Piccadily Agro Industries Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Piccadily Agro Industries Ltd filed with BSE on 17 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Piccadily Agro reported Q1 FY27 revenue from operations of Rs 270.5 crore, up 18.1% year-on-year, with distillery revenue growing 26.3% to Rs 205.7 crore and branded alco-bev revenue growing 47.3% to Rs 82.3 crore. EBITDA increased 21% to Rs 47.2 crore with EBITDA margin at 18.5% versus 18.2% a year earlier, while profit after tax rose 15.4% to Rs 22 crore. Management said the Chhattisgarh distillery began commercial operations in June, contributing a small amount of revenue this quarter, and reiterated full-year targets for branded alco-bev growth and company-level revenue and margin.
Numbers mentioned
Revenue from operations: Rs 270.5 crores (Q1 FY27)
p. 5
“Our revenue from operations grew by 18.1% to now Rs 270.5 crores.”
Natwar Aggarwal, page 5 of the filed PDF · View the filing
Distillery revenue: Rs 205.7 crores (Q1 FY27)
p. 5
“Within that, distillery grew much more, which is 26.3% to Rs 205.7 crores.”
Natwar Aggarwal, page 5 of the filed PDF · View the filing
Branded alco-bev revenue: Rs 82.3 crores (Q1 FY27)
p. 5
“And for our core brand business, within distillery, revenue from alco-bev products grew by 47.3% on a year-on-year basis, which is now at Rs 82.3 crores.”
Natwar Aggarwal, page 5 of the filed PDF · View the filing
EBITDA: Rs 47.2 crores (Q1 FY27)
p. 5
“Company level EBITDA increased 21% to INR47.2 crores now.”
Natwar Aggarwal, page 5 of the filed PDF · View the filing
EBITDA margin: 18.5% (Q1 FY27)
p. 5
“EBITDA margin also grew by 30 bps which is 18.5% now versus 18.2% on a year-on-year basis.”
Natwar Aggarwal, page 5 of the filed PDF · View the filing
Profit after tax: Rs 22 crores (Q1 FY27)
p. 4
“Profit after tax increased 15.4% to Rs 22 crores while EPS grew 10.5% to Rs 2.21.”
Sudhir Bhargava, page 4 of the filed PDF · View the filing
Premium/super premium/luxury portfolio revenue: Rs 82 crores (Q1 FY27)
p. 3
“Our premium, super premium, and luxury portfolio grew 47.3% to 82 crores, raising its contribution to 43.5% of distillery revenue compared with 37.8% in Q1 FY26.”
Sudhir Bhargava, page 3 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Branded alco-bev revenue growth — 60% to 70% · FY27
stated firmly by Sudhir Bhargava
p. 4
“We expect our branded alco-bev business to grow approximately 60% to 70% for the full year, which is what we had indicated when we had done the Q4 call.”
Sudhir Bhargava, page 4 of the filed PDF · View the filing
Company-level revenue growth — approximately 60% · FY27
stated firmly by Sudhir Bhargava
p. 4
“At the company level we continue to target approximately 60% revenue growth year-on-year.”
Sudhir Bhargava, page 4 of the filed PDF · View the filing
Company-level EBITDA margin — 23% to 24% · FY27
stated firmly by Sudhir Bhargava
p. 4
“We remain confident in our ability to deliver a company-level EBITDA margin in the range of 23% to 24% for FY27, while continuing to invest behind our brands, new product launches, distribution capabilities, and international expansion.”
Sudhir Bhargava, page 4 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said Indri, Whistler and Camikara all contributed, and reiterated the Chhattisgarh revenue guidance was unchanged.
Answered by Management
Asked by Ruchika Bhatia: What drove the 47.3% branded alco-bev growth and would Chhattisgarh guidance change given the delay in ethanol demand?
p. 6
“I don't think so. We had factored all that in and of course we, you know, if we are not selling one product, the other product would sell. Without any guidance change on their report.”
Management, page 6 of the filed PDF · View the filing
Management said it holds 87,000 filled barrels, the largest in the country, and does not see a supply-side constraint.
Answered by Management
Asked by Rahil Dasani: Does the company have enough aged malt casks to sustain Indri's historical growth rate?
p. 7
“And we do not see any constraints coming in from supply side.”
Management, page 7 of the filed PDF · View the filing
Management confirmed IMFL brands would lead the growth, not ethanol.
Answered by Management
Asked by Rahil Dasani: Will the 60-70% FY27 growth be led by IMFL or by ethanol/country liquor?
p. 8
“The numbers from IMFL will lead the charge.”
Management, page 8 of the filed PDF · View the filing
Management expects triple-digit percentage growth off a small base for both brands this year.
Answered by Management
Asked by Himanshu Bisani: What are the margin expectations for Camikara and Cashmir as they scale?
p. 10
“But yes we will we'll be growing in three digits in both the brands.”
Management, page 10 of the filed PDF · View the filing
Management gave approximate margin ranges for both segments.
Answered by Management
Asked by Rahil Dasani: What margins does the company earn in ethanol and country liquor?
p. 15
“See ethanol usually across the board it's 10% for everybody give or take a bit depending on the prices. And country liquor again is very dependent on prices of grain fuel so anywhere between 15% to 18%.”
Management, page 15 of the filed PDF · View the filing
Management expects the spend to reduce as a percentage of revenue as sales and volumes increase.
Answered by Management
Asked by Aman Vij: How will advertisement and promotion spend as a percentage of branded revenue trend as the portfolio scales to Rs 1,000 crore?
p. 22
“Going forward as the sales increase and the volume increase, margin of percentage margin of spends will definitely come down.”
Management, page 22 of the filed PDF · View the filing
Management confirmed three years means an actual three calendar years from the date the liquid is barreled.
Answered by Management
Asked by Aman Vij: Does the three-year minimum maturation period for malt correspond to actual calendar years regardless of climate?
p. 22
“Three years means three years. The day you put in the liquid, you have a date stamp there, signs off when you've barreled your liquid.”
Management, page 22 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.