Piccadily Agro IndustriesLtd (PAIL), known for its Indri brand, has said it is embarking on a ₹1,000 crore expansion plan, including a brownfield expansion of its distillery and malt facilities in Haryana, a greenfield project in Chhattisgarh, and the establishment of its first international distillery in Scotland.

In September 2024, PAIL raised ₹262 crore through preferential allotment from marquee investors, while an additional ₹50 crore was infused by the company’s promoters. The balance funding will be tied up through a combination of internal accruals and debt, the company said.

The expansions are expected to be completed over the next 24 months, with the first phase of the total expansion at the Indri plant of malt and ethanol reaching completion in early 2025.

Piccadily will expand its production capabilities, increasing total capacity to 250 kilo litres per day (KLPD) of its distillery in Indri, Haryana. This includes boosting ENA/Ethanol production to 220 KLPD and scaling up the malt production from 12 to 30 KLPD. Additionally, the company said it is expanding its warehousing infrastructure to accommodate over one lakh barrels.

The new green field distillery in the Mahasamund district in Chhattisgarh, will have a production capacity of 210 KLPD comprising ENA/Ethanol production of 180 KLPD and malt production of 30 KLPD. With 30per cent of the work already completed, the remainder of the project is expected to be completed by Q2 FY26.

With HM Revenue and Customs (HMRC) approvals in place for commencing the project on a 58 acres land parcel, Piccadily said it is also establishing its first international distillery in Portavadie, Scotland. The Portavadie site will feature a visitor centre.

“We are entering a transformative phase in our growth journey. This expansion is not just about scaling up our operations; it’s about reshaping the future of premium Indian alco-bev spirits on a global stage. With this expansion in India, we are set to increase our overall production capacity to 460 KLPD including 60 KLPD of malt spirits, ensuring we are well-positioned to meet the rising demand for both Indian and international markets. Our expansion across India and Scotland demonstrates our ambition to redefine the global spirits industry while solidifying India’s position as a producer of high-quality, premium alcohol.” said Siddhartha Sharma, Promoter, Piccadily Agro Industries Ltd.

In Q2FY25, the company posted a revenue growth of 63.45per cent year-over-year, while the EBITDA grew by 74.45per cent.

Piccadily Agro Industries Ltd shares closed at ₹686.40 today, down by 3.55per cent.

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