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Piccadily Agro Industries Limited (PICCADIL)

₹589.90 -0.87% last close, 16 Oct

📊 NSE: PICCADIL 🏢 Breweries & Distilleries 📢 Latest filing: 14 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, Piccadily Agro's revenue was ₹360 Cr (+32.4% year on year, +14.6% on the previous quarter), and net profit ₹44.7 Cr (+12.3% year on year); the operating margin was 19.9%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹360	+32.4%	+14.6%
Operating profit	₹71.4	+9.0%	-8.2%
Net profit	₹44.7	+12.3%	-6.3%
EPS (₹)	4.62	+9.2%	-4.3%
Operating margin	19.9%	—	—

Full quarterly financials → Results calendar →

PICCADIL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 55.69% of the PICCADIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.76%. Delivery was unusually high while the price barely moved (-0.87%).

55.69%Delivery, 16 Oct

46.76%Own 20-session average

0.7×Volume vs its average

₹589.90NSE close · -0.87%

Delivery in the last 5 sessions: 48.9% · 50.6% · 46.2% · 26.2% · 55.7%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

CRISIL Upgrades Piccadily Agro's Bank Debt to 'CRISIL A+/Stable/A1' on Rs 400 Cr Facilities

🟢 POSITIVE ⭐ 9/10

OTHER 📅 14 Oct 2026, 06:24 PM

CRISIL Ratings has assigned and upgraded Piccadily Agro Industries' bank loan facilities of Rs 400 crore to 'CRISIL A+/Stable' for long-term and 'CRISIL A1' for short-term (previously IVR A/Stable and IVR A1 by Infomerics). The agency highlighted strong performance led by its flagship single malt brand 'Indri' and expanded distillery operations, projecting 50-60% revenue growth in FY27. Financial leverage is comfortable with gearing at 0.6x as of March 31, 2026, and interest coverage at 8.6 times in FY26. Total rated bank debt of Rs 400 crore represents approximately 35.2% of its TTM revenue of Rs 1,137 crore.

Credit rating upgraded to CRISIL A+/Stable (Long Term) and CRISIL A1 (Short Term) across Rs 400 crore bank facilities.
CRISIL projects revenue growth of 50-60% in FY27 driven by recent capacity expansions and Indri single malt penetration.
Operating margins reached 22.5% in FY26 and are projected at 22-24% in FY27 as distillery revenue share hit 79%.
Gearing stood at ~0.6x as of March 31, 2026, with net worth at Rs 901 crore and interest coverage at 8.6 times.

💡 Track the ramp-up and excise approvals of the expanded Indri malt distillery (30 KLPD) and greenfield Chhattisgarh facility (200 KLPD) alongside working capital efficiency in upcoming quarterly results.

Piccadily Launches Indri Diwali Collector's Edition 2026; Limited to 600 Bottles in India

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 08 Oct 2026, 02:24 PM

Piccadily Agro Industries has announced the launch of its annual festive expression, the Indri Diwali Collector’s Edition 2026. The domestic release is restricted to just 600 individually numbered bottles (700 ml at 50% ABV), maturing in Ruby Port wine casks. Given the extremely low volume of 600 domestic bottles, the direct revenue contribution against Piccadily's TTM revenue of ₹1,137 Cr is negligible. However, the release builds high-margin brand equity for the 'Indri' portfolio, which has won 29 international awards.

Domestic release is restricted to just 600 individually numbered bottles across Gurugram, Chandigarh, and Bengaluru
Product is bottled at 50% ABV (700 ml) for the domestic market, with a 58.5% ABV variant for international duty-free outlets
Secured Double Gold with 96 points at the USA Spirits Ratings 2026
Availability begins in India from mid-October 2026
The Indri series has collectively earned 29 international awards to date

💡 Track the upcoming Q2 FY27 earnings to monitor whether luxury brand perception is translating into broader sales volume and market share growth across the standard Indri single malt range.

