PI Industries Ltd.

•

₹ 2,496.80.58%

2026-08-21

piindustries.comBSE: 523642NSE: PIIND

Market Cap₹ 37,869 Cr.

Current Price₹ 2,482

High / Low₹ 3,918 / 2,457

Stock P/E32.5

Book Value₹ 756

Price to Book3.68

Dividend Yield0.60 %

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%

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 13.5

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

ChemicalsChemicalsPesticides & Agrochemicals

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	UPL	568.70	23.77	48007.91	1.05	-73.00	58.52	10181.00	10.47	12.00	13.43
2.	PIIND	2496.00	32.51	37868.84	0.60	244.20	-38.95	1702.30	-10.43	16.00	21.69
3.	SUMICHEM	553.65	47.69	27635.20	0.23	214.51	20.45	1063.35	0.62	23.39	21.94
4.	BAYERCROP	4068.40	329.99	18284.24	3.69	321.60	15.39	1835.00	-4.16	30.08	20.03
5.	SHARDACROP	771.80	11.12	6963.22	1.94	88.02	-38.36	1073.77	9.03	31.10	17.32
6.	DHANUKA	995.20	14.94	4436.43	0.20	75.50	27.94	442.02	20.01	24.44	24.83
7.	RALLIS	211.90	25.10	4120.80	1.42	-14.15	-274.26	507.54	7.70	13.23	-0.56
8.	NACLIND	174.00	329.49	4075.83	0.00	20.84	59.82	383.33	-14.50	6.20	10.80
9.	BHAGCHEM	290.25	136.75	3763.65	0.05	133.29	3249.84	1950.19	1475.55	4.55	15.65
10.	GSPCROP	595.35	28.29	2769.49	0.17	263.94	1111.46	3859.95	1153.27	20.81	11.02
11.	BHARATRAS	1279.90	14.85	2127.33	0.04	372.30	838.73	3381.60	796.03	16.63	15.19
12.	INSECTICID	614.70	14.29	1788.64	0.33	43.87	-24.49	611.52	-11.52	15.97	11.10

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	47	47	56	58	73	122	76	73	86	82	67	76	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
	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	32	30	24	30	34	25	22	26	27	21	13	2
Equity Capital	15	15	15	15	15	15	15	15	15	15	15	15	15
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	15	15	15	15	15	15	15	15	15	15	15	15	15
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 1,910
: 1,443
Operating Profit: —
OPM %: —
Other Income: 47
Interest: 4
Depreciation: 70
: 441
Tax %: 14.18%
Net Profit: 0
: 25
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 2,117
: 1,566
Operating Profit: —
OPM %: —
Other Income: 47
Interest: 8
Depreciation: 80
: 510
Tax %: 6.21%
Net Profit: 0
: 32
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 1,898
: 1,344
Operating Profit: —
OPM %: —
Other Income: 56
Interest: 7
Depreciation: 78
: 524
Tax %: 14.72%
Net Profit: 0
: 30
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 1,741
: 1,299
Operating Profit: —
OPM %: —
Other Income: 58
Interest: 11
Depreciation: 80
: 409
Tax %: 10.22%
Net Profit: 0
: 24
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 2,069
: 1,486
Operating Profit: —
OPM %: —
Other Income: 73
Interest: 8
Depreciation: 83
: 564
Tax %: 20.83%
Net Profit: 449
: 30
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 2,221
: 1,593
Operating Profit: —
OPM %: —
Other Income: 122
Interest: 8
Depreciation: 80
: 662
Tax %: 23.35%
Net Profit: 508
: 34
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 1,901
: 1,389
Operating Profit: —
OPM %: —
Other Income: 76
Interest: 8
Depreciation: 99
: 480
Tax %: 22.48%
Net Profit: 373
: 25
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 1,787
: 1,332
Operating Profit: —
OPM %: —
Other Income: 73
Interest: 8
Depreciation: 90
: 431
Tax %: 23.60%
Net Profit: 330
: 22
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 1,900
: 1,381
Operating Profit: —
OPM %: —
Other Income: 86
Interest: 4
Depreciation: 96
: 505
Tax %: 21.28%
Net Profit: 400
: 26
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 1,872
: 1,331
Operating Profit: —
OPM %: —
Other Income: 82
Interest: 3
Depreciation: 98
: 523
Tax %: 22.17%
Net Profit: 409
: 27
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 1,376
: 1,073
Operating Profit: —
OPM %: —
Other Income: 67
Interest: 6
Depreciation: 105
: 362
Tax %: 14.23%
Net Profit: 311
: 21
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 1,565
: 1,228
Operating Profit: —
OPM %: —
Other Income: 76
Interest: 4
Depreciation: 107
: 300
Tax %: 33.42%
Net Profit: 200
: 13
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 1,702
: 1,446
Operating Profit: —
OPM %: —
Other Income: 64
Interest: 8
Depreciation: 104
: 322
Tax %: 24.11%
Net Profit: 244
: 2
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

