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PI Industries

P I Industries Ltd

PIIND NSE
₹2,187.00 +2.00 (+0.09%)
P/E
28.48
View as Markdown
MCP
Close 4 Nov 2026 ₹2,187.00 −1,563.10 −41.7% 1Y
Start ₹3,750.10

Key Fundamentals

SmallcapFertilizers & AgrochemicalsChemicals

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
15.00%
Debt to Equity
0.03
EPS (TTM)
₹76.80
Book Value
₹740.22
Market Cap
—
P/E (TTM)
28.48
P/B
2.95
ROE
11.20%
Dividend Yield
0.69%
EBITDA
₹2,010 Cr
52W High
₹3,832.90
52W Low
₹2,005.20
Day Range
₹2,150.10 – ₹2,207.50
Volume
10,15,773

Peer Comparison

Commodities › Chemicals › Pesticides & Agrochemicals

PI Industries peer comparison
UPL
₹529.0022.09₹43,728 Cr1.281.16%5.64%10.10%₹52,804 Cr₹2,323 Cr
PI Industries (this company)
₹2,187.0028.48₹33,248 Cr2.950.69%11.20%15.00%₹6,516 Cr₹1,164 Cr
Sumitomo Chemical
₹328.1028.24₹15,980 Cr4.430.41%17.60%23.50%₹3,192 Cr₹581 Cr
Bayer CropScience
₹3,249.9019.95₹14,602 Cr4.924.57%23.70%29.10%₹5,595 Cr₹733 Cr
Sharda Cropchem
₹677.959.77₹6,015 Cr1.882.23%23.20%30.20%₹5,357 Cr₹626 Cr
Dhanuka Agritech
₹942.7515.83₹4,217 Cr2.500.21%18.50%23.80%₹1,953 Cr₹268 Cr
Rallis
₹189.6717.23₹3,734 Cr1.681.58%10.20%14.10%₹2,962 Cr₹214 Cr
Median 7 companies₹677.9519.95₹14,602 Cr2.501.16%17.60%23.50%₹5,357 Cr₹626 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

41 Weak

Data confidence 100/100

Category scores

Quality
46
Average
Returns, margins, earnings quality 22% weight
Valuation
51
Average
Cheap vs sector & own history 24% weight
Growth
2
Poor
Sales & profit trajectory 9% weight
Financial Health
87
Strong
Solvency, leverage, coverage 9% weight
Momentum
11
Poor
Trend strength, vol-adjusted 12% weight
Ownership
45
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish856
OscillatorsNeutral252
Moving AveragesStrong Bearish604

Key readings

RSI (14)
50.60
Neutral
MACD (12,26,9)
−39.84
Bullish
SMA (50)
2,272.41
Bearish
SMA (200)
2,741.70
Bearish

As of

Analyst Rating

Based on 23 analysts
HOLD43%

7 of 23 analysts rate Buy, 10 Hold, 6 Sell.

As of

BUY
7
30%
HOLD
10
43%
SELL
6
26%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+12.35%
5Y+7.96%
3Y+1.13%
1Y−15.84%
TTM−16.57%

Net profit

Net profit growth by window
10Y+15.52%
5Y+12.35%
3Y+2.41%
1Y−20.42%
TTM−27.75%

Operating cash flow

Operating cash flow growth by window
10Y+2.59%
5Y−8.15%
3Y−31.90%
1Y−66.45%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+5.05 pp
5Y+3.56 pp
3Y+2.02 pp
1Y−1.85 pp
TTM−3.33 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,277 Cr
Mar 2018₹2,277 Cr
Mar 2019₹2,841 Cr
Mar 2020₹3,366 Cr
Mar 2021₹4,577 Cr
Mar 2022₹5,300 Cr
Mar 2023₹6,492 Cr
Mar 2024₹7,666 Cr
Mar 2025₹7,978 Cr
Mar 2026₹6,714 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹459 Cr
Mar 2018₹368 Cr
Mar 2019₹410 Cr
Mar 2020₹457 Cr
Mar 2021₹738 Cr
Mar 2022₹844 Cr
Mar 2023₹1,230 Cr
Mar 2024₹1,682 Cr
Mar 2025₹1,660 Cr
Mar 2026₹1,321 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹401 Cr −7.5% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

As of 2026-11-03, P I Industries Ltd trades at ₹2,185 with a market cap of ₹33,430 Cr and a P/E (TTM) of 28.45x. The company is virtually debt-free (debt-to-equity of 0.03) but faces a sharp TTM revenue decline of -17% and TTM profit decline of -33%, with the stock down 39% over the past year from a 52-week high of ₹3,832.9.

