Piccadily Agro Industries Ltd.

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piccadily.comBSE: 530305NSE: PICCADIL

Market Cap₹ 5,918 Cr.

Current Price

High / Low₹ 810 / 515

Stock P/E42.1

Book Value₹ 93

Price to Book5.67

Dividend Yield0.17 %

ROCE18.0 %

ROE17.4 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Distillery: 79.5% • Sugar: 20.5%

AI Sector View

AI GENERATED

Fast Moving Consumer Goods

Hold

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.

Confidence

62%

View full sector analysis →

PROS

Company has delivered good profit growth of 50.8% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 25.6%
Company has a good return on equity (ROE) track record: 3 Years ROE 25.4%
Company has consistently been profitable over the last 5 years
Operating margins have improved to 20.6% from 9.8%
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

Fast Moving Consumer GoodsAlcoholBreweries & Distilleries

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	UNITDSPR	1398.90	54.01	101749.11	1.22	463.00	11.03	6122.00	-2.75	27.86	7.01
2.	RADICO	4449.90	84.74	59620.83	0.20	229.60	75.91	5867.69	10.43	22.64	6.07
3.	UBL	1257.00	84.01	33235.73	0.80	166.28	-9.65	5919.44	10.01	11.92	4.77
4.	ABDL	611.40	77.39	17101.48	0.88	45.42	-18.65	1809.15	1.85	18.53	6.38
5.	TI	537.00	0.00	13312.12	0.19	31.59	-64.31	2252.43	160.74	4.31	7.50
6.	PICCADIL	600.35	42.11	5917.78	0.17	214.35	1063.05	2705.03	1081.24	18.01	16.20
7.	TRUALT	418.70	24.19	3590.46	0.00	592.71	12444.13	6268.83	1962.85	10.57	21.18
8.	GLOBUSSPR	837.00	26.19	2633.31	0.78	26.48	49.69	1151.88	21.05	11.34	6.66
9.	GMBREW	912.45	13.29	2084.67	0.99	377.40	524.21	8029.00	1110.77	20.40	5.79
10.	SDBL	70.82	0.00	1472.36	0.00	1.56	-96.29	609.19	-31.13	18.52	2.46
11.	ASALCBR	696.95	16.93	1399.42	0.29	17.83	-24.60	286.30	5.96	18.06	10.43
12.	SULA	138.40	47.18	1168.75	1.45	1.06	-45.36	120.79	2.11	7.57	13.74

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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	158	218	181	158	158	206	191	186	236	288	245
Operating Profit	24	24	33	64	27	41	46	62	37	45	77	71	25
OPM %	10.35%	19.56%	17.44%	22.82%	13.11%	20.41%	22.54%	23.15%	16.10%	19.34%	24.52%	19.67%	9.26%
	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	15	57	59	20	33	36	54	25	35	68	63	28
Tax %	26.07%	26.31%	21.01%	27.22%	29.36%	24.85%	32.27%	25.95%	25.73%	25.75%	29.47%	27.94%	24.18%
Net Profit	0	0	0	0	13	25	25	40	18	27	48	45	21
	1.16	1.17	4.69	4.59	1.39	2.61	2.63	4.23	1.95	2.74	4.83	4.62	2.17

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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	547	629	635	804	956
Operating Profit	47	26	27	40	52	69	62	150	183	233	217
OPM %	14.34%	7.78%	7.31%	10.12%	10.53%	12.07%	10.12%	19.26%	22.37%	22.49%	18.50%
	1	5	9	-1	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	18	2	7	11	25	41	33	146	142	190	194
Tax %	57.15%	-147.66%	20.41%	-20.72%	28.60%	29.29%	29.95%	24.59%	27.78%	27.79%	27.53%
Net Profit	8	5	5	14	18	29	23	110	103	137	140
EPS	1.14	0.48	0.23	2.03	1.90	3.10	2.37	11.63	10.85	13.95	—
Dividend Payout %	0.00%	0.00%	0.00%	9.87%	26.27%	3.23%	8.45%	0.00%	0.00%	7.17%	—

COMPOUNDED SALES GROWTH

10 Years:: 14%
5 Years:: 16%
3 Years:: 19%

COMPOUNDED PROFIT GROWTH

10 Years:: 57%
5 Years:: 50%
3 Years:: 83%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -17%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 20%
3 Years:: 25%
Last Year:: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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
	57	64	55	75	91	112	137	245	584	801
	110	121	106	110	107	131	155	171	292	513
Trade Payables	75	108	149	127	144	116	133	111	57	85
	85	71	65	56	75	81	76	124	134	153
Total Liabilities	421	458	470	461	511	533	595	746	1,161	1,650
	156	152	149	141	135	144	195	218	282	580
Capital Work in Progress	47	50	46	46	46	52	32	42	201	73
	63	64	65	69	62	59	61	61	60	70
	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	9	6	19	48	149
	39	56	66	53	70	96	110	74	130	125
Total Assets	421	458	470	461	511	533	595	746	1,161	1,650

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	98	45	59	3	29	57	47	51	-27	118
Cash from Investing	9	-10	1	-8	0	-35	-52	-30	-270	-163
Cash from Financing	-107	-30	-44	-4	-9	-22	12	-10	292	50
	0	1	15	-12	14	-12	-3	11	-5	5

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	70.97	70.97	70.97	70.97	70.47	68.62	68.62	68.57	68.57
	0.17	0.88	0.78	0.71	0.73	0.95	1.15	0.76	0.81
	0.10	0.03	0.01	0.00	0.00	0.95	0.72	0.77	0.86
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	28.76	28.12	28.24	28.31	28.80	29.48	29.51	29.91	29.77

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

Press Release

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

Copy of Newspaper Publication

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

Shareholders meeting

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

General Updates

2026-08-21 - Piccadily Agro Industries Limited has informed the Exchange about General Updates

2026-08-18

Record Date

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

Dividend

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

Demerger

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

General Updates

2026-08-17 - Piccadily Agro Industries Limited has informed the Exchange about General Updates

2026-08-17

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Piccadily Agro Industries Limited has informed the Exchange about Transcript

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