PIIND
PI Industries share price & financials
- Price
- ₹2,803.6
- Market cap
- ₹38.0k Cr
- Sector
- Chemicals
- Calls analysed
- 6
PI Industries Limited Q1 FY27
What went well
- Revenue of ₹17,023 million reported for Q1 FY27.
- Gross margin maintained at a healthy 57% for the quarter.
- EBITDA margin stood at 22%, translating to ₹3,693 million.
What to watch
- Global crop protection market remains challenging with soft commodity prices, muted recovery, geopolitical uncertainties, genericization pressures, and tariffs impacting exports.
- Domestic market faced headwinds from El Nino, heatwaves, delayed sowing, and high prior-year inventories.
What PI Industries Limited does
PI Industries is an integrated life-sciences company operating across crop protection (agrochemicals), Custom Synthesis and Manufacturing (CSM)/CRDMO services for global innovator companies, biologicals, and pharmaceutical CDMO/API manufacturing. It designs, formulates and manufactures its own branded agrochemical products (insecticides, fungicides, herbicides, biologicals) for Indian farmers while also acting as a contract research, development and manufacturing partner to multinational agrochemical and health-science innovators. Through subsidiaries Jivagro Limited (horticulture-focused agri solutions, acquired 2019), Plant Health Care (PREtec peptide-based biologicals) and PI Health Sciences/Therachem (pharma CDMO and APIs), it has extended from pure-play Indian agrochemicals into biologicals and health sciences.
Segments
- Crop protection (Agrochemicals)
- CSM/CRDMO (Custom Synthesis & Manufacturing)
- Biologicals
- Pharma (CDMO/API)
- Manufacturing locations
- 8
- Distributor network
- 15,000+
- Retail touchpoints
- 1,00,000+
- Employees worldwide
- 4,000+
- Global/international offices
- 9
- Geographic presence
- 6 continents, 40+ countries
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 1 delivered 5 missed 10 open- Consolidated EBITDA Margin delivered said Q4 FY25 Promised: Around 25% Q1 FY27: Deadline passed. The target was achieved for FY26.
- Overall Revenue Growth missed said Q4 FY25 Promised: Mid single digit level growth this year (FY26) Q1 FY27: Deadline passed. The target was missed for FY26.
- Pharma Business Profitability delayed said Q4 FY25 Promised: Positive trends in FY27-FY28 Q1 FY27: Pharma business reported a ₹60 crore EBITDA loss, confirming it is not yet profitable. Management reiterates the long gestation J-curve for CRDMO investments.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 9.6%, net profit down 26.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,131 | 1,780 | 1,648 | 1,769 | 1,753 −18% | 1,270 −29% | 1,391 −16% | 1,599 −10% |
| EBITDA | 685 | 545 | 504 | 574 | 607 −11% | 370 −32% | 385 −24% | 459 −20% |
| Net profit | 558 | 424 | 386 | 464 | 491 −12% | 282 −33% | 198 −49% | 342 −26% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −39.1% 1Y
1Y: ₹3,707.2 on 10 Sept 2025 → ₹2,259. High ₹3,820.5 (10 Nov 2025), low ₹2,259 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −9.0%
- 12 Aug
- Q4 FY26
- −7.1%
- 20 May
- Q3 FY26
- −2.2%
- 13 Feb
- Q2 FY26
