (yet to get “big money” attention)
- No pledge ✅
- 78,873 shareholders — retail frenzy rising
- 2024: Convertible warrants worth ₹362 Cr converted
11. 🎭 EduInvesting Verdict™
- This isn’t your average ethanol-sugar PSU. This is a distillery-turned-branding play
- The Indri Single Malt story has given retail investors a “startup-style hope” in a regulated space
- But whisky dreams need time. This isn’t a Coca-Cola yet
💡 Verdict:
🧠 Smart business pivot ✔️
🥃 Strong branding ✔️
💸 Valuation assumes flawless execution ❌
🎯 Fair Value Range: ₹270–₹430
Above ₹500? You’re drinking hopium, not whisky
Tags: Piccadily Agro, Indri Whisky, Alcohol Stocks India, Ethanol Stocks, Smallcap Beverages, Piccadily Agro Valuation, EduInvesting, FMCG Stocks, Single Malt India, Premium Liquor India
✍️ Written by Prashant | 📅 11 July 2025
