32nd Annual Report for the year 2025-2026

THE MAKING OF A GLOBAL BRAND ANNUAL REPORT 2025-26 C O N T E N T S Corporate 04 India’s Largest Independent Producer of Malt Spirit 06 Signatures from the House of Piccadily Overview 08 A Blueprint for Long-term Growth 10 A Story Distilled Through Time 12 From Indri to the World 14 From the Chairman and MD’s Desk 16 Numbers that Tell a Story of Discipline 18 The Craft Behind Every Pour 20 Crafted for Every Occasion 24 Crafting Tomorrow’s Classics 26 The Future, Carefully Crafted 28 Where Every Sip Becomes an Experience 34 Expanding Our Presence Through Digital Storytelling 36 Protecting the Integrity of Our Brand with Diligence 38 Environment Stewardship 40 Governance 41 From India to World: A Story of Award - Winning Excellence 42 Awards and Recognitions in FY 2025-26 45 Corporate Information Statutory 46 Notice 59 Director’s Report Reports 67 Annexure A to G to Director’s Report 106 Annexure H to BRSR Report Financial 135 Independent Auditor’s Report 144 Standalone Balance Sheet Statements 145 Statement of Profit and Loss 146 Statement of Standalone Cash Flow 158 Standalone Statement of Changes In Equity 150 Notes to Financial Statements 185 Consolidated Auditors Report 191 Consolidated Balance Sheet 192 Statement of Consolidated Profit and Loss 193 Consolidated Cash Flow Statements 195 Consolidated Statement of Change in Equity 197 Notes to Financial Statements Piccadily Agro Industries Limited Annual Report 2025-26 Corporate Overview Statutory Reports Financial Statements Every brand begins from a place; ours began from India, shaped by its land, its climate and a belief that craftsmanship, pursued with patience and conviction, can create something of enduring value. Our journey has never That journey has steadily The year also marked been about creating spirits gathered momentum. another important step in alone. It has been about Indri has emerged as one extending our presence expressing the richness of of the defining names beyond borders. As our Indian provenance through in Indian single malt brands reached new products with distinctive whisky, while Camikara, international markets, character, authenticity Whistler and Cashmir have strengthened their and timeless appeal. broadened our portfolio, presence in travel retail From the barley fields of each contributing a and advanced towards our Rajasthan and carefully unique perspective to the first overseas distillery in selected casks to years of evolving story of Indian Scotland, we continued maturation and meticulous spirits. Together, they to build the foundations distillation, every expression represent a new generation of a business with global reflects an uncompromising of brands that honour relevance. Recognition pursuit of quality. What tradition while embracing across leading international begins with craft ultimately contemporary tastes and competitions and growing becomes an experience, global aspirations. appreciation among inviting consumers to consumers have further discover something new reflected the rising stature with every sip. of Indian craftsmanship on the world stage. THE MAKING OF A GLOBAL BRAND is not defined by a single milestone but by the conviction to create something that endures. It is the story of patiently shaping brands that transcend geographies while remaining deeply rooted in their origin. Every expression we craft, every market we enter and every relationship we build reflects a larger ambition— to establish Indian spirits among the world’s most admired premium brands, while ensuring their Indian provenance remains at the heart of every story we tell. 02 03 Piccadily Agro Industries Limited Annual Report 2025-26 Corporate Overview Statutory Reports Financial Statements India’s Largest Independent Producer of Malt Spirit It began with a conviction that India could craft a single malt worthy of Innovation has guided the evolution Innovation in Action of our premium spirits portfolio, global acclaim. That belief has since evolved into a distinguished portfolio earning recognition among Single Malt Rum of premium Indian spirits, led by Indri, Camikara, Whistler and Cashmir. consumers and at international Every sip tells a story, shaped by decades of expertise in distillation and forums within four years of launch. Six-row barley and multi- India’s first cane juice Drawing on Indian ingredients, maturation. From India to discerning audiences across international markets, cask maturation rum distinctive maturation techniques and our spirits reflect an unwavering pursuit of excellence and an enduring a considered approach to product reverence for the art of fine spirit making. development, we have crafted Vodka Recognition expressions that offer a distinctive interpretation of premium spirits. Crafted from indigenous International awards and Sona Moti wheat consumer trust within four years WHAT 25,000+ 87,000* DEFINES US Outlets Barrels Retail and On-Trade Reach Under Maturation at Indri 35* Duty Free Locations Across Domestic and International Travel Retail OUR 168 Acres 26 Acres PLATFORM Integrated Distillery Campus Integrated Distillery Campus located at Indri, District located at Mahasamund, Karnal, Haryana Chhattisgarh 30 KLPD* 420 KLPD Malt Distillation Capacity ENA and Ethanol Capacity at at Indri Indri and Chhattisgarh * as of June 30, 2026 * Kilo Litres Per Day 04 05 Piccadily Agro Industries Limited Annual Report 2025-26 Corporate Overview Statutory Reports Financial Statements Signatures from the House of Piccadily Indri Whistler Crafted in Indri, Haryana, Indri has A barrel-aged blended malt whisky, emerged as one of the defining Whistler brings together selected names in Indian single malt malt whiskies to create a balanced whisky. Shaped by its provenance, and versatile profile. Notes of vanilla distinctive maturation and cream and caramelised malt unfold generations of distilling expertise, alongside gentle spice, culminating it reflects a sense of place that in a soft, lingering finish that is has found appreciation among marked by understated warmth and varied markets. delicate sweetness. Camikara Cashmir Made from pure cane juice rather Inspired by the landscapes of than molasses, Camikara draws Kashmir, Cashmir marks our entry inspiration from one of India’s into the vodka category. Defined oldest agricultural traditions. It by clarity and a clean character, it offers a distinctive expression offers a contemporary expression of Indian rum, bringing renewed that complements our portfolio while perspective to the category through reflecting the evolving preferences authenticity and character. of today’s consumers. 06 07 Piccadily Agro Industries Limited Annual Report 2025-26 Corporate Overview Statutory Reports Financial Statements A Blueprint for Long-term Growth As consumer preferences increasingly gravitate towards premium experiences, we remain focused on building brands with enduring relevance. Our priorities centre on nurturing distinctive identities, broadening our presence across markets and thoughtfully evolving our portfolio within the premium and luxury spirits landscape. Together, these priorities shape our investment decisions, strategic direction and long-term aspirations. This approach is guided by 01 02 four focus areas Global Brand Premium Portfolio Building Development Developing brands with Enhancing our presence distinct identities, strong across premium and luxury consumer recall and segments through product relevance across markets quality, innovation, and category development 03 04 International Long-term Value Market Expansion Creation Broadening our presence Creating enduring value across global markets through through prudent capital a disciplined approach allocation, operational to market entry, trusted discipline and a distribution partnerships and measured approach to sustained brand development sustainable growth 08 09 Scaling Premium Growth Expanded production capacity and strengthened the premium portfolio to [Showing first 8,000 characters — download PDF for full document]