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Piccadily Agro Q3 Fy26 PAT jumps 92% on Strong Distillery Growth

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Piccadily Agro Industries Limited (PAIL) has delivered a striking performance in Q3 FY26, underscoring the momentum behind its premiumisation strategy and the rising global appetite for Indian single malts. The company reported Revenue from Operations of ₹313.80 crore for the quarter, marking a robust 52.5% year-on-year growth over ₹205.72 crore in Q3 FY25, a performance that reflects not only higher volumes, but a richer product mix led by its award-winning single malt portfolio.

Piccadily said that its EBITDA for the quarter rose to ₹79.70 crore from ₹50.87 crore in the corresponding period last year, registering a 56.7% increase and highlighting improved operating leverage as scale efficiencies begin to play out across the business. Profit Before Tax surged 85.3% year-on-year to ₹68.03 crore, while Profit After Tax nearly doubled to ₹48.14 crore, a sharp 92.2% jump compared to Q3 FY25, signalling strong cost discipline and margin expansion. The Net Profit Margin improved from 12.18% to 15.3%, representing a 26% rise, as premium offerings continued to command higher realisations, and Earnings Per Share climbed to ₹4.89, up 83.8% year-on-year, reinforcing the company’s value creation trajectory for shareholders.

Sequentially too, the company demonstrated sustained momentum, with Q3 FY26 revenue growing 34.9% over Q2 FY26 and PAT rising 80.9% quarter-on-quarter, reflecting consistent execution across production, distribution and brand-building initiatives. The distillery segment remained the primary growth engine, contributing ₹284.97 crore, accounting for 91% of total revenue and posting a 54.9% year-on-year increase, underlining the centrality of its spirits business to overall performance.

The company’s transformation into a fully integrated, brand-led premium spirits player is increasingly evident in its financial profile, with higher contribution from super-premium and luxury categories driving both topline acceleration and margin expansion.

For the nine months ended FY26, Piccadily reported revenue of ₹775.50 crore, up 26.2% year-on-year, while Profit Before Tax rose 43.6% to ₹129.00 crore and Profit After Tax increased 45.7% to ₹93.65 crore, reflecting steady progress across the fiscal year. The widening gap between revenue growth and profit growth illustrates the structural shift in the company’s earnings quality, as a larger share of sales is now derived from premium labels such as Indri, Camikara and Cashmir, which continue to gain traction in domestic and international markets. Indri, in particular, has emerged as a flagship Indian single malt brand, strengthening India’s positioning in the global premium whisky landscape and contributing meaningfully to improved realisations and brand equity.

The company’s expansion roadmap remains firmly on track, with capacity enhancement underway at its Indri facility alongside the development of a greenfield plant at Mahasamund in Chhattisgarh. Investments in barrels and maturation infrastructure are also being accelerated to ensure adequate aged inventory to support future premium launches, a critical lever in the single malt category where aging profiles define both quality perception and pricing power. These strategic investments are designed to create headroom for sustained growth over the medium term, while ensuring supply-side readiness to meet rising domestic demand and expanding export orders.

Natwar Aggarwal, Chief Financial Officer of Piccadily Agro Industries Limited

Commenting on the results, Natwar Aggarwal, Chief Financial Officer of Piccadily Agro Industries Limited, noted that the Q3 FY26 performance demonstrates the strength of the company’s brand-led strategy and disciplined execution, highlighting revenue growth of over 52% and PAT growth exceeding 92% year-on-year as clear indicators of the benefits of premiumisation and scale in the distillery business. He emphasised that as new capacities come on stream and aged inventory matures, the company remains confident of delivering three to four times growth over the next three to five years, while building Indri into one of the world’s leading single malt whisky brands.

Geographically, Piccadily has built a strong domestic footprint across 27 Indian states and expanded its international presence to 29 markets, supported by placements in 28 travel retail outlets. Its premium labels are increasingly visible in key global geographies, reflecting the broader trend of Indian spirits gaining acceptance in mature whisky markets.

To support this scale and complexity, the company is strengthening its leadership bench and operational teams across key functions, while exploring new synergies to enhance efficiency and deepen market penetration. As India’s premium alcobev landscape continues to evolve, Piccadily’s Q3 FY26 results position it as a formidable contender in the global premium spirits arena, with financial performance and brand ambition moving decisively in tandem.

