Revenue and Profit Growth
Over the seven-year period ending March 2025, Piccadily Agro’s net sales have shown consistent expansion, rising from ₹371.35 crores in 2019 to ₹818.12 crores in 2025. This represents a compound growth trend reflecting the company’s ability to scale operations and capture market demand effectively. Total operating income mirrors this growth, with no other operating income reported, indicating a primary focus on core business activities.
Operating profit before depreciation and interest (PBDIT) excluding other income has surged significantly, reaching ₹182.96 crores in 2025 from ₹27.16 crores in 2019. The operating profit margin has improved notably, climbing to 22.6% in 2025 from a modest 7.4% in 2019, signalling enhanced operational efficiency and cost management. Profit after tax (PAT) also reflects this positive trend, increasing to ₹102.70 crores in 2025 from ₹5.36 crores in 2019, with the PAT margin rising to 12.69%.
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Cost Structure and Margins
Raw material costs have increased in line with sales growth, rising from ₹249.73 crores in 2019 to ₹417.17 crores in 2025. However, the company has managed to maintain a healthy gross profit margin, which improved to nearly 20% in 2025 from 5.25% in 2019. Employee costs and other expenses have also risen but remain proportionate to the scale of operations. Notably, power costs have fluctuated but showed a decline in 2025 compared to previous years, contributing to margin improvement.
Interest expenses have increased to ₹27.85 crores in 2025 from ₹16.59 crores in 2019, reflecting higher borrowings to support expansion. Despite this, the company’s profit before tax has grown substantially, indicating effective leverage utilisation.
Balance Sheet and Financial Position
Piccadily Agro’s shareholder funds have nearly quadrupled from ₹185.34 crores in 2021 to ₹680.09 crores in 2025, supported by a significant rise in reserves. The company’s total liabilities have also increased, reaching ₹1,144.37 crores in 2025 from ₹509.10 crores in 2021, driven by higher long-term and short-term borrowings to finance capital expenditure and working capital needs.
Capital investments are evident in the growth of gross block assets from ₹296.73 crores in 2021 to ₹509.67 crores in 2025, with net block assets also rising accordingly. Capital work in progress has expanded sharply, indicating ongoing capacity enhancement. Current assets have grown to ₹551.53 crores in 2025, with inventories and sundry debtors increasing in line with business scale.
Cash Flow Dynamics
Cash flow from operating activities has been volatile, with a negative outflow of ₹27 crores in 2025 following positive inflows in prior years. This is partly due to significant changes in working capital, which saw a large outflow of ₹164 crores in 2025. Investing activities have consistently been cash outflows, reflecting ongoing capital expenditure, while financing activities have provided substantial inflows, particularly ₹291 crores in 2025, supporting the company’s expansion strategy.
Despite fluctuations, the company maintains a positive net current asset position and a rising book value per share, which increased to ₹46.97 in 2025 from ₹19.58 in 2021, underscoring growing shareholder value.
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Summary of Historical Performance
Piccadily Agro’s historical performance reflects a company on a steady growth path, with revenues more than doubling over six years and profitability improving markedly. The firm has successfully expanded its asset base and shareholder equity, while managing rising costs and debt levels prudently. Margins have improved significantly, indicating operational efficiencies and effective cost control. Cash flow patterns suggest active investment and financing to support growth, with working capital management presenting an area for close monitoring.
Overall, the company’s financial evolution portrays a resilient business model with a clear focus on scaling operations and enhancing shareholder returns, making it a noteworthy player in its sector.
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