1. At a Glance
Piccadily Agro — the Haryana-based sugar nucleus turned distillery darling — now gets75% of its revenue from its distillery segment, up from just 46% in FY22. Share price is ₹601 (down ~5.5% today), market cap at ₹5,718 Cr, and a high-flyingP/E of 53x. Q1 FY26 numbers: revenue ~₹229 Cr, PAT ~₹18.9 Cr — modest but solid growth of ~32% YoY. ROCE at a healthy 22.7%, ROE at 20.1%.
2. Introduction
Founded in 1994 to churn out sugar, Piccadily Agro pivoted into distillery operations in 2007, riding India’s ethanol wave. Now, it bottles brands like Indri single malt, Whistler whisky, Camikara rum — raising spirits (and revenue). Still cyclical and niche, but profitable — with a 5-year PAT CAGR of ~38.5%.
3. Business Model (WTF Do They Even Do?)
- Distillery/AlcoBev: Producing ENA, ethanol, multiple whisky & rum brands; premium portfolio driving growth.
- Sugar by-product synergy: Efficient upstream integration with distillery.Strong margin leverage via premium brand offerings — elevated risk, elevated reward.
4. Financials Overview
- Q1 FY26 Revenue: ₹229 Cr (+36.6%)
- Q1 FY26 PAT: ₹18.9 Cr (+32.2%)
- TTM EPS (FY25): ₹10.85 (down from ₹11.64 in FY24)
Implied TTM P/E~55–59×
— highly premium territory.
5. Valuation (Fair Value Range)
| Method | Calculation | FV (₹) |
|---|---|---|
| P/E Method | EPS ₹11 × P/E 20–25 | 220–275 |
| DCF (Finbox) | Intrinsic value estimate | ₹166–379 |
| Relative | Base-case peer valuation | ~₹348 |
Fair Value Range:₹220 – ₹375
This FV range is for educational purposes only and is not investment advice.
6. What’s Cooking – News & Triggers
- Listed on NSE in July 2025, liquidity and investor access boosted.
- Launched limited‑edition Indri City Series whiskyat Dubai Duty-Free (USD 150) — branding luxe.
- Q1 FY26 growthdespite sugar volatility – strong brand traction.
7. Balance Sheet
- TTM EPSdropping (₹11.64 → ₹10.85) signals recent margin stress.
- Debt-to-equity ratio~45%, interest coverage ~5.9×; manageable but needs watching.
- P/B ratio~8.9× — well above long-term average of ~2.5×,
