P I Industries Ltd logo

P I Industries Ltd

PIIND NSE

Key Fundamentals

MidcapPesticides & AgrochemicalsChemicals
Market Cap
₹41,739 Cr
Volatility
Moderate
P/E Ratio
30.84
EBITDA
₹1,700 Cr
Return on Equity
19.26%
Debt to Equity
0.02
Book Value
₹740.22
EPS
₹115.17
52W High
₹4,330
52W Low
₹2,657.2

Technical Indicators

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 103 days to 192 days

Growth Rate

Revenue Growth
-19.33% ↘
Net Income Growth
-18.03% ↗
Cash Flow Change
-30.60% ↘
ROE
-15.11% ↗
ROCE
-3.01% ↗
EBITDA Margin (Avg.)
-21.41% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
AI opinion · based on fundamentals
Risk high
HOLD Worth holding, not adding Conviction 4/10

PI Industries trades at a PE of 32.7x with deteriorating growth metrics — TTM sales declined 16% and profit fell 25%. While the company remains virtually debt-free with a strong 10-year profit CAGR of 15%, near-term headwinds and stretched working capital warrant caution at current valuations.

Bull Case 7
  • Company is almost debt-free, providing financial flexibility and resilience during downturns
  • Strong long-term compounded profit growth of 15% CAGR over 10 years demonstrates durable earnings power
  • 10-year compounded sales CAGR of 12% reflects a proven ability to scale revenue over cycles
  • 5-year ROE averaging 16% indicates consistent and efficient capital allocation
  • Market cap of Rs 42,927 Cr provides institutional-grade liquidity and index inclusion benefits
  • Price-to-book of 3.84x is reasonable for an asset-light CRAM/CSM business model with IP-driven revenues
  • 5-year compounded profit CAGR of 11% remains healthy despite recent quarterly weakness
Bear Case 8
  • TTM sales declined 16% year-over-year, signaling a sharp demand slowdown or order deferrals
  • TTM profit declined 25%, indicating significant margin compression alongside revenue weakness
  • Stock price CAGR of -32% over 1 year reflects severe market de-rating and negative sentiment
  • Working capital days nearly doubled from 103 to 192 days, tying up significantly more cash in operations
  • Debtor days increased from 65.4 to 87.6 days, suggesting deteriorating collection efficiency or channel stress
  • PE of 32.7x is expensive for a company delivering negative near-term growth, leaving limited margin of safety
  • Analyst consensus is mixed — only 29% recommend Buy while 29% recommend Sell out of 24 ratings
  • 3-year stock CAGR of -10% shows the stock has destroyed value for medium-term investors

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 15h ago
Headwinds 1
  • Citi maintains Sell, ₹2,600 target Jun 10

    Citi retains Sell rating with ₹2,600 target price. While key client Kumiai's H1 2026 operating profit estimate was raised 70.50%, full-year guidance remains unchanged, underpinning cautious stance.

Neutral 4
  • Investor meetings scheduled June 16 Jun 11

    PI Industries to hold one-on-one meetings with Nuvama and Keynote Financial Services on June 16, 2026 in Mumbai. No UPSI will be shared.

  • ₹22.27 Cr block trade on NSE Jun 2

    Block trade of ~82,079 shares executed at ₹2,713.60 per share on NSE, totaling ₹22.27 crores, indicating institutional-level participation.

  • Analyst conference interactions June 1&5 May 26

    PI Industries scheduled interactions with analysts at Axis Capital and Citi conferences in Mumbai on June 1 and June 5, 2026.

  • Lost share certificate notified Jun 10

    Company announced loss of a shareholder's share certificate and invited claims within 15 days before issuing a duplicate. Routine administrative matter.