Bull Case 6
  • Near-zero leverage with a debt-to-equity ratio of just 0.03, providing significant financial flexibility and resilience through business cycles.
  • Solid long-term compounding track record with 10-year sales CAGR of 12% and 10-year profit CAGR of 14%, indicating a historically proven growth engine.
  • Healthy 10-year average ROE of 17% and 5-year average ROE of 16%, demonstrating consistent ability to generate shareholder returns over extended periods.
  • 5-year profit CAGR of 10% remains in double digits despite the recent TTM downturn, suggesting the current weakness may be cyclical rather than structural.
  • ROCE of 14.68% as of 2026-11-03 indicates the company continues to earn returns above typical cost of capital despite the ongoing downcycle.
  • Price-to-book ratio of 2.95x is moderate for a specialty chemicals company with a near debt-free balance sheet, reflecting relatively contained valuation on a book value basis.
Bear Case 8
  • TTM profit has declined 33%, a severe contraction that has dragged trailing EPS down to ₹76.8 and signals meaningful demand or margin headwinds.
  • TTM revenue declined 17%, and 3-year sales CAGR stands at just 1%, pointing to a prolonged period of stagnant to declining topline performance.
  • 3-year profit CAGR has turned negative at -1%, indicating that the earnings weakness is not just a one-quarter event but a multi-year deterioration.
  • Working capital days have expanded from 78.5 to 120 days, suggesting deteriorating cash conversion efficiency and potential inventory or receivables stress.
  • Debtor days have increased from 65.4 to 87.6 days, indicating customers are taking longer to pay and raising questions about revenue quality.
  • Stock has delivered a 1-year return of -39% and a 3-year CAGR of -15%, significantly destroying shareholder value over the medium term.
  • Last year ROE dropped to 11% from a 5-year average of 16%, a 500 basis point decline that reflects diminished profitability and capital efficiency.
  • Despite the decline in earnings, the P/E (TTM) of 28.45x remains elevated, meaning the stock is not yet pricing in a deep or prolonged downturn.

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

AI News Digest

9h ago

TL;DR: Limited recent news flow for PI Industries. The only development is a routine corporate housekeeping move to set up a dedicated CSR entity, which has no material impact on operations or financials. With no headwinds or positive catalysts in the current news cycle, the near-term narrative remains unchanged and investors should watch for upcoming quarterly results and any new product pipeline updates for directional cues.

Neutral 1
  • CSR subsidiary incorporated Oct 19

    PI Industries incorporated PI Foundation as a wholly owned subsidiary under Section 8 of the Companies Act, registered in Udaipur on October 19, 2026, to manage CSR activities.

Quarterly Results

₹ Cr
PIIND quarterly results, ₹ crore
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
73.4
89
82.5
172
75.6
64.1
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
431
507
523
363
300
320
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 (₹)
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

₹ Cr
PIIND profit and loss, annual, ₹ crore
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
344
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 (₹)
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

₹ Cr
PIIND balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
PIIND cash flow, annual, ₹ crore
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/EBITDA
79
106
83
84
88
112
87
61
114
119
81
48

Ratios

PIIND financial ratios, annual
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

Log in to view PI Industries insights

63 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 46.09%
  • DIIs 31.52%
  • FIIs 14.78%
  • Public 5.49%
  • Others 2.11%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of P I Industries Ltd?
P I Industries Ltd trades at a PE ratio of 28.48 as of 4 Nov 2026, on earnings per share of ₹76.8, 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 ₹2,005.2 and ₹3,832.9 as of 4 Nov 2026.
Does P I Industries Ltd pay dividends?
P I Industries Ltd has a dividend yield of 0.69%.
What is the Return on Equity (ROE) of P I Industries Ltd?
P I Industries Ltd reported a return on equity of 11.20%. 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.

Website piindustries.com
CEO Mr. Mayank Singhal
Employees 3,566
Listed 15 Jun 2011
Face Value ₹1

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