Popular Indian liquor stock extends rally for 11 straight days, share price doubles in a month

Shares of Piccadily Agro Industries Ltd, the largest independent manufacturer and seller of malt spirits in India, has doubled in the past one month after rallying for 11 straight sessions on Monday, April 26.

The Piccadily Agro stock hit the 5% upper circuit for the 11th straight day on Monday, to settle at ₹635.50. The share price has gained a cumulative of over 70% in the past 11 sessions and a whopping 100.5% in the past one month.

Piccadily Agro has in fact proven to be a consistent performer, with its share jumping over 13 times in the period of just one year.

This means that an investment of ₹1 lakh in shares of Piccadily Agro on May 2, 2023, would have now appreciated to around ₹13.4 lakh as of April 29, 2024.

The trigger for the recent spike in shares of Piccadily Agro, the maker of the famous Indri brand of single malt whisky, was the earnings announcement for the quarter ended March 2024 (Q4FY24).

The company posted a four-fold increase in its full-year profit for 2023-24 compared with a year ago.

For Q4FY24, Piccadily Agro’s net profit rose to ₹43.02 crore compared with ₹4.97 crore in the year-ago period.

Piccadily Agro also announced plans to raise ₹1,000 crore through issue of preference shares or a qualified institutional placement (QIP).

According to reports, the company plans to expand its capacity from 12,000 litres every day to 30,000 litres a day by the end of the current financial year and 60,000 litres towards the end of the next financial year.

Incorporated in 1994, Piccadily Agro Industries mainly manufactures and sells sugar, molasses, bagasses, and ethanol in India. It also provides liquor under the brand names of Malta, Marshal, Whistler, Kamet, Indri Trini, Camikara Rum, Royal Highland, and Golden Wings.