Piccadily Agro Submits Q2 FY27 Dematerialization Compliance Certificate

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 12:50 PM

Piccadily Agro Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ending September 30, 2026. The certificate issued by Registrar and Transfer Agent (RTA) Mas Services Limited confirms that all securities received for dematerialization between July 1, 2026, and September 30, 2026, were processed within the mandated 15-day timeline. Dematerialized certificates were properly mutilated, cancelled, and depositories were substituted as the registered owners. This is a standard administrative filing with no financial or operational impact.

Covers the dematerialization processing period from 01/07/2026 to 30/09/2026
Confirmation of demat requests completed within the required 15 days limit
RTA Mas Services Limited issued the confirmation certificate dated October 06, 2026
Filing submitted to BSE and NSE on October 08, 2026

💡 No action required as this is a recurring regulatory filing. Investors should instead track the company's upcoming Q2 FY27 operational and financial results.

Piccadily Agro Trading Window Closes from October 1, 2026 for Q2 FY27 Results

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 21 Sep 2026, 01:38 PM

Piccadily Agro Industries Limited has notified stock exchanges of its trading window closure effective Thursday, October 1, 2026. The closure applies to designated persons and their immediate relatives in compliance with SEBI Insider Trading regulations. The window will reopen 48 hours after the declaration of the un-audited financial results for the quarter ending September 30, 2026. The board meeting date to approve the financial results will be intimated separately.

Trading window closes on Thursday, 01st October, 2026
Closure covers the un-audited financial results for quarter ending 30th September, 2026
Trading window reopens 48 hours after the declaration of Q2 results
Date of Board Meeting to consider results will be intimated in due course

💡 Track subsequent filings for the announcement of the Board meeting date and the eventual Q2 financial performance.

Piccadily's Camikara Rum Wins Multiple Medals at ISC 2026 and SIP Awards USA

🟢 POSITIVE ⭐ 3/10

OTHER 📅 03 Sep 2026, 12:29 PM

Piccadily Agro Industries announced that its premium pure cane juice rum brand, Camikara, has won multiple international awards. Camikara 3YO, 8YO, and 12YO were each awarded Silver medals at the International Spirits Challenge 2026 in the UK. Additionally, at the SIP Awards 2026 in California, Camikara 8YO won Best in Class – Platinum, Camikara 3YO won Gold, and both received Innovation Awards. While these awards validate the company's premiumization push (IMFL revenue share reached 42.9% in FY25), no direct revenue impact was disclosed.

Camikara 3YO, 8YO, and 12YO won Silver medals at the International Spirits Challenge 2026 (ISC), UK
Camikara 8YO awarded Best in Class – Platinum at the SIP Awards 2026 in California, USA
Camikara 3YO secured a Gold medal and both 3YO and 8YO received Innovation Awards at SIP Awards 2026
Product is crafted from 100% pure sugarcane juice using traditional rhum agricole methods with no additives

💡 Track the volume growth and revenue contribution of the premium IMFL/rum portfolio in upcoming quarterly results, along with global distribution expansion.

Piccadily Agro Convenes 32nd AGM on Sept 25, 2026; Re-appoints MD & Statutory Auditors

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Aug 2026, 06:33 PM

Piccadily Agro Industries has issued the notice for its 32nd Annual General Meeting scheduled for September 25, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 financial statements and dividend declaration on equity shares. Shareholders will also vote on the appointment of M/s Rattan Kaur & Associates as Statutory Auditors for a 5-year tenure until 2031. Additionally, the re-appointments of Managing Director Mr. Harvinder Singh Chopra and Whole-time Director Mr. Dharmendra Kumar Batra for a 1-year term each are up for shareholder approval.

32nd AGM scheduled to take place on Friday, September 25, 2026, at 4:30 PM IST via VC/OAVM
Appointment of M/s Rattan Kaur & Associates as Statutory Auditors for a 5-year term from 32nd AGM to 37th AGM (2031)
Re-appointment of Mr. Harvinder Singh Chopra as Managing Director for 1 year effective August 2, 2026
Re-appointment of Mr. Dharmendra Kumar Batra as Whole-time Director for 1 year effective June 29, 2026
Ratification of remuneration of Rs 36,000 p.a. for Cost Auditor M/s Sanjeev K Bansal & Associates

💡 Track voting outcomes and shareholder approvals following the conclusion of the AGM on September 25, 2026.

