1. At a Glance – Blink and You’ll Miss the Business
Grand Oak Canyons Distillery Ltd (formerly Pacheli Industrial Finance Ltd) is currently valued at ₹1,619 crore by the stock market while generating ₹0.22 crore of trailing twelve-month revenue. Yes, read that again slowly. The company’s Price-to-Sales ratio stands at a jaw-dropping 7,359, which means investors are paying more for imagination than execution.
The stock trades at ₹31.2, down 48% in three months, yet still up 75% over five years — proving once again that vibes can overpower balance sheets for long periods. ROE is -1.17%, ROCE is -0.22%, and EBITDA margins are deeply negative. Despite this, the company carries ₹2,650 crore of borrowings, while operating income barely exists.
And yet, the plot twist: the company has changed its name, rewritten its MoA, raised borrowing limits to ₹11,000 crore, expanded authorised capital to ₹10,000 crore, and announced plans to enter distilleries, breweries, wineries, pubs, liquor retail, branding, exports, and R&D.
So yes — financially it looks like a finance company on life support. Strategically, it behaves like a startup pitching on Shark Tank after three Red Bulls.
Curious already? You should be.
2. Introduction – From Loan Recovery to Liquor Recovery
Grand Oak Canyons Distillery Ltd was incorporated in 1985 as Pacheli Industrial Finance Ltd, a modest NBFC-style entity whose main income sources were:
- Interest on loans
- Bad debt recovery
In FY24, ~40% of revenue came from bad debt recovery and ~60% from interest income. Not exactly glamorous, but at least it was honest work.
Then FY24 happened.
Suddenly, the company decided that financing and consultancy weren’t exciting enough. The MoA was rewritten. The name was changed. And the company announced ambitions that sound like a spirits conglomerate crossed with a nightlife startup.
Distilleries.
Breweries. Wineries. Ready-to-drink beverages. Bars. Pubs. Liquor stores. Marketing. Branding. Exports. Equipment supply. R&D.
All this — without meaningful operating revenue yet.
This is not a turnaround story. This is a genre shift.
The market, being the emotional creature it is, rewarded the idea before the execution. And that’s exactly where risk and curiosity collide.
3. Business Model – WTF Do They Even Do?
As of today, Grand Oak Canyons has two parallel realities:
Reality #1: The Actual Business
- Financing activities
- Interest income
- Occasional bad debt recovery
- Consultancy related to hotels and lodging (on paper)
This business generated ₹0.22 crore TTM revenue and ₹4.79 crore PAT, the latter almost entirely driven by ₹4.84 crore of other income.
In other words:
Core business: weak
Profits: accounting-assisted
Cash flow: allergic
Reality #2: The Aspirational Business
As per the amended MoA, the company now plans to:
- Establish distilleries, breweries, wineries
- Manufacture spirits, beer, wine, RTDs
- Operate bars, pubs, clubs, liquor retail
- Export and import alcoholic beverages
- Brand and market liquor aggressively
- Supply raw materials and equipment
- Invest in R&D for beverages
This is not diversification.
This is corporate reincarnation.
The key word, however, is plans. There is no operational distillery revenue yet in
