Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
PI Industries Ltd.
NSE: PIINDBasic MaterialsAgricultural Inputs
- Last close
- ₹2,051.00
- Day change
- −₹23.90 (−1.15%)vs
- Market cap
- ₹32,822 crIndian rupees
- Research updated
- 2 reports
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About PI Industries
PI Industries Ltd. is a prominent player in the Indian agrochemical industry, specializing in the manufacturing and distribution of a wide array of agricultural and fine chemical products. Its primary function is to provide innovative solutions for crop protection, plant nutrition, and seeds, helping enhance yield and productivity for farmers nationwide. The company's extensive product lineup includes insecticides, herbicides, fungicides, and specialty products tailored to various agricultural needs. Operating within a critical sector, PI Industries significantly impacts the agriculture industry, which forms the backbone of the Indian economy. Their focus on research and development ensures a constant stream of new, effective, and environmentally conscious solutions. PI Industries is also involved in contract manufacturing and custom synthesis, catering to global chemical companies by leveraging its technological advancements and state-of-the-art production facilities. Founded in 1946, PI Industries is headquartered in Gurugram, India, and stands as a testament to Indian entrepreneurship and industrial growth. The company is listed on major stock exchanges and holds a significant market position, reflecting its importance in the agrochemical value chain both domestically and internationally.
- Sector
- Basic Materials
- Industry
- Agricultural Inputs
- Listing
- NSE: PIIND
- Chief executive
- Mr. Jagresh Rana
- Employees
- 3,715
- Headquarters
- Gurugram, India
- ISIN
- INE603J01030
- Website
- piindustries.com
Public research · Report of
Business model & financial foundation
PI Industries (NSE: PIIND), Agrochemical custom synthesis and crop protection: revenue of ₹6,714 crore in FY26 (-15.8% on FY25), an EBITDA margin of 25.3%, net profit of ₹1,321 crore and net cash of ₹3,167 crore.
- Revenue, FY26 (₹ crore)
- 6,714
- consolidated
- Revenue growth, FY26
- -15.8%
- on FY25
- EBITDA margin, FY26
- 25.3%
- EBITDA (revenue - cogs - employee - other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 1,321
- to owners
- Return on equity, FY26
- 12.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -3,167
- Calculated net debt including investments and leases
- Market capitalisation (₹ crore)
- 33,661
- at the close of 19 Oct 2026
Company profile
PI supplies patented agrochemical intermediates and active ingredients to global innovators under custom synthesis and manufacturing relationships. It also sells branded crop-protection products in India, with acquired pharma CRDMO and global biologicals businesses adding diversification but currently diluting profitability. Global customer inventory and molecule launch schedules drive exports; farm economics, weather and pricing drive domestic sales.
| Item | Value |
|---|---|
| Legal name | PI Industries Limited |
| Exchange and ticker | NSE: PIIND; BSE: 523642 |
| ISIN | INE603J01030 |
| Sector | Materials |
| Industry | Agrochemical custom synthesis and crop protection |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP (since 2022) |
| Market capitalisation | ₹33,661 crore (19 Oct 2026) |
| Shares outstanding | 15.17 crore shares (FY26) |
| Price | ₹2,190 (close, 19 Oct 2026) |
| 52-week range | ₹2,100 - ₹3,833 (to 19 Oct 2026) |
| Website | https://www.piindustries.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| PI Health Sciences | 100% | Pharma CRDMO including Archimica Italy and Therachem |
| PI AgSciences | 100% | Global biologicals; formerly Plant Health Care |
| Jivagro | 100% | Domestic crop-protection brands |
