Piccadily Agro Industries Ltd

₹ 578 1.45%

30 Jan 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^[1]
The distillery segment is their core focus, encompassing bulk products (ENA, Ethanol, IMIL/Country Liquor, Malt Spirit, DOGS/DDGS) and branded IMFL (premium/luxury whiskies, rum, vodka).The division plans a strategic shift towards premium Indian Made Foreign Liquor (IMFL) brands.

Website BSE NSE

Market Cap ₹ 5,701 Cr.
Current Price ₹ 578
High / Low ₹ 865 / 483
Stock P/E 43.0
Book Value ₹ 81.7
Dividend Yield 0.00 %
ROCE 22.7 %
ROE 20.1 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 38.5% CAGR over last 5 years

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Working capital days have increased from 44.6 days to 94.3 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 Beverages Breweries & Distilleries

Part of BSE Fast Moving Consumer Goods BSE Allcap

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	115	200	219	114	178	269	196	185	182	255	214	212	276
	97	185	194	90	143	202	168	143	135	190	176	166	199
Operating Profit	18	15	25	24	34	67	28	42	48	66	38	46	78
OPM %	15%	7%	11%	21%	19%	25%	14%	23%	26%	26%	18%	22%	28%
	0	0	0	0	29	1	1	1	3	2	1	2	1
Interest	4	3	4	5	3	4	4	5	9	9	9	7	6
Depreciation	4	4	6	4	4	4	5	5	5	5	5	6	6
Profit before tax	10	9	15	15	57	59	20	33	36	54	25	35	68
Tax %	27%	42%	26%	26%	21%	27%	29%	25%	32%	26%	26%	26%	29%
	7	5	11	11	44	43	13	25	25	40	18	27	48
EPS in Rs	0.70	0.50	1.16	1.18	4.70	4.59	1.39	2.61	2.63	4.23	1.94	2.71	4.84
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	376	344	271	329	334	371	399	488	572	598	742	797	958
	330	316	248	282	308	344	359	437	503	537	592	614	730
Operating Profit	46	28	23	47	26	27	40	52	69	62	150	183	228
OPM %	12%	8%	9%	14%	8%	7%	10%	11%	12%	10%	20%	23%	24%
	5	6	7	1	5	9	-1	3	1	1	30	7	6
Interest	8	9	15	17	16	17	15	16	14	13	16	28	30
Depreciation	10	11	11	13	13	13	13	13	15	16	18	19	22
Profit before tax	33	15	5	18	2	7	11	25	41	33	146	142	181
Tax %	36%	39%	68%	57%	-148%	21%	-21%	29%	29%	30%	25%	28%
	21	9	2	8	5	2	19	18	29	22	110	102	133
EPS in Rs	2.25	0.94	0.16	0.84	0.48	0.23	2.03	1.90	3.10	2.37	11.63	10.85	13.72
Dividend Payout %	0%	0%	0%	0%	0%	0%	10%	26%	3%	0%	0%	0%

Compounded Sales Growth
10 Years:	9%
5 Years:	15%
3 Years:	12%
TTM:	15%

Compounded Profit Growth
10 Years:	28%
5 Years:	38%
3 Years:	52%
TTM:	25%

Stock Price CAGR
10 Years:	52%
5 Years:	115%
3 Years:	133%
1 Year:	-28%

Return on Equity
10 Years:	14%
5 Years:	19%
3 Years:	21%
Last Year:	20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	24	24	47	95	95	95	95	95	95	95	94	94	98
Reserves	102	110	86	59	64	55	75	91	112	137	245	586	706
	90	85	156	128	144	131	126	125	135	154	172	308	324
	99	130	102	141	156	189	166	198	187	207	228	156	162
Total Liabilities	315	349	391	423	458	470	461	509	529	593	739	1,144	1,291
	136	149	162	156	152	148	141	135	144	195	218	282	330
CWIP	2	4	30	47	50	46	46	46	52	32	42	201	242
Investments	58	52	53	64	64	65	69	62	59	61	61	60	61
	119	145	146	155	191	211	205	265	273	305	419	601	659
Total Assets	315	349	391	423	458	470	461	509	529	593	739	1,144	1,291

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	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	42	-6	98	41	58	-0	22	45	37	51	-27
	-33	-22	-50	-46	-10	1	-8	0	-35	-52	-30	-270
	-14	-22	54	-52	-30	-44	-4	-9	-22	12	-10	292
Net Cash Flow	1	-2	-2	0	1	15	-12	14	-12	-3	11	-5

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	3	15	15	24	41	30	38	32	42	67	63
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	140	113	59
Cash Conversion Cycle	70	33	103	96	63	9	58	79	94	103	154	340
Working Capital Days	-29	-48	-17	-70	-82	-101	-56	-28	-5	2	38	94
ROCE %	20%	11%	8%	13%	6%	8%	10%	13%	17%	13%	30%	23%

Shareholding Pattern

Numbers in percentages

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	70.97%	70.97%	70.97%	70.97%	70.97%	70.97%	70.97%	70.97%	70.97%	70.47%	68.62%	68.62%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%	0.88%	0.78%	0.71%	0.73%	0.95%	1.15%
	0.00%	0.00%	0.00%	0.04%	0.10%	0.10%	0.03%	0.01%	0.01%	0.00%	0.97%	0.74%
	29.02%	29.02%	29.03%	29.00%	28.92%	28.76%	28.13%	28.24%	28.30%	28.80%	29.46%	29.50%
No. of Shareholders	27,838	27,435	30,841	52,070	51,172	71,833	70,619	69,297	76,030	78,875	74,770	76,004

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	70.90%	70.90%	70.90%	70.90%	70.90%	70.96%	70.97%	70.97%	70.97%	68.62%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.71%	1.15%
	0.00%	0.00%	0.00%	0.00%	1.72%	0.00%	0.00%	0.10%	0.01%	0.74%
	29.10%	29.10%	29.10%	29.09%	27.38%	29.04%	29.02%	28.92%	28.30%	29.50%
No. of Shareholders	11,708	10,555	10,148	9,975	10,166	21,710	27,838	51,172	76,030	76,004

* 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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