Piccadily Agro Industries Q2 FY27 Share Price & Earnings Call Analysis
Part of: Nifty Microcap 250 · Nifty Total Market
- Market cap
- ₹5,441 Cr
- P/E
- 38.72
- ROE
- 17.39%
- PEG
- 0.48
- Price to sales
- 5.07
- Debt to equity
- 0.59
- 52W high / low
- ₹784 / ₹517
- Sales growth (5Y)
- 15.43%
- EBITDA margin
- 22.24%
- Net profit margin
- 13.74%
- Promoter holding
- 68.56%
- Sales (last year)
- ₹1,075 Cr
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]
Guidance scorecard · Q2 FY27 call
What Piccadily Agro's management guided
and where it ranks in Beverages
Beverages
RevenueQ1 FY27 call
40%+- The company is targeting a growth pace of 60% to 70% overall, primarily driven by the IMFL segment.
- Whistler brand shows double-digit to higher double-digit growth, having grown almost 100% year-on-year in the last year.
- Indri is expected to grow at a high double-digit rate of approximately 18% to 20% annually, with potential but ambitious targets up to 30%-40%.
- Cashmir and Camikara are expected to grow rapidly, possibly triple digits, aiming to surpass combined sales of 1.5 lakh cases in the next few years.
- Export sales aim to grow faster than domestic, with a target to increase export contribution from about 25% to 70% over the medium term.
2 more points from Piccadily Agro's call on revenue
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MarginsQ1 FY27 call
FlatSee what Piccadily Agro said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- No large capex planned for the current year; only routine capex for facility improvements and upgrades.
- Heavy capex already executed in prior periods.
- Ongoing investment in barrels for maturation, with a target of over 100,000 barrels by the end of the financial year (March 2027), seen as a long-term investment.
- Growth investments continue, including increasing distribution costs, manpower, and brand advertising.
- Emphasis on building capacity supports growth targets, such as manufacturing about 8.5 lakh cases of Indri annually with current 30,000-liter daily capacity.
2 more points from Piccadily Agro's call on capex
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FundraisingQ1 FY27 call
See what Piccadily Agro said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The company is experiencing robust growth, with branded alco-bev segment growing 47.3% year-on-year to INR 82.3 crores.
- Multiple brands (Indri, Whistler, Camikara) are contributing to growth, indicating strong demand across the portfolio.
- Capacity expansions (like the Chhattisgarh plant) are underway and expected to ramp up utilization to over 90% by year-end, supporting future order fulfillment.
2 more points from Piccadily Agro's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Beverages
on management's own guidance
- Varun BeveragesGood growth2
- 1
- FratelliVineyardGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Piccadily Agro Industries latest results (Sep 2026)
Revenue
₹244 Cr
+15% YoY
Net profit
₹23 Cr
-15% YoY
Operating margin
21%
EPS
₹2.36
Piccadily Agro Industries shareholding (Sep 2026)
Promoters
68.56%
unchanged QoQ
FIIs
1.00%
+0.19 pp QoQ
DIIs
0.92%