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	591	556	638	769	1,143	1,247	1,703	2,236	2,546	2,037	—
OPM %	26	24	22	23	25	24	26	29	32	30	—
Other Income	37	60	68	49	125	101	159	208	352	374	289
Interest	9	7	7	19	34	16	39	44	56	43	20
Depreciation	73	83	93	137	175	202	226	308	352	407	414
	510	466	538	614	938	1,033	1,444	1,895	2,142	1,696	1,508
Tax %	10	21	24	26	21	18	15	11	22	22	23
Net Profit	459	368	410	457	738	844	1,230	1,682	1,660	1,321	1,162
EPS	33	27	30	33	50	56	81	111	109	87	—
Dividend Payout %	12	15	13	12	10	11	12	14	15	17	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	5
Adjusted EPS	33	27	30	33	49	56	81	111	109	87	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	5
Adjusted EPS	33	27	30	33	49	56	81	111	109	87	—

Mar 2017

: 2,277
: 1,722
Operating Profit: 591
OPM %: 26
Other Income: 37
Interest: 9
Depreciation: 73
: 510
Tax %: 10
Net Profit: 459
EPS: 33
Dividend Payout %: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 33
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 33

Mar 2018

: 2,277
: 1,782
Operating Profit: 556
OPM %: 24
Other Income: 60
Interest: 7
Depreciation: 83
: 466
Tax %: 21
Net Profit: 368
EPS: 27
Dividend Payout %: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 27
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 27

Mar 2019

: 2,841
: 2,271
Operating Profit: 638
OPM %: 22
Other Income: 68
Interest: 7
Depreciation: 93
: 538
Tax %: 24
Net Profit: 410
EPS: 30
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 30
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 30

Mar 2020

: 3,366
: 2,647
Operating Profit: 769
OPM %: 23
Other Income: 49
Interest: 19
Depreciation: 137
: 614
Tax %: 26
Net Profit: 457
EPS: 33
Dividend Payout %: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 33
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 33

Mar 2021

: 4,577
: 3,559
Operating Profit: 1,143
OPM %: 25
Other Income: 125
Interest: 34
Depreciation: 175
: 938
Tax %: 21
Net Profit: 738
EPS: 50
Dividend Payout %: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 49
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 49

Mar 2022

: 5,300
: 4,154
Operating Profit: 1,247
OPM %: 24
Other Income: 101
Interest: 16
Depreciation: 202
: 1,033
Tax %: 18
Net Profit: 844
EPS: 56
Dividend Payout %: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 56
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 56

Mar 2023

: 6,492
: 4,948
Operating Profit: 1,703
OPM %: 26
Other Income: 159
Interest: 39
Depreciation: 226
: 1,444
Tax %: 15
Net Profit: 1,230
EPS: 81
Dividend Payout %: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 81
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 81

Mar 2024

: 7,666
: 5,638
Operating Profit: 2,236
OPM %: 29
Other Income: 208
Interest: 44
Depreciation: 308
: 1,895
Tax %: 11
Net Profit: 1,682
EPS: 111
Dividend Payout %: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 111
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 111

Mar 2025

: 7,978
: 5,784
Operating Profit: 2,546
OPM %: 32
Other Income: 352
Interest: 56
Depreciation: 352
: 2,142
Tax %: 22
Net Profit: 1,660
EPS: 109
Dividend Payout %: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 109
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 109

