1. Opening Hook
While half of India Inc is still blaming “macros” for sluggish demand, Piccadily showed up drunk on growth.
Single malts are winning global awards, volumes are up 70%, and EBITDA margins are expanding like a Diwali waistband. Meanwhile, sugar quietly sits in the corner, pretending nothing happened.
Management sounds confident—borderline poetic—about barrels, maturation, and global domination. Excise approvals are still “in progress” (India never changes), but capacity is ready and inventory is aging like fine whisky.
If you thought this was just another alco-bev quarter, think again.
Read on—because the real intoxication begins once numbers meet narrative.
2. At a Glance
- Revenue up 51.3% – Turns out premiumisation actually pays the bills.
- EBITDA up 56.7% – Operating leverage finally clocked in on time.
- EBITDA margin +90 bps – Luxury alcohol doing luxury things.
- PAT up 92.3% – Profits didn’t just grow, they sprinted.
- IMFL volumes +70% – Consumers chose whisky over excuses.
- Finance costs down 40% – CCDs converted, interest sent packing.
3. Management’s Key Commentary
“Alco-bev volumes grew over 70% YoY driven by improved
supply.”
(Translation: We finally had enough whisky to sell 😏)
“Expansions at Indri and Chhattisgarh were completed on time and cost.”
(A rare corporate unicorn has appeared.)
“Malt capacity expansion will augment liquid under maturation.”
(Today’s capex is tomorrow’s Instagram-worthy bottle.)
“Revenue contribution to increase progressively from April 2026.”
(Translation: Q4 is warm-up, FY27 is the party.)
“We aim to be among the top 5 single malts globally.”
(Ambitious, but those awards say it’s not delusion.)
“Strategic acquisitions are under evaluation.”
(Spirits shopping list quietly open.)
4. Numbers Decoded
| Metric | Q3 FY26 | YoY | What It Really Means |
|---|---|---|---|
| Revenue | ₹315 Cr | +51% | Supply unlocked demand |
| EBITDA | ₹79.7 Cr | +57% | Fixed costs now behaving |
| EBITDA Margin | 25.3% | +90 bps | Premium mix working |
| PAT | ₹48.1 Cr | +92% | Operating leverage drunk |
| EPS | ₹4.89 | +84% | Shareholders smiling |
Sugar dragged, distillery carried. Classic