- −5.2%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 1.6% a year over 3 years, FY23 to FY26. Operating margin widened to 31.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹6.5k Cr | ₹7.1k Cr | ₹7.6k Cr | ₹6.2k Cr |
| Operating profit | ₹1.5k Cr | ₹2.0k Cr | ₹2.4k Cr | ₹1.9k Cr |
| Operating margin | 23.7% | 28.3% | 31.2% | 31.3% |
| Interest | ₹27 Cr | ₹10 Cr | ₹7 Cr | ₹8 Cr |
| Depreciation | ₹227 Cr | ₹246 Cr | ₹263 Cr | ₹306 Cr |
| Net profit | ₹1.2k Cr | ₹1.7k Cr | ₹1.9k Cr | ₹1.4k Cr |
| Net margin | 18.9% | 24.2% | 24.6% | 23.2% |
| Cash from operations | ₹1.5k Cr | ₹2.1k Cr | ₹1.5k Cr | ₹694 Cr |
| Free cash flow | ₹1.2k Cr | ₹1.6k Cr | ₹771 Cr | ₹-268 Cr |
| ROCE | 22.0% | 25.0% | 25.0% | 18.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr |
| Reserves | ₹5.3k Cr | ₹6.0k Cr | ₹7.1k Cr | ₹8.7k Cr | ₹10.8k Cr | ₹11.4k Cr |
| Borrowings | ₹370 Cr | ₹305 Cr | ₹33 Cr | ₹44 Cr | ₹242 Cr | ₹65 Cr |
| Other liabilities | ₹1.3k Cr | ₹1.3k Cr | ₹1.2k Cr | ₹1.5k Cr | ₹2.2k Cr | ₹1.5k Cr |
| Total liabilities | ₹7.0k Cr | ₹7.6k Cr | ₹8.3k Cr | ₹10.2k Cr | ₹13.3k Cr | ₹13.0k Cr |
| Fixed assets | ₹2.1k Cr | ₹2.4k Cr | ₹2.5k Cr | ₹2.6k Cr | ₹4.4k Cr | ₹3.2k Cr |
| Capital work in progress | ₹288 Cr | ₹114 Cr | ₹130 Cr | ₹221 Cr | ₹610 Cr | ₹875 Cr |
| Investments | ₹1.0k Cr | ₹1.0k Cr | ₹1.2k Cr | ₹2.4k Cr | ₹1.4k Cr | ₹3.3k Cr |
| Other assets | ₹3.5k Cr | ₹4.1k Cr | ₹4.5k Cr | ₹4.9k Cr | ₹6.9k Cr | ₹5.6k Cr |
| Total assets | ₹7.0k Cr | ₹7.6k Cr | ₹8.3k Cr | ₹10.2k Cr | ₹13.3k Cr | ₹13.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +2.29 pp while FIIs trimmed −2.15 pp. The shareholder count shrank 6% to 1,40,999.
- Promoters
- 46.1%
- FIIs
- 14.8%
- DIIs
- 31.5%
- Government
- 0.1%
- Public
- 7.4%
- Others
- 0.0%
Since Jun 2025
- DIIs +2.29 pp
- FIIs −2.15 pp
- Public −0.14 pp
How it drifted, 12 quarters
Over this window DIIs went from 23.1% to 31.5% — +8.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 46.1%, FIIs 20.0%, DIIs 23.1%, Government 0.1%, Public 10.6%, Others 0.0%.Dec '23: Promoters 46.1%, FIIs 20.4%, DIIs 23.0%, Government 0.1%, Public 10.3%, Others 0.0%.Mar '24: Promoters 46.1%, FIIs 20.3%, DIIs 24.2%, Government 0.1%, Public 9.3%, Others 0.0%.Jun '24: Promoters 46.1%, FIIs 18.8%, DIIs 25.8%, Government 0.1%, Public 9.1%, Others 0.0%.Sep '24: Promoters 46.1%, FIIs 19.0%, DIIs 26.2%, Government 0.1%, Public 8.5%, Others 0.0%.Dec '24: Promoters 46.1%, FIIs 18.5%, DIIs 27.1%, Government 0.1%, Public 8.2%, Others 0.0%.Mar '25: Promoters 46.1%, FIIs 18.1%, DIIs 27.4%, Government 0.1%, Public 8.3%, Others 0.0%.Jun '25: Promoters 46.1%, FIIs 17.0%, DIIs 29.2%, Government 0.1%, Public 7.6%, Others 0.0%.Sep '25: Promoters 46.1%, FIIs 16.4%, DIIs 30.3%, Government 0.1%, Public 7.1%, Others 0.0%.Dec '25: Promoters 46.1%, FIIs 16.0%, DIIs 30.9%, Government 0.1%, Public 6.8%, Others 0.0%.Mar '26: Promoters 46.1%, FIIs 15.9%, DIIs 31.2%, Government 0.1%, Public 6.7%, Others 0.0%.Jun '26: Promoters 46.1%, FIIs 14.8%, DIIs 31.5%, Government 0.1%, Public 7.4%, Others 0.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Manufacturing Fund Mutual fund newly disclosed 7.61% held
- LICI New Pension Plus Growth Fund Insurer newly disclosed 7.01% held
