Home / Business and Economy / India's Whisky Crowned World's Best!
India's Whisky Crowned World's Best!
20 Jul
Summary
- Indian single malt Indri won 'Best in Show' award.
- Company began as a sugar mill before spirits.
- Demerger separates spirits from sugar operations.
In September 2023, the Indian single malt whisky Indri, produced in Haryana, was named Best in Show at the Whiskies of the World Awards, surpassing global competitors. The distillery's parent company, Piccadily Agro Industries Ltd. (PAIL), was originally a sugar mill established in 1994, entering the spirits business only in 2017.
To unlock the value of its successful spirits division, PAIL is demerging its sugar business into a new entity, Piccadily Food & Essential Limited (PFEL). This separation allows the high-margin, award-winning Indri brand to be valued independently, free from the cyclical and low-margin sugar operations.
The spirits business has shown impressive growth, with IMFL volumes now representing over 40% of PAIL's revenue, compared to under 2% five years ago. This segment earned an EBITDA margin of 31.5% in FY26, while the sugar business incurred a negative margin of -4.6%.
The demerger process, initiated with board approval on April 28, 2026, is expected to take nine to fifteen months to complete, involving regulatory approvals and shareholder votes before PFEL lists independently.
PAIL will retain the distillery and branded spirits business, including Indri, which has garnered over 50 international awards. The company is expanding its capacity significantly, with plans for new distilleries in India and Scotland, and a substantial maturing stock of whisky barrels, positioning it for future growth in the premium alco-beverage market.
