P I Industries Ltd(PIIND)

NSE: PIINDBSE: 523642

₹ 2,049.3-1.29%refreshed 23 Oct, 03:55 pm ISTMarket cap: ₹ 31,092 crWebsite: www.piindustries.comUpdated: 24 Oct 2026

About

PI Industries is an Indian agrochemical and pharma company operating two platforms: Agro Chemicals (custom synthesis & manufacturing for global innovators, domestic agri brands, and biologicals) and Pharma (CRDMO under PI Health Sciences). In FY26 the company reported consolidated revenue of INR 6,713.7 crore, with Agro Chemicals contributing 95.5% of segment revenue. PI is ranked a Top 5 Global CSM player in agrochemicals and is the first Indian company to develop an indigenous agrochemical New Chemical Entity (Pioxaniliprole).^[1][2][3]

Business segments

Agro Chemicals segment: revenue of INR 6,416.8 crore (95.5% of total) in FY26, encompassing CSM exports to global innovators, domestic Agri Brands, and Biologicals.^[2]
Pharma segment (PI Health Sciences, CRDMO): revenue of INR 300.5 crore (4.5% of total) in FY26; EBIT loss of INR 274.4 crore, reflecting investment-phase overheads.^[2]
Non-agchem share of new CSM enquiries rose from ~15% in FY20 to ~40%+ in FY26, as pharma and electronic/specialty chemicals molecules enter the pipeline.^[4]

Products and portfolio

The Agri Brands platform is focused on eight strategic crops, offering crop protection products (insecticides, fungicides, herbicides), biologicals and farm advisory services.^[3]
Pioxaniliprole is India's first indigenous NCE in crop protection and the first Indian molecule to receive ISO common-name approval; filed for regulatory registration in India with FY27 commercial launch planned.^[3][4]
Active CSM pipeline stands at 90+ molecules with more than 60% in advanced stages of development; 20+ molecules commercialised over recent years as of FY26.^[3]
PI is expanding into Specialty & Electronic Chemicals, leveraging complex chemistry capabilities; a commercial plant was commissioned in Q1 FY27 with commercial supplies started.^[3][5]

Manufacturing operations

Agro Chemical manufacturing sites are at Panoli Unit-1, Panoli Unit-2, Sterling SEZ Jambusar, and GIDC Industrial Estate Panoli - all in Ankleshwar/Bharuch, Gujarat.^[3]
PI Health Sciences (PIHS) CRDMO has pharmaceutical sites in Jaipur and Hyderabad in India, and at Lodi, Italy.^[3]
Capacity utilisation was ~80% in FY26.^[4]
One of the world's largest flow chemistry plants was commissioned in Q1 FY27, adding advanced flow chemistry capabilities for complex and sustainable manufacturing.^[5]
Over 79.74% of input materials are sourced domestically in FY26, up from over 74% in FY25, as part of a multi-year programme to reduce dependency on geopolitically sensitive geographies.^[3]

Key operating numbers

CSM order book stood at USD 1.2 billion in Q1 FY27, stable sequentially from USD 1.2 billion in Q3 FY26.^[5][6]
New molecules commercialised in recent years contribute 16 - 18% of AgChem CSM export revenues in Q1 FY27; this share was 18% for full-year FY26.^[5][4]
AgChem CSM export volumes fell 8% YoY and revenue fell 12% YoY in Q1 FY27, following a ~14% volume decline for full-year FY26.^[5][4]
Domestic agri business delivered 12% volume growth in Q1 FY27 (3% revenue growth), despite delayed monsoon and sowing disruption.^[5]
Domestic biologicals grew 50%+ YoY in Q1 FY27, with a three-year CAGR of 15%; global biologicals (ex-India, under Plant Health Care) reached ~USD 12 - 13 Mn annualised revenue in FY26.^[5][4]
Active R&D pipeline covers 90+ projects as of Q1 FY27.^[5]

Customers and distribution

The Agri Brands platform serves over 1.6 million farmers across 45,000 villages through 15,000+ distributors and 100,000+ retail touchpoints as of FY26.^[3]
PI AgSciences (Biologicals) has commercial presence across the Americas, Europe, Turkey, Africa and India, with international offices in London, Amsterdam, Dusseldorf, Tokyo, Seattle, Almería, St Louis, Milan, Mexico City, Beijing, Dubai and São Paulo.^[3]
PIHS pharma revenue grew 40% YoY in FY26 to INR 3,005 Mn, driven by onboarding of new biotech and mid-pharma customers; revenue contracted 25% YoY to INR 542 Mn in Q1 FY27 due to order-phasing shifts.^[4][5]

Expansion and capex

FY27 full-year capex guidance is INR 700 - 800 crore, directed at agchem manufacturing, new verticals (pharma, electronic chemicals) and R&D.^[5][4]
Electronic chemicals segment targets ~USD 80 - 100 Mn revenue in 5 - 6 years with ~INR 500 crore gross block investment planned.^[4]
PIHS pharma targets INR 500 - 600 crore topline as the threshold for EBITDA breakeven, expected within 2 - 3 years from FY26.^[4]
Global biologicals nematicide is targeting double-digit market share in Brazil's ~USD 750 Mn nematicide market over a 5 - 10 year horizon.^[5]

Recent developments

A commercial plant for electronic chemicals was commissioned and commercial supplies commenced in Q1 FY27.^[5]
One of the world's largest flow chemistry plants was commissioned in Q1 FY27.^[5]
Pioxaniliprole (India's first agchem NCE) filed for Indian registration in FY26; commercial launch in India expected within FY27, with international regulatory filings planned for one geography in FY28 and another in FY29.^[4][5]
US EPA granted registration for PI's bionematocide product in FY26 - a first-of-its-kind foliar-application nematode - marking its third market launch after Brazil and Mexico.^[4]
PIHS signed its first exclusive biotech integrated drug discovery (IDD) partnership and is evaluating 2 - 3 additional such deals.^[5]

Market Cap

₹31,092 Cr

High / Low

₹3,830 / 2,017

Stock P/E

26.7

Price / Book

2.8

Book Value

₹740

EPS

₹87.1

No. of Shares

15.17 Cr

ROCE

14.5%

ROE

12.3%

OPM

22.8%

Debt / Equity

0.02

Sales

₹6,714 Cr

Net Profit

₹1,321 Cr

Promoter holding

46.1%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

P I Industries Ltd(PIIND)

About

Business segments

Products and portfolio

Manufacturing operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions