Fertilizers & Agrochemicals
Valuation | |
|---|---|
| Market Cap | 48.18 kCr |
| Price/Earnings (Trailing) | 31.85 |
| Price/Sales (Trailing) | 6.19 |
| EV/EBITDA | 20.4 |
| Price/Free Cashflow | 95.54 |
| MarketCap/EBT | 24.84 |
| Enterprise Value | 47.86 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | -2.8% |
| Price Change 1M | -1.3% |
| Price Change 6M | -22.4% |
| Price Change 1Y | -10% |
| 3Y Cumulative Return | 1.5% |
| 5Y Cumulative Return | 8.1% |
| 7Y Cumulative Return | 20.7% |
| 10Y Cumulative Return | 17.6% |
| Revenue (TTM) |
| 7.78 kCr |
| Rev. Growth (Yr) | -16.6% |
| Earnings (TTM) | 1.51 kCr |
| Earnings Growth (Yr) | -19.5% |
Profitability | |
|---|---|
| Operating Margin | 25% |
| EBT Margin | 25% |
| Return on Equity | 13.97% |
| Return on Assets | 11.37% |
| Free Cashflow Yield | 1.05% |
Cash Flow & Liquidity |
|---|
| Cash Flow from Investing (TTM) | -1.42 kCr |
| Cash Flow from Operations (TTM) | 1.41 kCr |
| Cash Flow from Financing (TTM) | -286.5 Cr |
| Cash & Equivalents | 490.8 Cr |
| Free Cash Flow (TTM) | 563 Cr |
| Free Cash Flow/Share (TTM) | 37.11 |
Balance Sheet | |
|---|---|
| Total Assets | 13.3 kCr |
| Total Liabilities | 2.47 kCr |
| Shareholder Equity | 10.83 kCr |
| Current Assets | 7.98 kCr |
| Current Liabilities | 1.97 kCr |
| Net PPE | 3.33 kCr |
| Inventory | 1.21 kCr |
| Goodwill | 576.4 Cr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.01 |
| Debt/Equity | 0.02 |
| Interest Coverage | 84.43 |
| Interest/Cashflow Ops | 50.41 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 16 |
| Dividend Yield | 0.50% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Size: Market Cap wise it is among the top 20% companies of india.
Balance Sheet: Strong Balance Sheet.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Profitability: Very strong Profitability. One year profit margin are 19%.
Momentum: Stock has a weak negative price momentum.
Insider Trading: Significant insider selling noticed recently.
Technicals: SharesGuru indicator is Bearish.
Past Returns: Underperforming stock! In past three years, the stock has provided 1.5% return compared to 11.4% by NIFTY 50.
Smart Money: Smart money is losing interest in the stock.
Size: Market Cap wise it is among the top 20% companies of india.
Balance Sheet: Strong Balance Sheet.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Profitability: Very strong Profitability. One year profit margin are 19%.
Momentum: Stock has a weak negative price momentum.
Insider Trading: Significant insider selling noticed recently.
Technicals: SharesGuru indicator is Bearish.
Past Returns: Underperforming stock! In past three years, the stock has provided 1.5% return compared to 11.4% by NIFTY 50.
Smart Money: Smart money is losing interest in the stock.
Investor Care | |
|---|---|
| Dividend Yield | 0.50% |
| Dividend/Share (TTM) | 16 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 99.69 |
Financial Health | |
|---|---|
| Current Ratio | 4.05 |
| Debt/Equity | 0.02 |
Technical Indicators | |
|---|---|
| RSI (14d) | 39.75 |
| RSI (5d) | 28.77 |
| RSI (21d) | 46.59 |
| MACD Signal | Sell |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Sell |
| RSI Signal | Hold |
| RSI5 Signal | Buy |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
Updated May 5, 2025
PI Industries is currently trading 0.72% lower at Rs 3,620.85, reflecting a year-to-date decline of 1.23%.
The stock's TTM P/E ratio of 32.90 is significantly higher than the sector average of 17.47, indicating overvaluation.
PI Industries has seen a decrease of 0.45% over the last five days, highlighting a negative short-term trend.
