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/E0.0

Book Value₹ 772

Price to Book3.64

Dividend Yield0.60 %

ROCE16.9 %

ROE13.2 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Active Ingredients & Intermediates: 81.7% • Formulations: 17.5% • Others: 0.9%

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 22.7%
Operating margins have improved to 29.3% from 25.9%
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

Receivables are growing faster than sales - a possible quality concern
Recent results are weak - TTM profit is down 20.2% versus prior year
Working capital days have increased from 221 to 302 days
Company has delivered a poor sales growth of 7.2% over past five years
Debtor days have increased from 44 to 72
Expensive relative to growth - PEG of 5.0

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	1,829	1,969	1,721	1,626	2,012	2,131	1,780	1,648	1,769	1,753	1,270	1,391	1,599
	1,354	1,415	1,177	1,173	1,381	1,446	1,235	1,144	1,195	1,146	900	1,006	1,223
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	47	56	65	56	69	90	73	68	80	80	76	71	61
Interest	2	2	2	4	2	1	2	2	2	1	3	2	2
Depreciation	59	63	62	62	65	66	67	65	71	72	78	85	80
	462	545	545	443	634	708	548	506	582	615	345	258	437
Tax %	14.34%	14.76%	10.80%	13.21%	21.34%	21.12%	22.71%	23.72%	20.15%	20.09%	18.35%	23.30%	21.85%
Net Profit	395	464	486	384	498	558	424	386	464	491	282	198	342
	26	31	32	25	33	37	28	25	31	32	19	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

: 1,829
: 1,354
Operating Profit: —
OPM %: —
Other Income: 47
Interest: 2
Depreciation: 59
: 462
Tax %: 14.34%
Net Profit: 395
: 26
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 1,969
: 1,415
Operating Profit: —
OPM %: —
Other Income: 56
Interest: 2
Depreciation: 63
: 545
Tax %: 14.76%
Net Profit: 464
: 31
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 1,721
: 1,177
Operating Profit: —
OPM %: —
Other Income: 65
Interest: 2
Depreciation: 62
: 545
Tax %: 10.80%
Net Profit: 486
: 32
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 1,626
: 1,173
Operating Profit: —
OPM %: —
Other Income: 56
Interest: 4
Depreciation: 62
: 443
Tax %: 13.21%
Net Profit: 384
: 25
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 2,012
: 1,381
Operating Profit: —
OPM %: —
Other Income: 69
Interest: 2
Depreciation: 65
: 634
Tax %: 21.34%
Net Profit: 498
: 33
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 2,131
: 1,446
Operating Profit: —
OPM %: —
Other Income: 90
Interest: 1
Depreciation: 66
: 708
Tax %: 21.12%
Net Profit: 558
: 37
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 1,780
: 1,235
Operating Profit: —
OPM %: —
Other Income: 73
Interest: 2
Depreciation: 67
: 548
Tax %: 22.71%
Net Profit: 424
: 28
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 1,648
: 1,144
Operating Profit: —
OPM %: —
Other Income: 68
Interest: 2
Depreciation: 65
: 506
Tax %: 23.72%
Net Profit: 386
: 25
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 1,769
: 1,195
Operating Profit: —
OPM %: —
Other Income: 80
Interest: 2
Depreciation: 71
: 582
Tax %: 20.15%
Net Profit: 464
: 31
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 1,753
: 1,146
Operating Profit: —
OPM %: —
Other Income: 80
Interest: 1
Depreciation: 72
: 615
Tax %: 20.09%
Net Profit: 491
: 32
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 1,270
: 900
Operating Profit: —
OPM %: —
Other Income: 76
Interest: 3
Depreciation: 78
: 345
Tax %: 18.35%
Net Profit: 282
: 19
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 1,391
: 1,006
Operating Profit: —
OPM %: —
Other Income: 71
Interest: 2
Depreciation: 85
: 258
Tax %: 23.30%
Net Profit: 198
: 13
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 1,599
: 1,223
Operating Profit: —
OPM %: —
Other Income: 61
Interest: 2
Depreciation: 80
: 437
Tax %: 21.85%
Net Profit: 342
: 2
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 15
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,276	2,277	2,841	3,307	4,361	5,077	6,270	7,145	7,571	6,183	6,012
	1,724	1,783	2,275	2,608	3,370	3,962	4,748	5,110	5,194	4,286	4,274
Operating Profit	588	554	635	748	1,108	1,214	1,681	2,261	2,686	2,268	—
OPM %	26	24	22	23	25	24	27	32	35	37	—
Other Income	36	60	69	48	117	100	159	226	310	371	288
Interest	9	8	8	20	34	15	38	20	28	32	8
Depreciation	73	83	93	133	172	198	222	246	263	305	314
	506	464	535	594	902	1,000	1,422	1,995	2,396	1,799	1,654
Tax %	10	21	24	26	21	18	15	13	22	20	21
Net Profit	457	367	408	442	710	820	1,211	1,731	1,866	1,435	1,312
EPS	33	27	30	32	48	54	80	114	123	94	—
Dividend Payout %	12	15	14	12	11	11	13	13	13	16	—
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	0
Adjusted EPS	33	27	30	32	47	54	80	114	123	94	—
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	0
Adjusted EPS	33	27	30	32	47	54	80	114	123	94	—