TL;DR: PI Industries faces a notable headwind from Citi's maintained Sell rating with a ₹2,600 target, though the broker acknowledges improving near-term prospects at key client Kumiai. No material positive catalysts emerged this fortnight; activity is limited to routine investor meetings and a single block trade. The trend is neutral-to-cautious, with the street awaiting stronger full-year guidance from Kumiai before turning constructive.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,566
1,910
2,117
1,898
1,741
2,069
2,221
1,901
1,787
1,900
1,872
1,376
1,565
Expenses
1,223
1,443
1,566
1,344
1,299
1,486
1,593
1,389
1,332
1,381
1,331
1,073
1,228
Operating Profit
343
468
551
554
442
583
628
512
456
519
541
302
337
OPM %
22%
24%
26%
29%
25%
28%
28%
27%
25%
27%
29%
22%
22%
Other Income
51
52
49
58
60
75
123
76
75
89
85
172
74
Interest
3
4
8
7
11
8
8
8
8
4
3
6
4
Depreciation
58
70
80
78
80
83
80
99
90
96
98
105
107
PBT
332
445
512
526
411
566
663
481
432
507
525
363
300
Tax %
16%
14%
6%
15%
10%
21%
23%
22%
24%
21%
22%
14%
33%
Net Profit
281
383
480
449
370
449
508
373
330
400
409
311
200
EPS in Rs
18.49
25.24
31.67
29.57
24.35
29.58
33.5
24.57
21.78
26.36
26.98
20.52
13.2
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
1,558
1,661
1,722
1,781
2,261
2,647
3,559
4,154
4,948
5,636
5,772
5,014
Operating Profit
382
435
555
496
580
720
1,018
1,146
1,544
2,030
2,206
1,700
OPM %
20%
21%
24%
22%
20%
21%
22%
22%
24%
26%
28%
25%
Other Income
35
34
36
60
58
50
129
105
166
216
345
420
Interest
12
12
9
7
7
19
34
16
39
44
56
16
Depreciation
50
54
73
83
93
137
175
202
226
308
352
407
PBT
355
403
510
466
538
614
938
1,033
1,444
1,895
2,142
1,696
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
EPS in Rs
18
22.72
33.39
26.66
29.72
33.06
48.66
55.62
81.04
111
109
87.06
Div. Payout %
14%
14%
12%
15%
13%
12%
10%
11%
12%
14%
15%
17%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
1,871
Total Liabilities
1,633
1,949
2,301
2,626
3,155
4,225
7,002
7,791
8,480
10,744
12,249
13,444
Fixed Assets
533
874
945
998
1,186
1,858
2,138
2,452
2,606
3,528
4,209
4,895
CWIP
133
71
77
90
183
271
288
114
132
278
550
755
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
6,434
Total Assets
1,633
1,949
2,301
2,626
3,155
4,225
7,002
7,791
8,480
10,744
12,249
13,444
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
-614
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
-310
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
49
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
192
ROCE %
41%
36%
34%
25%
25%
23%
22%
17%
22%
24%
23%
15%

Shareholding Pattern

As of Mar 2026
Promoters 46.09%
DIIs 31.35%
FIIs 15.87%
Public 4.60%
Others 2.10%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
46.74%
46.74%
46.74%
46.74%
46.74%
46.74%
46.09%
46.09%
46.09%
46.09%
46.09%
46.09%
46.09%
46.09%
46.09%
46.09%
46.09%
46.09%
46.09%
46.09%
46.09%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
20.01%
0.00%
20.26%
18.76%
19.02%
18.46%
18.05%
16.97%
16.42%
15.97%
15.87%
DIIs
17.77%
17.37%
16.70%
17.31%
18.50%
18.83%
26.16%
24.39%
24.21%
23.95%
23.28%
21.92%
24.34%
26.00%
26.36%
27.21%
27.57%
29.35%
30.40%
31.08%
31.35%
Government
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%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
8.67%
7.99%
8.12%
8.12%
8.17%
8.12%
7.67%
8.18%
8.30%
8.37%
8.10%
7.90%
7.08%
6.95%
6.38%
6.11%
6.26%
5.68%
5.17%
4.95%
4.60%
Others
26.82%
27.89%
28.43%
27.83%
26.58%
26.31%
20.08%
21.34%
21.40%
21.59%
2.53%
24.10%
2.22%
2.21%
2.16%
2.14%
2.02%
1.91%
1.92%
1.91%
2.10%
No. of Shareholders
0
0
99,487
1,01,416
1,22,989
1,40,279
1,51,138
1,48,043
1,40,720
1,41,092
1,58,268
1,84,515
1,57,991
1,56,790
1,50,190
1,57,993
1,67,265
1,50,401
1,37,932
1,34,860
1,33,299

Documents

Frequently Asked Questions about P I Industries Ltd

What does P I Industries Ltd do?
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]
Where is P I Industries Ltd (PIIND) listed?
P I Industries Ltd is listed on the Indian stock exchanges. It is listed on NSE: PIIND and BSE: 523642. You can view its live share price, financials, and ratios on Tapetide.
Which sector does P I Industries Ltd belong to?
P I Industries Ltd operates in the Commodities sector within the Fertilizers & Agrochemicals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of P I Industries Ltd?
P I Industries Ltd has a market capitalisation of approximately ₹41739.17 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of P I Industries Ltd?
The Price-to-Earnings (PE) ratio of P I Industries Ltd is 30.84. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of P I Industries Ltd?
Over the past 52 weeks, P I Industries Ltd has traded between a low of ₹2,657.2 and a high of ₹4,330. This range helps investors understand the stock's price volatility and recent trading levels.
Does P I Industries Ltd pay dividends?
Yes, P I Industries Ltd has a dividend yield of 0.18%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of P I Industries Ltd?
P I Industries Ltd has a Return on Equity (ROE) of 19.26%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research P I Industries Ltd on Tapetide?
On Tapetide, you can view P I Industries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website piindustries.com
CEO Mr. Mayank Singhal
Employees 3,566
Listed 2011-06-15
Face Value ₹ 1
Issued Size 15,17,18,118

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