Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Oct - Indri launches Diwali Collector’s Edition 2026 on 8 Oct; 600 bottles available from mid-October.
Source: Bse
Piccadily Agro Industries Limited (PICCADIL)
Micro CapFMCG stocks · Micro cap · NSE
Piccadily Agro Industries Ltd. (PAIL) is India’s largest independent producer of malt spirits, with a portfolio including single malt whiskies, cane juice rum, and IMFL brands. It also manufactures Ethanol, ENA, DDGS, and white crystal sugar. Operates state-of-the-art facilities in Haryana and Chhattisgarh.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result11 Aug, 07:56 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
27BearishSMA20 -5.2% / mo · MACD + · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 35
Sector RS: 14
Sector 3M: -11.3% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PICCADILD candles · FIT view-14.9%Latest close ₹558.75 on 2026-10-21
Bar
-3.6%
RSI
36
MACD hist
0.84
52W pos
15%
2026-10-21O ₹579.70H ₹579.75L ₹551.20C ₹558.75Vol 4.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PICCADILNifty FMCGNifty 500
- PICCADIL
- -25.9%
- Nifty 500
- -6.5%
- Nifty FMCG
- -10.7%
- Vs Nifty 500
- -19.4 pp
Chart stats
21 Oct 2026- From 52W high
- -31.0%
- 52W range position
- 15%
- ATR (14)
- 3.9%
- Volume vs 20D
- 3.38x
- Avg traded value
- ₹8.1 Cr
- 20D price channel
- ₹551.2 - ₹628.4
₹809.7
₹515 - ₹809.7
₹21.9
Latest completed session
20-session average
32.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE54
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average42
Revenue +17.3% · PAT +15.8% YoY
Technical
Bearish27
Price trend and sector-relative-strength timing.
Valuation
Legacy model+12.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +17% YoY · PAT +16% YoY
Filed 11 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹251 Cr | +17.3% | -25.1% |
| EBITDA | ₹44 Cr | +15.8% | -38.9% |
| Operating margin | 18.0% | +0 bps | -300 bps |
| PAT | ₹22 Cr | +15.8% | -52.2% |
| PAT margin | 8.8% | -12 bps | -497 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 41.40
- P/B
- 6.46
- EV/EBITDA
- 23.77
- Market Cap
- 5815.00Cr
Profitability
- ROE
- 17.40%
- ROCE
- 18.00%
- ROA
- 8.60%
- Dividend Y
- 0.17%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 50.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 83.00%
Balance Sheet
- Debt/Equity
- 0.59
- Interest Coverage
- 8.54×
- Altman Z
- 6.75
- Book Value
- 91.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 118.00 Cr
- EPS TTM
- 14.26
Shareholding
- Promoter Hold
- 68.56%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 25%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 251-25.1% vs prev
Net Profit
₹ CrLatest: 22.0-52.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.5% over last month) — short-term momentum negative.
- RSI(14) at 36 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 31% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
42
RS percentile
Stage 1 Base / Transition
1M return
-5.5%
3M return
-25.9%
6M return
-10.6%
1Y return
-14.3%
RS 1D
-3
RS 20D
-7
Sector rank
#13
Industry rank
#46
Stage evidence
- Price is 9.9% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 85.77-2.18%
RS vs Nifty 50086
Valuation & peers
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation5/30
Growth22/25
Quality9/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
54
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
54/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 12.9%.
- Growth contributes 22/25 to the score.
Main drags
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
41.4
PB
6.5
EV/EBITDA
23.8
ROE
17.4%
ROCE
18.0%
FCF Yield
—
Debt/Equity
0.6
MoS
+12.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
54
Previous: 54
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+12.9%
Previous: +10.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
51
51
51
53
53
51
51
51
51
51
54
54
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹171.25
-226.3% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹641.7
+12.9% MoS
PEG
0.66
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TRIVENI
Micro
Triveni Engineering & Industries Limited
Retail
match 108
31
21.5
8.7%
-188%
OVERVALUED
RENUKA
Micro
Shree Renuka Sugars Limited
Retail
match 105
14
—
—
—
OVERVALUED
MANORAMA
Micro
Manorama Industries Limited
Retail
match 98
58
48.9
39.3%
+8%
FAIR VALUE
TI
Micro
Tilaknagar Industries Limited
Retail
match 95
31
59.9
12.6%
-33%
OVERVALUED
PRAJIND
Micro
Praj Industries Limited
Retail
match 93
25
104.0
1.5%
-8169%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T12:37:38.268Z
Management commentary snapshot
FY26 Total Income grew 28% YoY to Rs 1,142.9 Cr, driven by 41.7% YoY distillery revenue growth. PAT increased 33.4% YoY to Rs 139.6 Cr, with company EBITDA margin at 23.4% (flat YoY).
The company is executing its premiumization strategy well, evidenced by strong IMFL volume and revenue growth. Completed capacity expansions are expected to drive future distillery revenue. The sugar business remains a drag, but a demerger scheme has been filed. Execution on new capacity utilization and IMFL market penetration is key.