Piccadily Agro Submits FY26 BRSR: IMFL Contributes 44.3% of Total Turnover

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Aug 2026, 11:23 AM

Piccadily Agro Industries Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY26 as part of its annual reporting disclosures. The report reveals that IMFL accounted for 44.31% of turnover, Country Liquor contributed 35.16%, and Sugar represented 20.53%. Export sales contributed 7.48% to overall turnover, spanning 29 international destinations and 29 Indian states. The filing also disclosed total net worth of Rs 900.46 Cr and annual turnover of Rs 1,142.84 Cr for CSR applicability purposes.

IMFL contributed 44.31% of total turnover, while Country Liquor and Sugar contributed 35.16% and 20.53% respectively
Exports accounted for 7.48% of total revenue across 29 international markets
Reported total employee strength of 920 and worker strength of 236 as of March 31, 2026
Turnover stated at Rs 1,142.84 Cr and net worth at Rs 900.46 Cr under CSR disclosures

💡 Track the upcoming AGM outcomes and quarterly results to monitor the continued premiumization mix shift toward branded IMFL.

Piccadily Agro Sets Sep 18, 2026 as Record Date for Dividend & 32nd AGM

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 18 Aug 2026, 03:46 PM

Piccadily Agro Industries Limited has fixed September 18, 2026, as the record date to determine eligible shareholders for dividend distribution and remote e-voting. The company's 32nd Annual General Meeting (AGM) will take place on September 25, 2026, at 04:30 PM via video conferencing. The share transfer books and Register of Members will remain closed from September 19, 2026, to September 25, 2026 (both days inclusive).

Record date set as September 18, 2026, for determining dividend entitlement and e-voting eligibility.
32nd Annual General Meeting scheduled for September 25, 2026, at 04:30 PM.
Book closure period runs from September 19, 2026, to September 25, 2026 (both days inclusive).
Applies to equity shares with a face value of Rs 10 each.

💡 Shareholders seeking dividend eligibility must hold shares before the September 18, 2026 record date; watch for the AGM voting results on September 25, 2026.

Piccadily Agro Recommends Final Dividend of Re. 1 Per Share (10%) for FY26

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 18 Aug 2026, 03:44 PM

Piccadily Agro Industries has recommended a final dividend of Re. 1 per equity share (10% of face value) for the financial year 2025-26. The payout is subject to shareholder approval at the 32nd Annual General Meeting (AGM) scheduled for September 25, 2026. The register of members will remain closed from September 19 to September 25, 2026, and dividend payment will occur within 30 days of the AGM. Against FY26 EPS of Rs 11.40 and a current stock price of Rs 700.4, this translates to a modest dividend payout ratio of ~8.8% and a dividend yield of ~0.14%.

Recommended final dividend of Re. 1 per equity share (10%) for FY 2025-26
32nd Annual General Meeting convened for Friday, September 25, 2026
Book closure fixed from Saturday, September 19, 2026 to Friday, September 25, 2026
Dividend payment to be executed within 30 days of the AGM conclusion

💡 Note the book closure starting September 19, 2026 for dividend entitlement, and track the AGM proceedings on September 25, 2026 for final shareholder approval.

Piccadily Agro receives BSE & NSE clearance for demerger into Piccadily Food & Essentials

🟢 POSITIVE ⭐ 6/10

M&A 📅 17 Aug 2026, 04:54 PM

Piccadily Agro Industries Limited has received 'No Adverse Observation' letters dated August 14, 2026, from BSE and NSE for its proposed Scheme of Arrangement (Demerger) with Piccadily Food & Essentials Limited. This regulatory milestone follows the initial Board approval on April 28, 2026, and allows the company to progress the demerger before the National Company Law Tribunal (NCLT). The observation letters are valid for 6 months to submit the petition to the NCLT. Final implementation remains subject to approvals from the NCLT, shareholders, and creditors.