+0.04 pp QoQ
Public
29.50%
−0.24 pp QoQ
Peers
Beverages companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Piccadily AgroThis stock | 40%+ | Flat | ₹5,824 Cr | 41.4 |
| 2 | Varun Beverages | 20–40% | Flat | ₹1.48L Cr | 42.8 |
| 3 | FratelliVineyard | 20–40% | Flat | ₹540 Cr | — |
| 4 | 10–20% | Up 2%+ | ₹11,944 Cr | 57.8 | |
| 5 | 10–20% | Flat | ₹1.03L Cr | 56.8 | |
| 6 | 10–20% | Flat | ₹31,790 Cr | 73.2 |
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Pro shows every company guiding 40%+ revenue growth →Full Beverages rankingPiccadily Agro announcements
All announcements →- Acquisition / mergerNotablePiccadily Agro Industries gets No Adverse Observation Letters for demerger scheme
- Capex / expansionNotablePiccadily Agro Industries Ltd reports Q4 FY2026 utilization of ₹261.99 crore proceeds
- Acquisition / mergerNotablePiccadily Agro Industries FY '26 Earnings Conference Call Transcript Released
- Acquisition / mergerNotablePiccadily Agro Industries Ltd posts ₹1,143 crore revenue, strong FY26 results
- Acquisition / mergerMajor development· Adverse for the businessPiccadily Agro proposes sugar demerger; auditor Jain & Associates resigns
Financials of Piccadily Agro
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Piccadily Agro
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 70.97% | 70.97% | 70.97% | 70.97% | 70.97% | 70.97% | 70.47% | 68.62% | 68.62% | 68.56% | 68.56% | 68.56% |
| FIIs + | 0.00% | 0.00% | 0.17% | 0.88% | 0.78% | 0.71% | 0.73% | 0.95% | 1.15% | 0.76% | 0.81% | 1.00% |
| DIIs + | 0.04% | 0.10% | 0.10% | 0.03% | 0.01% | 0.01% | 0.00% | 0.97% | 0.74% | 0.79% | 0.88% | 0.92% |
| Public + | 29.00% | 28.92% | 28.76% | 28.13% | 28.24% | 28.30% | 28.80% | 29.46% | 29.50% | 29.90% | 29.74% | 29.50% |
| No. of Shareholders | 52,070 | 51,172 | 71,833 | 70,619 | 69,297 | 76,030 | 78,875 | 74,770 | 76,004 | 73,813 | 72,980 | 70,585 |
Financials of Piccadily Agro
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 114 | 178 | 269 | 196 | 185 | 182 | 255 | 214 | 212 | 276 | 335 | 251 | 244 |
| YoY Sales growth | +3% | +55% | +35% | -11% | +62% | +3% | -5% | +9% | +15% | +52% | +31% | +17% | +15% |
| Expenses + | 90 | 143 | 202 | 168 | 143 | 135 | 190 | 176 | 166 | 199 | 264 | 207 | 193 |
| Operating Profit | 24 | 34 | 67 | 28 | 42 | 48 | 66 | 38 | 46 | 78 | 71 | 44 | 51 |
| OPM % | 21% | 19% | 25% | 14% | 23% | 26% | 26% | 18% | 22% | 28% | 21% | 17% | 21% |
| Other Income + | 0 | 29 | 1 | 1 | 1 | 3 | 2 | 1 | 2 | 1 | 4 | 3 | 1 |
| Interest | 5 | 3 | 4 | 4 | 5 | 9 | 9 | 9 | 7 | 6 | 7 | 9 | 12 |
| Depreciation | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 6 | 10 | 10 |
| Profit before tax | 15 | 57 | 59 | 20 | 33 | 36 | 54 | 25 | 35 | 68 | 63 | 28 | 30 |
| Tax % | 26% | 21% | 27% | 29% | 25% | 32% | 26% | 26% | 26% | 29% | 28% | 24% | 23% |
| Net Profit + | 11 | 44 | 43 | 13 | 25 | 25 | 40 | 18 | 27 | 48 | 45 | 21 | 23 |
| EPS in Rs | 1.18 | 4.70 | 4.59 | 1.39 | 2.61 | 2.63 | 4.23 | 1.94 | 2.71 | 4.84 | 4.53 | 2.18 | 2.36 |
Financials of Piccadily Agro
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 344 | 271 | 329 | 334 | 371 | 399 | 488 | 572 | 598 | 742 | 797 | 1,000 | 1,107 |