Current business mix
Revenue Composition – Segment-wise (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
IMFL44.2%
Other Distillery35.2%
Sugar20.5%
Growth engines
Premiumization Strategy
Company has steadily shifted its revenue profile from bulk commodity-based sales towards branded and premium alcoholic beverages, with focus on value-added IMFL products.
IMFL Portfolio Expansion
Launched new brands like Cashmir Vodka and multiple Indri City Series editions, with product development underway for more premium and luxury spirits.
Enhanced Distillation Capacity
Commissioning of additional distillation capacities at Indri and Chhattisgarh is expected to support higher revenues from ENA, ethanol, and related products beginning FY27.
Distribution Expansion
Strengthening distribution domestically across Tier 1 and 2 cities and scaling international routes-to-market in key regions, including duty-free.
Capacity and execution
Indri Distillery Expansion
Expansion completed to increase distillery capacity from 78 KLPD to 220 KLPD for ENA/Ethanol and from 12 KLPD to 30 KLPD for malt.
Chhattisgarh Greenfield Facility
A 200 KLPD distillery for ENA/Ethanol was commissioned in Mahasamund, Chhattisgarh.
Barrel Storage Capacity
Barrel storage capacity is being scaled up from 83,800 barrels (FY26) to 100,000 barrels by March 2027.
Portavadie, Scotland Distillery
New Malt distillery in Scotland is under evaluation for suitable plant and machinery, with likely commissioning in FY27.
Tailwinds
Indian Economy Growth
India’s nominal GDP is expected to grow from USD 4 trillion to USD 7.3 trillion by 2030, supporting consumer spending.
Premiumization Trend
India’s whisky market is premiumizing rapidly; IMFL whisky sales at standard & above price points have tripled.
Rising Urbanization
India’s urban population is expected to exceed 40% by 2030 from current levels of 37%, driving premium alcohol demand.
Global Recognition
International accolades for brands like Indri influence purchase decisions by validating premium quality and building trust.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company operates in the consumer sector with potential seasonality in demand and production cycles, making year-over-year comparisons more relevant for underlying business performance trends.
Sector KPIs management disclosed
IMFL Sales Volumes Growth
IMFL sales volumes grew 48% in FY26 YoY, led by robust performance across key brands.
Distillery EBITDA Margin
Distillery business EBITDA margins improved to 31.5% in FY26, an increase of 130 basis points.
Company EBITDA Margin
Company EBITDA margin at 23.4% in FY26, same as last year.
Distribution Footprint (Retail)
Distribution footprint, including on-trade channels, increased by over 50% during the year, reaching over 25,000 retail outlets as of Dec 31, 2025.
Management forward view
Strengthening Revenue Growth
Management expects revenue growth to strengthen in the coming years, supported by higher capacity utilisation at Indri and Chhattisgarh facilities.
Portfolio Expansion
Company will continue expanding its portfolio by strengthening existing brands, introducing new IMFL offerings, and entering white spirit categories.
Acquisition Opportunities
Management continues to evaluate acquisition opportunities within the IMFL segment to strengthen market presence.
Sugar Business Demerger
Scheme of arrangement for Sugar business formulated and filed with the Stock Exchanges.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Distillery Capacity Utilization | Increasing at Indri and Chhattisgarh facilities. | Ramp-up of new capacities and their contribution to revenue growth in FY27 and beyond. |
| IMFL Volume Growth | 48% YoY in FY26. | Sustained high growth rates, especially for premium and luxury segments, and market share gains. |
| Export Revenues | Focus to increase. | Tangible growth in international markets and duty-free channels. |
| Sugar Business Demerger | Scheme formulated and filed. | Progress and completion of the demerger, and its impact on the company's focus and financials. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 34th percentile within FMCG. Main check: financial discipline is weak at 58/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
19 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · FMCG: 34th pctile, median 79 · Micro: 60th pctile, median 73
Evidence depth
Financial-only
19 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 68.6%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE trend is -5.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Piccadily Agro Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Dividend Updates 18 Aug - Board recommended 10% final dividend of Rs.1 per share; AGM on 25 September 2026, book closure 19-25 September.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 3 Sep - Camikara 3YO, 8YO and 12YO won ISC 2026 Silver; 8YO earned SIP Best in Class Platinum.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep - Intimation of 32nd AGM to the shareholders of the company.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Scheme of Arrangement 17 Aug - BSE and NSE issued no-objection letters for Piccadily Agro's demerger scheme on August 14, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Newspaper Publication for the quarter ended 30.06.2026
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Aug - Q1 FY27 revenue rose 18.1% to ₹270 crore; EBITDA ₹47 crore, PAT ₹22 crore; Chhattisgarh sales began.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 24 Jun - Indri bottles will carry IMWA certification hologram from 24 June 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 4 Jun - On 4 June 2026, Indri launched Ilika, a travel-retail-exclusive single malt whisky.
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Company Ir
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.