Mar 2017

: 2,276
: 1,724
Operating Profit: 588
OPM %: 26
Other Income: 36
Interest: 9
Depreciation: 73
: 506
Tax %: 10
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 2018

: 2,277
: 1,783
Operating Profit: 554
OPM %: 24
Other Income: 60
Interest: 8
Depreciation: 83
: 464
Tax %: 21
Net Profit: 367
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
: 2,275
Operating Profit: 635
OPM %: 22
Other Income: 69
Interest: 8
Depreciation: 93
: 535
Tax %: 24
Net Profit: 408
EPS: 30
Dividend Payout %: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 30
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 30

Mar 2020

: 3,307
: 2,608
Operating Profit: 748
OPM %: 23
Other Income: 48
Interest: 20
Depreciation: 133
: 594
Tax %: 26
Net Profit: 442
EPS: 32
Dividend Payout %: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 32
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 32

Mar 2021

: 4,361
: 3,370
Operating Profit: 1,108
OPM %: 25
Other Income: 117
Interest: 34
Depreciation: 172
: 902
Tax %: 21
Net Profit: 710
EPS: 48
Dividend Payout %: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 47
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 47

Mar 2022

: 5,077
: 3,962
Operating Profit: 1,214
OPM %: 24
Other Income: 100
Interest: 15
Depreciation: 198
: 1,000
Tax %: 18
Net Profit: 820
EPS: 54
Dividend Payout %: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 54
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 54

Mar 2023

: 6,270
: 4,748
Operating Profit: 1,681
OPM %: 27
Other Income: 159
Interest: 38
Depreciation: 222
: 1,422
Tax %: 15
Net Profit: 1,211
EPS: 80
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 80
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 80

Mar 2024

: 7,145
: 5,110
Operating Profit: 2,261
OPM %: 32
Other Income: 226
Interest: 20
Depreciation: 246
: 1,995
Tax %: 13
Net Profit: 1,731
EPS: 114
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 114
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 114

Mar 2025

: 7,571
: 5,194
Operating Profit: 2,686
OPM %: 35
Other Income: 310
Interest: 28
Depreciation: 263
: 2,396
Tax %: 22
Net Profit: 1,866
EPS: 123
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 123
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 123

Mar 2026

: 6,183
: 4,286
Operating Profit: 2,268
OPM %: 37
Other Income: 371
Interest: 32
Depreciation: 305
: 1,799
Tax %: 20
Net Profit: 1,435
EPS: 94
Dividend Payout %: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 94
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 94

TTM

: 6,012
: 4,274
Operating Profit: —
OPM %: —
Other Income: 288
Interest: 8
Depreciation: 314
: 1,654
Tax %: 21
Net Profit: 1,312
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 7%
3 Years:: 0%

