Piccadily Agro Q1 FY27 Results (NSE: PICCADIL)
Signal: Growth decelerated
The read
The core trajectory remains constructive as distillery revenue grew 26.3% YoY and EBITDA grew 21.2%, but raw-material intensity rose 280bps, sugar stayed loss-making at ₹333.05 lakh, and EPS growth of 11.3% lagged PAT growth of 16.3%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹270.5 Cr | 18.1% | -25.3% |
| EBIT | ₹36.8 Cr | 9.9% | |
| Net profit | ₹21.44 Cr | 16.3% | |
| EPS | ₹2.17 | 11.3% | |
| EBIT margin | 17.3% |
P&L walk
Revenue increased 18.1% YoY but fell 25.3% QoQ; raw-material intensity rose to 37.7% from 34.9%, EBITDA grew 21.2% to ₹4677 lakh, and PAT grew 16.3% to ₹2130.25 lakh while EPS rose 11.3%.
Segments
Distillery drove the group with revenue of ₹20565.72 lakh, up 26.3% YoY, and segment profit of ₹4302.14 lakh, up 12.7%; sugar remained loss-making at ₹333.05 lakh versus a ₹432.04 lakh loss YoY.
Key positives
- Distillery revenue was ₹20565.72 lakh, up 26.3% YoY, materially ahead of consolidated revenue growth of 18.1%.
- EBITDA was ₹4677 lakh, up 21.2% YoY, ahead of revenue growth despite finance costs rising only 0.7%.
- Segment assets rose 39.5% YoY to ₹165159.48 lakh while depreciation rose 94.2%, a clean capex-maturation signal.
Key concerns
- Gross margin compressed 280bps YoY as raw-material cost rose to 37.7% of revenue from 34.9%.
- Sugar remained loss-making at ₹333.05 lakh despite sugar revenue of ₹6516.21 lakh.
- Employee benefits expense rose 87.6% YoY to ₹2248.32 lakh, far above revenue growth.
Research and educational content only. Not investment advice.