Piccadily Q1 FY27: Branded spirits push growth as new capacity ramps up

Standalone revenue from operations was INR 270.5 crore (up 18.1% YoY), total income was INR 273.6 crore (up 19.1% YoY), EBITDA was INR 47.2 crore (up 21.0% YoY), and PAT was INR 21.8 crore (up 15.4% YoY).

On a standalone basis, distillery revenue was INR 205.7 crore and sugar revenue was INR 64.8 crore in Q1 FY27, as per the company’s segment revenue table.

Management stated branded alco-bev revenue grew 47.3% YoY to about INR 82.3 crore in Q1 FY27, contributing 43.5% of distillery revenue.

Indri, Haryana expansion increased ENA and ethanol capacity from 78 KLPD to 220 KLPD and malt capacity from 12 KLPD to 30 KLPD. A Mahasamund, Chhattisgarh distillery of about 200 KLPD for ENA and ethanol was commissioned and sales commenced.

The presentation states 87,000 barrels under maturation as of 30 June 2026, with a stated target to reach 100,000 barrels by March 2027. Management also mentioned it may reach 115,000 to 120,000 filled barrels by March 2027.

Management indicated branded alco-bev growth of about 60% to 70% for FY27 with H2 contributing about 60% to 65% of annual branded revenue, and guided for company-level EBITDA margin of about 23% to 24% for FY27.