Received 'No Adverse Observation' letters dated August 14, 2026 from both BSE and NSE.
Draft scheme follows the original Board approval announced on April 28, 2026.
Observation letter carries a validity of 6 months from August 14, 2026 to file the scheme with NCLT.
Resulting entity Piccadily Food & Essentials Limited must complete listing and commence trading within 60 days of receiving the final NCLT order.

💡 Track the filing of the demerger petition with the NCLT and watch for dates of court-convened shareholder and creditor meetings to vote on the scheme.

Piccadily Agro Secures Stock Exchange Clearance for Demerger Scheme

🟢 POSITIVE ⭐ 6/10

M&A 📅 17 Aug 2026, 04:39 PM

Piccadily Agro Industries Limited has received 'No Adverse Observation Letters' dated August 14, 2026, from both BSE and NSE regarding its proposed Scheme of Arrangement to demerge Piccadily Food & Essentials Limited. The receipt of exchange clearance allows the company to move to the next legal phase by submitting the scheme petition to the National Company Law Tribunal (NCLT) within the 6-month validity period. The transaction remains subject to statutory clearances including approvals from the NCLT, shareholders, and creditors. Once NCLT approval is finalized, the resulting entity must complete listing within 60 days of the order receipt.

Received No Adverse Observation Letters from BSE and NSE dated August 14, 2026
Observation letters have a validity of 6 months to submit the scheme petition before NCLT
Piccadily Food & Essentials Limited must complete listing steps within 60 days of the NCLT order
Board of Directors had earlier approved the demerger scheme on April 28, 2026

💡 Track the upcoming filing of the demerger petition with the NCLT and monitor forthcoming shareholder/creditor meeting notices for detailed valuation reports and swap ratios.

Piccadily Q1 Concall: Premium Alco-Bev Sales Up 47.3% to ₹82.3 Cr; Targets ~60% FY27 Topline Growth

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 17 Aug 2026, 01:22 PM

Piccadily Agro released the transcript for its Q1 FY27 earnings call, highlighting an 18.1% YoY increase in revenue from operations to ₹270.5 Cr. Growth was led by the distillery vertical, which climbed 26.3% YoY to ₹205.7 Cr, while the high-margin premium branded alco-bev portfolio surged 47.3% YoY to ₹82.3 Cr. EBITDA rose 21.0% YoY to ₹47.2 Cr with an 18.5% margin, and PAT stood at ₹22.0 Cr. Management reaffirmed its full-year FY27 guidance targeting ~60% company-level revenue growth and an EBITDA margin of 23%-24%, supported by the commissioning of the Chhattisgarh facility.

Revenue from operations grew 18.1% YoY to ₹270.5 Cr, with distillery revenue up 26.3% YoY to ₹205.7 Cr (76% of total revenue).
Premium branded alco-bev portfolio surged 47.3% YoY to ₹82.3 Cr, contributing 43.5% of distillery revenue vs 37.8% in Q1 FY26.
EBITDA increased 21% YoY to ₹47.2 Cr (18.5% margin), and PAT grew 15.4% YoY to ₹22 Cr.
Reaffirmed FY27 targets: ~60% company-wide revenue growth, 60%-70% branded alco-bev growth, and 23%-24% EBITDA margins.
Newly commissioned Chhattisgarh distillery contributed ₹5 Cr in Q1 (15 operational days) with full-year revenue expectation of ₹300-₹400 Cr.

💡 Track capacity ramp-up at the Chhattisgarh distillery and volume traction of premium brands like Indri, Whistler, and Camikara in upcoming quarters to verify delivery against the 60% full-year top-line guidance.

₹270.50 Cr Q1 Revenue: Piccadily Agro Reports 18% YoY Growth Driven by Distillery Segment

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 11:35 PM

Piccadily Agro Industries reported a steady Q1 FY27 with revenue from operations growing 18.1% YoY to ₹270.50 Cr. Net profit for the quarter rose 15.3% YoY to ₹21.80 Cr, up from ₹18.91 Cr in the previous year's corresponding quarter. The distillery segment remains the primary growth engine, contributing 76% of total revenue and generating ₹43.51 Cr in segment profit, effectively offsetting a ₹3.33 Cr loss in the seasonal sugar segment. The board also recommended the appointment of M/s Rattan Kaur & Associates as statutory auditors for a five-year term.

