Synopsis:
Piccadily Agro got an interim court order against Radico Khaitan, stopping it from selling vodka under the name KASHMYR as it is too similar to Piccadily’s brands CASHMIR and CASHMERE. The case is still ongoing, and there is no financial impact right now.
The shares of this leading alcohol company, which has an award-winning whisky in its portfolio, are in focus after it received a key order from the Haryana court. In this article, we will dive more into the details.
With a market capitalization of Rs 7,019 crore, the shares of Piccadily Agro Industries Ltd made a day’s high of Rs 746.35 per share, up 0.71 percent from its previous day’s closing price of Rs 741.10 per share. Over the past five years, the stock has delivered a mutibagger return of 7,517 percent, outperforming NIFTY 50’s return of only 127 percent.
About the Incident
Piccadilly Agro Industries is in focus after it won an interim order in its case against Radico Khaitan. The company had complained that Radico’s vodka brand KASHMYR looked and sounded too similar to its own registered brands CASHMIR and CASHMERE.
On September 23, 2025, the District Court of Karnal prohibited Radico from manufacturing, selling, or advertising vodka under the KASHMYR name or anything similar. The court agreed that the brand names could confuse customers and hurt Piccadilly’s brand. Piccadily launched its premium vodka CASHMIR in May 2025, while Radico introduced KASHMYR in July 2025 in the same price range.
While this is a clear interim victory for Piccadilly Agro, the matter is still sub judice, and the outcome will depend on further hearings. The company clarified that there are no financial implications at this stage and said it will update exchanges on material developments in due course.
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Financial Highlights
The company’s revenue for Q1 FY26 came in at Rs 214 crore, up by 9 percent from Rs 196 crore in the same quarter last year. However, on a sequential basis, revenue declined by 16 percent from Rs 255 crore in Q4 FY25.
Coming to its profitability, the company reported a net profit growth of 38 percent to Rs 18 crore in Q1 FY26 as compared to Rs 13 crore in Q1 FY25. However, on a QoQ basis, it recorded a sharp decline of 45 percent from Rs 40 crore.
The company has delivered a ROE and ROCE of 20.07 percent and 22.68 percent respectively, and is currently trading at a high P/E of 65.17x as compared to its industry average of 32.49x.
Piccadilly Agro Industries is a company that operates in both the distillery and sugar sectors. It produces Malt Whisky, Cask Aged Rum, Extra Neutral Alcohol (ENA), and Ethanol. Piccadili is one of the main contributors to the Indian market of alcoholic beverages, and is known most of all for its proficiency in the malt spirits field. Their high-end single malt, Indri, which made its debut in 2022, has gone international by bagging the Best in Show award at the Whiskies of the World Awards 2023.
Written by Satyajeet Mukherjee
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