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10 Yrs X-Ray 
Valuation 
Analyst Note 
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About
Piccadily Agro Industries Ltd (PICCADIL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 530305 NSE: PICCADIL Breweries & Distilleries | Small Cap | Piccadily Agro Inds. Share Price
₹615.50 14.30 (2.38%)
As on 25-Sep'26 09:37
Piccadily Agro Industries Ltd (PICCADIL)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 530305 NSE: PICCADIL Breweries & Distilleries | Small Cap | Piccadily Agro Inds. Share Price
₹615.50 14.30 (2.38%)
As on 25-Sep'26 09:37
Key Metrics
Valuation Multiples
Market Cap
₹5,926 Cr.
Current Price
₹615.5
52-Week Low / High
₹515 / 810
TTM EPS
₹14.3
TTM Sales
₹1,170 Cr.
Book Value per Share
₹93.5
P/E Ratio
42.17
In line with its 5-year historical median
Industry PE
52.8
Price to Book (P/B)
6.43
In line with its 5-year historical median
Price to Sales (P/S)
5.06
Higher than its 5-year historical median
EV/EBITDA
25.29
In line with its 5-year historical median
Dividend Yield
0.16%
Profitability Efficiency
Return on Equity (ROE)
17.41%
Outperforms industry median
Return on Capital Employed (ROCE)
18.01%
Outperforms industry median
Return on Assets (ROA)
9.77%
Operating Profit Margin
22.5%
Net Profit Margin
13.24%
Gross Profit Margin
18.8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
26.86%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
27.55%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
33.79%
Asset Quality
Promoter Holding
68.57%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹823 Cr.
Equity
₹98.6 Cr.
Face Value
₹10
All Time Low / High
₹0.12 / 1019.90
Check Before You Invest
Quality
Somewhat GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is Piccadily Agro Industries Ltd a good quality company?
Piccadily Agro Industries Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Piccadily Agro Industries Ltd performance compare with that of its Peers?
Revenue growth of Piccadily Agro Industries Ltd vs industry peers?
Piccadily Agro Industries Ltd revenue CAGR is 16.23%, compared to the industry median CAGR of 10.81%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Piccadily Agro Industries Ltd?
Promoters hold 68.57% of the Piccadily Agro Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Piccadily Agro Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 50.2% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Piccadily Agro Industries Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 12.6% | 6.2% | 8% | 8.9% | 13.5% | 17.1% | 13.2% | 36.5% | 22.9% | 18.2% | - |
| Value Creation Index ⓘ | -0.1 | -0.6 | -0.4 | -0.4 | 0.0 | 0.2 | -0.1 | 1.6 | 0.7 | 0.4 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 329 | 334 | 371 | 399 | 489 | 574 | 609 | 779 | 818 | 1,038 | 1,170 |
| Sales YoY Gr. | - | 1.5% | 11.1% | 7.6% | 22.5% | 17.2% | 6.2% | 28% | 5% | 26.9% | - |
| Adj EPS ⓘ | 0.9 | 0.5 | 0.6 | 1.5 | 1.9 | 3.1 | 2.6 | 9.7 | 11 | 14 | 14.5 |
| YoY Gr. | - | -44.2% | 22.9% | 161% | 21.4% | 66.3% | -15.8% | 270.2% | 13.6% | 26.6% | - |
| BVPS (₹) ⓘ | 16.3 | 16.8 | 16.2 | 17.6 | 19.3 | 21.9 | 24.4 | 36.1 | 72.2 | 91.5 | 93.7 |
| Adj Net Profit ⓘ | 8.2 | 4.6 | 5.5 | 14.5 | 17.6 | 29.4 | 24.7 | 91.5 | 104 | 137 | 142 |
| Cash Flow from Ops. ⓘ | 96.6 | 40.9 | 60.7 | -4.1 | 21.7 | 36.9 | 37.3 | 54.5 | -25.3 | 117 | - |
| Debt/CF from Ops. ⓘ | 1.3 | 3.5 | 2.2 | -30.6 | 5.8 | 3.7 | 4.1 | 3.2 | -12.2 | 4.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 13.6% | 16.2% | 19.5% | 26.9% | ||||
| Adj EPS ⓘ | 36.3% | 49.5% | 74.6% | 26.6% | ||||
| BVPSⓘ | 21.1% | 36.5% | 55.3% | 26.7% | ||||
