Indri whisky maker Piccadily Agro shares fall over 12% post Q2; here’s why

Shares of Piccadily Agro Industries, the maker of Indri single malt whisky, witnessed sharp selling pressure on Friday after the Haryana-based company announced its September quarter results. Following the Q2 results, Piccadily Agro shares declined as much as 12.35% to ₹518.55 in early trade on the BSE before recovering some losses.

At the time of reporting, Piccadily Agro shares were trading at ₹559.20, down 5.48% from their previous close of ₹591.65, with a market capitalisation of around ₹5,500 crore. The smallcap stock opened the day at ₹541 and touched an intraday high of ₹565.95.

Piccadily Agro shares were trading close to their 52-week low of ₹515, touched on March 30, 2026. The stock had hit its 52-week high of ₹810 on August 11, 2026.

The stock fell after the company, which owns brands such as Camikara Rum, Whistler Blended Malt Whisky and Cashmir Vodka, reported a 9% year-on-year (YoY) decline in standalone net profit to ₹24.2 crore in Q2 FY27, compared with ₹26.6 crore in the corresponding quarter last year.

Revenue from operations, however, increased 19.4% YoY to ₹277.9 crore from ₹232.7 crore in the year-ago period. The growth was driven by the distillery business, whose revenue rose 30.5% to ₹271.3 crore. In contrast, revenue from the sugar vertical declined 73.4% to ₹6.6 crore.

The increase in revenue did not translate into a similar improvement in operating earnings. EBITDA rose 9.5% to ₹53 crore, slower than revenue growth. EBITDA margin contracted 110 basis points to 21.7% from 22.8% a year earlier.

Higher expenses added to the pressure, with total expenses increasing 21.6% to ₹226 crore.

Distillery business drives revenue growth

The distillery vertical accounted for 97.6% of the company's revenue in Q2 FY27, compared with 89.3% in the year-ago quarter. Piccadily Agro is sharpening its focus on premium, super-premium and luxury spirits through brands such as Indri single malt, Camikara aged rum, Cashmir vodka and Whistler whisky.

During the quarter, the company introduced products including Indri Ilika, developed for the travel retail market, Indri Agneya and Indri Diwali Collector's Edition 2026.

The company said its Diwali Collector's Edition received Double Gold with 96 points at the USA Spirits Ratings 2026 and was named Indian Single Malt Whisky of the Year and Spirit of the Year – India. Indri Agneya was also named Indian Single Malt Whisky of the Year at the London Spirits Competition 2026.

Piccadily Agro is also expanding its manufacturing capabilities. It said it had achieved a maturation capacity of 96,000 barrels against its target of 1 lakh barrels for the current financial year. It has revised its target to more than 1 lakh barrels by the end of FY27.

The company said its focus remains on expanding distribution, strengthening its premium spirits portfolio and increasing its presence in domestic and international markets.