Piccadily Agro Industries to Demerge Sugar Business into Subsidiary; Board Approves Financials and Appoints New Auditors

Piccadily Agro Industries to Demerge Sugar Business into Subsidiary; Board Approves Financials and Appoints New Auditors​

Mumbai/Gurugram, April 28, 2026 — The Board of Directors of Piccadily Agro Industries Limited announced several major corporate developments, including the approval of a Scheme of Arrangement to demerge its Sugar Business, along with the release of its audited financial results for the quarter and year ended March 31, 2026. The company also announced the change in its statutory audit team.

Approval of Demerger Scheme​

The Board of Directors approved a Scheme of Arrangement between Piccadily Agro Industries Limited and its wholly owned subsidiary, Piccadily Food & Essential Limited. This Proposed Transaction involves the demerger of the Company's Sugar Business into PFEL.

The demerger is expected to result in two listed companies: the Resulting Company (PFEL) will house the Sugar Business, and the Demerged Company (PAIL) will house the Distillery Business.

The rationale behind the demerger is aimed at enhancing shareholder value and providing focused attention for the growth of both core businesses. The Scheme, which details the division of the Sugar Business or Demerged Undertaking, is subject to requisite approvals from statutory and regulatory authorities, including the National Company Law Tribunal, BSE Limited, National Stock Exchange of India Limited, and SEBI.

Financial Performance and Audit Results​

On April 28, 2026, the Board also considered and approved the audited financial results (Standalone and Consolidated) of the Company for the Quarter and Year ended March 31, 2026.

Key financial figures for the audited results for the year ending March 31, 2026, compared to the previous year, are summarized below:

Change in Statutory Auditors​

The Board noted that Jain & Associates, Chartered Accountants, Statutory Auditors of the Company, tendered their resignation on April 28, 2026, citing personal reasons and the non-renewal of their Peer Review Certificate. The Audit Committee and the Board accepted the resignation, confirming that no other concerns were raised regarding the cessation of services.

In light of this change, the Board of Directors recommended the appointment of Rattan Kaur & Associates, Chartered Accountants, as the new Statutory Auditors of the Company. This appointment is subject to the approval of the shareholders at the forthcoming Extra Ordinary General Meeting or Postal Ballot.

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Note: The financial results and statements are based on information approved by the Board of Directors on April 28, 2026, and are available in the relevant attachments.

PICCADIL Stock Price Movement​

Today, Piccadily Agro Industries Limited shares edged higher, settling at ₹674.9, marking a 3.85% gain for the day. The stock traded on 386,507 shares, closing within an intraday range of ₹647.35 to ₹685.