Mumbai, June 2 : Shares of Piccadily Agro Industries Limited, the Haryana-based distillery best known for its award-winning 'Indri' single malt whisky, have nosedived more than 40 per cent so far this year.

On Monday, the company's share price further dropped by 1.67 per cent, or Rs 9.70, during the intra-day trade, adding to the downward momentum.

While the shares had shown some short-term recovery -- rising 1.82 per cent over the past five trading days and gaining 7.31 per cent over the last month -- the longer-term picture remains bleak.

In the past six months, the stock has fallen by 24.21 per cent or Rs 182.35, and it is down 24.26 per cent over the past year.

Since the start of 2025, shares have declined by a steep 40.21 per cent, or Rs 384, highlighting sustained investor concerns.

The pressure on Piccadily Agro's stock intensified after the company reported a 7.49 per cent year-on-year (YoY) drop in net profit for the March quarter (Q4 FY25), falling to Rs 39.80 crore from Rs 43.02 crore in the same period previous fiscal (Q4 FY24).

Revenue from operations also slipped 4.55 per cent to Rs 271.63 crore. Rising costs added to the woes, with material costs jumping nearly 34 per cent and finance costs more than doubling.

Despite the challenging quarter, the company remains bullish on its premium liquor portfolio. Products like Indri and Camikara -- India's first pure cane juice rum -- have gained international recognition.

CFO Natwar Aggarwal recently highlighted the firm's long-term vision, citing a rise in EBITDA margins and ongoing investments worth over Rs 500 crore, including expansion at its Indri facility and a new plant in Chhattisgarh expected by FY26.

Promoters hold a dominant 70.97 per cent stake in the company, with major shareholders including Soon-N-Sure Holdings Limited (33.46 per cent) and Siddhartha Sharma (22.73 per cent).

Foreign institutional investors hold a marginal 0.72 per cent, while non-institutional investors account for 28.3 per cent of the shareholding.

/IANS