- Kotak Mahindra Trustee Co Ltd Mutual fund newly disclosed 2.58% held
- Mirae Asset Nifty Largemidcap 250 Index Fund Mutual fund newly disclosed 1.97% held
- Tata Nifty Midcap 150 Index Fund Mutual fund newly disclosed 1.04% held
- SBI Arbitrage Opportunities Fund - 2 Mutual fund +0.82 pp 2.24% held
The same filing shows 1 holder trimming and 8 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of PI Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Mayank Singhal | 20.45% | unchanged |
| Madhu Singhal | 9.42% | unchanged |
| ICICI Prudential Manufacturing Fund Mutual fund | 7.61% | newly disclosed |
| LICI New Pension Plus Growth Fund Insurer | 7.01% | newly disclosed |
| POOJA SINGHAL JOINTLY WITH SHEFALI KHUSHALANI(Trustees of Alpha Family Trust) | 4.05% | unchanged |
| POOJA SINGHAL JOINTLY WITH SHEFALI KHUSHALANI(Trustees of Beta Family Trust) | 4.05% | unchanged |
| SHEFALI KHUSHALANI JOINTLY WITH MADHU SINGHAL(Trustees of Rcane Family Trust) | 4.05% | unchanged |
| SHEFALI KHUSHALANI JOINTLY WITH MADHU SINGHAL(Trustees of Domane Family Trust) | 4.05% | unchanged |
| Kotak Mahindra Trustee Co Ltd Mutual fund | 2.58% | newly disclosed |
| SBI Arbitrage Opportunities Fund - 2 Mutual fund | 2.24% | +0.82 pp |
| Mirae Asset Nifty Largemidcap 250 Index Fund Mutual fund | 1.97% | newly disclosed |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual F Mutual fund | 1.90% | −0.12 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in PIIND
Filings to Aug 2026
1 new, 8 added, 1 trimmed, 0 sold out — net +3.32 L shares (+8.0%).
- Held by funds
- ₹1.1k Cr
- 15 schemes
- Biggest holder
- SBI Large Cap Fund
- ₹538 Cr · 1.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Large Cap Fund SBI Mutual Fund | ₹538 Cr | held | Aug '21 |
| SBI Midcap Fund SBI Mutual Fund | ₹356 Cr | +1.54 L | Aug '21 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹55 Cr | held | Dec '22 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹43 Cr | +1.22 L | Jul '26 |
| SBI Conservative Hybrid Fund SBI Mutual Fund | ₹26 Cr | held | Jun '26 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹18 Cr | +0.05 L | Mar '24 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹14 Cr | new | Jul '26 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹13 Cr | +0.01 L | Mar '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
8 added, 1 trimmed — net +3.32 L shares (+8.0%)
- Funds are sitting on
- -8%
- vs est. average cost
- Held by funds
- ₹1.1k Cr
- 15 schemes · ≈ 3.3% of the company
- Biggest holder
- SBI Large Cap Fund
- ₹538 Cr · 1.0% of that fund
Shares held by these funds +113%
Aug '23 41.96 L shares Jul '26
What the price assumes
ExpensiveTo justify its price of ₹2259, this stock must grow earnings at 18% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹1147 — downside of 49%.
- Growth the price implies
- 18.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 5.3% a year
- net profit, FY23–FY26 · EPS 5.3%
- The gap
- 0.1 pp
- -49% downside if it only repeats history
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse PI Industries Limited
Guides on how to read this kind of business and the numbers that matter.