Piccadily Agro Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Distillery Unit: 79.5% • Sugar Unit: 20.5%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company has delivered good profit growth of 51.2% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 25.9%
- Company has a good return on equity (ROE) track record: 3 Years ROE 25.8%
- Operating margins have improved to 20.7% from 10.0%
- Company has delivered good sales growth of 16.2% CAGR over last 5 years
CONS
- Receivables are growing faster than sales - a possible quality concern
- Promoter holding has decreased over last 2 years: -2.4pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.41x)
- Total debt has risen sharply - up 72.2% year on year
- Recurring exceptional / one-off items are inflating headline profit
- Stock is trading at 5.7x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| UNITDSPR | 1397.20 | 53.94 | 101625.46 | 1.22 | 463.00 | 11.03 | 6122.00 | -2.75 | 27.86 | 7.01 |
| RADICO | 4366.95 | 83.16 | 58509.44 | 0.21 | 229.60 | 75.91 | 5867.69 | 10.43 | 22.64 | 6.07 |
| UBL | 1255.85 | 83.93 | 33205.32 | 0.80 | 166.28 | -9.65 | 5919.44 | 10.01 | 11.92 | 4.77 |
| ABDL | 631.85 | 79.98 | 17673.49 | 0.85 | 45.42 | -18.65 | 1809.15 | 1.85 | 18.53 | 6.38 |
| TI | 520.50 | 0.00 | 12903.09 | 0.19 | 31.59 | -64.31 | 2252.43 | 160.74 | 4.31 | 7.50 |
| PICCADIL | 602.65 | 42.27 | 5940.45 | 0.17 | 214.35 | 1063.05 | 2705.03 | 1081.24 | 18.01 | 16.20 |
| TRUALT | 416.30 | 24.05 | 3569.88 | 0.00 | 592.71 | 12444.13 | 6268.83 | 1962.85 | 10.57 | 21.18 |
| GLOBUSSPR | 839.60 | 26.27 | 2641.49 | 0.78 | 26.48 | 49.69 | 1151.88 | 21.05 | 11.34 | 6.66 |
| GMBREW | 908.50 | 13.23 | 2075.64 | 0.99 | 377.40 | 524.21 | 8029.00 | 1110.77 | 20.40 | 5.79 |
| SDBL | 70.03 | 0.00 | 1455.93 | 0.00 | 1.56 | -96.29 | 609.19 | -31.13 | 18.52 | 2.46 |
| ASALCBR | 677.55 | 16.46 | 1360.47 | 0.30 | 17.83 | -24.60 | 286.30 | 5.96 | 18.06 | 10.43 |
| SULA | 136.35 | 46.49 | 1151.44 | 1.47 | 1.06 | -45.36 | 120.79 | 2.11 | 7.57 | 13.74 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 228 | 122 | 191 | 282 | 208 | 199 | 204 | 268 | 228 | 231 | 313 | 359 | 271 | |
| 204 | 98 | 157 | 217 | 180 | 158 | 157 | 206 | 191 | 186 | 236 | 288 | 245 | |
| Operating Profit | 24 | 24 | 34 | 65 | 28 | 41 | 47 | 63 | 37 | 45 | 77 | 71 | 26 |
| OPM % | 10.50% | 19.98% | 17.66% | 22.98% | 13.29% | 20.63% | 22.81% | 23.36% | 16.29% | 19.55% | 24.68% | 19.84% | 9.45% |
| 0 | 0 | 29 | 1 | 1 | 1 | 3 | 2 | 1 | 2 | 1 | 4 | 3 | |
| Interest | 4 | 5 | 3 | 4 | 4 | 5 | 9 | 9 | 9 | 7 | 6 | 7 | 9 |
| Depreciation | 6 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 6 | 10 |
| Profit before Tax | 15 | 16 | 57 | 60 | 20 | 33 | 37 | 54 | 25 | 36 | 68 | 63 | 29 |
| Tax % | 25.42% | 25.52% | 20.86% | 27.00% | 28.78% | 24.52% | 31.78% | 25.68% | 25.29% | 25.38% | 29.24% | 27.64% | 23.87% |
| Net Profit | 11 | 12 | 45 | 44 | 14 | 25 | 25 | 40 | 19 | 27 | 48 | 46 | 22 |
| 1.20 | 1.26 | 4.79 | 4.61 | 1.52 | 2.64 | 2.66 | 4.28 | 2.00 | 2.80 | 4.89 | 4.74 | 2.21 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 329 | 334 | 371 | 399 | 489 | 574 | 609 | 779 | 818 | 1,038 | 1,173 | |
| 282 | 308 | 344 | 359 | 438 | 504 | 546 | 628 | 633 | 802 | 954 | |
| Operating Profit | 47 | 26 | 27 | 40 | 52 | 69 | 63 | 152 | 185 | 235 | 219 |
| OPM % | 14.40% | 7.78% | 7.36% | 10.13% | 10.53% | 12.09% | 10.35% | 19.48% | 22.60% | 22.69% | 18.68% |
| 1 | 5 | 9 | -2 | 3 | 1 | 1 | 30 | 7 | 8 | 10 | |
| Interest | 17 | 16 | 17 | 15 | 16 | 14 | 13 | 16 | 28 | 28 | 28 |