Revenue from operations increased 18.1% YoY to ₹270.50 Cr from ₹229.00 Cr.
Net profit grew 15.3% YoY to ₹21.80 Cr compared to ₹18.91 Cr in Q1 FY26.
Distillery segment revenue rose 26.3% YoY to ₹205.66 Cr, now representing 76% of total income.
Distillery segment PBIT stood at ₹43.51 Cr, while the sugar segment reported a loss of ₹3.33 Cr.
Board recommended appointment of M/s Rattan Kaur & Associates as Statutory Auditors for 5 years.

💡 Investors should monitor the distillery segment's margin trends and the progress of excise approvals for full capacity utilization at the Indri unit. The seasonal nature of the sugar business remains a factor to watch in quarterly volatility.

Piccadily Agro Q1 Net Profit Rises 15% to ₹21.8 Cr; Distillery Revenue Up 26% YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 11:20 PM

Piccadily Agro Industries reported an 18.1% YoY growth in revenue to ₹270.50 crore for Q1 FY27, driven by its high-margin distillery segment. Net profit increased by 15.3% YoY to ₹21.80 crore, although it saw a sequential decline from the previous quarter due to seasonality. The distillery division now contributes 76% of total revenue, while the sugar segment continues to operate at a loss of ₹3.33 crore. The board also recommended appointing M/s Rattan Kaur & Associates as new statutory auditors for a five-year term.

Revenue from operations grew 18.1% YoY to ₹270.50 crore from ₹229.00 crore.
Distillery segment revenue increased 26.3% YoY to ₹205.66 crore, representing 76% of total income.
Net profit for the quarter stood at ₹21.80 crore compared to ₹18.91 crore in the same period last year.
Distillery segment EBIT rose 12.7% YoY to ₹43.51 crore, maintaining its role as the primary profit driver.
Sugar segment reported an EBIT loss of ₹3.33 crore, though improved from a ₹4.32 crore loss in Q1 FY26.

💡 Investors should monitor the distillery segment's margin trends and the progress of excise approvals for full capacity utilization at the Indri unit, which is critical for sustaining the premiumization strategy.

Q1 Net Profit Grows 15% YoY to ₹21.8 Cr; Distillery Revenue Up 26%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 11:09 PM

Piccadily Agro Industries reported a steady Q1 FY27 with net profit rising 15.3% YoY to ₹21.80 crore. Revenue from operations grew 18.1% YoY to ₹270.50 crore, primarily driven by the distillery segment which now accounts for 76% of total revenue. While the distillery segment remains highly profitable with an EBIT of ₹43.51 crore, the sugar segment continues to be a drag, reporting a loss of ₹3.33 crore. The company also proposed a new statutory auditor, M/s Rattan Kaur & Associates, for a five-year term.

Revenue from operations increased 18.1% YoY to ₹270.50 crore from ₹229.00 crore.
Distillery segment revenue grew 26.3% YoY to ₹205.66 crore, reflecting the shift toward premium spirits.
Net profit for the quarter stood at ₹21.80 crore, a 15.3% increase over ₹18.91 crore in Q1 FY26.
Sugar segment reported an EBIT loss of ₹3.33 crore, though improved from a loss of ₹4.32 crore YoY.
Finance costs remained relatively flat at ₹8.65 crore compared to ₹8.60 crore in the year-ago period.

View All PICCADIL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In H1 FY26, the Distillery segment grew 21.9% YoY to INR 370.7 Cr, while the Sugar segment declined 13.2% to INR 91 Cr. For Q2 FY26, Distillery grew 12.4% YoY to INR 207.9 Cr and Sugar grew 59.0% to INR 24.8 Cr.

Geographic Revenue Split

The company has an established presence in 28 countries and distribution across 9 global and 15 domestic duty-free locations. Specific regional percentage splits are not disclosed.

