PI Industries logo

PI Industries

PIIND NSE

Key Fundamentals

SmallcapPesticides & AgrochemicalsChemicals
Market Cap
₹35,265 Cr
Volatility
Moderate
P/E Ratio
29.41
EBITDA
₹2,010 Cr
Return on Equity
11.76%
Debt to Equity
0.03
Book Value
₹740.22
EPS
₹115.17
52W High
₹3,832.9
52W Low
₹2,352

Tapetide Score

Data-driven rating, 0–100. How it works →

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

Revenue Growth
-15.59% lower than 3Y
Net Income Growth
-20.44% lower than 3Y
Cash Flow Change
-66.45% higher than 3Y
ROE
-28.07% lower than 3Y
ROCE
-28.81% higher than 3Y
EBITDA Margin (Avg.)
-5.61% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

P I Industries Ltd trades at a market cap of ₹35,265 Cr with a P/E of 30.7x. The company is virtually debt-free but faces near-term headwinds with TTM sales declining 17% and TTM profit declining 33%, while longer-term 10-year compounded sales and profit growth stand at 12% and 14% respectively.

Bull Case 7
  • Company is almost debt-free, providing financial flexibility and low interest burden in a capital-intensive chemicals sector
  • 10-year compounded sales CAGR of 12% demonstrates a sustained long-term revenue growth track record
  • 10-year compounded profit CAGR of 14% indicates profit growth has historically outpaced revenue growth, suggesting operating leverage
  • 10-year average ROE of 17% reflects consistent and healthy return generation on shareholder equity over a long period
  • 5-year compounded profit CAGR of 10% remains in double digits despite recent slowdown, showing medium-term earnings resilience
  • Price-to-book ratio of 3.19x is relatively moderate for a debt-free specialty chemicals company, implying the balance sheet carries tangible value
  • Dividend yield of 0.63% provides a modest income floor, supported by the company's debt-free status and historical profitability
Bear Case 8
  • TTM sales have declined 17%, signalling a sharp near-term revenue contraction that breaks the longer-term growth trend
  • TTM profit has declined 33%, nearly double the pace of revenue decline, indicating margin compression alongside falling sales
  • Stock price CAGR of -37% over 1 year reflects significant market repricing and erosion of investor confidence
  • Last-year ROE has dropped to 11% from a 5-year average of 16% and 10-year average of 17%, indicating deteriorating capital efficiency
  • Debtor days have increased from 65.4 to 87.6 days, suggesting slower collections and potential stress in receivables quality
  • Working capital days have ballooned from 78.5 to 120 days, tying up significantly more capital in operations and pressuring cash flows
  • 3-year compounded sales CAGR of just 1% and 3-year profit CAGR of -1% show the growth slowdown is not merely a one-quarter blip but a multi-year trend
  • P/E of 30.7x remains elevated relative to the earnings decline trajectory — if profits do not recover, the current multiple may prove unsustainable

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Neutral 2
  • Investor meetings in Mumbai scheduled Aug 31

    PI Industries scheduled one-on-one investor meetings in Mumbai on Sep 3, 9, and 10, 2026 with Fortitude Fund Management, Aberdeen, and Kotak Mutual Fund.

  • Virtual investor meet Aug 31 Aug 26

    PI Industries scheduled a virtual one-on-one investor meet on Aug 31, 2026 with ITUS Capital. Filing confirmed no UPSI will be shared.

TL;DR: Limited news flow for PI Industries in this period, with only routine investor meeting disclosures. No operational, financial, or sector-specific catalysts emerged. The active engagement with institutional investors like Aberdeen, Kotak MF, and ITUS Capital suggests sustained buy-side interest. Watch for any guidance or sentiment shifts that may surface from these interactions in early September 2026.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars 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
1,832
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
Figures in ₹ Crores

Cash Flow

Particulars 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
-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
Figures in ₹ Crores

Ratios

Particulars 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
120
ROCE %
41%
36%
34%
25%
25%
23%
22%
17%
22%
24%
23%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others2.13%Govt.0.15%Promot.46.09%Public5.32%FIIs14.83%DIIs31.49%As ofJun 2026

Documents

Frequently Asked Questions about PI Industries

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 trades as PIIND on the NSE and under code 523642 on the BSE.
Which sector does P I Industries Ltd belong to?
P I Industries Ltd is classified under the Chemicals sector, in the Pesticides & Agrochemicals industry.
What is the market capitalisation of P I Industries Ltd?
P I Industries Ltd has a market capitalisation of ₹35,265 Cr, which places it in the Large Cap band.
What is the PE ratio of P I Industries Ltd?
P I Industries Ltd trades at a PE ratio of 29.41, on earnings per share of ₹115.17, against a book value of ₹740.22 per share.
What is the 52-week high and low of P I Industries Ltd?
Over the last 52 weeks P I Industries Ltd has traded between ₹2,352 and ₹3,832.9.
Does P I Industries Ltd pay dividends?
P I Industries Ltd has a dividend yield of 0.63%.
What is the Return on Equity (ROE) of P I Industries Ltd?
P I Industries Ltd reported a return on equity of 11.76%. Its debt-to-equity ratio is 0.03.

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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