Snapping a two-session losing streak, shares of Piccadilly Agro Industries surged nearly 15% in intraday trade on Wednesday, as investors reacted positively to the company’s December quarter (Q3) earnings and improving outlook for its premium alcoholic beverages portfolio.

Today, Piccadilly Agro shares jumped by as much as 14.60% to touch an intraday high of ₹635, against its previous close of ₹554.10. The market capitalisation crossed ₹6,100 crore, with more than 2 lakh shares changing hands over the counter.

The counter touched its 52-week high of ₹864.60 on February 5, 2025, and a 52-week low of ₹483.45 on May 9, 2025. The small-cap stock has risen 3% in a year; 6% in six months; and nearly 10% in a month.

Market participants attributed the rally to healthy Q3 performance and optimism around Piccadilly Agro’s premium spirits brands, including Indri, Royal Highland, and Camikara.

Robust Q3 result fuels Piccadilly Agro rally

Piccadilly Agro Industries delivered a strong performance in the December quarter, driven by sharp revenue growth and meaningful margin expansion, reinforcing investor confidence in its premiumisation strategy.

Revenue from operations jumped 52.5% year-on-year to ₹313.80 crore in Q3FY26, compared with ₹205.72 crore a year ago. Profitability improved even faster, with profit before tax surging 85.3% YoY to ₹68.03 crore, while profit after tax nearly doubled to ₹48.14 crore, marking a 92.2% increase.

Company’s net profit margin expands to 15.3% from 12.18%

The company’s net profit margin expanded to 15.3% from 12.18% in the year-ago quarter, reflecting operating leverage and a richer product mix. Earnings per share rose sharply to ₹4.89, up 83.8% YoY.

At the operating level, EBITDA climbed 56.7% YoY to ₹79.70 crore from ₹50.87 crore, aided by higher contribution from premium products. Sequential momentum remained strong as well, with revenue rising 34.9% over Q2FY26 and PAT increasing 80.9%, pointing to sustained earnings quality.

The distillery segment continued to anchor growth, contributing ₹284.97 crore—around 91% of total revenue—and registering a 54.9% YoY increase. The performance underscores Piccadilly’s successful pivot towards brand-led, premium spirits.

For the nine months ended FY26, the company reported revenue of ₹775.50 crore, up 26.2% YoY. Profit before tax rose 43.6% to ₹129 crore, while profit after tax increased 45.7% to ₹93.65 crore, reflecting sustained margin expansion.

The company management said the results showed Piccadilly’s evolution into a fully integrated, premium spirits-focussed company, with high-margin products increasingly driving profitability. Strong demand momentum and disciplined capital allocation have supported steady improvements in returns.

According to the company, expansion plans remain on track, including capacity enhancement at the Indri distillery, development of a greenfield facility at Mahasamund in Chhattisgarh, and continued investments in barrels and maturation infrastructure to support long-term brand building.

Commenting on the performance, CFO Natwar Aggarwal said the December quarter marked a key milestone in the company’s growth journey. “With revenue growth of over 52% and PAT growth exceeding 92% year-on-year, we are clearly seeing the benefits of premiumisation and scale in our distillery business. As new capacities come on stream and aged inventory matures, we remain confident of delivering 3–4x growth over the next three to five years, while building Indri into one of the world’s leading single malt whisky brands,” he said.