| Sales growth | -9% | -21% | +21% | +2% | +11% | +8% | +22% | +17% | +5% | +24% | +7% | +26% | +28% |
| Expenses + | 316 | 248 | 282 | 308 | 344 | 359 | 437 | 503 | 537 | 592 | 614 | 767 | 863 |
| Operating Profit | 28 | 23 | 47 | 26 | 27 | 40 | 52 | 69 | 62 | 150 | 183 | 233 | 244 |
| OPM % | 8% | 9% | 14% | 8% | 7% | 10% | 11% | 12% | 10% | 20% | 23% | 23% | 22% |
| Other Income + | 6 | 7 | 1 | 5 | 9 | -1 | 3 | 1 | 1 | 30 | 7 | 8 | 10 |
| Interest | 9 | 15 | 17 | 16 | 17 | 15 | 16 | 14 | 13 | 16 | 28 | 28 | 33 |
| Depreciation | 11 | 11 | 13 | 13 | 13 | 13 | 13 | 15 | 16 | 18 | 19 | 23 | 32 |
| Profit before tax | 15 | 5 | 18 | 2 | 7 | 11 | 25 | 41 | 33 | 146 | 142 | 190 | 188 |
| Tax % | 39% | 68% | 57% | -148% | 21% | -21% | 29% | 29% | 30% | 25% | 28% | 28% | |
| Net Profit + | 9 | 2 | 8 | 5 | 2 | 19 | 18 | 29 | 22 | 110 | 102 | 138 | 137 |
| EPS in Rs | 0.94 | 0.16 | 0.84 | 0.48 | 0.23 | 2.03 | 1.90 | 3.10 | 2.37 | 11.63 | 10.85 | 13.95 | 13.91 |
| Dividend Payout % | -0% | -0% | -0% | -0% | -0% | 10% | 26% | 3% | -0% | -0% | -0% | 7% |
Financials of Piccadily Agro
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 24 | 47 | 95 | 95 | 95 | 95 | 95 | 95 | 95 | 94 | 94 | 99 | 99 |
| Reserves | 110 | 86 | 59 | 64 | 55 | 75 | 91 | 112 | 137 | 245 | 586 | 802 | 841 |
| Borrowings + | 85 | 156 | 128 | 144 | 131 | 126 | 125 | 135 | 154 | 172 | 308 | 531 | 550 |
| Other Liabilities + | 130 | 102 | 141 | 156 | 189 | 166 | 198 | 187 | 207 | 228 | 156 | 208 | 241 |
| Total Liabilities | 349 | 391 | 423 | 458 | 470 | 461 | 509 | 529 | 593 | 739 | 1,144 | 1,639 | 1,730 |
| Fixed Assets + | 149 | 162 | 156 | 152 | 148 | 141 | 135 | 144 | 195 | 218 | 282 | 580 | 658 |
| CWIP | 4 | 30 | 47 | 50 | 46 | 46 | 46 | 52 | 32 | 42 | 201 | 73 | 33 |
| Investments | 52 | 53 | 64 | 64 | 65 | 69 | 62 | 59 | 61 | 61 | 60 | 70 | 70 |
| Other Assets + | 145 | 146 | 155 | 191 | 211 | 205 | 265 | 273 | 305 | 419 | 601 | 916 | 969 |
| Total Assets | 349 | 391 | 423 | 458 | 470 | 461 | 509 | 529 | 593 | 739 | 1,144 | 1,639 | 1,730 |
Financials of Piccadily Agro
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 42 | -6 | 98 | 41 | 58 | -0 | 22 | 45 | 37 | 51 | -27 | 118 |
| Cash from Investing Activity + | -22 | -50 | -46 | -10 | 1 | -8 | 0 | -35 | -52 | -30 | -270 | -163 |
| Cash from Financing Activity + | -22 | 54 | -52 | -30 | -44 | -4 | -9 | -22 | 12 | -10 | 292 | 50 |
| Net Cash Flow | -2 | -2 | 0 | 1 | 15 | -12 | 14 | -12 | -3 | 11 | -5 | 5 |
| Free Cash Flow | 27 | -64 | 74 | 29 | 53 | -6 | 14 | 18 | -5 | 29 | -270 | -75 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 191% | -6% | 208% | 174% | 216% | 8% | 55% | 82% | 77% | 44% | 10% | 64% |
Financials of Piccadily Agro
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 3 | 15 | 15 | 24 | 41 | 30 | 38 | 32 | 42 | 67 | 63 | 89 |
| Inventory Days | 189 | 222 | 233 | 215 | 182 | 201 | 215 | 185 | 201 | 200 | 337 | 369 |
| Days Payable | 160 | 134 | 152 | 175 | 214 | 172 | 174 | 123 | 140 | 113 | 63 | 76 |
| Cash Conversion Cycle | 33 | 103 | 96 | 63 | 9 | 58 | 79 | 94 | 103 | 154 | 336 | 381 |
