| Management target | Revenue 5.0% FY27 |
|---|
| Revenue growth | Softness in exports offset by 3% domestic revenue growth; overall muted performance. |
|---|---|
| Margins | EBITDA margins stable at 22%; gross margins healthy at 57%. |
| Order book | Robust order book of approximately $1.2 billion provides medium-term visibility. |
| Demand visibility | Visibility improving in domestic markets; global agrochem demand remains challenging. |
| Management confidence | Cautiously optimistic, pivoting to H2 recovery and new technology platforms. |
Growth
Q1 Revenue at INR 17,023 million; domestic business grew 3% in revenue with 12% volume growth, offset by an 8% volume decline in exports.
Outlook
Management maintains low single-digit revenue growth guidance for FY27, banking on a H2 recovery and a $1.2 billion order book.
Risks
Global agrochemical demand remains muted with high channel inventories and pricing pressure from generic competition. Delays in pharma revenue realization pose near-term diversification risks.
Last quarter's promises, checked
Delivered
- Guided 25% EBITDA margin → delivered 25% (= BEAT)
- Guided 22% ETR for FY26 → delivered 22% (= BEAT)
- Guided sequential revenue growth for Q4 → delivered INR 15,652m (= BEAT)
Partly delivered
- Guided INR 700-800cr capex → delivered INR 1,100cr in FY26 (over-expenditure) (= PARTIAL)
- Guided $1.2bn order book → delivered $1.2bn (stagnant) (= PARTIAL)
Missed
- Guided revenue growth on 3-year CAGR → delivered revenue softness/muted performance (= MISS)
Earnings Call Transcript filed with BSE, NSE: PIIND. Summary written with AI assistance from the document.
PI Industries Ltd: key numbers
- Share price
- ₹2,210.00
- Market cap
- ₹33,530 Cr
- Revenue (annual)
- ₹6,714 Cr
- Net profit (annual)
- ₹1,321 Cr
- P/E (TTM)
- 28.8×Sector 37.2×
- Promoter holding
- 46.09%+0.00% QoQ
- FII holding
- 14.83%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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