Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep
Source: Bse
PI Industries Limited (PIIND)
Mid CapChemicals stocks · Mid cap · NSE
PI Industries Limited is an Indian company engaged in Agchem (Custom Synthesis & Manufacturing for exports, and domestic agri brands) and Health Sciences (Pharma CRDMO). It focuses on innovation-led value compounding with global partnerships, leveraging R&D and a strong balance sheet for long-term growth.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result11 Aug, 07:20 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -6.1% / mo · MACD + · near 52W low · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PIINDD candles · FIT view-29.8%Latest close ₹2163.50 on 2026-10-19
Bar
-1.2%
RSI
39
MACD hist
3.47
52W pos
4%
2026-10-19O ₹2190.00H ₹2219.60L ₹2151.00C ₹2163.50Vol 3.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PIINDNifty ChemicalsNifty 500
- PIIND
- -18.6%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -13.0 pp
Chart stats
19 Oct 2026- From 52W high
- -43.6%
- 52W range position
- 4%
- ATR (14)
- 2.9%
- Volume vs 20D
- 1.20x
- Avg traded value
- ₹58.7 Cr
- 20D price channel
- ₹2,100 - ₹2,428.7
₹3,832.9
₹2,100 - ₹3,832.9
₹63.2
Latest completed session
20-session average
34.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST38
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -10.4% · PAT -39.0% YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model+9.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -10% YoY · PAT -39% YoY · margin compression · +9% QoQ
Filed 11 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,702 Cr | -10.4% | +8.8% |
| EBITDA | ₹367 Cr | -29.3% | +8.9% |
| Operating margin | 22.0% | -500 bps | +0 bps |
| PAT | ₹244 Cr | -39.0% | +22.0% |
| PAT margin | 14.3% | -671 bps | +156 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 30.70
- P/B
- 2.96
- EV/EBITDA
- 17.10
- Market Cap
- 33208.00Cr
Profitability
- ROE
- 11.20%
- ROCE
- 15.00%
- ROA
- 8.69%
- Dividend Y
- 0.68%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 77.40×
- Altman Z
- 8.34
- Book Value
- 740.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 474.00 Cr
- EPS TTM
- 76.80
Shareholding
- Promoter Hold
- 46.09%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 6,012-2.8% vs prev
Net Profit
₹ CrLatest: 1,866+7.8% vs prev
Return on Equity
%Latest: 18.1-9.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 39. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.5% over last month) — short-term momentum negative.
- RSI(14) at 39 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
4
RS percentile
Stage 4 Downtrend
1M return
-8.6%
3M return
-18.6%
6M return
-29.2%
1Y return
-39.7%
RS 1D
0
RS 20D
-1
Sector rank
#13
Industry rank
-
Stage evidence
- Price is 19.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 63.92-0.19%
RS vs Nifty 50064
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation5/30
Growth11/25
Quality2/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
38
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
38/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Growth contributes 11/25 to the score.
Main drags
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
30.7
PB
3.0
EV/EBITDA
17.1
ROE
11.2%
ROCE
15.0%
FCF Yield
—
Debt/Equity
0.0
MoS
+9.8%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
38
Previous: 38
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+9.8%
Previous: +9.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
40
40
40
40
40
38
38
38
38
38
38
38
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,130.81
-91.3% MoS
Growth-justified P/E
31.2
Growth-justified Value
₹2,397.7
+9.8% MoS
PEG
3.07
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RAIN
Micro
Rain Industries Limited
Retail
match 96
37
14.3
0.6%
-1153%
WATCHLIST
LXCHEM
Micro
Laxmi Organic Industries Limited
Retail
match 94
25
38.9
4.1%
-833%
OVERVALUED
JUBLFOOD
Mid
Jubilant Foodworks Limited
Retail
match 94
39
73.2
21.0%
-89%
WATCHLIST
PATANJALI
Mid
Patanjali Foods Limited
Retail
match 94
37
18.5
16.0%
-150%
WATCHLIST
PAGEIND
Mid
Page Industries Limited
Retail
match 92
53
52.1
54.3%
-17%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-04T07:37:45.555Z
Management commentary snapshot
PI Industries reports a challenging Q4 and FY26 with significant declines in Agchem Exports and Domestic revenue, but strong Pharma growth and resilient margins, while strategically investing for future growth.
Despite a downcycle in Agchem exports and domestic market headwinds leading to revenue and profit declines, the company is strategically investing in new businesses like Pharma CRDMO and Biologicals, launching new molecules, and maintaining healthy margins. The long-term growth outlook is stated as robust.
Current business mix
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Exports80.6%
Domestic19.4%
Growth engines
Pharma CRDMO Business
Pharma business recorded highest quarterly sales for FY26, pivoting towards bio-tech and mid pharma customers, building a differentiated play in the CRDMO space.
Biologicals Business
Bionematocide registration granted by EPA in US, upcoming launch of proprietary brands, and global biologicals (ex-India) revenue expected to grow in double digits.
