Piccadily Agro Industries Ltd

Piccadily Agro

Capacity increased from 90KLPD to 150KLPD in Sep qrtr which will be expanded further to 250KLPD by next yr (Source: Annual Report & Credit Rating Report )

And a new green field plant will come up in next 3 yr in Chattisgarh with 210KLPD capacity. (Source AR & 3yrs is my estimate but it could be much less than 3 yrs).
EIA submitted to GoI (source Google)

So the capacity is going up by 5x in 3yrs ( 3yrs is my estimate could be less than that)

Expect Distillery revenues to grow from 100cr last qtr to 500cr (i.e. 2000cr p.a.) in next 4-5yr
PAIL’s EBITDA margin is ~18%, so EBITDA to touch 360cr p.a. in 4-5yr
Radico’s EBITDA last yr was same 360cr & MCap is 16000cr

So PAIL MCap can go from ~1200cr to 16000cr in 4 yrs

(Also to be noted:

• Piccadily’s Distillery Unit has a higher growth rate and better margin profile than Radico.
• Piccadily’s Indri Single Malt is a big hit
• Check on linkedin the number of Sales/Marketing/BrandAmbassador they are hiring across different region as they are rapidly expanding the territories they serve )