Piccadilly Agro - From Sugar to Spirits 🥃

From humble beginnings as a sugar producer, Piccadilly Agro Industries has completely redefined its identity, emerging as a powerhouse in the alcohol industry, particularly in single malt whisky.

At the centre of this transformation is Indri-Trini, its flagship product, which has garnered global acclaim and prestigious awards at international spirits competitions.

This strategic pivot hasn’t just boosted its brand—it’s delivered stunning financial results. The stock price has soared 31x in just three years, making Piccadilly a rising star in premium spirits.

But as it eyes future growth, the key question is: Can Piccadilly replicate its past success in the years ahead?

From Sweet Beginnings to Spirituous Heights

Piccadilly Agro Industries began as a sugar-focused business in Haryana. Over the years, it has evolved into a major player in premium spirits, while maintaining its roots in sugar production.

Today, the company’s operations are split between sugar production and a thriving alcohol business, which includes everything from Extra Neutral Alcohol (ENA) and ethanol to premium malt spirits.

Its infrastructure reflects this dual focus. Piccadilly operates:

• Two sugar mills with a crushing capacity of 5,000 tonnes per day

• Three distilleries with a total capacity of 12 KLPD for spirits and 78 KLPD for ethanol

• India’s largest spirits warehouse, capable of storing 45,000 barrels—critical for premium whisky production

The shift towards spirits is evident in the revenue mix:

Vertical	FY20	FY22	FY24
Sugar	62%	54%	33%
Ex-Sugar	38%	46%	67%

The transition to premium alcohol was a deliberate move, culminating in the launch of Indri in late FY21, which marked the beginning of a new era for Piccadilly.

Indri - The Game-Changer

Piccadilly’s journey into premium spirits began with its Indian Made Foreign Liquor (IMFL) brands like Golden Wingsand Whistler Whisky, catering to the affordable segment. However, the real breakthrough came with Indri, a premium single malt whisky launched in FY21.

Brand	FY20	FY21	FY22	FY23	FY24
Indri (Cases)	-	19	1,511	15,145	1,05,992
Whistler	2,146	9,179	14,013	49,371	50,267

Indri’s rapid success has been nothing short of remarkable. Within just two years, it became the world’s first single malt whisky to sell over 1 lakh cases. As of FY24, Indri alone contributed 25% of Piccadilly’s revenues and accounted for 89% of its premium alcohol sales.

The premium alcohol segment’s transformation is equally striking:

• Contribution to overall revenue jumped from 2% in FY22 to 33% in FY24

• Premium alcohol volumes grew 426% YoY as of 2QFY25

The success of Indri is largely attributed to its quality, backed by the company’s advanced malt production facilities and extensive warehousing capacity. Its appeal has transcended borders, with demand rising both domestically and internationally.

Financially, the shift to premium spirits has transformed Piccadilly:

Metric	FY21	FY24	CAGR Growth
Revenue	Rs. 488 crore	Rs. 742 crore	15%
EBITDA	Rs. 52 crore	Rs. 150 crore	43%
EBITDA Margin	11%	20%

Raising the Bar - Future Plans

Piccadilly isn’t resting on its laurels. It’s gearing up for aggressive expansion to meet growing demand for Indri and other premium products. The company recently raised Rs. 1,000 crore through a QIP to fund its next phase of growth:

1. Massive Capacity Expansion:

   • Indri’s distillery capacity will increase to 250 KLPD, with malt production tripling to 30 KLPD.

   • Warehousing capacity will more than double to accommodate 1 lakh barrels, supporting long-term ageing for premium whiskies.

     
     

2. Greenfield Distillery in Chhattisgarh:

   • A new facility with a 210 KLPD capacity (180 KLPD for ENA/ethanol and 30 KLPD for malt spirits) is under construction.

   • With 30% work already completed, this plant is expected to be operational by 2QFY26.

     
     

3. Global Footprint:

   • Piccadilly is entering the global market with its first international distillery in Portavadie, Scotland, marking a milestone for Indian alco-bev companies.

Beyond whisky, Piccadilly is diversifying into premium rum with Camikara. Sales of Camikara grew 10x in just one year, hinting at the potential for another blockbuster.

Brewing a New Era

Piccadilly Agro Industries has reinvented itself, transforming from a sugar producer into a premium spirits leader. The success of Indri has been pivotal, but the company isn’t stopping there. With bold plans for capacity expansion, diversification into new product lines, and a push into global markets, Piccadilly is positioning itself for long-term success.

While challenges like competition and execution risks remain, Piccadilly’s strategic vision and momentum suggest it’s poised to scale new heights. For now, this rising star in the spirits world is one to watch closely.