PI Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Agro Chemicals: 95.5% • Pharma: 4.5%
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 21.0%
- Company has consistently been profitable over the last 5 years
- Company comfortably covers its interest (40.5x coverage)
- Company has a consistent dividend-paying track record
CONS
- Receivables are growing faster than sales - a possible quality concern
- Recent results are weak - TTM profit is down 20.3% versus prior year
- Total debt has risen sharply - up 113.3% year on year
- Company has delivered a poor sales growth of 8.0% over past five years
- Debtor days have increased from 51 to 78
- Expensive relative to growth - PEG of 12.9
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| UPL | 577.00 | 24.11 | 48708.57 | 1.04 | -73.00 | 58.52 | 10181.00 | 10.47 | 12.00 | 13.43 |
| PIIND | 2396.05 | 31.20 | 36352.42 | 0.63 | 244.20 | -38.95 | 1702.30 | -10.43 | 16.00 | 21.69 |
| SUMICHEM | 481.50 | 41.48 | 24033.87 | 0.27 | 214.51 | 20.45 | 1063.35 | 0.62 | 23.39 | 21.94 |
| BAYERCROP | 3948.35 | 320.25 | 17744.71 | 3.80 | 321.60 | 15.39 | 1835.00 | -4.16 | 30.08 | 20.03 |
| SHARDACROP | 783.10 | 11.28 | 7065.17 | 1.92 | 88.02 | -38.36 | 1073.77 | 9.03 | 31.10 | 17.32 |
| DHANUKA | 977.80 | 14.68 | 4358.87 | 0.20 | 75.50 | 27.94 | 442.02 | 20.01 | 24.44 | 24.83 |
| RALLIS | 203.90 | 24.15 | 3965.22 | 1.47 | -14.15 | -274.26 | 507.54 | 7.70 | 13.23 | -0.56 |
| NACLIND | 164.35 | 311.22 | 3849.79 | 0.00 | 20.84 | 59.82 | 383.33 | -14.50 | 6.20 | 10.80 |
| BHAGCHEM | 263.40 | 124.10 | 3415.48 | 0.06 | 133.29 | 3249.84 | 1950.19 | 1475.55 | 4.55 | 15.65 |
| GSPCROP | 491.20 | 23.34 | 2285.00 | 0.20 | 263.94 | 1111.46 | 3859.95 | 1153.27 | 18.46 | 11.02 |
| BHARATRAS | 1170.30 | 13.57 | 1945.16 | 0.04 | 372.30 | 838.73 | 3381.60 | 796.03 | 16.63 | 15.19 |
| INSECTICID | 623.60 | 14.50 | 1814.54 | 0.32 | 43.87 | -24.49 | 611.52 | -11.52 | 15.97 | 11.10 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,910 | 2,117 | 1,898 | 1,741 | 2,069 | 2,221 | 1,901 | 1,787 | 1,900 | 1,872 | 1,376 | 1,565 | 1,702 | |
| 1,443 | 1,566 | 1,344 | 1,299 | 1,486 | 1,593 | 1,389 | 1,332 | 1,381 | 1,331 | 1,073 | 1,228 | 1,446 | |
| Operating Profit | 468 | 551 | 554 | 442 | 583 | 628 | 512 | 456 | 519 | 541 | 302 | 337 | 256 |
| OPM % | 24.49% | 26.05% | 29.18% | 25.38% | 28.19% | 28.28% | 26.94% | 25.49% | 27.31% | 28.91% | 21.97% | 21.52% | 15.03% |
| 47 | 47 | 56 | 58 | 73 | 122 | 76 | 73 | 86 | 82 | 172 | 74 | 64 | |
| Interest | 4 | 8 | 7 | 11 | 8 | 8 | 8 | 8 | 4 | 3 | 6 | 4 | 8 |
| Depreciation | 70 | 80 | 78 | 80 | 83 | 80 | 99 | 90 | 96 | 98 | 105 | 107 | 104 |
| Profit before Tax | 441 | 510 | 524 | 409 | 564 | 662 | 480 | 431 | 505 | 523 | 362 | 300 | 322 |
| Tax % | 14.18% | 6.21% | 14.72% | 10.22% | 20.83% | 23.35% | 22.48% | 23.60% | 21.28% | 22.17% | 14.23% | 33.42% | 24.11% |
| Net Profit | 0 | 0 | 0 | 0 | 449 | 508 | 373 | 330 | 400 | 409 | 311 | 200 | 244 |
| 25.24 | 31.67 | 29.59 | 24.36 | 29.59 | 33.51 | 24.55 | 21.79 | 26.37 | 26.98 | 20.52 | 13.20 | 16.10 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,277 | 2,277 | 2,841 | 3,366 | 4,577 | 5,300 | 6,492 | 7,666 | 7,978 | 6,714 | 6,516 | |
| 1,722 | 1,782 | 2,271 | 2,647 | 3,559 | 4,154 | 4,948 | 5,638 | 5,784 | 5,051 | 5,079 | |
| Operating Profit | 555 | 496 | 570 | 720 | 1,018 | 1,146 | 1,544 | 2,028 | 2,194 | 1,663 | 1,436 |
| OPM % | 24.37% | 21.76% | 20.05% | 21.38% | 22.24% | 21.62% | 23.79% | 26.46% | 27.50% | 24.77% | 22.04% |
| 37 | 60 | 68 | 49 | 125 | 101 | 159 | 208 | 352 | 477 | 392 | |
| Interest | 9 | 7 | 7 | 19 | 34 | 16 | 39 | 44 | 56 | 43 | 20 |