Mar 2026

: 6,714
: 5,051
Operating Profit: 2,037
OPM %: 30
Other Income: 374
Interest: 43
Depreciation: 407
: 1,696
Tax %: 22
Net Profit: 1,321
EPS: 87
Dividend Payout %: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 87
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 87

TTM

: 6,516
: 5,079
Operating Profit: —
OPM %: —
Other Income: 289
Interest: 20
Depreciation: 414
: 1,508
Tax %: 23
Net Profit: 1,162
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 5
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 5
Adjusted EPS: —

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:: 12%
5 Years:: -5%
3 Years:: -13%
1 Year:: -35%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
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
	37	38	40	120	70	97	0	0	0	0
Trade Payables	288	369	513	591	796	924	838	1,248	1,210	974
	841	1,473	1,032	1,707	1,818	1,852	1,892	2,495	3,643	3,668
Total Liabilities	2,779	3,794	3,863	5,042	8,032	8,997	9,931	12,476	15,008	15,869
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	120	83	49	517	328	268	0	128	112	238
Net Working Capital	667	848	879	923	3,236	3,616	4,480	4,968	5,224	5,718
Contingent Liabilities	83	138	187	229	379	116	132	161	134	140
Book Value per Share	117.24	138.74	165.08	190.12	351.81	402.88	473.76	574.52	668.08	738.64
Face Value	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
Total Debt	120	83	49	517	328	268	0	128	112	238
Net Working Capital	667	848	879	923	3,236	3,616	4,480	4,968	5,224	5,718
Contingent Liabilities	83	138	187	229	379	116	132	161	134	140
Book Value per Share	117.24	138.74	165.08	190.12	351.81	402.88	473.76	574.52	668.08	738.64
Face Value	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Mar 2017

Equity Capital: 14
: 1,599
: 37
Trade Payables: 288
: 841
Total Liabilities: 2,779
: 945
Capital Work in Progress: 58
: 83
: 432
: 5
Cash & Bank: 133
: 1,122
Total Assets: 2,779
Total Debt: 120
Net Working Capital: 667
Contingent Liabilities: 83
Book Value per Share: 117.24
Face Value: 1.00
Total Debt: 120
Net Working Capital: 667
Contingent Liabilities: 83
Book Value per Share: 117.24
Face Value: 1.00

Mar 2018

Equity Capital: 14
: 1,901
: 38
Trade Payables: 369
: 1,473
Total Liabilities: 3,794
: 998
Capital Work in Progress: 69
: 161
: 452
: 7
Cash & Bank: 131
: 1,977
Total Assets: 3,794
Total Debt: 83
Net Working Capital: 848
Contingent Liabilities: 138
Book Value per Share: 138.74
Face Value: 1.00
Total Debt: 83
Net Working Capital: 848
Contingent Liabilities: 138
Book Value per Share: 138.74
Face Value: 1.00

Mar 2019

Equity Capital: 14
: 2,264
: 40
Trade Payables: 513
: 1,032
Total Liabilities: 3,863
: 1,186
Capital Work in Progress: 154
: 129
: 536
: 16
Cash & Bank: 89
: 1,754
Total Assets: 3,863
Total Debt: 49
Net Working Capital: 879
Contingent Liabilities: 187
Book Value per Share: 165.08
Face Value: 1.00
Total Debt: 49
Net Working Capital: 879
Contingent Liabilities: 187
Book Value per Share: 165.08
Face Value: 1.00

Mar 2020

Equity Capital: 14
: 2,610
: 120
Trade Payables: 591
: 1,707
Total Liabilities: 5,042
: 1,858
Capital Work in Progress: 237
: 150
: 799
: 17
Cash & Bank: 134
: 1,846
Total Assets: 5,042
Total Debt: 517
Net Working Capital: 923
Contingent Liabilities: 229
Book Value per Share: 190.12
Face Value: 1.00
Total Debt: 517
Net Working Capital: 923
Contingent Liabilities: 229
Book Value per Share: 190.12
Face Value: 1.00

Mar 2021

Equity Capital: 15
: 5,332
: 70
Trade Payables: 796
: 1,818
Total Liabilities: 8,032
: 2,138
Capital Work in Progress: 250
: 872
: 1,053
: 17
Cash & Bank: 1,476
: 2,226
Total Assets: 8,032
Total Debt: 328
Net Working Capital: 3,236
Contingent Liabilities: 379
Book Value per Share: 351.81
Face Value: 1.00
Total Debt: 328
Net Working Capital: 3,236
Contingent Liabilities: 379
Book Value per Share: 351.81
Face Value: 1.00

Mar 2022

Equity Capital: 15
: 6,108
: 97
Trade Payables: 924
: 1,852
Total Liabilities: 8,997
: 2,452
Capital Work in Progress: 64
: 900
: 1,423
: 23
Cash & Bank: 1,410
: 2,725
Total Assets: 8,997
Total Debt: 268
Net Working Capital: 3,616
Contingent Liabilities: 116
Book Value per Share: 402.88
Face Value: 1.00
Total Debt: 268
Net Working Capital: 3,616
Contingent Liabilities: 116
Book Value per Share: 402.88
Face Value: 1.00

Mar 2023

Equity Capital: 15
: 7,186
: 0
Trade Payables: 838
: 1,892
Total Liabilities: 9,931
: 2,606
Capital Work in Progress: 62
: 1,016
: 1,398
: 26
Cash & Bank: 2,243
: 2,581
Total Assets: 9,931
Total Debt: 0
Net Working Capital: 4,480
Contingent Liabilities: 132
Book Value per Share: 473.76
Face Value: 1.00
Total Debt: 0
Net Working Capital: 4,480
Contingent Liabilities: 132
Book Value per Share: 473.76
Face Value: 1.00

Mar 2024

Equity Capital: 15
: 8,718
: 0
Trade Payables: 1,248
: 2,495
Total Liabilities: 12,476
: 3,528
Capital Work in Progress: 173
: 1,336
: 1,301
: 930
Cash & Bank: 2,704
: 2,503
Total Assets: 12,476
Total Debt: 128
Net Working Capital: 4,968
Contingent Liabilities: 161
Book Value per Share: 574.52
Face Value: 1.00
Total Debt: 128
Net Working Capital: 4,968
Contingent Liabilities: 161
Book Value per Share: 574.52
Face Value: 1.00

Mar 2025

Equity Capital: 15
: 10,140
: 0
Trade Payables: 1,210
: 3,643
Total Liabilities: 15,008
: 4,209
Capital Work in Progress: 384
: 1,531
: 984
: 1,406
Cash & Bank: 2,500
: 3,994
Total Assets: 15,008
Total Debt: 112
Net Working Capital: 5,224
Contingent Liabilities: 134
Book Value per Share: 668.08
Face Value: 1.00
Total Debt: 112
Net Working Capital: 5,224
Contingent Liabilities: 134
Book Value per Share: 668.08
Face Value: 1.00

Mar 2026

Equity Capital: 15
: 11,212
: 0
Trade Payables: 974
: 3,668
Total Liabilities: 15,869
: 4,620
Capital Work in Progress: 755
: 1,360
: 1,217
: 1,611
Cash & Bank: 2,182
: 4,125
Total Assets: 15,869
Total Debt: 238
Net Working Capital: 5,718
Contingent Liabilities: 140
Book Value per Share: 738.64
Face Value: 1.00
Total Debt: 238
Net Working Capital: 5,718
Contingent Liabilities: 140
Book Value per Share: 738.64
Face Value: 1.00

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
	339	319	391	698	725	529	1,501	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
Free Cash Flow	196	173	26	-190	257	207	1,142	719	222	-711
OCF / Net Profit	0.74	0.87	0.95	1.53	0.98	0.63	1.22	1.21	0.85	0.36
Cumulative 5-Year FCF	0	0	0	0	462	474	1,443	2,136	2,547	1,579
OCF / Net Profit	0.74	0.87	0.95	1.53	0.98	0.63	1.22	1.21	0.85	0.36
Cumulative 5-Year FCF	0	0	0	0	462	474	1,443	2,136	2,547	1,579

Mar 2017

: 339
Cash from Investing: -235
Cash from Financing: -53
: 50
Free Cash Flow: 196
OCF / Net Profit: 0.74
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.74
Cumulative 5-Year FCF: 0