COMPOUNDED PROFIT GROWTH

10 Years:: 17%
5 Years:: 15%
3 Years:: 6%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 20%
5 Years:: 18%
3 Years:: 18%
Last Year:: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	1,581	1,888	2,254	2,573	5,271	6,024	7,082	8,666	10,284	11,350
	37	38	40	120	70	97	0	0	0	0
Trade Payables	288	370	514	554	782	884	836	1,170	1,101	850
	841	1,473	1,033	1,662	1,848	1,805	1,854	2,094	2,616	3,211
Total Liabilities	2,761	3,783	3,854	4,923	7,987	8,824	9,787	11,946	14,017	15,426
ASSETS	-	-	-	-	-	-	-	-	-	-
	943	996	1,184	1,668	2,118	2,423	2,513	2,634	2,950	3,228
Capital Work in Progress	58	69	154	236	250	64	61	117	282	614
	84	161	123	454	1,012	1,036	1,169	2,448	3,269	3,256
	432	452	536	720	1,011	1,332	1,345	1,167	837	1,050
	5	7	16	14	15	21	21	703	1,195	1,356
Cash & Bank	121	120	83	110	1,421	1,322	2,132	2,544	2,289	1,989
	1,118	1,978	1,759	1,720	2,161	2,628	2,546	2,332	3,195	3,933
Total Assets	2,761	3,783	3,854	4,923	7,987	8,824	9,787	11,946	14,017	15,426
Total Debt	120	83	49	517	328	268	0	0	0	0
Net Working Capital	655	837	875	651	3,062	3,429	4,258	4,537	4,788	5,357
Contingent Liabilities	83	138	187	201	379	116	132	161	134	140
Book Value per Share	115.91	137.83	164.30	187.46	347.77	397.28	466.89	571.13	677.59	747.70
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	0	0	0
Net Working Capital	655	837	875	651	3,062	3,429	4,258	4,537	4,788	5,357
Contingent Liabilities	83	138	187	201	379	116	132	161	134	140
Book Value per Share	115.91	137.83	164.30	187.46	347.77	397.28	466.89	571.13	677.59	747.70
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
: 1,581
: 37
Trade Payables: 288
: 841
Total Liabilities: 2,761
: 943
Capital Work in Progress: 58
: 84
: 432
: 5
Cash & Bank: 121
: 1,118
Total Assets: 2,761
Total Debt: 120
Net Working Capital: 655
Contingent Liabilities: 83
Book Value per Share: 115.91
Face Value: 1.00
Total Debt: 120
Net Working Capital: 655
Contingent Liabilities: 83
Book Value per Share: 115.91
Face Value: 1.00

Mar 2018

Equity Capital: 14
: 1,888
: 38
Trade Payables: 370
: 1,473
Total Liabilities: 3,783
: 996
Capital Work in Progress: 69
: 161
: 452
: 7
Cash & Bank: 120
: 1,978
Total Assets: 3,783
Total Debt: 83
Net Working Capital: 837
Contingent Liabilities: 138
Book Value per Share: 137.83
Face Value: 1.00
Total Debt: 83
Net Working Capital: 837
Contingent Liabilities: 138
Book Value per Share: 137.83
Face Value: 1.00

Mar 2019

Equity Capital: 14
: 2,254
: 40
Trade Payables: 514
: 1,033
Total Liabilities: 3,854
: 1,184
Capital Work in Progress: 154
: 123
: 536
: 16
Cash & Bank: 83
: 1,759
Total Assets: 3,854
Total Debt: 49
Net Working Capital: 875
Contingent Liabilities: 187
Book Value per Share: 164.30
Face Value: 1.00
Total Debt: 49
Net Working Capital: 875
Contingent Liabilities: 187
Book Value per Share: 164.30
Face Value: 1.00

