Piccadily Agro Industries Limited (530305) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the Piccadily Agro Industries Limited Q1 FY '27 Earnings Conference Call being held on 12th August 2026 at 2:30 p.m. India Time. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Sudhir Bhargava, Investor Relations for Piccadily Agro Industries Limited. Thank you, and over to you, sir.

Thank you. Good afternoon, everyone. I welcome you all to this earnings conference call. I hope you have reviewed our quarterly presentation that we uploaded yesterday at BSE and NSE. Today, we have with us a fair amount of our management team, including Mr. Natwar Aggarwal, who is the CFO; Mr. Praveen Malviya, who is the CEO of IMFL; Mr. Rakesh Vasishta, President, Sales; Mr. D.K. Batra, Director; Shalini Sharma, who heads Marketing; and other members of the team. Before we begin our presentation, I would like to remind you that some of the statements made in today's conference call may be forward-looking in nature and may involve risks and uncertainties. Kindly refer to the disclaimer slide of our earnings presentation for detail. To take you through where we are and what we have done, we are pleased to report a strong start to FY '27, building on the momentum established through FY '26, including completion of our expansions. Q1 FY '27 was a landmark quarter for Piccadily, marked by the highest quarter 1 volumes ever and revenue in the company's history. More importantly, we continue to see meaningful improvement in the quality and mix of our business with premiumization remaining the central driver of our performance. As you would have seen in the presentation, revenue from operations grew 8.1% [ 18.1% ] year-on-year to INR 270 crores, while the distillery business delivered an even stronger performance with revenue increasing 26.3% to nearly INR 206 crores. The most encouraging development was the continued acceleration of our branded alco-bev business. Our premium, super premium and luxury portfolio grew 47.3% to INR 82 crores, raising its contribution to 43.5% of distillery revenue compared with 37.8% in Q1 FY '26. And this is precisely the transformation we have been working on, shifting the business progressively towards higher value, higher margin and more differentiated products. Our growth continues to significantly outpace the broader industry within the premium and luxury segments in which we operate. We believe this reflects both the strength of our brands and the structural premiumization underway in the Indian alco-bev market as consumers increasingly trade upwards in terms of products that offer greater quality, authenticity, provenance and differentiated experience. This portfolio-led transformation is also translating into improved profitability. EBITDA increased 21% year-on-year to INR 47 crores, with EBITDA margin improving to 18.5% from 18.2% in the corresponding quarter last year. Profit after tax increased 15.4% to INR 22 crores, while EPS grew 10.5% to INR 2.21. What is particularly important to us is that this performance has been achieved while continuing to invest in the company's future growth. Our approach has remained consistent, build strong brands, expand distribution, improve product mix and invest ahead of demand, all while maintaining financial and operational discipline. So our portfolio today gives Piccadily a distinctive competitive position. We are focused entirely on the premium end of the market with ultra luxury and luxury single malts complemented by super premium rum and vodka. We have deliberately chosen not to build a legacy portfolio of low-margin brands. This is a strategic choice, not a limitation. It allows us to direct our capital, management bandwidth and marketing investments towards categories where we see significantly greater long-term value creation. So, our objective accordingly is not to compete on price. We intend to compete on product, quality, brand equity, authenticity and consumer experience. Our progress is visible not only in our financial performance, but also in our market expansion. During the quarter, we continued to broaden distribution of our luxury portfolio, strengthen our on-trade presence and build consumer advocacy through experiences and strategic partnerships. Our international business is also gaining momentum with new markets and international airports added to our distribution footprint. We view international expansion as a significant long-term opportunity to establish Piccadily's brand as globally recognized Indian premium. Am I audible?

You are audible sir.

