PI Industries
PI Industries
Chemicals F&OKey Fundamentals
SmallcapPesticides & AgrochemicalsChemicalsTapetide Score
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Key Insights
Strengths
1- Company is almost debt free.
Weaknesses
3- The company has delivered a poor sales growth of 7.96% over past five years.
- Debtor days have increased from 65.4 to 87.6 days.
- Working capital days have increased from 78.5 days to 120 days
Growth Rate
AI Analysis — Bull vs Bear
P I Industries Ltd has a market capitalisation of about ₹35,925 crore and trades at a P/E of 31.1 and a P/B of 3.23. Its long-term record is solid, with a 10-year sales CAGR of 12%, a 10-year profit CAGR of 14% and an almost debt-free balance sheet. Recent results have weakened sharply: TTM sales are down 17%, TTM profit is down 33%, last-year ROE fell to 11%, and the stock has fallen 31% over one year.
- The company is almost debt free, so it can fund capex, R&D and diversification without leverage risk while earnings fall.
- Long-term compounding is solid. Sales grew at a 12% CAGR and profit at a 14% CAGR over 10 years, showing the business can grow across agrochemical cycles.
- Returns on equity have held up over time, at 17% over 10 years and 16% over both 5 and 3 years. The drop to 11% last year stands out against that history.
- Profit has grown faster than sales. The 5-year profit CAGR is 10% against 7.96% for sales, which points to better margins or product mix over the period.
- The valuation has come down along with the price. After a 31% fall over one year, the stock trades at 31.1x earnings and 3.23x book, which implies a book value of about ₹11,100 crore.
- Shareholders have still earned an 11% share-price CAGR over 10 years, despite recent weakness.
- With a market capitalisation of about ₹35,925 crore, the company has the scale and liquidity of a large chemicals business.
- The company pays a dividend, with a 0.63% yield, which combined with low debt suggests some cash generation.
- The recent decline is steep. TTM sales fell 17% and TTM profit fell 33%, so earnings dropped about twice as fast as revenue.
- Growth over the medium term has stalled. The 3-year sales CAGR is only 1% and the 3-year profit CAGR is -1%, far below the 12% and 14% achieved over 10 years.
- Returns are falling. Last-year ROE was 11%, against 16% over 3 and 5 years and 17% over 10 years.
- Working capital has deteriorated, with working capital days rising from 78.5 to 120. More capital is tied up per rupee of sales.
- Debtor days rose from 65.4 to 87.6, which suggests longer customer payment cycles or looser credit terms.
- The P/E of 31.1 is still high given a 33% TTM profit decline. It implies an earnings yield of only about 3.2%, which assumes a recovery that has not yet appeared.
- The share price has lost ground over several periods: -31% over 1 year, -11% CAGR over 3 years and -5% CAGR over 5 years.
- Sales growth over five years was modest at 7.96%, and the 0.63% dividend yield offers little income while investors wait for a recovery.
This is AI-generated analysis, not financial advice. Do your own due diligence. Note: ROE of 11% is the last-year figure from the growth metrics because the direct ROE field was null. Debt-to-equity is null because no numeric value was provided beyond 'almost debt free'. The 52-week high/low values in the input were 0 and were not used. The implied book value and earnings yield are derived from the given market capitalisation, P/B and P/E.
AI News Digest
- Pioxaniliprole registration secured Sep 21
PI Industries received registration under the Insecticides Act, 1968 for Pioxaniliprole, India's first indigenously discovered insecticide. It will be sold in the domestic market under the brand Pioxazon.
- UTI Mutual Fund investor meeting Sep 18
PI Industries will hold a one-on-one meeting with UTI Mutual Fund in Mumbai on September 23, 2026, disclosed under SEBI LODR regulations. This is routine institutional engagement and no new information is expected from it.
