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PI Industries Ltd.

•
piindustries.comBSE: 523642NSE: PIIND
Market Cap₹ 36,352 Cr.
Current Price
High / Low₹ 3,833 / 2,354
Stock P/E31.2
Book Value₹ 756
Price to Book3.68
Dividend Yield0.63 %
ROCE16.0 %
ROE12.4 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Agro Chemicals: 95.5% • Pharma: 4.5%

AI Sector View

AI GENERATED

Chemicals

Hold

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.

Confidence
55%
View full sector analysis →

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

ChemicalsChemicalsPesticides & Agrochemicals
Part ofNIFTY MIDCAP 150NIFTY MIDCAP 100NIFTY 500NIFTY LARGEMID250NIFTY TOTAL MKT
S.No.Name
1.UPL577.0024.1148708.571.04-73.0058.5210181.0010.4712.0013.43
2.PIIND2396.0531.2036352.420.63244.20-38.951702.30-10.4316.0021.69
3.SUMICHEM481.5041.4824033.870.27214.5120.451063.350.6223.3921.94
4.BAYERCROP3948.35320.2517744.713.80321.6015.391835.00-4.1630.0820.03
5.SHARDACROP783.1011.287065.171.9288.02-38.361073.779.0331.1017.32
6.DHANUKA977.8014.684358.870.2075.5027.94442.0220.0124.4424.83
7.RALLIS203.9024.153965.221.47-14.15-274.26507.547.7013.23-0.56
8.NACLIND164.35311.223849.790.0020.8459.82383.33-14.506.2010.80
9.BHAGCHEM263.40124.103415.480.06133.293249.841950.191475.554.5515.65
10.GSPCROP491.2023.342285.000.20263.941111.463859.951153.2718.4611.02
11.BHARATRAS1170.3013.571945.160.04372.30838.733381.60796.0316.6315.19
12.INSECTICID623.6014.501814.540.3243.87-24.49611.52-11.5215.9711.10
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1,9102,1171,8981,7412,0692,2211,9011,7871,9001,8721,3761,5651,702
1,4431,5661,3441,2991,4861,5931,3891,3321,3811,3311,0731,2281,446
Operating Profit468551554442583628512456519541302337256
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%
4747565873122767386821727464
Interest48711888843648
Depreciation70807880838099909698105107104
Profit before Tax441510524409564662480431505523362300322
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 Profit0000449508373330400409311200244
25.2431.6729.5924.3629.5933.5124.5521.7926.3726.9820.5213.2016.10

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
2,2772,2772,8413,3664,5775,3006,4927,6667,9786,7146,516
1,7221,7822,2712,6473,5594,1544,9485,6385,7845,0515,079
Operating Profit5554965707201,0181,1461,5442,0282,1941,6631,436
OPM %24.37%21.76%20.05%21.38%22.24%21.62%23.79%26.46%27.50%24.77%22.04%
37606849125101159208352477392
Interest9771934163944564320
Depreciation738393137175202226308352407414
Profit before Tax5104665386149381,0331,4441,8952,1421,6961,508
Tax %9.83%21.03%23.74%25.61%21.33%18.30%14.87%11.25%22.49%22.13%22.92%
Net Profit4593684104577388441,2301,6821,6601,3211,162
EPS33.2326.6729.7333.0849.8955.6381.04110.62109.2286.89—
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