Okay. Operationally, we are entering an important phase of capacity-led growth. Following our recent expansions, capacity utilization at both our Indri and Chhattisgarh distilleries is steadily scaling up, providing operating platform to support our next phase of growth. A number of new products are planned for launch during this financial year, which will further strengthen and broaden our premium portfolio. Looking at FY '27, we remain confident in our growth trajectory. We expect our branded alco-bev business to grow approximately 60% to 70% for the full year, which is what we had indicated when we had done the Q4 call. With the second half expected to be the principal growth driver. In the last year, it contributed nearly 60% to 65% of the annual branded alco-bev revenue. At the company level, we continue to target approximately 60% revenue growth year-on-year. As the business scales, our focus will remain firmly on balancing growth, margins and investments. We remain confident in our ability to deliver a company level EBITDA margin in the range of 23% to 24% for FY '27, while continuing to invest behind our brand, new product launches, distribution capabilities and international expansion. The opportunity ahead of us is fairly substantial. We believe Piccadily is increasingly evolving from a distillery-led business into a high-end branded alcohol beverage company, one with a focused premium portfolio and expanding global presence and structurally attractive growth opportunities. To sum, our priorities remain clear: premiumize the portfolio, build globally relevant brands, expand distribution, utilize our new capacities efficiently and create sustainable long-term value for our shareholders. We are confident that the investments we are making today will build a significantly larger and stronger category in the years ahead. With that, I would now like to hand over the call to our Chief Financial Officer, Mr. Natwar Aggarwal, who will take you through the financial and operational performance in greater detail. Thank you, everyone, and over to you, Natwar.

Thank you, Sudhir, talking about the strategic vision of the organization. Good afternoon, everyone. Now I would like to talk about the financial performance for Q1. In Q1, our growth trajectory continued revenue from operations grew by 18.1% to now INR 270.5 crores. Within that, distillery grew much more, which is 26.3% to INR 205.7 crores. Revenue from distillery also -- the share of distillery also grew to 76% now versus 71% on a year-on-year basis. And our core brand business within distillery, revenue from alco-bev products grew by 47.3% on a year-on-year basis, which is now at INR 82.3 crores. Company level EBITDA increased 21% to INR 47.2 crores now. EBITDA margin also grew by 30 bps, which is 18.5% now versus 18.2% on a year-on-year basis. There is an increase in depreciation amount this quarter. This is mainly because of commissioning Chhattisgarh plant, which is commissioned now. Talking -- we have given last quarter update that we filed a demerger of our sugar division. Update on that. scheme was filed to stock exchange on 28th April 2026, and we are progressing well. And so the process has continued. With that, I would like to open the floor for questions. Thank you so much.

[Operator Instructions] Our first question comes from the line of Ruchika Bhatia with Alchemy Capital.

So first question is this growth in the IMFL alco-bev branded alco-bev space of 47.3% growth, so INR 82.3 crores. So what has led to this growth? It's more -- if you can give some flavors like whether it's Indri or it's with expansion of Whistler or Camikara any mix would you like to share?

Yes, this is D.K. Batra here. So what we would like to say is that, yes, Indri has grown in high double digits, whereas Whistler has grown much more, more than 60% in this quarter with Camikara also entering CSD, numbers are also starting to flow in from there. So I think all the brands have kind of contributed to this growth. And going forward, with the season -- the winter season coming in, I think we'll see more brands contributing rather than being a single brand company, there will be multiple brands contributing with different margins, of course.

Okay. So again, is that the reason why the EBITDA margin has just moved like 30 basis points? I mean this is also a positive number, but is it because of the mix or it's because of the ramp-up of Chhattisgarh factory?

So see, in the IMFL business, it will be the mix. Because Indri being the highest margin product that we have. And if we try and compare that it will always be the highest margin. If you are selling 100% Indri the margins will be the largest, but to grow, it'll have to be -- the portfolio will have to grow. And some of the brands might not have as large margins as Indri. So there might be a little fluctuation depending on numbers coming in. But be that as it may, we are -- all the products that we are selling are probably the highest margin products in the market today.

Okay. Fair enough. Sir, also if you could touch upon the facilities, both the facilities, the utilization rates right now? Or if you could also help me with the sales breakup, like the distillery revenue, how much of that is contributed from Indri facility and Chhattisgarh facility?

So Chhattisgarh has just come online. So we only got about 15 days of production in from Chhattisgarh. So that has contributed a very miniscule about INR 5 crores in this quarter. So you won't see a lot of numbers. But yes, because the expenditures happened in the last 3 months, so the expenditure has been booked here. So Indri predominantly formed all the business that has come in. Whereas if you talk the malt capacity that we installed last year, the 30 KL, we are now at 80% capacity, and we are running consistently at that. The Indri distillery expansion, we are running that at about 60%. And Chhattisgarh expansion has happened, but we expect by the end of the year, we will be utilizing 50% capacity there. And a lot of that is also owed to -- there has been this court order from Chennai, where all the ethanol plants have been put to rest right now and only orders will start flowing in from next month probably, quarter 2 and quarter 3.