TL;DR: The registration of Pioxaniliprole (Pioxazon) is a milestone for PI Industries' in-house R&D and could support domestic agrochemical margins over time. The UTI Mutual Fund meeting shows continued institutional interest but does not change the outlook. No company-specific headwinds were reported in this period, though only two articles were covered, so wider risks like demand, pricing and export conditions are not addressed here. Investors should next watch how quickly Pioxazon is commercialized and how farmers take it up in the coming crop seasons.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 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 |
| Expenses | 1,443 | 1,566 | 1,344 | 1,299 | 1,486 | 1,593 | 1,389 | 1,332 | 1,381 | 1,331 | 1,073 | 1,228 | 1,335 |
| Operating Profit | 468 | 551 | 554 | 442 | 583 | 628 | 512 | 456 | 519 | 541 | 302 | 337 | 367 |
| OPM % | 24% | 26% | 29% | 25% | 28% | 28% | 27% | 25% | 27% | 29% | 22% | 22% | 22% |
| Other Income | 52 | 49 | 58 | 60 | 75 | 123 | 76 | 75 | 89 | 85 | 172 | 74 | 66 |
| 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 |
| PBT | 445 | 512 | 526 | 411 | 566 | 663 | 481 | 432 | 507 | 525 | 363 | 300 | 322 |
| Tax % | 14% | 6% | 15% | 10% | 21% | 23% | 22% | 24% | 21% | 22% | 14% | 33% | 24% |
| Net Profit | 383 | 480 | 449 | 370 | 449 | 508 | 373 | 330 | 400 | 409 | 311 | 200 | 244 |
| EPS in Rs | 25.24 | 31.67 | 29.57 | 24.35 | 29.58 | 33.5 | 24.57 | 21.78 | 26.36 | 26.98 | 20.52 | 13.2 | 16.1 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,940 | 2,096 | 2,277 | 2,277 | 2,841 | 3,366 | 4,577 | 5,300 | 6,492 | 7,666 | 7,978 | 6,714 | 6,516 |
| Expenses | 1,558 | 1,661 | 1,722 | 1,781 | 2,261 | 2,647 | 3,559 | 4,154 | 4,948 | 5,636 | 5,772 | 4,982 | 4,968 |
| Operating Profit | 382 | 435 | 555 | 496 | 580 | 720 | 1,018 | 1,146 | 1,544 | 2,030 | 2,206 | 1,732 | 1,548 |
| OPM % | 20% | 21% | 24% | 22% | 20% | 21% | 22% | 22% | 24% | 26% | 28% | 26% | 24% |
| Other Income | 35 | 34 | 36 | 60 | 58 | 50 | 129 | 105 | 166 | 216 | 345 | 414 | 397 |
| Interest | 12 | 12 | 9 | 7 | 7 | 19 | 34 | 16 | 39 | 44 | 56 | 43 | 20 |
| Depreciation | 50 | 54 | 73 | 83 | 93 | 137 | 175 | 202 | 226 | 308 | 352 | 407 | 414 |
| PBT | 355 | 403 | 510 | 466 | 538 | 614 | 938 | 1,033 | 1,444 | 1,895 | 2,142 | 1,696 | 1,510 |
| Tax % | 31% | 23% | 10% | 21% | 24% | 26% | 21% | 18% | 15% | 11% | 22% | 22% | — |
| Net Profit | 246 | 312 | 459 | 368 | 410 | 457 | 738 | 844 | 1,230 | 1,682 | 1,660 | 1,321 | 1,165 |
| EPS in Rs | 18 | 22.72 | 33.39 | 26.66 | 29.72 | 33.06 | 48.66 | 55.62 | 81.04 | 111 | 109 | 87.06 | 76.8 |
| Div. Payout % | 14% | 14% | 12% | 15% | 13% | 12% | 10% | 11% | 12% | 14% | 15% | 17% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 15 | 15 | 15 | 15 | 15 | 15 |