Corporate actions

2026

Aug 7

₹ 10

Rs.10.0000 per share(1000%)Final Dividend

2026

Feb 23

₹ 5

Rs.5.0000 per share(500%)Interim Dividend

2025

Aug 7

₹ 10

Rs.10.0000 per share(1000%)Final Dividend

2025

Feb 14

₹ 6

Rs.6.0000 per share(600%)Interim Dividend

2024

Aug 20

₹ 9

Rs.9.0000 per share(900%)Final Dividend

2024

Feb 21

₹ 6

Rs.6.0000 per share(600%)Interim Dividend

2023

Aug 11

₹ 5.50

Rs.5.5000 per share(550%)Final Dividend

2023

Feb 24

₹ 4.50

Rs.4.5000 per share(450%)Interim Dividend

2022

Aug 25

₹ 3

Rs.3.0000 per share(300%)Final Dividend

2022

Feb 14

₹ 3

Rs.3.0000 per share(300%)Interim Dividend

2021

Sep 6

₹ 2

Rs.2.0000 per share(200%)Final Dividend

2021

Feb 11

₹ 3

Rs.3.0000 per share(300%)Interim Dividend

2018

Jul 30

₹ 2.50

Rs.2.5000 per share(250%)Final Dividend

2017

Nov 9

₹ 1.50

Rs.1.5000 per share(150%)Interim Dividend

2017

Aug 30

₹ 2.50

Rs.2.5000 per share(250%)Final Dividend

2016

Nov 16

₹ 1.50

Rs.1.5000 per share(150%)Interim Dividend

2016

Mar 22

₹ 1.90

Second Interim Dividend

2015

Nov 17

₹ 1.20

Rs.1.2000 per share(120%)Interim Dividend

2015

Sep 8

₹ 1.30

Rs.1.3000 per share(130%)Final Dividend

2020

Feb 12

₹ 3

Rs.3.00/- (300%)Interim Dividend

2020

Feb 13

₹ 3

10/03/2020 Equity Rs.3.0000 per share(300%)Interim Dividend

2026

Jul 17

₹ 10

Rs.10.0000 per share(1000%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital14141414151515151515
1,5991,9012,2642,6105,3326,1087,1868,71810,14011,212
1371026960338332468266310365
Trade Payables2883695135917969248381,2481,210974
7411,4081,0041,2241,5051,6251,8242,2303,3323,303
Total Liabilities2,7793,7943,8635,0428,0328,9979,93112,47615,00815,869
9459981,1861,8582,1382,4522,6063,5284,2094,620
Capital Work in Progress58691542372506462173384755
831611291508729001,0161,3361,5311,360
4324525367991,0531,4231,3981,3019841,217
5716171723269301,4061,611
Cash & Bank133131891341,4761,4102,2432,7042,5002,182
1,1221,9771,7541,8462,2262,7252,5812,5033,9944,125
Total Assets2,7793,7943,8635,0428,0328,9979,93112,47615,00815,869

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
4604165098038907041,7572,0361,413474
Cash from Investing-235-180-322-985-2,430-110-496-1,800-1,424-614
Cash from Financing-53-106-1253501,690-177-483-222-286-171
5033-5663-1524152214-298-310

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
46.0946.0946.0946.0946.0946.0946.0946.0946.09
18.7619.0218.4618.0616.9816.4215.9715.8714.83
25.8426.2127.0627.4229.2030.2530.9331.1931.49
Government0.000.000.000.000.000.000.000.000.00
9.168.558.258.307.607.106.876.707.46

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-03 - PI Industries Limited has informed the Exchange about Schedule of meet with Analysts/ Investor(s)

2026-08-31
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-31 - PI Industries Limited has informed the Exchange about Schedule of meet with Kotak Mutual Fund

2026-08-31
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-31 - PI Industries Limited has informed the Exchange about Schedule of meet with Aberdeen

2026-08-31
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-31 - PI Industries Limited has informed the Exchange about Schedule of meet with Fortitude Fund Management LLP

2026-08-26
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-26 - PI Industries Limited has informed the Exchange about Schedule of meet with ITUS Capital

2026-08-19
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-19 - PI Industries Limited has informed the Exchange about Schedule of meet with Awriga Capital

2026-08-19
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-19 - PI Industries Limited has informed the Exchange about Schedule of meet with Quest Investments

2026-08-19
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-19 - PI Industries Limited has informed the Exchange about Schedule of meet with Kotak Mahindra Asset Management Company

2026-08-18
Analysts/Institutional Investor Meet/Con. Call Updates

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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