That will change our guidance like we had guided about INR 300 crores to INR 400 crores of revenue from Chhattisgarh facilities this year. So will that make any changes to this number?

I don't think so we factored all that in. And of course, we -- if we're not selling one product, the other product would sell. Any guidance would change from their report.

Okay. Sure. And one question on -- if you could help us understand opportunities that are in place with Portavadie and the FTA benefits coming in?

FTA is giving us the opportunity to like a global player, Scotland products coming to India have gone down by half their prices [ 150% ] to 75%. That will definitely be favourable as we are setting up facilities there. And more than that, the Portavadie distillery will not be serving India alone, it will be a global brand serving Piccadily's interest globally. So that will plug into our international beachhead distillery that we are looking at. And whereas the FTA, we are not net importers of a lot of bulk scotch. So for us, we mature our products within the country, but that materially doesn't make a lot of difference to us.

Right. It's only the Portavadie when it starts functioning and supplying, there'll be some amount of benefits over there.

The Portavadie distillery is not going to make only single malt, which will probably come into the market 3 years from now. But Portavadie will also be blending and selling other scotch brands, which will be coming into the market sooner than that.

When do we expect that to flow in sir?

So those are under works. So we will shortly announce something and we'll let you know about it.

Our next question comes from the line of Rahil Dasani with MAPL.

Yes, am I audible?

Sir, audible, sir.

Good to see a good set of numbers from the company. My first question is around how to think about the capacities of Indri especially considering the point that Indri requires a long time to age. Do we have enough casks, filled casks as of date to maintain the growth for this year and the next? Or can we see some slowdown in Indri up till FY '29 compared to a historically year on year growth of 40%, 50% volume?

2 parts to this question. One is that we have seen a 100% growth and 50% growth on Indri. But you have to realize that those growths are from base, which was very small. So the percentage will not justify. So being the 13th largest single malt in the world, our base is now large. So universally, single malts are growing at 2% or 3%. That is low single-digit numbers. Indri is growing at a high digit double-digit number. We are growing between 18% and 20% year-on-year. And that, I think, is the only company growing at that pace. And to be able to match that pace, we have enough stock for your question. We have 87,000 barrels of malt filled as on date. That is the largest in the country. And we do not see any constraints coming in from supply side. And in fact, there will be more products, not just Indri, more malt-based and other products coming from our portfolio very soon.

Okay. So just to confirm, you are saying you have enough capacity and aged casks to grow 18%, 20% in this year as well as the next, right?

Yes.

Got it. My next question is when we say that we want to grow 60%, 70% in FY '27. And like you said, Indri which is the biggest brand for us in the alco-bev segment and you are saying that will only grow 18%, 20%. So would it be right to say that this growth will be primarily ethanol and country liquor led and not as much premium products because as we know, Cashmir, Camikara and Whistler are much smaller in scale, maybe INR 50 crores, INR 60 crores, INR 70 crores in totality.

No, but they will grow. And if you look at Cashmir and Camikara, so again, they are super luxury brands in that segment, which is being discovered now high yield and margins. So I consider them also marquee products within our portfolio. And also the new products that we are talking about will also be in this premium and super premium segment. So we are not dealing in the prestige and below segment anyway. So we will have a lot of growth coming in with high margins. So there will be some growth coming in from Chhattisgarh, that will reflect, but that will not be predominantly where we gain most of our traction. The numbers from IMFL will lead the charge.

Okay. So you are saying the IMFL segment would be leading and causing the 60%, 70% would not be ethanol part, just to be clear.

Yes.

Got it...

And just one clarity, which I think this question has come a couple of times. So the capacities that we talk about in Chhattisgarh and in Indri, which we've expanded, when we talk about ethanol or ENA, those are stopgap arrangements. So the end game is not to sell ethanol. The end game is not to sell ENA. It is a buildup for capacity so that we have back-end support of these products when we are selling -- like we're looking at selling 1 million cases in 3 years for Whistler and other products. So we have the back end to supply that demand. So this is predominantly just a stop gap for maybe a year or 2 years, which we do not want to carry forward in a long term.

Fair enough. And just another thing just to continue on what you shared right now, you said that IMFL will be leading the growth. So will it be our existing 3 brands that which Whistler, Cashmir and Camikara? Or will it be the new brands that you're talking about and you also talked about last quarter that we will be introducing more brands in Q1.

