Piccadily Agro Industries Ltd

₹ 528 -4.92%

30 Apr - close price

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 ₹ 4,981 Cr.
Current Price ₹ 528
High / Low ₹ 1,020 / 508
Stock P/E 47.1
Book Value ₹ 63.9
Dividend Yield 0.00 %
ROCE 29.6 %
ROE 30.6 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 110% CAGR over last 5 years

Cons

Stock is trading at 8.26 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Debtor days have increased from 47.2 to 67.2 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

Sector: Alcoholic Beverages Industry: Breweries & Distilleries

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
	110	166	184	110	115	200	219	114	178	269	196	185	182
	102	148	167	99	97	185	194	90	143	202	168	143	135
Operating Profit	8	18	18	12	18	15	25	24	34	67	28	42	48
OPM %	7%	11%	10%	11%	15%	7%	11%	21%	19%	25%	14%	23%	26%
	0	0	0	0	0	0	0	0	29	1	1	1	3
Interest	3	3	3	3	4	3	4	5	3	4	4	5	9
Depreciation	4	4	4	4	4	4	6	4	4	4	5	5	5
Profit before tax	1	12	10	5	10	9	15	15	57	59	20	33	36
Tax %	21%	41%	28%	17%	27%	42%	26%	26%	21%	27%	29%	25%	32%
	2	6	8	3	7	5	11	11	44	43	13	25	25
EPS in Rs	0.17	0.68	0.80	0.36	0.70	0.50	1.16	1.18	4.70	4.59	1.39	2.61	2.63
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	327	376	344	271	329	334	371	399	488	572	598	742	832
	283	330	316	248	282	308	344	359	437	503	537	592	648
Operating Profit	44	46	28	23	47	26	27	40	52	69	62	150	184
OPM %	13%	12%	8%	9%	14%	8%	7%	10%	11%	12%	10%	20%	22%
	5	5	6	7	1	5	9	-1	3	1	1	30	5
Interest	10	8	9	15	17	16	17	15	16	14	13	16	23
Depreciation	8	10	11	11	13	13	13	13	13	15	16	18	19
Profit before tax	30	33	15	5	18	2	7	11	25	41	33	146	148
Tax %	31%	36%	39%	68%	57%	-148%	21%	-21%	29%	29%	30%	25%
	21	21	9	2	8	5	2	19	18	29	22	110	106
EPS in Rs	2.21	2.25	0.94	0.16	0.84	0.48	0.23	2.03	1.90	3.10	2.37	11.63	11.22
Dividend Payout %	11%	0%	0%	0%	0%	0%	0%	10%	26%	3%	0%	0%

Compounded Sales Growth
10 Years:	7%
5 Years:	15%
3 Years:	15%
TTM:	17%

Compounded Profit Growth
10 Years:	15%
5 Years:	110%
3 Years:	70%
TTM:	121%

Stock Price CAGR
10 Years:	51%
5 Years:	137%
3 Years:	138%
1 Year:	-21%

Return on Equity
10 Years:	12%
5 Years:	17%
3 Years:	20%
Last Year:	31%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	24	24	24	47	95	95	95	95	95	95	95	94	94
Reserves	81	102	110	86	59	64	55	75	91	112	137	245	509
	104	90	85	156	128	144	131	126	125	135	154	172	209
	85	99	130	102	141	156	189	166	198	187	207	228	178
Total Liabilities	293	315	349	391	423	458	470	461	509	529	593	739	990
	134	136	149	162	156	152	148	141	135	144	195	218	254
CWIP	7	2	4	30	47	50	46	46	46	52	32	42	100
Investments	16	58	52	53	64	64	65	69	62	59	61	61	60
	136	119	145	146	155	191	211	205	265	273	305	419	576
Total Assets	293	315	349	391	423	458	470	461	509	529	593	739	990

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	40	47	42	-6	98	41	58	-0	22	45	37	51
	-30	-33	-22	-50	-46	-10	1	-8	0	-35	-52	-30
	-8	-14	-22	54	-52	-30	-44	-4	-9	-22	12	-10
Net Cash Flow	2	1	-2	-2	0	1	15	-12	14	-12	-3	11

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	0	0	3	15	15	24	41	30	38	32	42	67
Inventory Days	210	159	189	222	233	215	182	201	215	185	201	200
Days Payable	93	89	160	134	152	175	214	172	174	123	140	113
Cash Conversion Cycle	118	70	33	103	96	63	9	58	79	94	103	154
Working Capital Days	51	26	23	57	8	22	-6	26	44	65	64	93
ROCE %	20%	20%	11%	8%	13%	6%	8%	10%	13%	17%	13%	30%

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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