Mar 2020

Equity Capital: 14
: 2,573
: 120
Trade Payables: 554
: 1,662
Total Liabilities: 4,923
: 1,668
Capital Work in Progress: 236
: 454
: 720
: 14
Cash & Bank: 110
: 1,720
Total Assets: 4,923
Total Debt: 517
Net Working Capital: 651
Contingent Liabilities: 201
Book Value per Share: 187.46
Face Value: 1.00
Total Debt: 517
Net Working Capital: 651
Contingent Liabilities: 201
Book Value per Share: 187.46
Face Value: 1.00

Mar 2021

Equity Capital: 15
: 5,271
: 70
Trade Payables: 782
: 1,848
Total Liabilities: 7,987
: 2,118
Capital Work in Progress: 250
: 1,012
: 1,011
: 15
Cash & Bank: 1,421
: 2,161
Total Assets: 7,987
Total Debt: 328
Net Working Capital: 3,062
Contingent Liabilities: 379
Book Value per Share: 347.77
Face Value: 1.00
Total Debt: 328
Net Working Capital: 3,062
Contingent Liabilities: 379
Book Value per Share: 347.77
Face Value: 1.00

Mar 2022

Equity Capital: 15
: 6,024
: 97
Trade Payables: 884
: 1,805
Total Liabilities: 8,824
: 2,423
Capital Work in Progress: 64
: 1,036
: 1,332
: 21
Cash & Bank: 1,322
: 2,628
Total Assets: 8,824
Total Debt: 268
Net Working Capital: 3,429
Contingent Liabilities: 116
Book Value per Share: 397.28
Face Value: 1.00
Total Debt: 268
Net Working Capital: 3,429
Contingent Liabilities: 116
Book Value per Share: 397.28
Face Value: 1.00

Mar 2023

Equity Capital: 15
: 7,082
: 0
Trade Payables: 836
: 1,854
Total Liabilities: 9,787
: 2,513
Capital Work in Progress: 61
: 1,169
: 1,345
: 21
Cash & Bank: 2,132
: 2,546
Total Assets: 9,787
Total Debt: 0
Net Working Capital: 4,258
Contingent Liabilities: 132
Book Value per Share: 466.89
Face Value: 1.00
Total Debt: 0
Net Working Capital: 4,258
Contingent Liabilities: 132
Book Value per Share: 466.89
Face Value: 1.00

Mar 2024

Equity Capital: 15
: 8,666
: 0
Trade Payables: 1,170
: 2,094
Total Liabilities: 11,946
: 2,634
Capital Work in Progress: 117
: 2,448
: 1,167
: 703
Cash & Bank: 2,544
: 2,332
Total Assets: 11,946
Total Debt: 0
Net Working Capital: 4,537
Contingent Liabilities: 161
Book Value per Share: 571.13
Face Value: 1.00
Total Debt: 0
Net Working Capital: 4,537
Contingent Liabilities: 161
Book Value per Share: 571.13
Face Value: 1.00

Mar 2025

Equity Capital: 15
: 10,284
: 0
Trade Payables: 1,101
: 2,616
Total Liabilities: 14,017
: 2,950
Capital Work in Progress: 282
: 3,269
: 837
: 1,195
Cash & Bank: 2,289
: 3,195
Total Assets: 14,017
Total Debt: 0
Net Working Capital: 4,788
Contingent Liabilities: 134
Book Value per Share: 677.59
Face Value: 1.00
Total Debt: 0
Net Working Capital: 4,788
Contingent Liabilities: 134
Book Value per Share: 677.59
Face Value: 1.00