| Share Price | 50.3% | 97.1% | 75.6% | -12.4% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 5.6 | 2.9 | 3.5 | 9.1 | 10.1 | 15.1 | 11.3 | 32 | 20.3 | 17.3 | 15.6 |
| Op. Profit Mgn % ⓘ | 14.4 | 7.8 | 7.4 | 10.1 | 10.5 | 12.1 | 10.4 | 19.5 | 22.6 | 22.7 | 20.6 |
| Net Profit Mgn % ⓘ | 2.5 | 1.4 | 1.5 | 3.6 | 3.6 | 5.1 | 4.1 | 11.7 | 12.7 | 13.2 | 12.2 |
| Debt to Equity ⓘ | 0.8 | 0.9 | 0.9 | 0.8 | 0.7 | 0.7 | 0.7 | 0.5 | 0.5 | 0.6 | - |
| Working Cap Days ⓘ | 160 | 183 | 187 | 179 | 167 | 164 | 164 | 156 | 201 | 217 | 117 |
| Cash Conv. Cycle ⓘ | 39 | 51 | 25 | 26 | 44 | 46 | 56 | 59 | 110 | 143 | 54 |
Valuation of Piccadily Agro Inds. - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 329 | 334 | 371 | 399 | 489 | 574 | 609 | 779 | 818 | 1,038 |
| Operating Expenses ⓘ + | 282 | 308 | 344 | 359 | 438 | 504 | 547 | 629 | 635 | 804 |
| Operating Profit ⓘ | 47 | 26 | 27 | 40 | 52 | 69 | 62 | 150 | 183 | 233 |
| Operating Profit Margin (%) | 14.3% | 7.8% | 7.3% | 10.1% | 10.5% | 12.1% | 10.1% | 19.3% | 22.4% | 22.5% |
| Other Income ⓘ + | 1 | 5 | 9 | 0 | 3 | 1 | 1 | 1 | 7 | 8 |
| Interest ⓘ | 17 | 16 | 17 | 15 | 16 | 14 | 13 | 16 | 28 | 28 |
| Depreciation ⓘ | 13 | 13 | 13 | 13 | 13 | 15 | 16 | 18 | 19 | 23 |
| Profit Before Tax ⓘ | 18 | 2 | 7 | 11 | 25 | 41 | 33 | 146 | 142 | 190 |
| Tax ⓘ | 10 | -3 | 1 | -2 | 7 | 12 | 10 | 36 | 40 | 53 |
| Profit After Tax | 8 | 5 | 5 | 14 | 18 | 29 | 23 | 110 | 103 | 137 |
| PAT Margin (%) | 2.4% | 1.4% | 1.4% | 3.4% | 3.6% | 5.1% | 3.8% | 14.2% | 12.6% | 13.2% |
| Adjusted EPS (₹) | 0.8 | 0.5 | 0.2 | 2.0 | 1.9 | 3.1 | 2.4 | 11.6 | 10.9 | 14.0 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 9.90% | 26.30% | 3.20% | 8.50% | 0% | 0% | 7.20% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 152 | 158 | 150 | 169 | 185 | 207 | 232 | 340 | 679 | 900 | |
| Debt + | 110 | 121 | 106 | 110 | 106 | 120 | 146 | 153 | 290 | 500 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 75 | 108 | 149 | 127 | 144 | 116 | 133 | 111 | 57 | 85 | |
| Others Liabilities ⓘ | 84 | 71 | 65 | 55 | 75 | 91 | 85 | 143 | 136 | 165 | |
| Total Liabilities ⓘ | 421 | 458 | 470 | 461 | 511 | 533 | 595 | 746 | 1,161 | 1,650 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 156 | 152 | 149 | 141 | 135 | 144 | 195 | 218 | 282 | 580 | |
| CWIP ⓘ | 47 | 50 | 46 | 46 | 46 | 52 | 32 | 42 | 201 | 73 | |
| Investments ⓘ | 63 | 64 | 65 | 69 | 62 | 59 | 61 | 61 | 60 | 70 | |
| Inventories | 115 | 132 | 126 | 148 | 178 | 174 | 191 | 196 | 303 | 410 | |
| Trade Receivables | 14 | 22 | 42 | 32 | 51 | 50 | 69 | 137 | 137 | 243 | |
| Cash Equivalents | 2 | 3 | 18 | 5 | 20 | 9 | 6 | 19 | 48 | 149 | |
| Others Assets ⓘ | 25 | 34 | 24 | 20 | 19 | 45 | 40 | 74 | 130 | 125 | |
| Total Assets ⓘ | 421 | 458 | 470 | 461 | 511 | 533 | 595 | 746 | 1,161 | 1,650 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 98 | 41 | 58 | -0 | 22 | 45 | 37 | 51 | -27 | 118 |
| Cash Flow From Investing Activity ⓘ + | 9 | -10 | 1 | -8 | 0 | -35 | -52 | -30 | -270 | -163 |
| Cash Flow From Financing Activity ⓘ + | -107 | -30 | -44 | -4 | -9 | -22 | 12 | -10 | 292 | 50 |
| Net Cash Flow ⓘ | 0 | 1 | 15 | -12 | 14 | -12 | -3 | 11 | -5 | 5 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 5.53 | 2.95 | 3.48 | 8.5 | 9.97 | 14.94 | 10.65 | 38.67 | 20.17 | 17.41 |
| ROCE (%) | 12.56 | 6.21 | 7.99 | 9.05 | 13.39 | 17 | 12.8 | 36.15 | 22.68 | 18.01 |
| Asset Turnover Ratio | 0.84 | 0.77 | 0.8 | 0.86 | 1.01 | 1.1 | 1.13 | 1.24 | 0.93 | 0.81 |
| PAT to CFO Conversion(x) | 12.25 | 8.2 | 11.6 | -0 | 1.22 | 1.55 | 1.61 | 0.46 | -0.26 | 0.86 |
| Working Capital Days | ||||||||||
| Receivable Days | 13.20 | 19.10 | 31.50 | 34 | 30.90 | 32 | 34.30 | 45.40 | 56.30 | 61.10 |
