Exclusive: Indri whisky maker Piccadilly Agro eyes 60-70% growth in FY27; sugar demerger likely this fiscal 

Piccadilly Agro Industries, which owns brands such as Indri single malt, Camikara rum, Cashmir vodka, and Whistler blended whisky, has closed the financial year 2025-26 on a strong note, driven by robust growth in its premium alco-beverage portfolio. The company’s board has also proposed the demerger of its legacy sugar business, which will be transferred to its wholly owned subsidiary, Piccadilly Food & Essential Limited (PFEL), subject to requisite approvals.

The company, which operates across the sugar and distillery segments, reported total revenue of ₹1,143 crore for the fiscal ended March 31, 2026, registering a 28% year-on-year (YoY) increase. This growth was driven by the expansion of its distillery business and premium spirits portfolio, even as its sugar business remained under pressure.

The distillery vertical emerged as the primary growth engine, with revenue surging 41.7% YoY to ₹902.1 crore, aided by improved realisations and higher volumes. In contrast, the sugar segment declined 6.6% YoY to ₹233 crore, reflecting the cyclical and regulated nature of the business.

Profit after tax (PAT) grew 33.4% YoY to ₹139.6 crore, supported by lower finance costs and operating leverage. Operating performance remained robust, with EBITDA increasing 27.1% YoY to ₹243.3 crore. EBITDA margin stood stable at 23.4%.

The March quarter capped off a strong year, with revenue from operations rising to ₹359.5 crore, marking a 32.4% YoY increase and a 14.6% sequential rise. Growth was led by the distillery segment, where revenue jumped 65.6% YoY to ₹246.3 crore, while sugar revenues declined 7.9% YoY to ₹113.2 crore but saw a sharp sequential recovery. The company’s IMFL segment recorded over 60% growth during the quarter.

Indri portfolio drives 70% of revenue

At the core of this performance was Piccadilly Agro’s aggressive pivot toward premium spirits, led by its flagship Indri single malt whisky, along with Camikara rum. These brands have not only gained traction in domestic markets but are also increasingly contributing to the company’s global ambitions.

According to CFO Natwar Aggarwal, nearly 70% of the company’s revenue is now driven by the Indri portfolio alone. “Our alco-bev business continues to be the primary growth engine, with nearly 90% of our portfolio contribution coming from premium and luxury products. We are not present in the mass segment,” Aggarwal said in an exclusive interview with Fortune India.

He added that the company’s export business is also gaining momentum, currently contributing around 25% of volumes. Piccadilly Agro expects this share to rise significantly over the medium term, targeting a 40-50% contribution from international markets as it expands distribution and strengthens global brand recall. “We don’t want to remain just an Indian brand; we aspire to be a global player,” Aggarwal said.

“Currently, we are among the top 15, and we expect to move into the top 10 by next year. Over the next four to five years, our ambition is to be among the top five globally,” he added.

Chhattisgarh facility to add ₹300-400 crore to revenue in FY27

Aggarwal further noted that demand remains strong across geographies, although capacity constraints are currently limiting the company’s ability to fully meet market demand. “We are operating under allocation, which means we are not able to meet the entire demand. With capacity expansion underway, we expect to address this over the next one to two years,” he added.

Looking ahead, the commissioning and monetisation of its Chhattisgarh facility is expected to contribute ₹300–400 crore in revenue in FY27. Alongside capacity expansion at its existing units, this is likely to provide a strong boost to volumes and revenue in the coming year, he said.

Sugar demerger likely to be completed in FY27

Strategically, Piccadilly Agro has also initiated a significant restructuring exercise aimed at unlocking value and improving operational focus. The company’s board has approved a scheme of arrangement to demerge its sugar business into a wholly owned subsidiary, Piccadilly Food & Essential Ltd, subject to regulatory and shareholder approvals. The move will effectively separate two businesses with distinct operating dynamics—one exposed to regulated sugar cycles and the other driven by premium alco-bev consumption trends.

“We have already filed the scheme with Sebi following board approval,” said Aggarwal. “Once Sebi clears the proposal, we will move to the NCLT, and we expect the entire process to be completed within this financial year.”

Post demerger, the company will transition into a pure-play alco-beverage entity, enabling sharper capital allocation and management focus on its high-growth, high-margin segment. “Our strength lies in the alco-bev business, and the demerger will allow us to channel both capital and resources entirely toward brand building, capacity expansion, and global growth,” Aggarwal said.

Despite some near-term uncertainties, including geopolitical tensions that could disrupt certain export markets or logistics, the company remains confident of sustaining its growth momentum. “With capacity enhancement at both our Chhattisgarh facility and Indri, we clearly see 60–70% growth in FY27, with a similar trajectory in profitability,” Aggarwal said.