Profitability Margins

H1 FY26 Standalone PAT margin stood at 9.8% (up 30 bps YoY). FY24 PAT margin was 14.37%, a significant improvement of 1032 bps from 4.05% in FY23 due to increased sales realization and volume.

EBITDA Margin

Standalone EBITDA margin for H1 FY26 was 18.6% (up 120 bps YoY). Q2 FY26 EBITDA margin was 20.7%, down 90 bps YoY due to a lower share of high-margin IMFL products in that specific quarter.

Capital Expenditure

Not explicitly disclosed as a total planned figure, but the company is currently seeking excise approval to utilize full capacity at its Indri distillery unit.

Credit Rating & Borrowing

Credit rating upgraded to IVR A-/Stable (Long Term) and IVR A2+ (Short Term) in February 2025. Total rated bank facilities amount to INR 347.96 Cr, including term loans of INR 180.96 Cr maturing in Feb 2033.

⚙️ Operational Drivers

Raw Materials

Sugarcane (for sugar processing) and grains/malt (for distillery). Cost of materials consumed in H1 FY26 was INR 134.6 Cr, representing 29% of total income and increasing 64.7% YoY.

Import Sources

Sourced primarily from Haryana, India, where the 168-acre manufacturing plant is located in Karnal.

Capacity Expansion

Current capacity includes a 5,000 TCD sugar production unit and a 150 KLPD distillery unit. Excise approval for utilizing full capacity at the Indri unit is currently in progress.

Raw Material Costs

Raw material costs rose 64.7% YoY in H1 FY26 to INR 134.6 Cr. Procurement strategies involve leveraging the local agricultural base in Haryana.

Manufacturing Efficiency

EBITDA margin improved by 913 bps in FY24 to 19.48% due to a decline in raw material consumption costs relative to scale.

📈 Strategic Growth

Expected Growth Rate

28%

Growth Strategy

The company is shifting its revenue profile from bulk commodity sales to branded and premium alcoholic beverages (IMFL). IMFL revenue share grew from 1.7% in FY22 to 42.9% in FY25. Growth will be driven by increasing the share of premium products like Indri Single Malt and expanding global duty-free presence.

Products & Services

Sugar, Ethanol, Extra Neutral Alcohol (ENA), Indian Made Indian Liquor (IMIL), and premium Indian Made Foreign Liquor (IMFL) including Single Malt Whisky and Rum.

Brand Portfolio

Indri (Single Malt Whisky), Camikara (Premium Rum).

New Products/Services

Focus on value-added and branded IMFL products; specific new launch contribution percentages are not disclosed.

Market Expansion

Expanding distribution across global duty-free locations (currently 9 global and 15 domestic) and established presence in 28 countries.

🌍 External Factors

Industry Trends

The Indian premium alcohol market is growing rapidly. Piccadily is positioning itself by moving away from bulk commodities to high-margin branded spirits, with distillery margins reaching 30.2% in FY25.

Competitive Landscape

Competes with both domestic sugar mills and international/domestic premium spirit manufacturers.

Competitive Moat

Moat is built on the 'Indri' brand equity, which has gained international recognition, and the integrated nature of the manufacturing facility which provides cost efficiencies in power and raw materials.

Macro Economic Sensitivity

Sensitive to agricultural output in Haryana (sugarcane) and national biofuel policies (ethanol blending).

Consumer Behavior

Shift toward 'premiumization' in India, where consumers are moving from country liquor to branded IMFL and single malts.

Geopolitical Risks

Trade barriers in the 28 countries of operation could impact export volumes of premium brands like Indri.

⚖️ Regulatory & Governance

Industry Regulations

Operations are highly regulated by state excise policies and pollution control norms. Full capacity utilization at Indri is currently pending excise approval.

Taxation Policy Impact

Effective tax rate for H1 FY26 was approximately 25.4% (INR 15.5 Cr tax on INR 60.9 Cr PBT).

Legal Contingencies

The auditor's report for FY25 did not identify any material weaknesses in internal financial controls, though specific values for pending court cases were not provided.