New brands will come in, but new brands, it will be unfair to predict them and their sales as of now because once they hit the market, the alcohol industry is very atypical and the success of a brand is very subjective and depends on a lot of external factors as well. So although we do hope that they will give us also impetus of numbers. But yes, we will be focusing more on the products that we have. And the newer products will probably be delivering more robust results by next year.

This is Sudhir here. If you see our presentation that we uploaded on Slide 29, we have tried to allude to the 2, 3 products that we have planned.

Okay. Yes, I can see that. Yes. Got it. And just one last question around the margins before I get back in the queue. Even after such strong growth in our premium alco-beverage portfolio, much higher than our non-premium portfolio, that being ethanol and the country liquor, our margins didn't increase year-on-year. Even if I see the segmental margins in distillery, they have reduced. So is it because Whistler has picked up and that's maybe a much lower margin than what we do in Indri? Or is there some other reason?

That's part of that. But also, if you see the -- in the IMFL our margins have improved. But if you see the distillery division, there have been some cost pressures because of the war and internally as grain prices and fuel prices have been surging. So there's been some pressure being felt across the country because of that as well.

Just to add here, just to fuel the growth in coming quarters, we also invested in the -- increasing the distribution cost and people and also investment into the brands. So I think because we are looking at percentage -- so in absolute terms, obviously, it has increased. In percentage terms, it's looking lower because we are -- we are skewed towards H2. As the absolute revenue will increase, the percentage will increase. So as we said earlier that our overall EBITDA margin in a full year basis will be on the same level or slightly better than the last year.

Okay. Got it. Maybe I misheard, but during the introduction, we were saying that this year, maybe the margins will increase to 23%, 24%. Did I hear that right or what?

Yes, that is on an overall basis, which includes sugar. So we have 2 segments, as you know. We have distillery and sugar.

Last year, it was again 23%. The guidance is around there this year as well because we expect by the end of the year only that the distillery division will be hived off into another company.

[Operator Instructions] Our next question is from the line of Himanshu Bisani with PinpointX Capital.

Congratulations on a good set. Sir, I wanted to understand that our employee cost, power fuel costs and other expenses grew this quarter significantly. And as you mentioned to the last participant that it was more of an investment in people and some marketing spend. So just wanted to understand how much of that could be -- if we can break this cost down into the ramp-up of the Chhattisgarh start-up cost and how much of that would be marketing and investments? And how should we think about it going forward?

So, as you said, the cost increase is on account of people and brand investment. So the people cost is majorly -- so we have only 1 month June operation in Chhattisgarh. So the people cost is mainly towards the Indri business, the other business. And it's an investment, as we said, as we increase the revenue towards the H2, the overall percentages will come down as a percentage. And the brand investment is on the new brands and for the growth of the coming quarters.

So this cost could obviously distribute across next quarters and when the top line comes, so this would be more of a reduce in the percentage of top line?

Right. That's correct. So that is there. The EBITDA margins will come back to the last year or slightly better as we increase -- 2 things will happen. One, there will be growth in overall revenue and about 60% to 65% our revenue will come from H2 as we drive a seasonal business. And secondly, our brand business will also grow. So combining both, we will have an improved EBITDA margins towards the year-end.

Got it. Sir, also previously discussed that the majority of the volume growth that came for this year in IMFL was backed by Whistler. Just want to understand how Camikara and Cashmir are doing. And as they grew, what is the blended margins that we can look at because Indri would obviously has a base effect and Whistler grew 60% this year. So how are you looking at that growth for Camikara and Cashmir? And how should we look at it from a blended margin perspective?

Camikara and Cashmir this year, I'm expecting -- because see, the base is small. So they are going to see probably triple-digit numbers grow. But again, I wouldn't put big numbers there because, again, the base is small. In 2 years' time, when the bases are large and they are doing high 2-digit numbers, I'd be happier then. But yes, we'll be growing in 3 digits on both the brands.

Understood. Understood, sir. Sir, lastly, in the previous call, we have guided that we want to take Indri to a top 5 global spirit. And in my limited understanding, I think the top 5, top 6 players do north of 400,000, 500,000 cases. So is that understanding correct? And if yes, so how -- what would that translate to our top line for Indri if we are able to do that?

So you're absolutely right. The number -- the fifth single malt in the world sells about 0.5 million cases. And we are -- maybe we need to double a little more than that our sales to get there. And we've kept a runway of 4 to 5 years for that. And at that point in time, we should be doing a top line of about INR 1,200 crores on Indri.