Mar 2018

: 319
Cash from Investing: -180
Cash from Financing: -106
: 33
Free Cash Flow: 173
OCF / Net Profit: 0.87
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.87
Cumulative 5-Year FCF: 0

Mar 2019

: 391
Cash from Investing: -322
Cash from Financing: -125
: -56
Free Cash Flow: 26
OCF / Net Profit: 0.95
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.95
Cumulative 5-Year FCF: 0

Mar 2020

: 698
Cash from Investing: -985
Cash from Financing: 350
: 63
Free Cash Flow: -190
OCF / Net Profit: 1.53
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.53
Cumulative 5-Year FCF: 0

Mar 2021

: 725
Cash from Investing: -2,430
Cash from Financing: 1,690
: -15
Free Cash Flow: 257
OCF / Net Profit: 0.98
Cumulative 5-Year FCF: 462
OCF / Net Profit: 0.98
Cumulative 5-Year FCF: 462

Mar 2022

: 529
Cash from Investing: -110
Cash from Financing: -177
: 241
Free Cash Flow: 207
OCF / Net Profit: 0.63
Cumulative 5-Year FCF: 474
OCF / Net Profit: 0.63
Cumulative 5-Year FCF: 474

Mar 2023

: 1,501
Cash from Investing: -496
Cash from Financing: -483
: 522
Free Cash Flow: 1,142
OCF / Net Profit: 1.22
Cumulative 5-Year FCF: 1,443
OCF / Net Profit: 1.22
Cumulative 5-Year FCF: 1,443

Mar 2024

: 2,036
Cash from Investing: -1,800
Cash from Financing: -222
: 14
Free Cash Flow: 719
OCF / Net Profit: 1.21
Cumulative 5-Year FCF: 2,136
OCF / Net Profit: 1.21
Cumulative 5-Year FCF: 2,136

Mar 2025

: 1,413
Cash from Investing: -1,424
Cash from Financing: -286
: -298
Free Cash Flow: 222
OCF / Net Profit: 0.85
Cumulative 5-Year FCF: 2,547
OCF / Net Profit: 0.85
Cumulative 5-Year FCF: 2,547

Mar 2026

: 474
Cash from Investing: -614
Cash from Financing: -171
: -310
Free Cash Flow: -711
OCF / Net Profit: 0.36
Cumulative 5-Year FCF: 1,579
OCF / Net Profit: 0.36
Cumulative 5-Year FCF: 1,579

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
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	33.39	26.64	29.72	33.09	48.57	55.51	80.89	110.62	109.22	86.89
Book Value (₹)	117.24	138.74	165.08	190.12	351.81	402.88	473.76	574.52	668.08	738.64
Dividend per Share (₹)	4.00	4.00	4.00	4.00	5.00	6.00	10.00	15.00	16.00	15.00
Cash EPS (₹)	38.70	32.65	36.46	42.99	60.07	68.79	95.79	130.90	132.41	113.64
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	24.82%	24.07%	21.15%	21.73%	23.81%	22.60%	25.25%	25.40%	26.31%	23.53%
Net Margin %	19.28%	15.92%	13.60%	12.91%	15.38%	15.29%	18.22%	21.06%	19.91%	18.69%
ROE %	33.14%	20.84%	19.57%	18.63%	18.52%	14.71%	18.45%	21.11%	17.58%	12.35%
ROCE %	33.77%	25.18%	25.10%	23.13%	22.09%	17.40%	21.84%	24.14%	22.99%	16.00%
	17.99%	11.19%	10.71%	10.26%	11.29%	9.91%	12.99%	15.01%	12.08%	8.56%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	63	75	72	68	51	52	44	39	51	78
Inventory Days	63	70	60	69	70	82	76	62	50	57
Payable Days	103	102	104	109	98	107	91	99	119	141
	24	43	28	27	23	27	30	1	-18	-6
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.07x	0.04x	0.02x	0.20x	0.06x	0.04x	0.00x	0.01x	0.01x	0.02x
Interest Coverage (x)	59.13x	64.77x	76.76x	33.31x	28.60x	65.15x	37.75x	44.46x	39.05x	40.54x
	1.64x	1.47x	1.57x	1.48x	2.86x	2.80x	3.35x	3.27x	2.59x	3.08x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	8.61%	0.01%	24.76%	18.50%	35.96%	15.79%	22.50%	18.08%	4.07%	-15.85%
Operating Profit Growth %	26.16%	-6.04%	14.81%	20.49%	48.68%	9.12%	36.58%	31.27%	13.89%	-20.02%
Net Profit Growth %	47.47%	-19.99%	11.59%	11.31%	61.70%	14.29%	45.71%	36.76%	-1.27%	-20.44%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	36.76%	-1.27%	-20.44%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	34.97x	31.35x	31.28x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	6.73x	5.13x	3.68x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.39%	0.47%	0.55%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	25.15x	19.50x	19.33x

