Piccadily Agro Industries Ltd

₹ 568 -5.69%

21 May 2:48 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 ₹ 5,359 Cr.
Current Price ₹ 568
High / Low ₹ 1,020 / 483
Stock P/E 52.4
Book Value ₹ 72.1
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

Stock is trading at 7.95 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

Sector: Alcoholic Beverages Industry: Breweries & Distilleries

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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	167	99	97	185	194	90	143	202	168	143	135	190
Operating Profit	18	18	12	18	15	25	24	34	67	28	42	48	66
OPM %	11%	10%	11%	15%	7%	11%	21%	19%	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	10	5	10	9	15	15	57	59	20	33	36	54
Tax %	41%	28%	17%	27%	42%	26%	26%	21%	27%	29%	25%	32%	26%
	6	8	3	7	5	11	11	44	43	13	25	25	40
EPS in Rs	0.68	0.80	0.36	0.70	0.50	1.16	1.18	4.70	4.59	1.39	2.61	2.63	4.23
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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
	376	344	271	329	334	371	399	488	572	598	742	818
	330	316	248	282	308	344	359	437	503	537	592	635
Operating Profit	46	28	23	47	26	27	40	52	69	62	150	183
OPM %	12%	8%	9%	14%	8%	7%	10%	11%	12%	10%	20%	22%
	5	6	7	1	5	9	-1	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	18	2	7	11	25	41	33	146	142
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
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
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:	13%
TTM:	10%

Compounded Profit Growth
10 Years:	28%
5 Years:	38%
3 Years:	52%
TTM:	17%

Stock Price CAGR
10 Years:	55%
5 Years:	144%
3 Years:	153%
1 Year:	-30%

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

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	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	140	113	59
Cash Conversion Cycle	70	33	103	96	63	9	58	79	94	103	154	339
Working Capital Days	26	23	57	8	22	-6	26	44	65	64	93	166
ROCE %	20%	11%	8%	13%	6%	8%	10%	13%	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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