Summary of PI Industries's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Management's outlook for PI Industries emphasizes a cautious recovery amidst ongoing challenges in the global agrochemical industry. The key highlights from the earnings call are as follows:
Market Conditions: The global crop protection sector is facing a prolonged downturn, adversely impacted by destocking, price declines, and erratic weather patterns. No complete recovery is anticipated until the second half of 2026.
Performance Metrics:
Product Launches: The company plans to launch 8 to 10 new molecules in FY26, with three already introduced in H1 and another three planned for launch later this year.
Pharmaceutical Growth: The pharma segment showed robust performance with a 54% YoY revenue uptick. However, future revenue growth is contingent on overcoming biotech funding challenges.
Regulatory Challenges: The biologicals sector has faced disruptions due to sudden regulatory changes, leading to a cautious outlook. Management anticipates improvements in this segment within the next quarters.
Cash Flow and Inventory: The Company is maintaining a focus on robust cash flows with efficient working capital management, with trade working capital increasing to 113 days due to current market conditions.
Long-term Goals: PI Industries aims to transition into a diversified life sciences firm, with significant investment in ag sciences, pharma, and specialty chemicals, forecasting continued solid growth in these segments.
Expectations for H2 FY26: Management is optimistic about a recovery in the latter half of FY26, especially towards Q4, driven by better conditions in the Rabi season and improved global markets.
In summary, while short-term volatility persists, management remains confident in long-term growth strategies and product innovation to navigate through these challenges.
Understand PI Industries ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| MAYANK SINGHAL | 20.45% |
| MADHU SINGHAL | 9.42% |
| ICICI PRUDENTIAL MULTICAP FUND | 6.79% |
| LICI NEW PENSION PLUS GROWTH FUND | 6.33% |
| POOJA SINGHAL JOINTLY WITH SHEFALI KHUSHALANI(Trustees of Beta Family Trust) | 4.05% |
| POOJA SINGHAL JOINTLY WITH SHEFALI KHUSHALANI(Trustees of Alpha Family Trust) | 4.05% |
Detailed comparison of PI Industries against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| UPL | UPL | 59.33 kCr | 48.38 kCr | -9.10% | +25.90% | 26.85 | 1.23 | - | - |
| SUMICHEM | SUMITOMO CHEMICAL INDIA | 20.91 kCr | 3.45 kCr |
Comprehensive comparison against sector averages
PIIND metrics compared to Fertilizers
| Category | PIIND | Fertilizers |
|---|---|---|
| PE | 31.85 | 28.33 |
| PS | 6.19 | 2.11 |
| Growth | -5.6 % | 7.1 % |
PI Industries is a prominent player in the Pesticides & Agrochemicals sector, with the stock ticker PIIND. The company boasts a robust market capitalization of Rs. 55,364.9 Crores.
Based in Gurugram, India, PI Industries Limited specializes in the manufacture and distribution of agrochemicals not just within India, but also across Asia, North America, Europe, and other international markets. Their product offerings include a variety of agrochemicals such as insecticides, herbicides, fungicides, and bio stimulants. These products are designed for crop protection and nutrition, addressing issues related to weeds, insects, and diseases across a wide range of crops, including rice, cotton, tomato, chili, potato, onion, grapes, pomegranate, and apples.
In addition to product manufacturing, PI Industries invests heavily in research and development (R&D). Their R&D services encompass target discovery, molecule design, and biological evaluation among other advanced analytic and synthesis processes. They also provide custom synthesis and manufacturing solutions, ensuring comprehensive support for their clients through various stages of product development.
The company operates through an extensive distribution network, selling products via distributors, dealers, and retailers. Historically known as Mewar Oil & General Mills Ltd., PI Industries was incorporated in 1946.
With a trailing 12 months revenue of Rs. 8,260.4 Crores and a profit of Rs. 1,699.2 Crores in the past year, PI Industries has demonstrated significant financial strength. Notably, the company has experienced 58% revenue growth over the last three years. It also rewards its investors with dividends, offering a dividend yield of 0.58% annually and distributing Rs. 21 per share in the last year.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Sell |
| SMA 20 Signal | Sell |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
PIIND vs Fertilizers (2021 - 2026)
PI Industries has shown a return of 5.84% over the past month, indicating a positive short-term trend.