| Working Capital Days | -48 | -17 | -70 | -82 | -101 | -56 | -28 | -5 | 2 | 38 | 93 | 72 |
| ROCE % | 11% | 8% | 13% | 6% | 8% | 10% | 13% | 17% | 13% | 30% | 23% | 18% |
Guidance history
How Piccadily Agro's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 40%+ | Flat | Planned | — | — |
| Q4 FY26 call → | 40%+ | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
17 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,937 stocks |
|---|---|---|
| Last 12 months | −11.1% | 40% |
| Last 6 months | −6.9% | 33% |
| Last 3 months | −14.0% | 20% |
The price is 43.9% below its all-time high of ₹985.1 (27 Dec 2024). Stocks more than 20% below their peak have their score halved, so 33 became 17.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,937 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Piccadily Agro: 0.4 × 40 + 0.4 × 33 + 0.2 × 20 = 33, halved to 17 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 13 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Piccadily Agro Industries: frequently asked questions
What is Piccadily Agro Industries share price today?
Piccadily Agro Industries last traded at ₹552.3, with a market capitalisation of ₹5,441 Cr and a P/E ratio of 38.7.
What were Piccadily Agro Industries's latest quarterly results?
For the quarter ended Sep 2026, Piccadily Agro Industries reported revenue of ₹244 Cr (+15% year on year) and net profit of ₹23 Cr, with an operating margin of 21%.
Is Piccadily Agro Industries's profit growing?
Net profit was ₹23 Cr in Sep 2026 against ₹27 Cr in Sep 2025, a change of -15%.
What is Piccadily Agro Industries's EPS?
Piccadily Agro Industries's earnings per share for the quarter ended Sep 2026 was ₹2.36.
What is the promoter holding in Piccadily Agro Industries?
Promoters held 68.56% of Piccadily Agro Industries in Sep 2026 (unchanged versus Jun 2026).
How much do FIIs and DIIs hold in Piccadily Agro Industries?
In Sep 2026, foreign institutional investors held 1.00% and domestic institutions (including mutual funds) held 0.92% of Piccadily Agro Industries.
What is Piccadily Agro Industries's ROE and ROCE?
Piccadily Agro Industries's return on equity is 17.4% and its return on capital employed is 18%.
Does Piccadily Agro Industries pay a dividend?
Yes. Piccadily Agro Industries's dividend yield is 0.18% at the current price. The full payout history is on the Piccadily Agro Industries dividends page.
Which sector does Piccadily Agro Industries belong to?
Piccadily Agro Industries is in the Beverages sector. Its peer comparison and sector ranking are on this page.
What did Piccadily Agro Industries's management say on the latest earnings call?
Arthneeti's analysis of the Q2 FY27 earnings call covers revenue, margins, capex and fundraising guidance from Piccadily Agro Industries's management.
How does Arthneeti AI analyse Piccadily Agro Industries?
Arthneeti reads Piccadily Agro Industries's earnings call transcripts and filings and scores revenue growth, margins, capex and fundraising, then ranks the company against its sector.
Continue your research
What Piccadily Agro's management said in earlier quarters
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