February 2, 2026
Piccadilly Agro Industries Limited (PAIL) posted an impressive performance in the third quarter of FY26, driven by strong demand for its premium and single malt whisky portfolio. The company’s profit after tax nearly doubled, supported by rapid growth in its distillery business and higher contribution from premium brands.
Strong Q3 FY26 Performance
During the quarter, Piccadilly Agro’s revenue from operations rose to ₹313.8 crore, a 52.5 per cent increase compared to ₹205.7 crore in the same period last year.
Operating performance also improved significantly. EBITDA grew 56.7 per cent year-on-year to ₹79.7 crore, reflecting better operating leverage and a richer product mix. Profit before tax jumped 85.3 per cent to ₹68 crore, while profit after tax surged 92.2 per cent to ₹48.1 crore.
The company’s net profit margin expanded from 12.2 per cent to 15.3 per cent, and earnings per share rose sharply to ₹4.89, up nearly 84 per cent from last year.
On a quarter-on-quarter basis, revenue increased 34.9 per cent over Q2 FY26, while profit after tax grew 80.9 per cent, highlighting continued momentum in the business.
Distillery Business Leads Growth
The distillery segment remained the key growth engine, contributing ₹285 crore during the quarter — around 91 per cent of total revenue. The segment recorded a strong 54.9 per cent year-on-year growth, driven by rising sales of premium spirits.
Nine-Month Performance
For the nine months ended FY26, Piccadilly Agro reported:
Revenue of ₹775.5 crore, up 26.2 per cent year-on-year
Profit before tax of ₹129 crore, a 43.6 per cent increase
Profit after tax of ₹93.7 crore, up 45.7 per cent
The strong performance reflects Piccadilly’s successful shift towards becoming a brand-led, fully integrated premium spirits company, with premium products contributing more meaningfully to margins.
Expansion Plans on Track
The company continues to invest in capacity expansion, including enhancements at its Indri facility, a new greenfield distillery in Mahasamund, Chhattisgarh, and additional investments in barrels and maturation infrastructure. These initiatives are expected to support long-term growth.
Commenting on the results, Natwar Aggarwal, Chief Financial Officer, Piccadilly Agro Industries Limited, said the quarter highlighted the strength of the company’s premium-focused strategy.
“With revenue growing over 52 per cent and profit rising more than 92 per cent year-on-year, we are clearly seeing the benefits of premiumisation and scale in our distillery business. As new capacities come online and our aged inventory matures, we are confident of delivering three to four times growth over the next three to five years, while building Indri into a globally recognised single malt whisky brand,” he said.
Growing Domestic and Global Presence
Piccadilly Agro currently operates across 27 Indian states and has expanded its footprint to 29 international markets and 28 travel retail outlets. Its premium brands — Indri Single Malt, Camikara Aged Rum, and Cashmir Vodka — continue to gain traction both in India and overseas.
The company remains focused on strengthening its leadership team, improving operational efficiencies, and expanding capacity to support its next phase of growth.
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