Change in Management • 19 Jan 2026 Change in Senior Management Personnel. |
General • 19 Jan 2026 Intimation of Change in the Logo of the Company. |
Cessation • 19 Jan 2026 Intimation for cessation of Senior Management Personnel |
Cessation • 19 Jan 2026 Intimation for cessation of Senior Management Personnel |
Award of Order / Receipt of Order • 06 Jan 2026 Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015-Order issued by the office of Excise and Taxation Officer-cum-State Tax Officer, Jurisdiction- Bhatinda |
Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 • 02 Jan 2026 Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulation, 2018 for the quarter ended December 31, 2025 |
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
Question 1: Saurabh Jain (HSBC Securities): You mentioned a mid-single-digit growth possibility for this year. Given the sharp decline in H1, how do you expect growth in exports, domestic, and pharma business for H2?
Answer: We anticipated challenges in H1 due to climatic factors, but there are positive signs for H2, particularly from the forthcoming Rabi season with healthy reservoir levels. However, growth will heavily depend on climatic conditions. We see potential recoveries, especially in exports and domestically, possibly beginning Q4.
Question 2: Abhijit Akella (Kotak Institutional Equities): There was a significant increase of about INR 450 crore in contract assets. Can you specify the reasons for the increase and what it represents on the balance sheet?
Answer: The increase aligns with customer delivery schedules for H2. These are finished goods produced for specific customers, recognized as assets until delivered. This is compliant with accounting standards and reflects our current position in the global agrochemical industry context.
Question 3: Vivek Rajamani (Morgan Stanley): What is the status of regulatory challenges related to biologicals, and how do you expect sales to pick up?
Answer: Regulatory disruptions have impacted our sales, but we expect resolution soon. Sales are projected to recover by Q4 FY26 once the necessary documentation is completed. Initial traction is anticipated as regulatory issues settle, with expectations for gradual normalization thereafter.
Question 4: Madhav Marda (Fidelity): What is the pipeline status of the Pharma CDMO business, and how are the late-stage projects progressing?
Answer: We have onboarded two new clients in the first half and expect to onboard two more by Q4. Currently, we have six late-stage programs. We anticipate these will begin generating sustainable revenue within the next 2 to 4 years, as we continue to strengthen capabilities in this segment.
Question 5: Rohit Nagraj (360 One Capital): When do you expect biologicals margins to return to business-level margins of around 25%?
Answer: We're currently in an investment phase, and with a small revenue base, margins will take time to reach desired levels. The focus right now is on scaling the business, with revenue growth anticipated to outpace margin considerations in the coming years, especially given the growing demand for biologicals in agriculture.
