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.
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.