Tilaknagar Industries reports 82% PAT growth in Q2

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  • Expansion plans in East and North-East markets
  • TI leverages Samsara brand equity, soon to launch range of luxury products

Leading Indian-Made Foreign Liquor (IMFL) manufacturer, Tilaknagar Industries Limited (TI) has reported a profit after tax excluding exceptional items (PAT) of ₹58.2 crore, implying a growth of 82.4% over the ₹31.9 crore PAT reported in the corresponding quarter last year. The earnings before interest, tax, depreciation and amortisation (EBITDA) at ₹66 crore grew 39% over the ₹47.4 crore EBITDA reported in Q2 of the previous year.

Significantly, the company’s EBITDA margin expanded 422 basis points year-on-year (YoY) to 17.6%. Adjusted for the subsidy income, EBITDA came in at ₹56 crore, at a margin of 15.3%, showing 188 basis points expansion YoY. This growth in profitability was witnessed despite muted growth in net revenue from operations, at 5.8%, to ₹374.9 crore due to a temporary slow-down in growth, caused by policy transition in one of company’s key markets, Andhra Pradesh, which has recently opened liquor retail to private parties in the state.

Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries said, “With retail going private in Andhra Pradesh mid-October onwards, we expect to continue with our industry-beating growth trajectory, achieved through a combination of doubling down on our market share gains from our brandy portfolio as well as our new product launches across categories.”

The company that has a strong foothold in key markets of South India, as well as certain markets in East India, recently launched Mansion House Gold Barrel Whisky in Assam. With this launch, the company plans to further expand into the East and the North-East markets where whisky enjoys an 80% share of IMFL market in the East and North-East markets.

TI’s flagship brand Mansion House Brandy is India’s highest selling brandy and the eighth-largest selling spirits brand across categories, while its second millionaire brand, Courrier Napoleon Brandy has emerged as the third-fastest growing spirits brand globally. The company plans to creatively invest in advertising and sales promotion to provide a meaningful share of voice to the brandy category in the overall IMFL market.

During the quarter under reference the company become net debt free, nearly six months ahead of its original target date for achieving the net debt-free status. “From a peak debt more than ₹1,100 crore in March 2019, to achieving the net debt free status, we have come a long way. This transformation was achieved through a combination a financial prudence and achieving industry-beating profitable growth,” Dahanukar added.

The company attributes the growth in profitability to superior brand-mix as well as effective cost-optimisation initiatives. With the worst of the inflationary cycle over, the company anticipates further growth in profitability in the upcoming quarters.

Recently, the company moved to increase its investment in Spaceman Spirits Lab Pvt. Ltd. (SSL), maker of Samsara Gin and Sitara Rum, to 20% from the earlier 10%. TI will leverage the Samsara brand equity to showcase a robust luxury portfolio, along with its soon-to-be launched range of luxury products.

Sula Vineyards records 10th consecutive quarter of growth in Own Brands

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Sula Vineyards Limited, India’s largest wine producer, announced Q2 and H1 FY25 Results. H1 Net Revenue at ₹271.7 Cr (+3.7% YoY). Elite & Premium led the way with 7% growth in Q2. Share of Elite & Premium at all-time high of 78.5% in Q2 (vs 73.5% YoY).

Revenue (ex-Maharashtra & Karnataka) grew 6% YoY driven by strong performance in Telangana, Madhya Pradesh, West Bengal, among others.

Wine Tourism growth in Q2 was driven by higher spends per head (+9% YoY) and improved occupancy (74% vs 66% LY). Expanded Bottle Shop at ND Wines now open to Wine Enthusiasts. Expansion at Domaine Sula (near Bangalore) slated to open in Q3.

“We are pleased to report our 10th consecutive quarter of growth in our Own Brands business. However, Q2 FY25 was a subdued quarter, due to slowdown in consumer discretionary demand, particularly in urban areas where 90% of our sales are concentrated, and temporary disruptions in key markets like Karnataka and Delhi,” says Rajeev Samant. Founder, Sula Vineyards.

“During the quarter, our Elite & Premium portfolio performed well with a 7% YoY growth, led by strong double-digit growth in our iconic brands – The Source, RASA, and Dindori. It is encouraging to see wine culture flourishing beyond our core markets, with strong double-digit growth in states like Telangana, Himachal Pradesh, Madhya Pradesh, Uttarakhand, and West Bengal, affirming our commitment to building a truly pan-India brand.

“Looking ahead, while mindful of near-term challenges, we remain optimistic for the festive season on the back of structural tailwinds including the reopening of Andhra Pradesh after a hiatus of five years, introduction of four new labels in the CSD market and the return of SulaFest at our Nashik vineyards. We are confident the long-term Indian wine story remains intact, and we see a long runway of growth ahead of us,” he added.