Overview

Detailed Summary

PI Industries is an integrated agri‑sciences and life‑sciences company focused on custom synthesis & manufacturing (CSM) for global innovators, domestic branded agrochemicals and emerging platforms in biologicals, pharma CRDMO and electronic chemicals, supported by large R&D facilities, five multi‑purpose plants and global commercial offices across 40+ countries.
Q3 FY26 showed near‑term demand softness with consolidated revenue down 28% QoQ to INR 13,757 million, but gross margin improved to 59% and 9M EBITDA margin stayed resilient at 27%, reflecting favourable product mix, cost discipline and disciplined investment even as volumes were delayed by customer phasing and weak market conditions.
PI Industries is investing aggressively for growth: INR 7,225 million capex in 9M FY26 (three MPPs under construction), planned FY27 capex of INR 500–600 crore, a debt‑free balance sheet with surplus cash of ~INR 35,066 million and an order book of roughly USD 1.2 billion supporting near‑term capacity utilisation plans.
The company is transforming into a LifeSciences platform: biological peptide tech, commercial approvals (Harpinαβ, Obrona), a pharma CRDMO push with 50% 9M revenue growth, and electronic chemicals commercialisation — signalling PI Industries’ pivot to higher‑value, IP‑backed products built on 700+ scientists and 250+ patents.

Sector: Fertilizers & Agrochemicals
Industry: Pesticides & Agrochemicals
Market Cap: 46,076 Cr
Volatility: Low Risk
P/E Ratio: 29.2
Industry P/E: 22.4
PEG Ratio: 3.8
P/B Ratio: 4.3
52W High: 4,329.00
52W Low: 2,700.00

Sales CAGR

1Y: 4.07%
3Y: 14.25%
5Y: 18.02%
10Y: 14.74%

Profit CAGR

1Y: -1.27%
3Y: 31.56%
5Y: 33.37%
10Y: 22.09%

ROE

TTM: 13.97%
3Y: 17.52%
5Y: 16.39%
10Y: 17.29%

ROCE

TTM: 17.41%
3Y: 20.75%
5Y: 19.43%
10Y: 20.47%

Technicals

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Peers

Commodities Chemicals Fertilizers & Agrochemicals Pesticides & Agrochemicals

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
UPL		659.60	55,373 Cr	32.01	1.74	0.86	6.86	9.30	2.19
PIIND		2797.00	46,076 Cr	29.25	4.26	0.53	13.97	17.41	10.91
SUMICHEM		381.15	22,262 Cr	35.79	6.96	0.27	16.97	22.59	11.97
BAYERCROP		4715.60	21,810 Cr	31.61	6.98	2.57	19.49	23.42	12.91
SHARDACROP		978.25	9,938 Cr	15.59	3.71	0.82	16.89	20.61	11.54
RALLIS		262.70	5,082 Cr	31.16	2.48	0.96	8.58	12.11	5.02
DHANUKA		1022.00	4,588 Cr	15.56	3.27	0.20	21.17	26.61	16.50
Median: 7 Co.	—	978.25	21,810 Cr	31.16	3.71	0.82	16.89	20.61	11.54

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	2,117	1,898	1,741	2,069	2,221	1,901	1,787	1,901	1,872	1,376
Expenses	1,566	1,344	1,299	1,486	1,593	1,389	1,332	1,381	1,331	1,073
Operating Profit	551	554	442	583	628	512	456	519	541	302
OPM %	26.05	29.18	25.38	28.19	28.28	26.94	25.49	27.31	28.91	21.97
Other Income	49	58	60	75	123	76	75	89	85	172
Interest	7.80	7.00	11	8.30	8.50	8.30	7.90	3.90	2.60	6.20
Depreciation	80	78	80	83	80	99	90	97	98	105
Profit Before Tax	512	526	411	566	663	481	432	507	525	363
Tax %	6.19	14.68	10.16	20.75	23.33	22.47	23.53	21.17	22.08	14.22
Net Profit	481	449	370	449	508	373	331	400	409	311
EPS in Rs	31.66	29.58	24.35	29.59	33.50	24.55	21.78	26.36	26.98	20.52

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,383	2,309	2,841	3,367	4,577	5,300	6,492	7,666	7,978	7,809
Expenses	1,724	1,784	2,265	2,649	3,565	4,157	4,950	5,651	5,799	5,695
Operating Profit	660	525	576	718	1,012	1,142	1,542	2,015	2,179	2,115
OPM %	27.68	22.74	20.29	21.32	22.11	21.56	23.75	26.28	27.31	27.08
Other Income	37	60	60	50	129	105	166	218	349	362
Interest	7.21	5.30	5.00	17	28	13	37	30	33	29
Depreciation	73	83	93	137	175	202	227	308	353	366
Profit Before Tax	510	466	538	614	939	1,033	1,444	1,895	2,142	2,083
Tax %	9.83	21.03	23.74	25.61	21.33	18.30	14.87	11.25	22.49	22.64
Net Profit	459	368	410	457	738	844	1,230	1,682	1,660	1,611
EPS in Rs	—	—	27.05	30.10	48.95	55.64	81.05	110.83	109.42	95.64
Dividend Payout %	12.04	15.00	13.45	12.09	10.02	10.79	12.34	13.53	14.62	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	15	15	15	15	15
Reserves	1,157	1,613	1,911	2,272	2,605	5,327	6,105	7,183	8,716	10,142
Borrowings	124	83	46	9.90	508	373	316	47	191	184
Other Liabilities	653	591	655	860	1,098	1,287	1,354	1,235	1,842	1,936
Total Liabilities	1,949	2,301	2,626	3,155	4,225	7,002	7,791	8,480	10,764	12,277
Fixed Assets	874	945	998	1,186	1,858	2,138	2,453	2,606	3,528	4,209
CWIP	71	77	90	183	271	288	115	132	278	550
Investments	0.32	83	161	129	150	872	900	1,016	1,336	1,531
Other Assets	1,003	1,196	1,378	1,657	1,946	3,704	4,325	4,726	5,621	5,986
Total Assets	1,949	2,301	2,626	3,155	4,225	7,002	7,791	8,480	10,764	12,277

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	367	339	319	391	698	725	529	1,501	2,036	1,413
Cash from Investing Activity	-303	-235	-181	-322	-985	-2,430	-110	-496	-1,801	-1,421
Cash from Financing Activity	-48	-53	-106	-125	350	1,690	-177	-483	-222	-287
Net Cash Flow	16	50	33	-56	63	-15	241	522	14	-294

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	46.10%	46.10%	46.10%	46.10%	46.09%	46.09%	46.09%	46.09%	46.09%	46.09%	46.09%	46.09%
FIIs	18.60%	19.17%	20.02%	20.41%	20.27%	18.76%	19.02%	18.46%	18.05%	16.98%	16.43%	15.97%
DIIs	24.22%	23.96%	23.28%	23.16%	24.35%	26.00%	26.36%	27.22%	27.58%	29.35%	30.40%	31.08%
Public	11.09%	10.77%	10.60%	10.34%	9.29%	9.15%	8.53%	8.23%	8.28%	7.58%	7.08%	6.86%
Total Shareholders	1,48,037	1,41,092	1,58,268	1,84,515	1,57,991	1,56,790	1,50,190	1,57,993	1,67,265	1,50,401	1,37,932	1,34,860

Market Transactions

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Projection

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Available on Pro Plan