Piccadily Agro Industries Ltd

₹ 594 0.28%

12 Jun 4:01 p.m.

About

Piccadily Agro Industries Ltd (PAIL), was incorporated in the year 1994 and started its commercial operations in 1997 as a sugar processing company. Later in 2007, PAIL has set up a distillery unit. At present the company is engaged in manufacturing sugar and distillery products at a manufacturing plant in Haryana. ^[1]

Key Points

Business Segments
1) Distillery (75% in H1 FY25 vs 46% in FY22): ^[1] ^[2] The company produces Extra Neutral Alcohol (ENA), Ethanol, Country Liquor and alcoholic beverages. It is a key player in the alcoholic beverages industry with a premium portfolio of brands including Indri - single malt whisky, Whistler & Royal Highland - blended malt whisky brands, Camikara - premium sugarcane juice aged rum, etc. The segment revenue grew 44% YoY in H1 FY25, driven by higher sales from the single malt and premium alcoholic beverage portfolio. ^[3] ^[4]

Website BSE

Market Cap ₹ 5,601 Cr.
Current Price ₹ 594
High / Low ₹ 1,020 / 483
Stock P/E 53.5
Book Value ₹ 72.4
Dividend Yield 0.00 %
ROCE 22.9 %
ROE 20.4 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 48.7% CAGR over last 5 years

Cons

Stock is trading at 8.20 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Working capital days have increased from 108 days to 166 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Fast Moving Consumer Goods Fast Moving Consumer Goods Agricultural Food & other Products Sugar

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	166	184	110	115	200	219	114	178	269	196	185	182	255
	148	166	99	97	184	194	89	143	202	168	142	134	189
Operating Profit	18	18	11	18	16	25	25	35	67	28	43	48	66
OPM %	11%	10%	10%	15%	8%	11%	22%	20%	25%	14%	23%	26%	26%
	0	0	0	0	0	0	0	29	1	1	1	3	2
Interest	3	3	3	4	3	4	5	3	4	4	5	9	9
Depreciation	4	4	4	4	4	6	4	4	4	5	5	5	5
Profit before tax	12	11	4	10	10	15	16	57	60	20	33	37	54
Tax %	41%	27%	19%	27%	36%	25%	25%	21%	27%	29%	25%	32%	26%
	7	8	4	7	6	11	12	45	44	14	25	25	40
EPS in Rs	0.76	0.84	0.37	0.73	0.67	1.21	1.26	4.80	4.61	1.52	2.64	2.66	4.28
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	376	344	271	329	334	371	399	488	572	598	742	818
	330	316	248	282	308	344	359	437	503	535	590	633
Operating Profit	46	28	23	48	26	27	40	52	69	63	152	185
OPM %	12%	8%	9%	14%	8%	7%	10%	11%	12%	11%	20%	23%
	5	6	7	1	5	9	-2	3	1	1	30	7
Interest	8	9	15	17	16	17	15	16	14	13	16	28
Depreciation	10	11	11	13	13	13	13	13	15	16	18	19
Profit before tax	33	15	5	19	2	7	11	25	41	35	148	144
Tax %	36%	39%	68%	56%	-146%	20%	-21%	29%	29%	29%	24%	27%
	21	9	2	8	5	6	13	18	29	25	112	105
EPS in Rs	2.25	0.95	0.16	0.86	0.49	0.59	1.40	1.87	3.11	2.62	11.89	11.09
Dividend Payout %	0%	0%	0%	0%	0%	0%	14%	27%	3%	0%	0%	0%

Compounded Sales Growth
10 Years:	9%
5 Years:	15%
3 Years:	13%
TTM:	10%

Compounded Profit Growth
10 Years:	28%
5 Years:	49%
3 Years:	53%
TTM:	17%

Stock Price CAGR
10 Years:	59%
5 Years:	132%
3 Years:	148%
1 Year:	-22%

Return on Equity
10 Years:	14%
5 Years:	19%
3 Years:	22%
Last Year:	20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	24	24	47	95	95	95	95	95	95	95	94	94
Reserves	102	110	88	59	64	59	72	88	112	136	247	589
	90	85	156	128	144	131	126	125	135	154	172	308
	99	130	102	141	156	189	166	198	187	206	226	155
Total Liabilities	315	349	392	423	458	473	458	506	529	590	739	1,146
	135	138	159	152	149	148	141	135	144	195	218	282
CWIP	2	4	30	47	50	46	46	46	52	21	26	182
Investments	60	64	58	68	68	68	66	59	60	69	77	81
	118	143	145	155	191	211	205	265	273	306	418	601
Total Assets	315	349	392	423	458	473	458	506	529	590	739	1,146

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	47	44	-6	98	41	61	-4	22	37	37	55	-25
	-33	-23	-50	-46	-10	-2	-4	1	-27	-52	-34	-271
	-14	-22	54	-52	-30	-44	-3	-9	-22	12	-10	292
Net Cash Flow	1	-2	-2	0	1	15	-12	14	-12	-2	11	-5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	0	2	15	15	24	41	30	38	32	42	67	61
Inventory Days	159	189	222	233	215	182	201	215	185	201	200	337
Days Payable	89	160	134	152	175	214	172	174	123	139	113	59
Cash Conversion Cycle	70	31	103	96	63	9	58	79	94	104	155	339
Working Capital Days	26	21	57	8	22	-6	26	44	65	66	93	166
ROCE %	20%	11%	8%	13%	6%	8%	10%	14%	17%	13%	30%	23%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	70.97%	70.97%	70.97%	70.97%	70.97%	70.97%	70.97%	70.97%	70.97%	70.97%	70.97%	70.97%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%	0.88%	0.78%	0.71%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.10%	0.10%	0.03%	0.01%	0.01%
	29.03%	29.02%	29.02%	29.02%	29.02%	29.03%	29.00%	28.92%	28.76%	28.13%	28.24%	28.30%
No. of Shareholders	29,285	30,577	29,043	27,838	27,435	30,841	52,070	51,172	71,833	70,619	69,297	76,030

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	70.90%	70.90%	70.90%	70.90%	70.90%	70.96%	70.97%	70.97%	70.97%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.71%
	0.00%	0.00%	0.00%	0.00%	1.72%	0.00%	0.00%	0.10%	0.01%
	29.10%	29.10%	29.10%	29.09%	27.38%	29.04%	29.02%	28.92%	28.30%
No. of Shareholders	11,708	10,555	10,148	9,975	10,166	21,710	27,838	51,172	76,030

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Piccadily Agro Industries Ltd

Piccadily Agro Industries Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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