| PI Life Science Research | 100% | Research services |
| PI Industries Management Consultancies LLC | 100% | Dubai holding and consulting company |
| PI Japan | 100% | Japan business development |
| PI Foundation | 100% | Section 8 not-for-profit entity for corporate social responsibility activities |
Also has PI Kumiai joint venture, Solinnos Agro Sciences associate and consolidated ESOP Trust.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 46.09% | 46.09% | 46.09% | 46.09% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 16.42% | 15.97% | 15.87% | 14.83% |
| Domestic institutions | 30.40% | 31.08% | 31.35% | 31.64% |
| of which mutual funds | 20.47% | 22.00% | 21.81% | 22.31% |
| Retail | 7.08% | 6.86% | 6.69% | 7.44% |
| Other | 0.01% | 0.01% | 0.01% | 0.01% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Peer | Why the dossier compares them |
|---|---|
| UPL (UPL) | Global crop-protection demand and pricing comparator; much more leveraged. |
| SRF (SRF) | Specialty-chemical CSM/capacity cycle; diversified fluorochemicals and packaging. |
| Navin Fluorine (NAVINFLUOR) | High-value custom synthesis and contract manufacturing; fluorine specialisation. |
| Dhanuka Agritech (DHANUKA) | Domestic crop-protection brands and channel inventory. |
| Bayer CropScience (BAYERCROP) | Domestic innovator-led crop-protection brands. |
| Sumitomo Chemical India (SUMICHEM) | Indian crop-protection formulation, distribution and export comparator. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,300 | 6,458 | 7,666 | 7,978 | 6,714 |
| Cost of revenue (vendor classification) * | 2,923 | 3,595 | 3,878 | 3,808 | 2,870 |
| Other operating costs (vendor classification) * | 959.4 | 801.1 | 1,027 | 1,103 | 1,141 |
| EBITDA (vendor classification) * | 1,247 | 1,679 | 2,184 | 2,518 | 2,004 |
| EBIT * | 1,046 | 1,481 | 1,925 | 2,175 | 1,713 |
| Finance cost | 12.8 | 37.1 | 30.0 | 33.0 | 16.4 |
| Profit before tax | 1,033 | 1,444 | 1,895 | 2,142 | 1,696 |
| Total tax expense | 189.0 | 214.8 | 213.2 | 481.8 | 375.3 |
| Profit for the period | 843.8 | 1,230 | 1,682 | 1,660 | 1,321 |
| Diluted EPS (INR) | 55.63 | 81.04 | 110.8 | 109.4 | 87.06 |
| Materials consumed + stock-in-trade purchases + inventory change | 3,838 | 3,771 | 2,833 | ||
| Employee benefit expense | 701.3 | 783.7 | 907.7 | ||
| Other expenses incl. net impairment losses on financial assets | 1,112 | 1,244 | 1,273 | ||
| EBITDA (revenue - cogs - employee - other expenses) | 2,015 | 2,179 | 1,700 | ||
| Other income | 207.7 | 344.2 | 310.7 | ||
| Depreciation and amortisation | 308.2 | 352.5 | 406.6 | ||
| Exceptional items gain/(loss) | 0.00 | 0.00 | 103.1 | ||
| Non-controlling interest share | n.a. | n.a. | n.a. | ||
| Share of profit of associate and JV | 10.5 | 4.30 | 5.70 | ||
| Profit attributable to owners | 1,682 | 1,660 | 1,321 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 6,120 | 7,199 | 8,731 | 10,157 | 11,231 |
| Borrowings * | 316.3 | 46.5 | 190.6 | 184.1 | 342.3 |
| Cash and cash equivalents * | 350.6 | 872.7 | 886.5 | 592.3 | 283.3 |
| Trade receivables | 868.7 | 772.0 | 929.9 | 1,406 | 1,611 |
| Inventories | 1,423 | 1,398 | 1,301 | 983.9 | 1,217 |
| Trade payables | 924.2 | 838.0 | 1,148 | 1,210 | 973.8 |
| Net property, plant and equipment * | 2,333 | 2,494 | 2,954 | 3,318 | 3,678 |
| Capital work in progress * | 63.8 | 62.5 | 222.4 | 398.7 | 777.0 |
| Total assets * | 7,791 | 8,480 | 10,764 | 12,277 | 13,444 |
| Calculated net debt including investments and leases | -3,167 | ||||
| Contract assets | 426.8 | 709.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 335.0 | 1,659 | 1,933 | 1,413 | 474.0 |
| Free cash flow (vendor definition) * | 191.6 | 1,175 | 1,416 | 563.0 | -643.8 |
| Dividends paid (the provider's sign: an outflow is negative) * | -75.8 | -113.7 | -174.4 | -227.6 | -227.8 |