| Reserves | 883 | 1,157 | 1,613 | 1,911 | 2,272 | 2,605 | 5,327 | 6,105 | 7,183 | 8,716 | 10,142 | 11,215 |
| Borrowings | 115 | 151 | 120 | 83 | 49 | 519 | 373 | 316 | 46 | 191 | 184 | 342 |
| Other Liabilities | 622 | 626 | 554 | 618 | 820 | 1,087 | 1,287 | 1,354 | 1,235 | 1,822 | 1,908 | 1,832 |
| Total Liabilities | 1,633 | 1,949 | 2,301 | 2,626 | 3,155 | 4,225 | 7,002 | 7,791 | 8,480 | 10,744 | 12,249 | 13,405 |
| Fixed Assets | 533 | 874 | 945 | 998 | 1,186 | 1,858 | 2,138 | 2,452 | 2,606 | 3,528 | 4,209 | 4,620 |
| CWIP | 133 | 71 | 77 | 90 | 183 | 271 | 288 | 114 | 132 | 278 | 550 | 1,030 |
| Investments | 1 | 0 | 83 | 161 | 129 | 150 | 872 | 900 | 1,016 | 1,336 | 1,531 | 1,360 |
| Other Assets | 967 | 1,003 | 1,196 | 1,378 | 1,657 | 1,946 | 3,704 | 4,325 | 4,726 | 5,601 | 5,959 | 6,395 |
| Total Assets | 1,633 | 1,949 | 2,301 | 2,626 | 3,155 | 4,225 | 7,002 | 7,791 | 8,480 | 10,744 | 12,249 | 13,405 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 184 | 367 | 339 | 319 | 391 | 698 | 725 | 529 | 1,501 | 2,036 | 1,413 | 474 |
| Investing | -146 | -303 | -235 | -180 | -322 | -985 | -2,430 | -110 | -496 | -1,800 | -1,421 | -612 |
| Financing | -53 | -48 | -53 | -106 | -125 | 350 | 1,690 | -177 | -483 | -222 | -286 | -171 |
| Net Cash Flow | -15 | 16 | 50 | 33 | -56 | 63 | -15 | 241 | 522 | 14 | -294 | -309 |
| Free Cash Flow | 16 | 48 | 198 | 150 | 23 | 29 | 287 | 192 | 1,179 | 1,417 | 575 | -632 |
| CFO/OP | 79 | 106 | 83 | 84 | 88 | 112 | 87 | 61 | 114 | 119 | 81 | 48 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 72 | 69 | 68 | 84 | 85 | 70 | 56 | 60 | 43 | 44 | 64 | 88 |
| Inventory Days | 124 | 124 | 136 | 141 | 126 | 158 | 149 | 178 | 144 | 124 | 95 | 157 |
| Days Payable | 116 | 115 | 90 | 115 | 121 | 117 | 113 | 115 | 86 | 119 | 117 | 125 |
| Cash Conversion Cycle | 80 | 78 | 113 | 110 | 90 | 111 | 93 | 122 | 101 | 49 | 42 | 119 |
| Working Capital Days | 43 | 54 | 72 | 89 | 87 | 70 | 72 | 93 | 70 | 48 | 67 | 120 |
| ROCE % | 41% | 36% | 34% | 25% | 25% | 23% | 22% | 17% | 22% | 24% | 23% | 15% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY07–FY27.
Documents
Frequently Asked Questions about PI Industries
What does P I Industries Ltd do?
Where is P I Industries Ltd (PIIND) listed?
Which sector does P I Industries Ltd belong to?
What is the market capitalisation of P I Industries Ltd?
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Does P I Industries Ltd pay dividends?
What is the Return on Equity (ROE) of P I Industries Ltd?
Company Information
PI Industries Ltd is a leading player in the agro-chemicals space having strong presence in both Domestic and Export markets. It has state-of-art facilities in Gujarat having integrated process development teams with in-house engineering capabilities.[1]
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