This summary captures the major questions and succinct answers from the Q&A section of the earnings call, highlighting key insights and guidance provided by individuals from PI Industries.
| SHEFALI KHUSHALANI JOINTLY WITH MADHU SINGHAL(Trustees of Domane Family Trust) | 4.05% |
| SHEFALI KHUSHALANI JOINTLY WITH MADHU SINGHAL(Trustees of Rcane Family Trust) | 4.05% |
| KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK MSCI INDIA | 2.36% |
| MIRAE ASSET BALANCED ADVANTAGE FUND | 2% |
| AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS MUTUAL FUND A/C AXIS NIFTY 500 INDEX FUND | 1.97% |
| CANARA ROBECO MUTUAL FUND A/C CANARA ROBECO EQUITY | 1.63% |
| TATA MULTI ASSET ALLOCATION FUND | 1.45% |
| UTI QUANT FUND | 1.21% |
| SBI MIDCAP FUND | 1.02% |
| Independent Directors and their relatives | 0.02% |
| SALIL SINGHAL | 0% |
| POOJA SINGHAL | 0% |
| SALIL SINGHAL (Trustee in SVVK Family Benefit Trust) | 0% |
| SHEFALI KHUSHALANI | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| -13.10% |
| 38.53 |
| 6.06 |
| - |
| - |
| BAYERCROP | Bayer CropScience | 19.83 kCr | 6.24 kCr | -3.10% | -14.30% | 23.78 | 3.18 | - | - |
| DHANUKA | Dhanuka Agritech | 6.34 kCr | 2.07 kCr | -8.80% | -23.40% | 21.45 | 3.06 | - | - |
| RALLIS | Rallis India | 5.22 kCr | 2.91 kCr | -1.10% | +6.50% | 31.4 | 1.79 | - | - |
Analysis of PI Industries's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Sep 30, 2025
| Description | Share | Value |
|---|---|---|
| Agro Chemicals | 96.6% | 1.8 kCr |
| Pharma | 3.4% | 63.4 Cr |
| Total | 1.9 kCr |
| -3.4% |
| 1,432 |
| 1,482 |
| 1,430 |
| 1,496 |
| 1,681 |
| 1,577 |
| Profit Before exceptional items and Tax | 3.6% | 523 | 505 | 431 | 480 | 662 | 564 |
| Total profit before tax | 3.6% | 523 | 505 | 431 | 480 | 662 | 564 |
| Current tax | 24.2% | 114 | 92 | 88 | 86 | 137 | 101 |
| Deferred tax | -90% | 2.5 | 16 | 14 | 22 | 17 | 16 |
| Total tax | 8.5% | 116 | 107 | 102 | 108 | 155 | 118 |
| Total profit (loss) for period | 2.3% | 409 | 400 | 330 | 373 | 508 | 449 |
| Other comp. income net of taxes | -176.2% | -31 | 43 | 48 | -54.9 | -8.9 | 5.6 |
| Total Comprehensive Income | -14.7% | 378 | 443 | 378 | 318 | 499 | 454 |
| Earnings Per Share, Basic | 2.4% | 26.98 | 26.37 | 21.79 | 24.55 | 33.51 | 29.59 |
| Earnings Per Share, Diluted | 2.4% | 26.98 | 26.36 | 21.78 | 24.55 | 33.5 | 29.59 |
| 2.2% |
| 595 |
| 582 |
| 490 |
| 448 |
| 366 |
| 311 |
| Finance costs | -29.3% | 6.8 | 9.2 | 36 | 12 | 28 | 18 |
| Depreciation and Amortization | 6.9% | 263 | 246 | 222 | 198 | 160 | 133 |
| Other expenses | 6.6% | 1,018 | 955 | 843 | 732 | 539 | 485 |
| Total Expenses | 1.9% | 5,476 | 5,375 | 5,008 | 4,176 | 3,480 | 2,760 |
| Profit Before exceptional items and Tax | 20.1% | 2,396 | 1,995 | 1,422 | 1,000 | 910 | 594 |
| Total profit before tax | 20.1% | 2,396 | 1,995 | 1,422 | 1,000 | 910 | 594 |
| Current tax | 12.7% | 401 | 356 | 257 | 185 | 165 | 125 |
| Deferred tax | 236.4% | 128 | -92.1 | -46.4 | -4.4 | 26 | 27 |
| Total tax | 100.8% | 529 | 264 | 210 | 181 | 191 | 152 |
| Total profit (loss) for period | 7.8% | 1,866 | 1,731 | 1,211 | 820 | 719 | 442 |
| Other comp. income net of taxes | -181.1% | -20.9 | 28 | -39.6 | 8.7 | 70 | -56 |
| Total Comprehensive Income | 4.9% | 1,846 | 1,759 | 1,172 | 828 | 788 | 386 |