New Molecule Commercialization
Commercialized 5 new molecules in Exports and 4 products in Domestic in FY26. New Products revenue share is 18% of Agchem Exports Revenue.
Domestic Portfolio Diversification
Focus on portfolio diversification with high quality revenue and launch of new products to address Indian needs.
Capacity and execution
Capex Spend
Total capex for FY26 stood at INR 11,508 Mn (FY25: INR 9,280 Mn), reflecting continued investment in manufacturing capabilities and R&D.
Multipurpose Plants (MPPs)
Capital expenditure underway with 3 MPPs under construction, adding to the existing 15 fully automated MPPs across 5 locations.
Pharma Site Expansion
Expanding and enhancing GMP site in Lodi, Italy, and Non GMP sites in India to support Pharma CRDMO growth.
Tailwinds
New Product Adoption
Growing market adoption of new products is helping sales, indicating demand for innovative solutions.
Biologicals Business Revival
Biological business is on revival mode based on regulatory normalization, with new registrations and distribution expansion.
Strong Order Book
Strong order book continues to support growth outlook for FY27, providing visibility for future performance.
Pharma Business Momentum
Positive momentum in Pharma through new strategic partnerships entered in the last 12 months, improving R&D pipeline visibility.
Headwinds
Global Agchem Contraction
~15% decline in Agchem Exports in Q4FY26 and 19% in FY26 due to global agrochemical industry contraction.
Domestic Market Challenges
Domestic revenue softened due to elevated market inventory, pricing pressure, reduction in key crop acreages, and regulatory transitions in Biologicals.
Adverse Weather & Crop Prices
Domestic revenue decline in FY26 attributed to adverse weather conditions, lower crop prices, and elevated channel inventories.
Climatic Uncertainty
Climatic uncertainty going into Kharif Season poses a risk, though partially mitigated by higher reservoir levels.
Risk radar
Global Agrochemical Industry Contraction
The global agrochemical industry contraction directly impacted Agchem Exports, leading to significant revenue decline.
Regulatory Transitions
Regulatory transitions in Biologicals led to flat growth in Q4FY26, indicating potential for disruption in this segment.
Climatic Uncertainty
Climatic uncertainty going into Kharif Season could impact domestic agricultural demand and sales.
Input Cost Inflation
Increase in input costs due to geopolitical tensions could continue to exert pricing pressure and impact margins.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company operates in cyclical agricultural and chemical markets, making year-over-year comparisons more relevant to assess performance against seasonal and longer-term trends. Q4 and FY26 results are presented primarily YoY.
Sector KPIs management disclosed
Agchem Exports Decline
Agchem Exports declined by 19% Y-o-Y (Volume down ~14%) for FY26 due to global agrochemical industry contraction. Q4FY26 saw a ~15% decline.
Domestic Revenue Softening
Domestic revenue softened by ~9% Y-o-Y (Volume up ~3%) in Q4FY26. For FY26, domestic revenue declined by ~7% Y-o-Y (Volume down ~1%).
Gross Margin Improvement
Gross Margin improved from 55% in Q4FY25 to 58% in Q4FY26 (277 bps). For FY26, it improved from 53% in FY25 to 58% (507 bps).
Pharma Revenue Growth
Pharma revenue grew 40% Y-o-Y for FY26 and 23% Y-o-Y for Q4FY26, contributing ~6% of total Exports revenue in FY26.
Management forward view
Positive FY27 Outlook
Management remains positive for growth in FY27, citing committed customer offtake plans and strategic investments.
New Product Launches
5+ new molecules are expected to be launched in FY27, anticipated to accelerate growth across segments.
NCE Commercialization
Commercialization of PI’s own New Chemical Entity (NCE) is planned for launch in FY27, with additional leads progressing.
Inorganic Growth Opportunities
Inorganic growth opportunities are under evaluation to complement organic growth in the long run.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Agchem Exports Growth | Declined 19% YoY (FY26) | Reversal of global industry contraction and sustained growth from new molecule commercialization. |
| Domestic Volume Growth | Down ~1% YoY (FY26) | Improvement in crop acreages, normalization of channel inventories, and traction from new product launches. |
| Pharma Revenue Growth | Grew 40% YoY (FY26) | Sustained momentum from new customer onboarding, CRDMO platform expansion, and R&D pipeline visibility. |
| EBITDA Margin | 25% (FY26) | Maintenance of healthy margins amidst input cost pressures, favorable product mix, and operating efficiencies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 26th percentile within Chemicals. Main check: results consistency is weak at 15/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
115 docs text-extracted · 49 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Chemicals: 26th pctile, median 73 · Mid: 24th pctile, median 76
Evidence depth
Financial-only
115 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
15
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.03.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -5.7%.
- ▸0/4 latest quarters had positive YoY revenue growth.
- ▸0/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching PI Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 31 Aug - PI Industries to meet Fortitude Fund, Aberdeen and Kotak Mutual Fund on September 3, 9 and 10, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 31 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 Aug
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.