| Cash PPE and intangible expenditure | -336.2 | -322.5 | -619.0 | 850.0 | 1,118 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 15.16 | 15.17 | 15.17 | 15.17 | 15.17 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,221 | 1,901 | 1,787 | 1,901 | 1,872 | 1,376 | 1,565 | 1,702 |
| Cost of revenue (vendor classification) * | 1,071 | 899.0 | 839.9 | 809.1 | 800.4 | 563.9 | 659.9 | 736.5 |
| Other operating costs (vendor classification) * | 300.6 | 297.5 | -95.5 | 331.5 | 302.8 | 272.9 | 333.3 | 332.4 |
| EBITDA (vendor classification) * | 776.3 | 589.4 | 490.7 | 616.3 | 633.2 | 377.9 | 421.2 | 438.6 |
| EBIT * | 671.3 | 489.0 | 440.1 | 511.3 | 527.9 | 369.1 | 304.2 | 329.7 |
| Finance cost | 8.50 | 8.30 | 7.90 | 3.90 | 2.60 | 6.20 | 3.70 | 7.90 |
| Profit before tax | 662.8 | 480.7 | 432.2 | 507.4 | 525.3 | 362.9 | 300.5 | 321.8 |
| Total tax expense | 154.6 | 108.0 | 101.7 | 107.4 | 116.0 | 51.6 | 100.3 | 77.6 |
| Profit for the period | 508.2 | 372.7 | 330.5 | 400.0 | 409.3 | 311.3 | 200.2 | 244.2 |
| Diluted EPS (INR) | 33.50 | 24.55 | 21.78 | 26.36 | 26.98 | 20.52 | 13.20 | 16.10 |
| Materials consumed + stock-in-trade purchases + inventory change | 1,071 | 899.0 | 803.0 | 809.1 | 800.4 | 563.9 | 659.9 | 736.5 |
| Employee benefit expense | 195.6 | 191.0 | 197.0 | 232.3 | 220.5 | 228.1 | 226.8 | 260.8 |
| Other expenses incl. net impairment losses on financial assets | 325.8 | 298.8 | 331.5 | 340.0 | 310.1 | 281.4 | 341.6 | 337.6 |
| EBITDA (revenue - cogs - employee - other expenses) | 628.2 | 512.0 | 455.6 | 519.1 | 541.3 | 302.3 | 336.9 | 367.4 |
| Other income | 122.2 | 75.9 | 73.4 | 85.9 | 82.5 | 66.7 | 75.6 | 64.1 |
| Depreciation and amortisation | 79.8 | 99.1 | 90.2 | 96.5 | 98.0 | 105.4 | 106.7 | 103.7 |
| Exceptional items gain/(loss) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 105.1 | -2.00 | 0.00 |
| Non-controlling interest share | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Share of profit of associate and JV | 0.70 | 0.20 | 1.30 | 2.80 | 2.10 | 0.40 | 0.40 | 1.90 |
| Profit attributable to owners | 508.2 | 372.7 | 330.5 | 400.0 | 409.3 | 311.3 | 200.2 | 244.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 17.2% | 21.9% | 18.7% | 4.1% | -15.8% |
| EBITDA margin | 26.3% | 27.3% | 25.3% | ||
| Net margin | 21.9% | 20.8% | 19.7% | ||
| Return on equity | 21.1% | 17.6% | 12.4% | ||
| Return on capital employed | 17.2% | 21.7% | 23.8% | 22.6% | 15.6% |
| Return on assets | 17.5% | 14.4% | 10.3% | ||
| Net debt (₹ crore) | -3,167 | ||||
| Net debt / EBITDA | -1.86x | ||||
| Interest cover | 81.7x | 39.9x | 64.2x | 65.9x | 104.4x |
| Asset turnover | 0.72x | 0.79x | 0.80x | 0.69x | 0.52x |
| Receivable days | 60 | 44 | 44 | 64 | 88 |
| Inventory days (on revenue) | 98 | 79 | 62 | 45 | 66 |
| Payable days (on revenue) | 64 | 47 | 55 | 55 | 53 |
| Cash conversion | 1.15x | 0.85x | 0.36x | ||
| Capex intensity | 6.3% | 5.0% | 8.1% | 10.7% | 16.6% |
| Free cash flow (₹ crore) | -1.20 | 1,337 | 1,314 | 562.9 | -643.8 |
| Dividend payout | 10.4% | 13.7% | 17.2% | ||
| EPS, diluted (₹) | 55.63 | 81.04 | 110.8 | 109.4 | 87.06 |
| Book value per share (₹) | 403.7 | 474.6 | 575.6 | 669.5 | 740.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue - cogs - employee - other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Calculated net debt including investments and leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue - cogs - employee - other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 19 Oct 2026); market data at the close of 19 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on PI Industries includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on PI Industries
- Research reportLatest
- Research report
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 19 Oct 2026; page updated 25 Oct 2026.
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