PI Industries Limited Q2 FY27 Profit Falls 70% Year on Year

PI Industries Limited reported consolidated net profit of Rs 122.20 crore for the September 2026 quarter, down 70.14% year on year from Rs 409.30 crore, while revenue from operations declined 9.11% to Rs 1,701.80 crore. The result points to a substantially sharper fall in profitability than in sales during Q2 FY27.

What did PI Industries report for Q2 FY27?

PI Industries reported unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. Its Board of Directors considered and approved the results on November 4, 2026, following a review by the Audit Committee.

On a consolidated basis, quarterly revenue from operations stood at Rs 1,701.80 crore, compared with Rs 1,872.30 crore in Q2 FY26. Consolidated operating profit fell to Rs 232.70 crore from Rs 541.30 crore a year earlier, while profit after tax declined to Rs 122.20 crore from Rs 409.30 crore.

The company also reported standalone revenue from operations of Rs 1,533.50 crore for the quarter. Standalone profit after tax was Rs 207.10 crore, while standalone profit before tax was Rs 275.20 crore.

How large was the decline in PI Industries' profitability?

PI Industries' consolidated net profit fell 70.14% year on year, the largest percentage decline among the key quarterly measures provided. The reduction in profit was notably steeper than the 9.11% fall in consolidated revenue.

Operating profit declined 57.01% year on year to Rs 232.70 crore. The supplied result data shows that revenue, operating profit and net profit all recorded negative year-on-year growth in the September quarter.

Net profit margin narrowed to 7.2% in Q2 FY27 from 21.9% in Q2 FY26. This compression indicates that the fall in earnings was more pronounced than the change in the company's top line. The available disclosures provide the reported figures but do not specify a reason for the year-on-year decline.

What were the half-year financial results?

PI Industries recorded consolidated revenue from operations of Rs 3,404.10 crore for the half-year ended September 30, 2026. Consolidated profit before tax for the six-month period was Rs 505.80 crore and consolidated profit after tax was Rs 366.40 crore.

For the standalone business, half-year revenue from operations was Rs 3,132.40 crore. Standalone profit before tax stood at Rs 712.20 crore and profit after tax was Rs 548.60 crore for the first half of FY27.

The quarterly result was released alongside statements of assets and liabilities and cash flow statements for the half-year period. The financial statements were prepared under Indian Accounting Standards, or Ind AS.

Which business segments contributed to consolidated revenue?

PI Industries reported Agro chemicals and Pharma as its consolidated business segments. Agro chemicals generated quarterly segment revenue of Rs 1,628 crore, while the Pharma segment reported Rs 75.90 crore for the September 2026 quarter.

For the first half of FY27, Agro chemicals segment revenue was Rs 3,276.80 crore and Pharma segment revenue was Rs 130.10 crore. Segment assets as of September 30, 2026 were Rs 12,424.40 crore for Agro chemicals and Rs 1,441.40 crore for Pharma.

The segment figures show that Agro chemicals remained the substantially larger reported business by revenue and assets. The disclosures do not provide a separate year-on-year comparison for each segment in the information available.

What does the Q2 result mean for investors?

The key market-relevant feature of the Q2 FY27 result is the gap between the revenue decline and the decline in operating and net profit. Revenue fell by 9.11%, whereas operating profit declined by 57.01% and net profit by 70.14%, alongside a reduction in net profit margin to 7.2%.

Investors can also distinguish between the standalone and consolidated performance disclosed by PI Industries. Consolidated quarterly revenue was Rs 168.30 crore higher than standalone revenue, while consolidated quarterly profit after tax was lower than the standalone figure in the reported statements.

Price Waterhouse Chartered Accountants LLP reviewed the financial statements. Its review report stated that nothing had come to its attention to indicate that the statements were not prepared, in all material respects, in accordance with applicable accounting standards and other recognised accounting practices and policies.

Conclusion

PI Industries' Q2 FY27 consolidated results showed lower sales and a much larger reduction in operating and net profit compared with the September 2025 quarter. The reported net profit of Rs 122.20 crore, operating profit of Rs 232.70 crore and net profit margin of 7.2% set out the extent of the year-on-year contraction.

The next scheduled corporate result date in the supplied calendar is Q3 FY27, after the Q2 result event dated November 5, 2026. Investors will be able to assess subsequent disclosures for changes in revenue, profitability, segment performance and cash-flow trends.