Piccadily Agro Industries Ltd has unveiled an ambitious growth plan to scale up its ethanol production capacity and double its malt and barrel storage infrastructure, signalling a major strategic expansion both within India and overseas.
The company, which began commercial operations as a sugar manufacturer in 1994 at Indri, Haryana, diversified into the distillery segment in 2007 with a grain-based facility. Since then, it has steadily developed its presence in the ethanol and allied sectors.
As part of its greenfield expansion, Piccadily Agro has acquired land in Mahasamund, Chhattisgarh, where it is setting up a 210 KLPD distillery. Construction is currently underway, and machinery has already been delivered to the site. The facility is expected to be commissioned in the second half of FY2025. The company cited Chhattisgarh’s investor-friendly policies and proximity to key raw material sources as major factors behind choosing the location.
In the company’s annual report, Chairman and Managing Director Harvinder Singh Chopra outlined a robust three-year investment roadmap. “In FY2025, we announced a growth plan involving an investment of Rs 1,000 crore over three years for capacity and business expansion. So far, Rs 450 crore has been invested, with another Rs 250 crore in the pipeline. The remaining Rs 300 crore will be earmarked for acquisitions and mergers,” he said.
Chopra added that the company aims to quadruple its production capacity and grow its business fourfold over the next 3–5 years. The funding mix includes Rs 262 crore via fully convertible warrants, Rs 161.25 crore through term loans, and an additional Rs 50 crore subscribed by promoters. The balance is expected to be covered through internal accruals.
As a result, the company’s net worth has nearly doubled from Rs 341 crore in March 2024 to Rs 683 crore in March 2025, while long-term borrowing rose to Rs 142 crore. Its balance sheet size expanded significantly, growing from Rs 739 crore to Rs 1,146 crore in the same period.
Capacity Expansion and Global Ambitions
Chopra noted that much of the first phase of the expansion began in FY2025. At the Indri facility, distillery capacity is being scaled from 78 KLPD to 220 KLPD for ENA/ethanol and from 12 KLPD to 30 KLPD for malt. These new lines are scheduled for commissioning in H1 FY2026.
The company is also doubling its barrel storage capacity from 45,000 to 100,000 barrels, with 30,000 barrels already added. To support this growth, additional barrel warehousing is being developed.
In a significant international move, Piccadily Agro has initiated the process of establishing a production facility in Portavadie, Scotland. Land acquisition is complete, and plant and machinery evaluations are currently underway.
Organisational Strengthening
To support its aggressive growth trajectory, the company has bolstered its senior management, including the appointment of a new Head of Sales and an experienced Chief Financial Officer. It has also implemented SAP-based internal ERP systems to improve operational efficiency and strengthen corporate governance. On the HR front, the company introduced an ESOP scheme covering 1% of its paid-up capital, of which one-third has already been granted.
Shifting Away from Sugar
Reflecting on the company’s legacy, Chopra noted that Piccadily Agro continues to operate a sugar division capable of processing 5,000 tons of cane per day, producing white crystal sugar. However, he acknowledged that the sugar sector’s stringent government controls and regulatory challenges have made it a non-core business. The company is now actively exploring divestment or demerger options for the sugar division.