Mar 2017

EPS (₹): 33.39
Book Value (₹): 117.24
Dividend per Share (₹): 4.00
Cash EPS (₹): 38.70
Operating Margin %: 24.82%
Net Margin %: 19.28%
ROE %: 33.14%
ROCE %: 33.77%
: 17.99%
Debtor Days: 63
Inventory Days: 63
Payable Days: 103
: 24
Debt to Equity (x): 0.07x
Interest Coverage (x): 59.13x
: 1.64x
Revenue Growth %: 8.61%
Operating Profit Growth %: 26.16%
Net Profit Growth %: 47.47%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 26.64
Book Value (₹): 138.74
Dividend per Share (₹): 4.00
Cash EPS (₹): 32.65
Operating Margin %: 24.07%
Net Margin %: 15.92%
ROE %: 20.84%
ROCE %: 25.18%
: 11.19%
Debtor Days: 75
Inventory Days: 70
Payable Days: 102
: 43
Debt to Equity (x): 0.04x
Interest Coverage (x): 64.77x
: 1.47x
Revenue Growth %: 0.01%
Operating Profit Growth %: -6.04%
Net Profit Growth %: -19.99%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 29.72
Book Value (₹): 165.08
Dividend per Share (₹): 4.00
Cash EPS (₹): 36.46
Operating Margin %: 21.15%
Net Margin %: 13.60%
ROE %: 19.57%
ROCE %: 25.10%
: 10.71%
Debtor Days: 72
Inventory Days: 60
Payable Days: 104
: 28
Debt to Equity (x): 0.02x
Interest Coverage (x): 76.76x
: 1.57x
Revenue Growth %: 24.76%
Operating Profit Growth %: 14.81%
Net Profit Growth %: 11.59%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 33.09
Book Value (₹): 190.12
Dividend per Share (₹): 4.00
Cash EPS (₹): 42.99
Operating Margin %: 21.73%
Net Margin %: 12.91%
ROE %: 18.63%
ROCE %: 23.13%
: 10.26%
Debtor Days: 68
Inventory Days: 69
Payable Days: 109
: 27
Debt to Equity (x): 0.20x
Interest Coverage (x): 33.31x
: 1.48x
Revenue Growth %: 18.50%
Operating Profit Growth %: 20.49%
Net Profit Growth %: 11.31%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 48.57
Book Value (₹): 351.81
Dividend per Share (₹): 5.00
Cash EPS (₹): 60.07
Operating Margin %: 23.81%
Net Margin %: 15.38%
ROE %: 18.52%
ROCE %: 22.09%
: 11.29%
Debtor Days: 51
Inventory Days: 70
Payable Days: 98
: 23
Debt to Equity (x): 0.06x
Interest Coverage (x): 28.60x
: 2.86x
Revenue Growth %: 35.96%
Operating Profit Growth %: 48.68%
Net Profit Growth %: 61.70%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 55.51
Book Value (₹): 402.88
Dividend per Share (₹): 6.00
Cash EPS (₹): 68.79
Operating Margin %: 22.60%
Net Margin %: 15.29%
ROE %: 14.71%
ROCE %: 17.40%
: 9.91%
Debtor Days: 52
Inventory Days: 82
Payable Days: 107
: 27
Debt to Equity (x): 0.04x
Interest Coverage (x): 65.15x
: 2.80x
Revenue Growth %: 15.79%
Operating Profit Growth %: 9.12%
Net Profit Growth %: 14.29%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 80.89
Book Value (₹): 473.76
Dividend per Share (₹): 10.00
Cash EPS (₹): 95.79
Operating Margin %: 25.25%
Net Margin %: 18.22%
ROE %: 18.45%
ROCE %: 21.84%
: 12.99%
Debtor Days: 44
Inventory Days: 76
Payable Days: 91
: 30
Debt to Equity (x): 0.00x
Interest Coverage (x): 37.75x
: 3.35x
Revenue Growth %: 22.50%
Operating Profit Growth %: 36.58%
Net Profit Growth %: 45.71%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 110.62
Book Value (₹): 574.52
Dividend per Share (₹): 15.00
Cash EPS (₹): 130.90
Operating Margin %: 25.40%
Net Margin %: 21.06%
ROE %: 21.11%
ROCE %: 24.14%
: 15.01%
Debtor Days: 39
Inventory Days: 62
Payable Days: 99
: 1
Debt to Equity (x): 0.01x
Interest Coverage (x): 44.46x
: 3.27x
Revenue Growth %: 18.08%
Operating Profit Growth %: 31.27%
Net Profit Growth %: 36.76%
: 36.76%
P/E (x): 34.97x
P/B (x): 6.73x
Dividend Yield %: 0.39%
: 25.15x

