Piccadily Agro gets CRISIL A+ rating as FY26 profit rises to ₹138 crore

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The Haryana-based distiller reported higher income, stronger operating margins and growing international reach as premium spirits gained a larger revenue share.

By BL Mumbai Bureau

Updated - October 17, 2026 at 02:39 AM.

Piccadily Agro Industries, maker of Indri Single Malt Whisky, reported higher FY2026 revenue and profit alongside improved credit ratings from CRISIL.

Piccadily Agro Industries Limited (PAIL) has received CRISIL A+/Stable long-term and CRISIL A1 short-term credit ratings for its bank facilities totalling ₹400 crore, the company announced Friday. The ratings, dated October 14, 2026, reflect the Haryana-based distiller’s improved financial standing and growth in premium spirits.

Revenue and profit rise in FY2026

The company’s operating income rose to ₹1,038 crore in FY2026 from ₹818 crore in FY2025, while profit after tax climbed to ₹138 crore from ₹102 crore in the same period. Operating margins rose from 10 per cent in FY2020 to 22.5 per cent in FY2026, driven by a shift to higher-margin premium products.

CRISIL noted that the distillery segment now accounts for 79 per cent of total revenue, up from 48 per cent in FY2022, with Indri Single Malt Whisky as the primary growth driver. The company also markets Camikara Rum, Whistler Whisky and Cashmir Vodka.

Strong balance sheet supports credit ratings

The ratings agency cited a net worth of ₹901 crore as of March 2026, gearing of approximately 0.6 times and an interest coverage ratio of 8.6 times as indicators of a healthy balance sheet.

Piccadily Agro’s products are sold in 31 countries and through more than 25,000 retail outlets in India. The company has expanded capacity at its Indri facility in Haryana and commissioned a 200 KLPD greenfield distillery in Chhattisgarh.

Published on October 16, 2026

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