| Earnings Per Share, Basic | 7.9% | 123.03 | 114.07 | 79.84 | 54.026 | 48.57 | 32.04 |
| Earnings Per Share, Diluted | 7.9% | 123.02 | 114.07 | 79.84 | 54.026 | 48.56 | 32.02 |
| 0.3% |
| 2,869 |
| 2,860 |
| 2,507 |
| 2,538 |
| 2,390 |
| 2,417 |
| Capital work-in-progress | 70.5% | 480 | 282 | 358 | 117 | 159 | 61 |
| Goodwill | 0% | 67 | 67 | 67 | 67 | 67 | 67 |
| Non-current investments | 1% | 2,029 | 2,009 | 1,773 | 1,202 | 601 | 184 |
| Loans, non-current | - | 0 | 0 | 0 | 0 | 419 | 69 |
| Total non-current financial assets | -3.5% | 2,150 | 2,228 | 1,791 | 1,248 | 1,093 | 269 |
| Total non-current assets | 2.8% | 5,806 | 5,648 | 4,956 | 4,209 | 3,867 | 2,925 |
| Total assets | 8.5% | 12,928 | 11,919 | 11,515 | 10,227 | 9,545 | 8,336 |
| Borrowings, non-current | - | 0 | 0 | 0 | 0 | 0 | 0 |
| Total non-current financial liabilities | 72.1% | 106 | 62 | 53 | 48 | 43 | 49 |
| Provisions, non-current | 68.9% | 8.6 | 5.5 | 26 | 17 | 11 | 9 |
| Total non-current liabilities | 36.4% | 181 | 133 | 80 | 65 | 55 | 87 |
| Borrowings, current | - | 0 | 0 | 0 | 0 | 0 | 0 |
| Total current financial liabilities | 12.2% | 1,514 | 1,350 | 1,665 | 1,355 | 1,425 | 1,055 |
| Provisions, current | 28% | 33 | 26 | 27 | 35 | 29 | 28 |
| Current tax liabilities | 152.2% | 59 | 24 | 74 | 6.2 | 48 | 5.4 |
| Total current liabilities | 14.3% | 1,696 | 1,484 | 1,851 | 1,481 | 1,607 | 1,152 |
| Total liabilities | 16% | 1,876 | 1,617 | 1,931 | 1,546 | 1,662 | 1,239 |
| Equity share capital | 0% | 15 | 15 | 15 | 15 | 15 | 15 |
| Total equity | 7.3% | 11,052 | 10,303 | 9,583 | 8,681 | 7,883 | 7,097 |
| Total equity and liabilities | 8.5% | 12,928 | 11,919 | 11,515 | 10,227 | 9,545 | 8,336 |
| 0 |
| 0 |
| 0 |
| - |
| - |
| Net Cashflows from Operations | -24% | 1,867 | 2,456 | 1,749 | 658 | - | - |
| Income taxes paid (refund) | 9% | 389 | 357 | 247 | 172 | - | - |
| Net Cashflows From Operating Activities | -29.6% | 1,478 | 2,099 | 1,502 | 485 | - | - |
| Cashflows used in obtaining control of subsidiaries | -35.3% | 626 | 967 | 0 | 0 | - | - |
| Proceeds from sales of PPE | 2400% | 11 | 1.4 | 3.8 | 0.3 | - | - |
| Purchase of property, plant and equipment | 50.3% | 718 | 478 | 305 | 336 | - | - |
| Cash receipts from repayment of advances and loans made to other parties | -100.2% | 0 | 460 | 0 | 0 | - | - |
| Dividends received | -150% | 0 | 3 | 0 | 0 | - | - |
| Interest received | 49.3% | 210 | 141 | 82 | 67 | - | - |
| Other inflows (outflows) of cash | 41.2% | -412.6 | -702.5 | -333.6 | 165 | - | - |
| Net Cashflows From Investing Activities | 20.5% | -1,535.8 | -1,932.9 | -529.4 | -104.1 | - | - |
| Proceeds from borrowings | - | 0 | 0 | -266.9 | 0 | - | - |
| Repayments of borrowings | - | 0 | 0 | 0 | 72 | - | - |
| Payments of lease liabilities | -20% | 17 | 21 | 0 | 0 | - | - |
| Dividends paid | 31.2% | 228 | 174 | 114 | 76 | - | - |
| Interest paid | -30.5% | 6.7 | 9.2 | 32 | 8 | - | - |
| Other inflows (outflows) of cash | - | 0 | 0 | -17.4 | -18.8 | - | - |
| Net Cashflows from Financing Activities | -22.5% | -251.2 | -204.8 | -430.5 | -174.6 | - | - |
| Net change in cash and cash eq. | -675.7% | -308.5 | -38.9 | 542 | 207 | - | - |
Analyst / Investor Meet • 15 Dec 2025 Intimation for interaction with Analysts/ Investor(s) |