Mar 2025

EPS (₹): 109.22
Book Value (₹): 668.08
Dividend per Share (₹): 16.00
Cash EPS (₹): 132.41
Operating Margin %: 26.31%
Net Margin %: 19.91%
ROE %: 17.58%
ROCE %: 22.99%
: 12.08%
Debtor Days: 51
Inventory Days: 50
Payable Days: 119
: -18
Debt to Equity (x): 0.01x
Interest Coverage (x): 39.05x
: 2.59x
Revenue Growth %: 4.07%
Operating Profit Growth %: 13.89%
Net Profit Growth %: -1.27%
: -1.27%
P/E (x): 31.35x
P/B (x): 5.13x
Dividend Yield %: 0.47%
: 19.50x

Mar 2026

EPS (₹): 86.89
Book Value (₹): 738.64
Dividend per Share (₹): 15.00
Cash EPS (₹): 113.64
Operating Margin %: 23.53%
Net Margin %: 18.69%
ROE %: 12.35%
ROCE %: 16.00%
: 8.56%
Debtor Days: 78
Inventory Days: 57
Payable Days: 141
: -6
Debt to Equity (x): 0.02x
Interest Coverage (x): 40.54x
: 3.08x
Revenue Growth %: -15.85%
Operating Profit Growth %: -20.02%
Net Profit Growth %: -20.44%
: -20.44%
P/E (x): 31.28x
P/B (x): 3.68x
Dividend Yield %: 0.55%
: 19.33x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	46.09	46.09	46.09	46.09	46.09	46.09	46.09	46.09	46.09
	18.76	19.02	18.46	18.06	16.98	16.42	15.97	15.87	14.83
	25.84	26.21	27.06	27.42	29.20	30.25	30.93	31.19	31.49
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	9.16	8.55	8.25	8.30	7.60	7.10	6.87	6.70	7.46

Jun 2024

: 46.09
: 18.76
: 25.84
Government: 0.00
: 9.16

Sep 2024

: 46.09
: 19.02
: 26.21
Government: 0.00
: 8.55

Dec 2024

: 46.09
: 18.46
: 27.06
Government: 0.00
: 8.25

Mar 2025

: 46.09
: 18.06
: 27.42
Government: 0.00
: 8.30

Jun 2025

: 46.09
: 16.98
: 29.20
Government: 0.00
: 7.60

Sep 2025

: 46.09
: 16.42
: 30.25
Government: 0.00
: 7.10

Dec 2025

: 46.09
: 15.97
: 30.93
Government: 0.00
: 6.87

Mar 2026

: 46.09
: 15.87
: 31.19
Government: 0.00
: 6.70

Jun 2026

: 46.09
: 14.83
: 31.49
Government: 0.00
: 7.46

Documents

Announcements

Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-19 - PI Industries Limited has informed the Exchange about Schedule of meet with Awriga Capital
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-19 - PI Industries Limited has informed the Exchange about Schedule of meet with Quest Investments

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Aug 2026
Transcript PPTREC
May 2026
Transcript PPTREC
Feb 2026
Transcript PPTREC