At current prices?

At current prices without any additional price increases.

So sir, continuing on that, I think in last conference, you mentioned that we want to increase our export percentage. And obviously, when we go global for this kind of volume, our realization naturally should go up, right, because these would be higher premium segments that we would be targeting.

So that's not always true. The international market is far more competitive, and margins would remain the same. I wouldn't say they would come down, but to expect the margins to greatly go up may not be true. But when you go to the other markets and geographies, there is a lot of brands already available there. And you are a new entrant. So yes, you will have to fight your way up. And -- but yes, opening new geographies is the way to go. And that's what we've been working on. And we will -- that's why we are putting a lot of our effort, and you will see in the coming years, a lot of new countries, airports and duty free is being opened by Piccadily and not only with Indri with all our products.

Understood. Sir, lastly, on the 500,000 cases that we want to achieve in the next 3 to 5 years, does our current does our current barrel capacity and pipeline actually support getting there? Or we would need more CapEx to....

Okay. If I will give you a quick number, then you can easily calculate this. So we manufacture -- we've got a 30,000 liter capacity today. So if you make 30,000 liters a day, you end up making between 80 lakh liters and 90 lakh liters of malt every year at about 62%. And if you were to divide that with 42.8%, I'm just giving you a calculation. So for keeps, you can always calculate what we are saying. So we'll be able to make about 8 lakh, 8.5 lakh cases of Indri, if we have to use all of it into making Indri. So yes, we are building towards that, and we are conscious of what numbers we need to kind of manufacture to be able to reach that number.

Our next question comes from the line of Arpan Kothari with NINE15 FINTECH SERVICES LLP.

Yes. Am I audible, sir?

You are audible, sir. You may proceed.

You said that we'll be growing by around 60% to 65%. Based on the previous year's numbers, our top line should be around INR 1,600 crores to INR 1,700 crores. So is it safe to assume that the run rate for the next 3 quarters would be around INR 400 crores to INR 500 crores each quarter?

So your numbers looks more or less in line. It's just that we maintain a trajectory. So you will see better numbers in Q2, much better in Q3 and so on. So we follow our trajectory in seasonal business. So we see growth each quarter.

So as we said earlier, I think 60%, 65% of our business kind of comes in H2 because we are very heavily North Indian company and most of our sales come in right in the second quarter festive season and just after New Year's. So you will see a much bigger number there. But yes, we will see a marked improvement in Q2 as well.

And also just to add, we just started at Chhattisgarh plant revenue in June. So you will see Chhattisgarh distillery contribution also in coming quarters.

Okay. Fine. And one more question is on the other operating revenue. Last quarter, it was around INR 87 lakh ton. This quarter, it's around INR 2.97 crores. What is included in the operating revenue, if I may know?

This is mainly your gain on foreign exchange and some scrap share. So as the currency has -- the INR has strengthened, so we have got some gains there.

Okay. And one final question. What will be the CapEx for this year, sir?

There's no large CapEx planned this year. Yes, in the ordinary course, the CapEx, which goes into improving facilities and upgradation, only that will be there. Mostly all the heavy CapEx has already been executed.

Okay. That CapEx also does it include the barrels purchase, which would be around 1 lakh by the end of the year?

No, that is an ongoing expense that will carry on.

Our next question comes from the line of Varun Arora with Sheth Family Office.

My first question is regarding employee costs. It's kind of a follow-up to earlier question. So there was a significant increase Q-on-Q from INR 17 crores to INR 22 crores. And I understand there were a lot of senior hires from reputable firms and there could be some element of wage hike, ESOP, some due to Chhattisgarh. But should we now expect the senior hires to be kind of more or less complete and will grow more sustainably on this base of INR 22 crores going forward?

Yes, that's what we are hoping, and I hope all of them are hearing what you're saying.

Right. And the other question was on Cashmir and Camikara. Even before Indri success, we tried a lot of brands, and there is kind of -- usually for blockbuster brands, the hit rate is kind of low. So what -- at what point or what is that threshold which will kind of give you the confidence that we've cracked Cashmir and Camikara. It's a good start, but these are still young products, young brands. And so if you could -- and I understand the positioning of these brands is also kind of premium slightly differentiated from what is out there in the market. But if you could give an idea like when do you really like -- is there a revenue number when you hit a certain level you kind of get more confidence that this is on its way to being a blockbuster brand?

