A Sugar Company Is Quietly Turning Into a Premium Spirits Play

is becoming an interesting case of business mix changing underneath the reported numbers. In Q1 FY27, branded alcobev revenue jumped 47% YoY to ₹82.3 crore, while total revenue grew 18%. The company is now positioning Indri and other premium spirits as the key growth engine for the next 3–5 years. More interestingly, BSE and NSE have now cleared its proposed demerger, which would separate the sugar business from the distillery business. The market may still see Piccadily as a sugar company. The interesting question is what the distillery business could be worth on its own.