PIIND
Mid CapPI Industries Limited
Consumer
PI Industries Limited is an Indian company engaged in Agchem (Custom Synthesis & Manufacturing for exports, and domestic agri brands) and Health Sciences (Pharma CRDMO). It focuses on innovation-led value compounding with global partnerships, leveraging R&D and a strong balance sheet for long-term growth.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -12% YoY · PAT -39% YoY · margin compression · +14% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,565 Cr | -12.4% | +13.7% |
| EBITDA | ₹337 Cr | -26.1% | +11.6% |
| Operating margin | 22.0% | -300 bps | +0 bps |
| PAT | ₹200 Cr | -39.4% | -35.7% |
| PAT margin | 12.8% | -569 bps | -982 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
PI Industries reports a challenging Q4 and FY26 with significant declines in Agchem Exports and Domestic revenue, but strong Pharma growth and resilient margins, while strategically investing for future growth.
Despite a downcycle in Agchem exports and domestic market headwinds leading to revenue and profit declines, the company is strategically investing in new businesses like Pharma CRDMO and Biologicals, launching new molecules, and maintaining healthy margins. The long-term growth outlook is stated as robust.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Pharma CRDMO Business
Pharma business recorded highest quarterly sales for FY26, pivoting towards bio-tech and mid pharma customers, building a differentiated play in the CRDMO space.
Biologicals Business
Bionematocide registration granted by EPA in US, upcoming launch of proprietary brands, and global biologicals (ex-India) revenue expected to grow in double digits.
New Molecule Commercialization
Commercialized 5 new molecules in Exports and 4 products in Domestic in FY26. New Products revenue share is 18% of Agchem Exports Revenue.
Domestic Portfolio Diversification
Focus on portfolio diversification with high quality revenue and launch of new products to address Indian needs.
Capex Spend
Total capex for FY26 stood at INR 11,508 Mn (FY25: INR 9,280 Mn), reflecting continued investment in manufacturing capabilities and R&D.
Multipurpose Plants (MPPs)
Capital expenditure underway with 3 MPPs under construction, adding to the existing 15 fully automated MPPs across 5 locations.
Pharma Site Expansion
Expanding and enhancing GMP site in Lodi, Italy, and Non GMP sites in India to support Pharma CRDMO growth.
New Product Adoption
Growing market adoption of new products is helping sales, indicating demand for innovative solutions.
Biologicals Business Revival
Biological business is on revival mode based on regulatory normalization, with new registrations and distribution expansion.
Strong Order Book
Strong order book continues to support growth outlook for FY27, providing visibility for future performance.
Pharma Business Momentum
Positive momentum in Pharma through new strategic partnerships entered in the last 12 months, improving R&D pipeline visibility.
Global Agchem Contraction
~15% decline in Agchem Exports in Q4FY26 and 19% in FY26 due to global agrochemical industry contraction.
Domestic Market Challenges
Domestic revenue softened due to elevated market inventory, pricing pressure, reduction in key crop acreages, and regulatory transitions in Biologicals.
Adverse Weather & Crop Prices
Domestic revenue decline in FY26 attributed to adverse weather conditions, lower crop prices, and elevated channel inventories.
Climatic Uncertainty
Climatic uncertainty going into Kharif Season poses a risk, though partially mitigated by higher reservoir levels.
Global Agrochemical Industry Contraction
The global agrochemical industry contraction directly impacted Agchem Exports, leading to significant revenue decline.
Regulatory Transitions
Regulatory transitions in Biologicals led to flat growth in Q4FY26, indicating potential for disruption in this segment.
Climatic Uncertainty
Climatic uncertainty going into Kharif Season could impact domestic agricultural demand and sales.
Input Cost Inflation
Increase in input costs due to geopolitical tensions could continue to exert pricing pressure and impact margins.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company operates in cyclical agricultural and chemical markets, making year-over-year comparisons more relevant to assess performance against seasonal and longer-term trends. Q4 and FY26 results are presented primarily YoY.
Agchem Exports Decline
Agchem Exports declined by 19% Y-o-Y (Volume down ~14%) for FY26 due to global agrochemical industry contraction. Q4FY26 saw a ~15% decline.
Domestic Revenue Softening
Domestic revenue softened by ~9% Y-o-Y (Volume up ~3%) in Q4FY26. For FY26, domestic revenue declined by ~7% Y-o-Y (Volume down ~1%).
Gross Margin Improvement
Gross Margin improved from 55% in Q4FY25 to 58% in Q4FY26 (277 bps). For FY26, it improved from 53% in FY25 to 58% (507 bps).
Pharma Revenue Growth
Pharma revenue grew 40% Y-o-Y for FY26 and 23% Y-o-Y for Q4FY26, contributing ~6% of total Exports revenue in FY26.
Positive FY27 Outlook
Management remains positive for growth in FY27, citing committed customer offtake plans and strategic investments.
New Product Launches
5+ new molecules are expected to be launched in FY27, anticipated to accelerate growth across segments.
NCE Commercialization
Commercialization of PI’s own New Chemical Entity (NCE) is planned for launch in FY27, with additional leads progressing.
Inorganic Growth Opportunities
Inorganic growth opportunities are under evaluation to complement organic growth in the long run.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Agchem Exports Growth | Declined 19% YoY (FY26) | Reversal of global industry contraction and sustained growth from new molecule commercialization. |
| Domestic Volume Growth | Down ~1% YoY (FY26) | Improvement in crop acreages, normalization of channel inventories, and traction from new product launches. |
| Pharma Revenue Growth | Grew 40% YoY (FY26) | Sustained momentum from new customer onboarding, CRDMO platform expansion, and R&D pipeline visibility. |
| EBITDA Margin | 25% (FY26) | Maintenance of healthy margins amidst input cost pressures, favorable product mix, and operating efficiencies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -8.2% / mo
Technical chart
PIINDweekly · 6M-13.4%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 47.
- RSI(14) at 47 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 26.8%.
- Balance sheet contributes 12/15 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 46th percentile of the scored universe and 45th percentile within Consumer. Main check: results consistency is weak at 22/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: ROCE trend is -6%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 45th pctile, median 67 · Mid: 24th pctile, median 76
115 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.03.
Trust risks
- ▸ROCE trend is -6%.
- ▸0/4 latest quarters had positive YoY revenue growth.
- ▸0/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 32.80
- P/B
- 3.62
- EV/EBITDA
- 19.47
- Market Cap
- 40673.00Cr
Profitability
- ROE
- 11.60%
- ROCE
- 14.70%
- ROA
- 9.83%
- Dividend Y
- 0.60%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- 2.42%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 106.25×
- Altman Z
- 8.39
- Book Value
- 740.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 474.00 Cr
- EPS TTM
- 87.06
Shareholding
- Promoter Hold
- 46.09%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.