Indri, premium spirits to drive Piccadily Agro’s growth over next 3-5 years: CFO Natwar Agarwal

Piccadily Agro Industries, which owns brands such as Indri Single Malt, Camikara Rum, Cashmir Vodka and Whistler Blended Whisky, is betting on premium spirits to drive its next phase of growth. The Gurugram-based company expects premium spirits to become its core growth and value driver over the next three to five years as it expands Indri across India, global travel retail and international markets.

“Indri Single Malt is our flagship brand and a key pillar of our premium spirits strategy,” said Natwar Agarwal, Chief Financial Officer, Piccadily Agro Industries, in an exclusive interview with Fortune India. He said Indri is “already among the top 15 best-selling single malts in the world” and that the company expects it to enter the global top 10 over the next one to two years, with an ambition to establish it among the top five over the next three to five years.

The shift towards premium spirits is already visible in the company’s financial mix. Piccadily’s branded alcobev business grew 47.3% year-on-year (YoY) in Q1 FY27, taking its contribution to distillery revenue to 43.5% from 37.8% a year earlier. Overall, the company reported an 18.1% YoY rise in revenue to ₹270.50 crore in the June quarter of FY27, while profit increased 15.35% to ₹21.30 crore.

“Premium spirits will increasingly become the core growth and value driver for Piccadily Agro over the next three to five years,” Agarwal said. “We are already seeing this transition.”

The company expects the scaling of its premium portfolio, wider distribution, higher capacity utilisation and the ramp-up of its Chhattisgarh facility to support growth through FY27.

“Q1 has given us a strong base for the full year,” Agarwal said. He added that profitability growth will be driven by the continued scale-up of Indri, Camikara, Cashmir and Whistler, alongside operating leverage and an improving revenue mix. Branded Alcobev revenue grew 47.3% in Q1, while distillery revenue rose 26.3% and EBITDA increased 21%.

Piccadily expects the second half of the financial year to contribute around 60-65% of annual revenue and remains confident of delivering 60-70% growth in FY27. Agarwal said quarterly profitability could fluctuate due to seasonality, expansion and brand-building investments, but the underlying earnings trajectory is “increasingly supported by a structurally higher-value portfolio.”

Indri demand remains strong

Demand for Indri remains strong across domestic and international markets, including Global Travel Retail and the armed forces segment.

“Demand for Indri remains exceptionally strong across both domestic and international markets, with the brand continuing to gain consumer acceptance, distribution and market share,” Agarwal said.

The company is “currently operating on an allocation basis in several markets”, which Agarwal described as “a clear reflection of the strong underlying demand for the brand.”

For FY27, Piccadily is focusing on expanding distribution and market penetration rather than chasing a specific market-share target.

“Our priority is to accelerate distribution and market penetration rather than chase a short-term market-share number,” Agarwal said. “As we scale, we expect Indri to deliver strong volume growth while maintaining its premium positioning and realisations.”

Focus on expanding premium portfolio

While Indri remains the flagship, Piccadily is also looking to scale Camikara Rum, Cashmir Vodka and Whistler Blended Whisky.

“Over the medium term, we expect Indri Single Malt Whisky, Camikara Rum, Cashmir Vodka and Whistler Blended Whisky to contribute meaningfully more as we expand distribution, strengthen our presence in existing markets and enter new geographies,” Agarwal said.

The company is also seeking to improve the quality of its revenue mix by increasing the contribution of premium, super-premium and luxury products.

“Our objective is not simply to grow volumes, but to progressively increase the share of premium, super-premium and luxury products in our portfolio,” he said.

“As this mix continues to improve, we expect premium spirits to contribute disproportionately to profitability, making them an increasingly important driver of margins, earnings growth and long-term shareholder value.”

Demerger to sharpen focus

Piccadily’s proposed demerger of its legacy sugar business is aimed at sharpening its focus on premium alcoholic beverages.

“The proposed demerger is fundamentally about sharpening our strategic focus and creating greater value from two distinct businesses,” Agarwal said, pointing to the different “growth drivers, capital requirements and strategic priorities” of the two businesses.

The demerger would allow Piccadily to direct greater management attention and capital towards its Branded Alcobev portfolio.

“For Piccadily Agro, the demerger will allow us to increasingly focus management attention and capital on the high-growth, high-value Branded Alcobev business,” he said.

The company expects the move to provide greater clarity on the value and growth potential of its premium spirits business.