Pioneer Distilleries was originally incorporated as a public limited company on November, 25, 1992 under the name ‘Ganga Orgchem Limited’. Subsequently the name of the company was changed to Pioneer Distilleries. The registered office of the company is situated in Nanded District in Maharashtra .

Promoted by K.V. Rajeshwar Rao, K. Sudhir Rao, K. Suhan Rao and L. Venkateswara Rao, the company began its commercial production in the year 1999. Since then under the able guidance and expertise of the promoters coupled with continued support and co-operation from other independent directors and institutional nominees on the board, the company has been able to strengthen its performance and embark upon expansion programmes. In the year 1994, the company embarked upon setting up a stand alone distillery with the main objective to manufacture Extra Neutral Alcohol (ENA) Rectified Spirit (RS) and Special Denatured Spirit (SDS) with a total capacity of 150 lakh litres per annum. In 1996, to raise resources, the company made public issue of equity shares thus taking into its fold resident, non resident and institutional investors. The company is now listed with the Stock Exchange, Mumbai and the Pune Stock Exchange Limited.

PDL’s plant is at Nanded Maharashtra, which is located near many sugar factories that ensure regular and cheap supply of its raw material i.e. molasses. During FY07, company doubled its production capacity from 50 KLPD to 100 KLPD (kilo litres per day) and is currently running at 100% capacity utilization. Hence it is planning to further double the installed capacity to 200 KLPD for which statutory permission from the excise has been received.

On the back of increased demand for ethanol product from petroleum companies, PDL is also contemplating to increase the capacity of ethanol plant from 30,000 to 130,000 ltrs per day. In addition it is also looking to set up acetic acid plant of 30 MT per day and ethyl acetate of 20 MT per day capacity. Apart from all these, company is setting up a 5 MW biogas based power generation project and additional effluent treatment plant to become a zero discharge company in the future. Both of these are expected to commence operation by August 2008 through a capex of Rs 40 cr. Notably, PDL is entitled to get carbon credits for its biogas power project and hence is in the process of tying up with a reputed organization based in UK for getting the registration with UNFCCC. However the power generated will be sold to Maharashtra power grid thereby generating extra source of income.

Product range of the company includes:

Extra Neutral Alcohol
Rectified Spirit
Special Denatured Spirit
Absolute Alcohol (Ethanol)

Market Cap	242 Cr	ROE	0.0%
P/E Ratio(TTM)	0.0	EPS(TTM)	0.0
P/B Ratio	-0.6	Dividend Yield	0.0%
Industry P/E	64.6	Book Value	-292.5
		Face Value	10.0

Fundamentals