PI Industries Limited · Research view

PI Industries Limited

NSE: PIINDBSE: 523642ISIN INE603J01030Face value ₹1standalone

₹2,245

−2.65% · 2026-10-01 · 52-wk ₹2,245–₹3,821

Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Debt rising as profit falls

Total debt rose 113.3% while net profit fell 20.4% — worth checking how the balance sheet is being funded.

Importance 77 / 95 · financial health

ContextTalking point

High returns, and the market pays up for them

ROE of 12.4% is well above the pesticides and agrochemicals median (9.0%), and the P/E of 29.29× is above it too (24.14×).

Importance 60 / 95 · valuation

ConcernTalking point

Returns at a multi-year low

ROE of 12.4% is the lowest in 7 years (prior range 14.7% to 21.1%).

Importance 58 / 95 · profitability

WatchTalking point

Growth slowing

Revenue growth has slowed for 3 consecutive years, from 22.5% to -15.8%.

Importance 57 / 95 · growth

Section 03 · The company

Who is this company?

Classified by the exchange under Commodities › Chemicals › Fertilizers & Agrochemicals › Pesticides & Agrochemicals.

Market cap: ₹34,124 cr
FY2026 revenue: ₹6,183 cr
FY2026 net profit: ₹1,435 cr
Net worth: ₹11,369 cr
Total debt: ₹0 crnet cash
EPS (basic): ₹94.57
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 2 pesticides & agrochemicals.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Revenue growth has slowed for 3 consecutive years, from 22.5% to -15.8%.

Rule GROWTH_DECELERATING

Revenue growth per year: +11.7%over 7 years
Revenue growth: −18.3%vs last year
Net profit growth: −23.1%vs last year
Change in net profit since FY19: +252%

Revenue compounded at 13.1% a year over 7 years (₹2,841 → ₹6,714).

Over 7 years profit compounded at 18.2% a year while revenue compounded at 13.1% a year — though FY2021 saw a one-off step-change of 62% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Net profit fell 20.4% year on year (FY2025 → FY2026).

Revenue fell 15.8% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Concern

Q1 FY27 net profit was ₹244 cr, down 38.9% from ₹400 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Concern

Q1 FY27 EBIT was ₹328 cr, down 35.5% from ₹509 cr a year earlier.

Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY

Concern

Q1 FY27 EBITDA margin was 25.3%, down 6.49 percentage points from 31.8% a year earlier.

Rule QTR_MARGIN_CHANGED_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	2,221	—	508	—	22.9%
Q3 FY25	1,901	+0.2%	373	−16.9%	19.6%
Q4 FY25	1,787	+2.6%	331	−10.6%	18.5%
Q1 FY26	1,901	−8.1%	400	−10.9%	21.0%
Q2 FY26	1,872	−15.7%	409	−19.5%	21.9%
Q3 FY26	1,376	−27.6%	311	−16.5%	22.6%
Q4 FY26	1,565	−12.4%	200	−39.4%	12.8%
Q1 FY27	1,702	−10.4%	244	−38.9%	14.3%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹6,516 crTTM
EBITDA: ₹1,837 crTTM
EBIT: ₹1,423 crTTM
PBT: ₹1,506 crTTM
Net profit: ₹1,165 crTTM

C. Corporate actions

7 Aug 2026DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share

23 Feb 2026DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share

7 Aug 2025DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share

14 Feb 2025DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share

20 Aug 2024DividendFinal Dividend - Rs. - 9.0000 — ₹9.00/share

21 Feb 2024DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share

11 Aug 2023DividendFinal Dividend - Rs. - 5.5000 — ₹5.50/share

24 Feb 2023DividendInterim Dividend - Rs. - 4.5000 — ₹4.50/share

25 Aug 2022DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share

14 Feb 2022DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share

6 Sept 2021DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share

11 Feb 2021DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share

17 Sept 2020DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share

24 Feb 2020DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share

29 Aug 2019DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share

9 Nov 2018DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share

30 Jul 2018DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share

9 Nov 2017DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share

30 Aug 2017DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share

16 Nov 2016DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share

22 Mar 2016DividendInterim Dividend - Rs. - 1.9000 — ₹1.90/share

17 Nov 2015DividendInterim Dividend - Rs. - 1.2000 — ₹1.20/share

8 Sept 2015DividendFinal Dividend - Rs. - 1.3000 — ₹1.30/share

13 Nov 2014DividendInterim Dividend - Rs. - 1.2000 — ₹1.20/share

3 Sept 2014DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY19 to FY26% of revenue · consolidated

EBITDA marginNet margin

Concern

ROE of 12.4% is the lowest in 7 years (prior range 14.7% to 21.1%).

Rule ROE_AT_MULTI_YEAR_LOW

EBITDA margin now: 36.3%
8-year range: 22.3–36.3%
ROE FY2026: 13.2%
ROCE FY2026: 17.9%

ROE of 12.4% is well above the pesticides and agrochemicals median of 9.0%.

ROE declined from 17.6% to 12.4% year on year.

EBITDA margin fell from 31.6% to 29.9% of revenue.

EBITDA margin has ranged from 22.4% to 31.6% over 7 years and sits at 29.9% now.

Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Watch

Total debt rose 113.3% while net profit fell 20.4% — worth checking how the balance sheet is being funded.

Rule DEBT_UP_EARNINGS_DOWN

Operating cash flow vs net profit₹ crore · FY21–FY26

Operating cash flowNet profit

Total debt: ₹0 crnet cash
Operating cash flow ÷ net profit: 0.48×FY2026
Free cash flow: ₹−268 cr
Current ratio: 4.85×

Operating cash flow was only 0.36× reported profit (FY2026).

Net worth compounded at 25.5% a year over 7 years (₹2,285 → ₹11,231) — though FY2021 saw a one-off step-change of 104% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Free cash flow has been positive in 5 of the last 6 years.

Section 08 · Relative position

How does it compare with peers?

Ranked against 2 pesticides & agrochemicals (FY2026, consolidated).

Not enough peers in this set report the underlying metrics yet for a ranking.

Context

ROE of 12.4% is well above the pesticides and agrochemicals median (9.0%), and the P/E of 29.29× is above it too (24.14×).

Rule STRONG_RETURNS_AT_PREMIUM

P / E: 29.3×TTM to Jun 26
P / B: 3.0×latest book
P / S: 5.2×TTM sales
Earnings yield: 3.4%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 25.8× · P/S 4.9× · ROE 12.4%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Context

Over 5 years profit compounded at 12.3% a year while the stock fell 6.3% a year — the FY2021 base was somewhat depressed, so part of this is recovery rather than trend.

Rule STOCK_LAGGED_EARNINGS · rebound

Business vs stock — 5-year compound annual rate

1-year return: −37.4%
3-year return: −35.0%
5-year return: −27.6%
From 52-wk high: −41.2%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹2,502
vs 200-day avg: Below₹2,865
RSI (14): 32.5neutral
MACD histogram: 1.7
From 52-wk high: −41.2%
From 52-wk low: 0.0%
30-day volatility: 24.6%ann.
6-month return: −17.4%

RSI (14) · 0–10032.5 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Debt rising as profit falls
Total debt rose 113.3% while net profit fell 20.4% — worth checking how the balance sheet is being funded.
DEBT_UP_EARNINGS_DOWN · conviction 77
Concern
Returns at a multi-year low
ROE of 12.4% is the lowest in 7 years (prior range 14.7% to 21.1%).
ROE_AT_MULTI_YEAR_LOW · conviction 58
Watch
Growth slowing
Revenue growth has slowed for 3 consecutive years, from 22.5% to -15.8%.
GROWTH_DECELERATING · conviction 57
Concern
Weak cash conversion
Operating cash flow was only 0.36× reported profit (FY2026).
WEAK_CASH_CONVERSION · conviction 55
Watch
Receivables stretching
Receivable days rose from 84 to 126 — collections are slower.
RECEIVABLE_DAYS_JUMP · conviction 50
Concern
Returns declining
ROE declined from 17.6% to 12.4% year on year.
ROE_DETERIORATED_YOY · conviction 46
Concern
Profit fell
Net profit fell 20.4% year on year (FY2025 → FY2026).
PROFIT_DECLINED_YOY · conviction 45
Concern
Revenue fell
Revenue fell 15.8% year on year (FY2025 → FY2026).
REVENUE_DECLINED_YOY · conviction 43
Concern
Margins compressing
EBITDA margin fell from 31.6% to 29.9% of revenue.
MARGIN_COMPRESSED_YOY · conviction 39

Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	2,841	3,307	4,276	5,077	6,270	7,145	7,571	6,183
Total income	2,901	3,355	4,390	5,177	6,429	7,370	7,872	6,490
EBITDA	633	746	1,098	1,211	1,679	2,250	2,665	2,243
Profit before tax	535	594	910	1,001	1,422	1,995	2,396	1,799
Net profit	408	442	719	820	1,211	1,731	1,867	1,435
EPS (₹)	29.6	32.0	48.6	54.0	79.8	114.1	123.0	94.6
Net worth	2,275	2,591	5,291	6,039	7,097	8,681	10,303	11,369
Total debt	10	508	257	268	0	0	0	0
Operating cash flow	—	—	728	485	1,502	2,099	1,479	694
Free cash flow	—	—	390	150	1,201	1,622	772	−268

Key ratios — consolidated
Ratio	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	16.4	29.3	18.7	23.5	14.0	6.0	-18.3
Profit growth YoY	—	8.5	62.5	14.0	47.8	42.9	7.8	-23.1
Profitability
EBITDA margin %	22.3	22.5	25.7	23.9	26.8	31.5	35.2	36.3
Net margin %	14.1	13.2	16.4	15.8	18.8	23.5	23.7	22.1
Return on equity %	17.9	18.2	18.2	14.5	18.4	21.9	19.7	13.2
Return on capital %	23.7	22.8	21.7	17.1	21.7	25.4	25.3	17.9
Leverage & cash
Debt to equity	0.00	0.20	0.05	0.04	0.00	0.00	0.00	0.00
Cash flow ÷ profit	—	—	1.01	0.59	1.24	1.21	0.79	0.48
Current ratio	2.08	1.64	3.58	3.69	4.70	4.06	4.23	4.85