Piccadily completes Indri build-out, starts Chhattisgarh plant

Piccadily completed its Indri, Haryana expansion to 220 KLPD of Extra Neutral Alcohol (ENA) and ethanol capacity and 30 KLPD of malt capacity, while its commissioned 200-KLPD Mahasamund, Chhattisgarh distillery has started sales. The presentation says the added capacity will support branded alcobev products, Indian-made Indian liquor and bulk sales over time.

What capacity did Piccadily add at Indri?

Piccadily increased Indri distillery capacity for ENA and ethanol from 78 kilolitres per day (KLPD) to 220 KLPD, while malt capacity rose from 12 KLPD to 30 KLPD. The ENA and ethanol increase is 142 KLPD, and the malt increase is 18 KLPD. The presentation identifies the Indri expansion as completed, rather than a construction project awaiting commissioning.

The resulting ENA and ethanol capacity is about 2.8 times the pre-expansion level, while malt capacity is 2.5 times the earlier level. Piccadily says the additional ENA, ethanol and malt can be directed either to maturing and branded alcobev products or to Indian-made Indian liquor (IMIL) and bulk sales. That flexibility is the stated route for absorbing output from the 220-KLPD and 30-KLPD facilities.

How is Piccadily expanding Indri’s maturation infrastructure?

Piccadily says Indri’s maturation hall capacity has been scaled to accommodate more than 100,000 barrels, compared with barrel storage capacity of 45,000 barrels that is being scaled to more than 100,000 barrels. The presentation also says barrel warehousing capacity has been enhanced. These measures accompany the 30-KLPD malt expansion, which increases the production base for spirit intended for maturation.

Barrel procurement is ongoing, with Piccadily targeting more than 100,000 barrels by March 2027. Its reported barrel purchase progress rose to 83,800 in FY26 from 75,000 in FY25, an increase of 8,800 barrels. That followed purchases of 45,000 barrels in FY24 and 33,000 barrels in FY23, showing a higher annual procurement level across the four financial years disclosed.

The presentation distinguishes between the ongoing purchase programme and physical warehousing and maturation capacity. It does not disclose the number of filled barrels, the age profile of maturing stock or the volume of whisky that may ultimately be bottled. What it does disclose is a March 2027 procurement objective of more than 100,000 barrels and enhanced storage infrastructure at Indri.

What has Piccadily commissioned in Chhattisgarh?

Piccadily has commissioned a 200-KLPD greenfield distillery in Mahasamund, Chhattisgarh, for ENA and ethanol, and sales have commenced. The Chhattisgarh facility is 20 KLPD smaller than Indri’s completed 220-KLPD ENA and ethanol capacity, but it establishes a second disclosed production location for these two outputs. The presentation does not provide sales volume, utilisation or customer details for the new plant.

Piccadily says it is planning to launch branded alcobev products from the Chhattisgarh operation, while current sales have already started. This wording separates the operational start of ENA and ethanol sales from the future branded-product plan. The presentation does not identify a launch date, individual brand, price point or state-market rollout for a Chhattisgarh-branded offering.

The new distillery forms part of Piccadily’s stated “Accelerate Growth” programme, which also cites completed Indri expansion and process automation. In October 2026, Piccadily was assigned CRISIL A+/Stable for long-term bank loan facilities and CRISIL A1 for short-term facilities aggregating Rs 400 crore. The presentation does not assign a specific part of those facilities to the 200-KLPD Chhattisgarh project.

How will Piccadily use the added alcohol capacity?

Piccadily’s stated plan is to use expanded ENA, ethanol and malt availability for maturing and branded alcobev products, or for IMIL and bulk sales. At Indri, management says more branded alcobev products are planned; at Mahasamund, it says branded launches are being planned after the 200-KLPD plant began sales. The source does not state a production allocation between branded products, IMIL and bulk customers.

The presentation also says product development is under way for additional premium and luxury spirits. In Q2, Piccadily launched Indri Diwali Collector’s Edition 2026, a limited, individually numbered release matured in Ruby Port wine casks. The domestic version is listed at 50% alcohol by volume, while the international version is listed at 58.5%, illustrating the company’s use of differentiated product specifications across markets.

For market development, Piccadily says it is strengthening distribution in relevant Tier 1 and Tier 2 outlets and scaling international routes to market in key regions. It also cites institutional channels including CSD and Paramilitary, alongside export growth. The presentation says Indri was India’s largest-selling single malt for two consecutive years, 2024 and 2025, but provides no sales-volume figure for either year.

Conclusion

Piccadily has moved from a 78-KLPD to a 220-KLPD ENA and ethanol base at Indri, increased malt capacity from 12 KLPD to 30 KLPD, and added a commissioned 200-KLPD ENA and ethanol distillery in Chhattisgarh. The expansion broadens the company’s disclosed options across matured branded products, IMIL and bulk sales, while Indri’s barrel infrastructure is being enlarged to support longer-cycle spirit production.

The next disclosed milestones are barrel procurement exceeding 100,000 by March 2027, additional branded alcobev launches at Indri and planned branded launches from Mahasamund. Investors will also need to watch whether Piccadily discloses utilisation, sales volumes or product details for the 200-KLPD Chhattisgarh plant, because the presentation confirms sales have started but gives no operating metrics.