P I Industries Ltd

PIIND

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Market Cap

₹ 49,231 Cr

P/E

32.55

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

EXCEPTIONAL

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

PI Industries Limited, originally Mewar Oil & General Mills Limited, is an Indian agri-sciences company with a strong domestic and export market presence, focusing on crop protection chemicals and custom synthesis.

In FY26, PI Industries experienced a revenue decline of 16% in Q2 due to climate challenges and excess supply in the global agchem market. Domestic operations faced setbacks from erratic rainfall and abrupt regulatory changes.

The company is seeing growth potential in new products; a 38% Y-o-Y growth was noted for products commercialized in the past three years, with a focus on both AgChem and non-AgChem markets.

PI Industries is progressively expanding its biologicals and pharma segments, with significant investments in R&D and new product development, aiming for long-term growth despite current industry headwinds.

The company's move to diversify into electronic and specialty chemicals indicates a strategic shift towards new technological areas, enhancing its foothold in diversified life sciences.

Sector

Agro Chemicals

Industry

Pesticides / Agrochemicals - Indian - Large

Market Cap

49,231 Cr

Volatility

Low Risk

P/E Ratio

32.6

Industry P/E

27.6

PEG Ratio

3.0

P/B Ratio

4.6

52W High

4,329.00

52W Low

2,952.05

Sales CAGR

4.07%

14.25%

18.02%

10Y

14.74%

Profit CAGR

-1.27%

31.56%

33.37%

10Y

22.09%

ROE

TTM

13.97%

17.52%

16.39%

10Y

17.29%

ROCE

TTM

17.41%

20.75%

19.43%

10Y

20.47%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
UPL	764.00	64,543 Cr	26.85	2.02	0.74	6.86	9.30	2.59
PIIND	3245.00	49,231 Cr	32.55	4.55	0.49	13.97	17.41	11.37
SUMICHEM	456.00	22,741 Cr	41.91	7.11	0.26	16.97	22.59	12.24
SHARDACROP	924.00	8,382 Cr	18.55	3.13	0.97	16.89	20.61	9.22
DHANUKA	1195.00	5,376 Cr	18.42	3.83	0.17	21.17	26.61	16.50
RALLIS	264.25	5,146 Cr	30.14	2.51	0.94	8.58	12.11	5.29
KSCL	983.25	5,019 Cr	16.56	2.80	0.51	16.88	17.43	11.47

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,910	2,117	1,898	1,741	2,069	2,221	1,901	1,787	1,901	1,872
Expenses	1,443	1,566	1,344	1,299	1,486	1,593	1,389	1,332	1,381	1,331
Operating Profit	468	551	554	442	583	628	512	456	519	541
OPM %	24.49	26.05	29.18	25.38	28.19	28.28	26.94	25.49	27.31	28.91
Other Income	52	49	58	60	75	123	76	75	89	85
Interest	4.30	7.80	7.00	11	8.30	8.50	8.30	7.90	3.90	2.60
Depreciation	70	80	78	80	83	80	99	90	97	98
Profit Before Tax	445	512	526	411	566	663	481	432	507	525
Tax %	14.03	6.19	14.68	10.16	20.75	23.33	22.47	23.53	21.17	22.08
Net Profit	383	481	449	370	449	508	373	331	400	409
EPS in Rs	25.24	31.66	29.58	24.35	29.59	33.50	24.55	21.78	26.36	26.98

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	99.67
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

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	46.10%	46.10%	46.10%	46.10%	46.10%	46.09%	46.09%	46.09%	46.09%	46.09%	46.09%	46.09%
FIIs	18.61%	18.60%	19.17%	20.02%	20.41%	20.27%	18.76%	19.02%	18.46%	18.05%	16.98%	16.43%
DIIs	24.40%	24.22%	23.96%	23.28%	23.16%	24.35%	26.00%	26.36%	27.22%	27.58%	29.35%	30.40%
Public	10.89%	11.09%	10.77%	10.60%	10.34%	9.29%	9.15%	8.53%	8.23%	8.28%	7.58%	7.08%
Total Shareholders	1,42,550	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

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 13, 2025	Bhavina	Insider - Immediate Relative	Disposal	3,975.00	0.12 Cr	300	—
Feb 19, 2025	Mahaveer singh rathore	Insider - Designated Person	Acquisition	3,400.00	0.05 Cr	150	—
Feb 19, 2025	Mahaveer singh rathore	Insider - Designated Person	Acquisition	3,300.00	0.05 Cr	150	—
Dec 18, 2024	Narayan keelveedhi seshadri	Insider - Director	Disposal	3,931.35	2.74 Cr	6,980	0.00
Sep 25, 2024	Beta family trust	Insider - Promoter Group	Acquisition	1.00	0.62 Cr	61,50,000	—
Sep 25, 2024	Salil singhal	Insider - Promoter	Disposal	1.00	1.23 Cr	1,23,00,364	8.11
Sep 25, 2024	Madhu singhal	Insider - Promoter	Disposal	1.00	1.23 Cr	1,23,00,000	8.10
Sep 25, 2024	Rcane family trust	Insider - Promoter Group	Acquisition	1.00	0.62 Cr	61,50,182	—
Sep 25, 2024	Domane family trust	Insider - Promoter Group	Acquisition	1.00	0.62 Cr	61,50,182	—
Sep 25, 2024	Alpha family trust	Insider - Promoter Group	Acquisition	1.00	0.62 Cr	61,50,000	—

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Analyst/Investor Meet

1 day ago

Analyst/Investor Meet Announcement

The company announces a scheduled interaction with analysts/investors on December 18 and 22, 2025.

Analyst/Investor Meet

5 days ago

Investor Meet Announcement

The company announces interaction with analysts and investors scheduled for December 18-19, 2025.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q1 FY25

Showing 1 - 8 of 18

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Overview

Detailed Summary

The company is seeing growth potential in new products; a 38% Y-o-Y growth was noted for products commercialized in the past three years, with a focus on both AgChem and non-AgChem markets.

The company's move to diversify into electronic and specialty chemicals indicates a strategic shift towards new technological areas, enhancing its foothold in diversified life sciences.

Sector

Agro Chemicals

Industry

Pesticides / Agrochemicals - Indian - Large

Market Cap

49,231 Cr

Volatility

Low Risk

P/E Ratio

32.6

Industry P/E

27.6

PEG Ratio

3.0

P/B Ratio

4.6

52W High

4,329.00

52W Low

2,952.05

Sales CAGR

4.07%

14.25%

18.02%

10Y

14.74%

Profit CAGR

-1.27%

31.56%

33.37%

10Y

22.09%

ROE

TTM

13.97%

17.52%

16.39%

10Y

17.29%

ROCE

TTM

17.41%

20.75%

19.43%

10Y

20.47%