Synopsis: A small-cap sugar and distillery manufacturer delivered multi-bagger returns of over 2,10,000% in 25 years, with strong Q3FY26 revenue, EBITDA, and profit growth, supported by domestic and international expansion.
A Small-cap company that is engaged in manufacturing sugar and distillery products, is in the spotlight after the stock has delivered multi-bagger returns of 2,10,614.29 percent to the shareholders in 25 years.
With a market capitalization of Rs. 5,811.36 crore, the shares of Piccadily Agro Industries Limited closed at Rs. 590 per equity share, down by 2.69 percent from its previous day’s close price of Rs. 606.30.
Stock’s Return
Over the past year, the stock has provided returns of 6.19 percent. The stock is currently trading at a discount of 26.74 percent from its 52-week high of Rs. 805.50. On February 20, 2026, the shares of Piccadily Agro Industries Limited traded at Rs. 590, showing a gain of around 5,393.48 percent compared to the price of Rs. 10.74 on February 22, 2021. For example, if someone had invested Rs. 1 lakh in the company’s stock 5 years ago, it would have turned into around Rs. 54.93 lakh.
From the price of Rs. 0.28 on August 31, 2001, the stock has given a gain of around 2,10,614.29 percent. For example, if someone had invested Rs. 1 lakh in the company’s stock 25 years ago, it would have turned into around Rs. 21.07 Crore.
About the Company
Piccadily Agro Industries Limited, founded in 1953 and based in Gurugram, India, produces alcoholic beverages and sugar. Its offerings include malt whisky, rum, country liquor, vodka, ethanol, and white crystal sugar, along with rectified spirit, carbon dioxide, and extra neutral alcohol. Key brands include Whistler Whisky, Camikara Rum, Indri, Royal Highland, and Cashmir. The company operates through Sugar and Distillery segments.
Timeline and Milestones
Piccadily Agro Industries Ltd, incorporated in 1994, began as a sugar manufacturing company with operations in Bhadson, Haryana. Over the years, it diversified into the alcohol business, commissioning a grain-based distillery in 2007 and becoming the first company to produce alcohol from cane juice in 2008.
By 2009, commercial production of Extra Neutral Alcohol (ENA) began, followed by the establishment of a dedicated malt distillery and barrel maturation in 2010. The company expanded through acquisitions, including M/s Clearvision Media (P) Ltd in 2012-2013, and entered the branded alcoholic beverage segment in 2017 with the launch of “Whistler” blended malt whisky.
In the 2020s, Piccadily strengthened its international and premium portfolio, acquiring Portavadie Distillers & Blenders Ltd in Scotland and launching India’s first triple-cask single malt, Indri-Trini, in 2021.
The company continued to innovate with premium launches like Camikara rum and limited-edition whiskies, earning global awards such as “Double Gold Best in Show” and “Whisky of the Year.” Expansion efforts included a Rs. 1,000 crore growth plan, new distillery projects in Chhattisgarh, and the Indri Experience Centre, positioning Piccadily as a leading player in India’s premium spirits market.
Financial Highlights
In Q3FY26, the company reported revenue of Rs. 276 crore, up 51.6 percent YoY from Rs. 182 crore in Q3FY25 and 30.2 percent QoQ from Rs. 212 crore in Q2FY26, reflecting strong sequential and annual growth momentum. EBITDA rose to Rs. 78 crore, growing 62.5 percent YoY from Rs. 48 crore and 69.6 percent QoQ from Rs. 46 crore, indicating healthy improvement in operating performance and margin expansion.
Profit after tax for the quarter stood at Rs. 48 crore, increasing 92.0 percent YoY from Rs. 25 crore and 77.8 percent QoQ from Rs. 27 crore, driven by both revenue growth and efficient cost management. Overall, the company demonstrated robust growth across top-line, operating profits, and net earnings compared to both the previous quarter and the same period last year.
Piccadily Agro Industries Limited’s revenue and net profit have grown at a CAGR of 15 percent and 38 percent, respectively, over the last five years. The company’s ROCE and ROE stand at 20.1 percent and 22.7 percent, respectively, and its debt-to-equity ratio at 0.4 indicates the company’s financial position.
Expansion Guidance
Piccadilly is undertaking a comprehensive expansion across India and internationally to strengthen production and storage capabilities. In Indri, Haryana, the distillery capacity has been increased from 78 KLPD to 220 KLPD for ENA and from 12 KLPD to 30 KLPD for malt.
Barrel storage capacity has been scaled up from 45,000 barrels to 100,000 barrels by March 2027, with 80,800 barrels already in place as of December 31, 2025. Excise approval to utilize full capacity is in progress, and barrel procurement is ongoing, with purchases over FY23–FY25 totaling 33,000, 45,000, and 75,000 barrels, respectively.
In Mahasamund, Chhattisgarh, a 200 KLPD distillery for ENA and ethanol has been commissioned, and production approval has been received. All project milestones, including board approval, land acquisition, funding, machinery installation, construction completion, trial runs, statutory approvals, and commissioning, have been completed.
At Portavadie, Scotland, the evaluation of suitable plant and machinery is in progress, with likely commissioning in FY27. This international expansion will provide access to the single malt industry, including events, players, expertise, and channels, marking a key step in Piccadilly’s global footprint. Overall, these expansions aim to enhance the availability of ENA, ethanol, and malt for maturing/IMFL purposes as well as bulk sales.
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