Mar 2026

Equity Capital: 15
: 11,350
: 0
Trade Payables: 850
: 3,211
Total Liabilities: 15,426
: 3,228
Capital Work in Progress: 614
: 3,256
: 1,050
: 1,356
Cash & Bank: 1,989
: 3,933
Total Assets: 15,426
Total Debt: 0
Net Working Capital: 5,357
Contingent Liabilities: 140
Book Value per Share: 747.70
Face Value: 1.00
Total Debt: 0
Net Working Capital: 5,357
Contingent Liabilities: 140
Book Value per Share: 747.70
Face Value: 1.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	337	314	385	661	772	485	1,502	2,099	1,478	694
Cash from Investing	-236	-182	-320	-962	-2,470	-104	-576	-1,933	-1,536	-680
Cash from Financing	-50	-100	-122	350	1,689	-175	-430	-205	-251	-256
	50	32	-56	49	-9	207	495	-39	-308	-242
Free Cash Flow	194	169	20	-34	135	176	1,212	1,697	771	-206
OCF / Net Profit	0.74	0.86	0.94	1.49	1.09	0.59	1.24	1.21	0.79	0.48
Cumulative 5-Year FCF	0	0	0	0	483	465	1,509	3,186	3,991	3,651
OCF / Net Profit	0.74	0.86	0.94	1.49	1.09	0.59	1.24	1.21	0.79	0.48
Cumulative 5-Year FCF	0	0	0	0	483	465	1,509	3,186	3,991	3,651

Mar 2017

: 337
Cash from Investing: -236
Cash from Financing: -50
: 50
Free Cash Flow: 194
OCF / Net Profit: 0.74
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.74
Cumulative 5-Year FCF: 0

Mar 2018

: 314
Cash from Investing: -182
Cash from Financing: -100
: 32
Free Cash Flow: 169
OCF / Net Profit: 0.86
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.86
Cumulative 5-Year FCF: 0

Mar 2019

: 385
Cash from Investing: -320
Cash from Financing: -122
: -56
Free Cash Flow: 20
OCF / Net Profit: 0.94
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.94
Cumulative 5-Year FCF: 0

Mar 2020

: 661
Cash from Investing: -962
Cash from Financing: 350
: 49
Free Cash Flow: -34
OCF / Net Profit: 1.49
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.49
Cumulative 5-Year FCF: 0

Mar 2021

: 772
Cash from Investing: -2,470
Cash from Financing: 1,689
: -9
Free Cash Flow: 135
OCF / Net Profit: 1.09
Cumulative 5-Year FCF: 483
OCF / Net Profit: 1.09
Cumulative 5-Year FCF: 483

Mar 2022

: 485
Cash from Investing: -104
Cash from Financing: -175
: 207
Free Cash Flow: 176
OCF / Net Profit: 0.59
Cumulative 5-Year FCF: 465
OCF / Net Profit: 0.59
Cumulative 5-Year FCF: 465

Mar 2023

: 1,502
Cash from Investing: -576
Cash from Financing: -430
: 495
Free Cash Flow: 1,212
OCF / Net Profit: 1.24
Cumulative 5-Year FCF: 1,509
OCF / Net Profit: 1.24
Cumulative 5-Year FCF: 1,509

Mar 2024

: 2,099
Cash from Investing: -1,933
Cash from Financing: -205
: -39
Free Cash Flow: 1,697
OCF / Net Profit: 1.21
Cumulative 5-Year FCF: 3,186
OCF / Net Profit: 1.21
Cumulative 5-Year FCF: 3,186

Mar 2025

: 1,478
Cash from Investing: -1,536
Cash from Financing: -251
: -308
Free Cash Flow: 771
OCF / Net Profit: 0.79
Cumulative 5-Year FCF: 3,991
OCF / Net Profit: 0.79
Cumulative 5-Year FCF: 3,991

Mar 2026

: 694
Cash from Investing: -680
Cash from Financing: -256
: -242
Free Cash Flow: -206
OCF / Net Profit: 0.48
Cumulative 5-Year FCF: 3,651
OCF / Net Profit: 0.48
Cumulative 5-Year FCF: 3,651