| Depreciation | 13 | 13 | 13 | 13 | 13 | 15 | 16 | 18 | 19 | 23 | 28 |
| Profit before Tax | 19 | 2 | 7 | 11 | 25 | 41 | 35 | 148 | 144 | 192 | 196 |
| Tax % | 56.55% | -146.62% | 19.92% | -21.45% | 28.61% | 29.21% | 28.75% | 24.30% | 27.40% | 27.48% | 27.23% |
| Net Profit | 8 | 5 | 6 | 13 | 18 | 29 | 25 | 112 | 105 | 140 | 142 |
| EPS | 1.17 | 0.49 | 0.59 | 1.40 | 1.87 | 3.11 | 2.62 | 11.89 | 11.09 | 14.16 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 14.33% | 26.75% | 3.21% | 7.64% | 0.00% | 0.00% | 7.06% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 16%
- 3 Years:
- 19%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 57%
- 5 Years:
- 51%
- 3 Years:
- 78%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -17%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 21%
- 3 Years:
- 26%
- Last Year:
- 18%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 94 | 94 | 94 | 94 | 94 | 94 | 94 | 94 | 94 | 99 |
| 59 | 64 | 59 | 72 | 88 | 112 | 136 | 247 | 587 | 803 | |
| 110 | 121 | 106 | 110 | 107 | 131 | 155 | 171 | 292 | 513 | |
| Trade Payables | 75 | 108 | 149 | 127 | 144 | 116 | 132 | 110 | 57 | 84 |
| 85 | 71 | 65 | 56 | 75 | 81 | 75 | 124 | 133 | 153 | |
| Total Liabilities | 423 | 458 | 473 | 458 | 508 | 534 | 592 | 746 | 1,163 | 1,651 |
| 152 | 149 | 148 | 141 | 135 | 144 | 195 | 218 | 282 | 580 | |
| Capital Work in Progress | 47 | 50 | 46 | 46 | 46 | 52 | 21 | 26 | 182 | 49 |
| 68 | 68 | 68 | 66 | 59 | 60 | 69 | 77 | 81 | 100 | |
| 115 | 132 | 126 | 148 | 178 | 174 | 191 | 196 | 303 | 410 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 137 | 137 | 243 | |
| Cash & Bank | 2 | 3 | 18 | 5 | 20 | 8 | 6 | 18 | 47 | 145 |
| 38 | 56 | 66 | 53 | 70 | 95 | 111 | 74 | 130 | 124 | |
| Total Assets | 423 | 458 | 473 | 458 | 508 | 534 | 592 | 746 | 1,163 | 1,651 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 98 | 43 | 63 | -1 | 28 | 49 | 47 | 55 | -25 | 117 | |
| Cash from Investing | -34 | -10 | -2 | -4 | 1 | -27 | -52 | -34 | -271 | -166 |
| Cash from Financing | -62 | -30 | -44 | -3 | -9 | -22 | 12 | -10 | 292 | 50 |
| 0 | 1 | 15 | -12 | 14 | -12 | -2 | 11 | -5 | 2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - Piccadily Agro Industries Limited has informed the Exchange regarding a press release dated September 02, 2026, titled "Camikara 3YO, 8YO and 12YO have each been awarded Silver medals at the International Spirits Challenge 2026 (ISC), UK.".
2026-09-02 - Piccadily Agro Industries Limited has informed the Exchange about Copy of Newspaper Publication with regard to intimation of 32nd Annual General Meeting to the Shareholders.
2026-08-27 - Piccadily Agro Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 25, 2026
2026-08-21 - Piccadily Agro Industries Limited has informed the Exchange about General Updates
2026-08-18 - Piccadily Agro Industries Limited has informed the Exchange that Record date for the purpose of Dividend is 18-Sep-2026.
2026-08-18 - Piccadily Agro Industries Limited has informed the Exchange that Board of Directors at its meeting held on August 18, 2026, recommended Final Dividend of Re. 1 per equity share.
2026-08-17 - Piccadily Agro Industries Limited has informed the Exchange that Company has received no adverse observation letters dated August 14, 2026 from BSE Limited and National Stock Exchange of India Limited
2026-08-17 - Piccadily Agro Industries Limited has informed the Exchange about General Updates
2026-08-17 - Piccadily Agro Industries Limited has informed the Exchange about Transcript
News
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