| Inventory Days | 116.20 | 132.70 | 126.80 | 125.20 | 121.20 | 111.50 | 104.60 | 85.20 | 102.80 | 114.70 |
| Payable Days | 138.30 | 148.80 | 184.70 | 187.40 | 163.90 | 138.60 | 131 | 124.60 | 93.40 | 63.90 |
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Piccadily Agro Industries Ltd FAQs
The current trading price of Piccadily Agro Inds. on 25-Sep-2026 09:37 is ₹615.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 24-Sep-2026 the market cap of Piccadily Agro Inds. stood at ₹5,926.2 Cr
The latest P/E ratio of Piccadily Agro Inds. as of 24-Sep-2026 is 41.60.
The latest P/B ratio of Piccadily Agro Inds. as of 24-Sep-2026 is 6.42.
The 52-week high of Piccadily Agro Inds. is ₹810.0 and the 52-week low is ₹515.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Piccadily Agro Inds. is ₹1,170 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Piccadily Agro Industries Ltd is a average quality company.
The key valuation ratios of Piccadily Agro Industries Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Piccadily Agro Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Piccadily Agro Industries Ltd
Piccadily Agro Industries, based in India, is a key player in the liquor industry. The company, rooted in agro-processing, now makes spirits. The company operates primarily in two strategic business segments: Distillery and Sugar, producing Malt Whisky, Cask Aged Rum, Extra Neutral Alcohol (ENA) and Ethanol. The company's extensive portfolio includes premium single malt whisky, blended malt whisky, premium sugarcane juice rum, and country liquor. With a strong emphasis on premiumization, the company has successfully positioned itself as a leader in the Indian single malt whisky market by leveraging its technical prowess and deep market insights.
It has launched brands like Whistler, lndri, Camikara and Cashmir. Each product has its own character and story, linked to its origins and careful making. The company's journey in the spirits market is a mix of tradition, innovation, and dedication to making great drinks. Each sip from the spirits is not just drinking alcohol. It's part of Piccadily Agro's diverse, flavourful journey in the world of spirits. Driven by a strong focus on innovation, premiumization and strategic capacity expansion, the company continues to build a future-ready business while creating long-term value for its stakeholders.
Business area of the company
The company is a prominent player in the premium spirit segment. The company has state-of-the-art manufacturing facilities, equipped with advanced technology, for the production of Malt Spirit, ENA and Ethanol.
Product Portfolio
- Single Mal Whisky
- Premium Sugarcane Juice Rum
- Blended Malt Whisky
- Cashmir Vodka
Milestones
- 1994: Commenced operations with a sugar manufacturing unit
- 2007: Commissioned a grain-based distillery
- 2010: Established a m alt distillery and began barrel maturation
- 2017: Entered the branded alcoholic beverage segment with the launch of Whistler
- 2022: Introduced Indri single malt whisky
- 2022: Launched Camikara 12-Year-Old aged rum
- 2023: Expanded the Indri portfolio with Dru and Diwali 2023 Edition
- 2023: Indri Diwali 2023 Edition received the World's Best Whisky Award
- 2023: Introduced Camikara 8-Year-Old for International markets
- 2024: Released Indri Diwali Collectors Edition 2024
- 2024: Rolled out Indri City Series Editions
- 2024: Launched Camikara 3-Year-Old
- 2024: Fund raise and capacity expansion commenced
- 2025: Launch of Cashmir
- 2025: Launch of Indri Agneya & Dubai City Series
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