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	33.24	26.57	29.54	32.05	46.74	53.93	79.70	113.86	122.80	94.39
Book Value (₹)	115.91	137.83	164.30	187.46	347.77	397.28	466.89	571.13	677.59	747.70
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 (₹)	38.52	32.55	36.25	41.70	58.06	66.98	94.28	130.05	140.07	114.43
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	24.67%	24.00%	21.05%	21.52%	24.15%	22.93%	25.89%	27.43%	30.08%	29.25%
Net Margin %	19.19%	15.88%	13.51%	12.73%	15.49%	15.48%	18.66%	23.32%	23.62%	22.13%
ROE %	33.40%	20.97%	19.56%	18.22%	18.05%	14.48%	18.44%	21.94%	19.67%	13.25%
ROCE %	33.96%	25.32%	25.12%	22.62%	21.46%	17.04%	21.77%	25.54%	25.54%	16.89%
	18.02%	11.20%	10.68%	10.08%	11.01%	9.75%	13.02%	15.93%	14.38%	9.75%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	63	75	72	64	48	50	42	34	44	72
Inventory Days	63	70	60	66	69	81	75	62	46	53
Payable Days	103	103	104	108	101	109	92	102	115	136
	24	42	28	22	16	21	25	-6	-25	-11
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.08x	0.04x	0.02x	0.20x	0.06x	0.04x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	58.84x	59.68x	67.83x	30.72x	27.37x	65.97x	38.91x	99.75x	85.95x	57.75x
	1.63x	1.46x	1.57x	1.35x	2.74x	2.78x	3.27x	3.32x	3.01x	3.27x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	8.60%	0.03%	24.76%	16.40%	31.88%	16.41%	23.51%	13.95%	5.96%	-18.34%
Operating Profit Growth %	26.07%	-5.75%	14.64%	17.70%	48.19%	9.60%	38.43%	34.51%	18.82%	-15.60%
Net Profit Growth %	47.70%	-19.85%	11.21%	8.49%	60.64%	15.37%	47.79%	42.87%	7.85%	-23.13%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	42.87%	7.85%	-23.13%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	33.98x	27.89x	28.80x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	6.77x	5.05x	3.64x
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	24.88x	18.52x	17.34x