| Depreciation | 73 | 83 | 93 | 137 | 175 | 202 | 226 | 308 | 352 | 407 | 414 |
| Profit before Tax | 510 | 466 | 538 | 614 | 938 | 1,033 | 1,444 | 1,895 | 2,142 | 1,696 | 1,508 |
| Tax % | 9.83% | 21.03% | 23.74% | 25.61% | 21.33% | 18.30% | 14.87% | 11.25% | 22.49% | 22.13% | 22.92% |
| Net Profit | 459 | 368 | 410 | 457 | 738 | 844 | 1,230 | 1,682 | 1,660 | 1,321 | 1,162 |
| EPS | 33.23 | 26.67 | 29.73 | 33.08 | 49.89 | 55.63 | 81.04 | 110.62 | 109.22 | 86.89 | — |
| Dividend Payout % | 11.98% | 15.02% | 13.46% | 12.09% | 10.29% | 10.81% | 12.36% | 13.56% | 14.65% | 17.26% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 12%
- 5 Years:
- 8%
- 3 Years:
- 1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 16%
- 5 Years:
- 12%
- 3 Years:
- 2%
STOCK PRICE CAGR
- 10 Years:
- 11%
- 5 Years:
- -7%
- 3 Years:
- -14%
- 1 Year:
- -36%
RETURN ON EQUITY
- 10 Years:
- 19%
- 5 Years:
- 17%
- 3 Years:
- 17%
- Last Year:
- 12%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 15 | 15 | 15 | 15 | 15 | 15 |
| 1,599 | 1,901 | 2,264 | 2,610 | 5,332 | 6,108 | 7,186 | 8,718 | 10,140 | 11,212 | |
| 137 | 102 | 69 | 603 | 383 | 324 | 68 | 266 | 310 | 365 | |
| Trade Payables | 288 | 369 | 513 | 591 | 796 | 924 | 838 | 1,248 | 1,210 | 974 |
| 741 | 1,408 | 1,004 | 1,224 | 1,505 | 1,625 | 1,824 | 2,230 | 3,332 | 3,303 | |
| Total Liabilities | 2,779 | 3,794 | 3,863 | 5,042 | 8,032 | 8,997 | 9,931 | 12,476 | 15,008 | 15,869 |
| 945 | 998 | 1,186 | 1,858 | 2,138 | 2,452 | 2,606 | 3,528 | 4,209 | 4,620 | |
| Capital Work in Progress | 58 | 69 | 154 | 237 | 250 | 64 | 62 | 173 | 384 | 755 |
| 83 | 161 | 129 | 150 | 872 | 900 | 1,016 | 1,336 | 1,531 | 1,360 | |
| 432 | 452 | 536 | 799 | 1,053 | 1,423 | 1,398 | 1,301 | 984 | 1,217 | |
| 5 | 7 | 16 | 17 | 17 | 23 | 26 | 930 | 1,406 | 1,611 | |
| Cash & Bank | 133 | 131 | 89 | 134 | 1,476 | 1,410 | 2,243 | 2,704 | 2,500 | 2,182 |
| 1,122 | 1,977 | 1,754 | 1,846 | 2,226 | 2,725 | 2,581 | 2,503 | 3,994 | 4,125 | |
| Total Assets | 2,779 | 3,794 | 3,863 | 5,042 | 8,032 | 8,997 | 9,931 | 12,476 | 15,008 | 15,869 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 460 | 416 | 509 | 803 | 890 | 704 | 1,757 | 2,036 | 1,413 | 474 | |
| Cash from Investing | -235 | -180 | -322 | -985 | -2,430 | -110 | -496 | -1,800 | -1,424 | -614 |
| Cash from Financing | -53 | -106 | -125 | 350 | 1,690 | -177 | -483 | -222 | -286 | -171 |
| 50 | 33 | -56 | 63 | -15 | 241 | 522 | 14 | -298 | -310 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - PI Industries Limited has informed the Exchange about Schedule of meet with Analysts/ Investor(s)
2026-08-31 - PI Industries Limited has informed the Exchange about Schedule of meet with Kotak Mutual Fund
2026-08-31 - PI Industries Limited has informed the Exchange about Schedule of meet with Aberdeen
2026-08-31 - PI Industries Limited has informed the Exchange about Schedule of meet with Fortitude Fund Management LLP
2026-08-26 - PI Industries Limited has informed the Exchange about Schedule of meet with ITUS Capital
2026-08-19 - PI Industries Limited has informed the Exchange about Schedule of meet with Awriga Capital
2026-08-19 - PI Industries Limited has informed the Exchange about Schedule of meet with Quest Investments
2026-08-19 - PI Industries Limited has informed the Exchange about Schedule of meet with Kotak Mahindra Asset Management Company
2026-08-18 - PI Industries Limited has informed the Exchange about Transcript of the Earnings Conference Call pertaining to the Unaudited Financial Results for the quarter ended June 30, 2026
News
Recent coverage and analyst commentary for PIIND
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