Especially about Camikara, if I were to explain -- if you were to explain the brand and the philosophy that the company had behind it was that all the products that are out there from the Piccadily stable, yes, we've made -- we've come out with other brands, but the philosophy that we are following now is that we are leading with whatever is the global standard of any product, we do not deviate from that. And Camikara being that product where we are the only one in the market. So we don't have anybody we are competing with. We don't have anybody that we have to look up to or look down upon. It is creating a category. And creating a category does take a little time because of awareness. And that is where most of our emphasis on Camikara is that we are leading our charge with making people aware of what is the product, it's a pure cane juice product made with 0 additives, no sugar, no added color. So it is a product which is not there in the market. When we say 3 years age, the minimum age of the product, the youngest product going in is 3 years. So it's a product that I think will lead the charge with people gaining more accessibility of information. They want to drink less maybe, but they want to drink better. And yes, we have legacy brands, which people do like to indulge into. But going forward, I think the way forward for the younger generation is quality over quantity, and that's what we are betting our chips.

But I mean, you won't kind of put a number out there like once it starts selling a particular number.

I don't think they should -- there can be a number, but see, usually, when we talk about alcoholic brands, you talk about percentages, that how much percentage of the market share have you gained. So if you were at 2% market share of 3%, you kind of have arrived in that segment. But that's what I said, this category doesn't exist. So in this category, our percentage will be high, but that doesn't mean that we are happy with what's happening, but we can't put a number here. Again, in the luxury, India doesn't have any luxury vodkas in the space that we are in. So therefore, again, to put a number there is very difficult. But maybe we'll also realize by the end of this year, what a reasonable number to achieve should be on both these products.

Sure. Another question is on Chhattisgarh plant. I know sales was earlier supposed to start from May and there could have been some delays related to approvals. And I think so sales now, I believe, started in June. So just curious like if the sales were to kind of start as per our original plan, which was May, what could have been our distillery revenue growth, if you can give an idea on that?

So we gave a guidance in Q4 where we said that between, I think, INR 300 crores to INR 400 crores will be the revenue of Chhattisgarh this year. And I think we are well on the road. We will be able to achieve that guidance definitely.

Okay. And from Indri INR 250 crores, I'm just picking the lower end of the range, again, you gave INR 250 crores to INR 300 crores incremental sales from Indri. That is also on track.

Yes.

So just to -- I mean, we maintain -- as we said, we maintain the guidance which we have given last quarter to about 60% to 70% growth over the last year last year -- last financial year.

[Operator Instructions] Our next question is a follow-up from Rahil Dasani with MAPL.

My question was around the new brands. If you can give us a bit more insight as to when do we plan to launch this, maybe a quarter or which month? And will they be significant or sizable for us in '27 or it's more of a '28 thing, FY '28?

So without disclosing what brands are coming, we can definitely say that you will see some launches within this quarter and some in quarter 3 as well. And of course, this year we'll be trimming up and next year would definitely be showing the results for these brands.

Got it. And since we have said that the growth in this year will be led by IMFL and in IMFL also brands other than Indri, where the margins are, as we know, lower and for some brands even much lower like Whistler. So how do we still expect the margins to continue and maybe improve for 24% with that mix changing? What do you think is changing and leading to that?

We see that the margins should not contract because all the other IMFL brands, if we are to take the sugar unit out of the mix, our distillery division margins are much higher than the 23%, 24% that we are talking about. So...

Of course I was asking about the consol margins.

Yes. So what will happen is that we will have our IMFL division, alco-bev division also grow. And we will have Chhattisgarh new products coming in. So the margin in Chhattisgarh is also on a higher side than the Indri distillery. So keeping in the mix, looking at the growth of alco-bev brand, adding Chhattisgarh branded revenue there. So that mix will give us the blended margins as we have kind of given the outlook.

Okay. And from Chhattisgarh, the guidance that we have for INR 300 crores to INR 400 crores in FY '27, what is the split between ethanol sales and alco-beverage sales.

I think too early to give you a number there. Maybe by Q3, we'll be able to give you more solid numbers on that one.

What we can say is that we'll be achieving that number with the right mix and with the right kind of EBITDA margin.

The reason for that is because, see, a lot of -- if you talk about ethanol, the policy is very -- it's guided by the government and the courts right now. So to give a number there would be unfair because that's not in our control at all. So we are working harder on our IMFL products and other things there to be able to match the guidance that we gave earlier.