Mar 2017

EPS (₹): 33.24
Book Value (₹): 115.91
Dividend per Share (₹): 4.00
Cash EPS (₹): 38.52
Operating Margin %: 24.67%
Net Margin %: 19.19%
ROE %: 33.40%
ROCE %: 33.96%
: 18.02%
Debtor Days: 63
Inventory Days: 63
Payable Days: 103
: 24
Debt to Equity (x): 0.08x
Interest Coverage (x): 58.84x
: 1.63x
Revenue Growth %: 8.60%
Operating Profit Growth %: 26.07%
Net Profit Growth %: 47.70%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 26.57
Book Value (₹): 137.83
Dividend per Share (₹): 4.00
Cash EPS (₹): 32.55
Operating Margin %: 24.00%
Net Margin %: 15.88%
ROE %: 20.97%
ROCE %: 25.32%
: 11.20%
Debtor Days: 75
Inventory Days: 70
Payable Days: 103
: 42
Debt to Equity (x): 0.04x
Interest Coverage (x): 59.68x
: 1.46x
Revenue Growth %: 0.03%
Operating Profit Growth %: -5.75%
Net Profit Growth %: -19.85%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 29.54
Book Value (₹): 164.30
Dividend per Share (₹): 4.00
Cash EPS (₹): 36.25
Operating Margin %: 21.05%
Net Margin %: 13.51%
ROE %: 19.56%
ROCE %: 25.12%
: 10.68%
Debtor Days: 72
Inventory Days: 60
Payable Days: 104
: 28
Debt to Equity (x): 0.02x
Interest Coverage (x): 67.83x
: 1.57x
Revenue Growth %: 24.76%
Operating Profit Growth %: 14.64%
Net Profit Growth %: 11.21%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 32.05
Book Value (₹): 187.46
Dividend per Share (₹): 4.00
Cash EPS (₹): 41.70
Operating Margin %: 21.52%
Net Margin %: 12.73%
ROE %: 18.22%
ROCE %: 22.62%
: 10.08%
Debtor Days: 64
Inventory Days: 66
Payable Days: 108
: 22
Debt to Equity (x): 0.20x
Interest Coverage (x): 30.72x
: 1.35x
Revenue Growth %: 16.40%
Operating Profit Growth %: 17.70%
Net Profit Growth %: 8.49%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 46.74
Book Value (₹): 347.77
Dividend per Share (₹): 5.00
Cash EPS (₹): 58.06
Operating Margin %: 24.15%
Net Margin %: 15.49%
ROE %: 18.05%
ROCE %: 21.46%
: 11.01%
Debtor Days: 48
Inventory Days: 69
Payable Days: 101
: 16
Debt to Equity (x): 0.06x
Interest Coverage (x): 27.37x
: 2.74x
Revenue Growth %: 31.88%
Operating Profit Growth %: 48.19%
Net Profit Growth %: 60.64%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 53.93
Book Value (₹): 397.28
Dividend per Share (₹): 6.00
Cash EPS (₹): 66.98
Operating Margin %: 22.93%
Net Margin %: 15.48%
ROE %: 14.48%
ROCE %: 17.04%
: 9.75%
Debtor Days: 50
Inventory Days: 81
Payable Days: 109
: 21
Debt to Equity (x): 0.04x
Interest Coverage (x): 65.97x
: 2.78x
Revenue Growth %: 16.41%
Operating Profit Growth %: 9.60%
Net Profit Growth %: 15.37%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 79.70
Book Value (₹): 466.89
Dividend per Share (₹): 10.00
Cash EPS (₹): 94.28
Operating Margin %: 25.89%
Net Margin %: 18.66%
ROE %: 18.44%
ROCE %: 21.77%
: 13.02%
Debtor Days: 42
Inventory Days: 75
Payable Days: 92
: 25
Debt to Equity (x): 0.00x
Interest Coverage (x): 38.91x
: 3.27x
Revenue Growth %: 23.51%
Operating Profit Growth %: 38.43%
Net Profit Growth %: 47.79%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 113.86
Book Value (₹): 571.13
Dividend per Share (₹): 15.00
Cash EPS (₹): 130.05
Operating Margin %: 27.43%
Net Margin %: 23.32%
ROE %: 21.94%
ROCE %: 25.54%
: 15.93%
Debtor Days: 34
Inventory Days: 62
Payable Days: 102
: -6
Debt to Equity (x): 0.00x
Interest Coverage (x): 99.75x
: 3.32x
Revenue Growth %: 13.95%
Operating Profit Growth %: 34.51%
Net Profit Growth %: 42.87%
: 42.87%
P/E (x): 33.98x
P/B (x): 6.77x
Dividend Yield %: 0.39%
: 24.88x

Mar 2025

EPS (₹): 122.80
Book Value (₹): 677.59
Dividend per Share (₹): 16.00
Cash EPS (₹): 140.07
Operating Margin %: 30.08%
Net Margin %: 23.62%
ROE %: 19.67%
ROCE %: 25.54%
: 14.38%
Debtor Days: 44
Inventory Days: 46
Payable Days: 115
: -25
Debt to Equity (x): 0.00x
Interest Coverage (x): 85.95x
: 3.01x
Revenue Growth %: 5.96%
Operating Profit Growth %: 18.82%
Net Profit Growth %: 7.85%
: 7.85%
P/E (x): 27.89x
P/B (x): 5.05x
Dividend Yield %: 0.47%
: 18.52x

Mar 2026

EPS (₹): 94.39
Book Value (₹): 747.70
Dividend per Share (₹): 15.00
Cash EPS (₹): 114.43
Operating Margin %: 29.25%
Net Margin %: 22.13%
ROE %: 13.25%
ROCE %: 16.89%
: 9.75%
Debtor Days: 72
Inventory Days: 53
Payable Days: 136
: -11
Debt to Equity (x): 0.00x
Interest Coverage (x): 57.75x
: 3.27x
Revenue Growth %: -18.34%
Operating Profit Growth %: -15.60%
Net Profit Growth %: -23.13%
: -23.13%
P/E (x): 28.80x
P/B (x): 3.64x
Dividend Yield %: 0.55%
: 17.34x

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