PI Industries Limited (IN:PIIND)
:PIIND
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PI Industries Limited
(PIIND)
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Rating:55Neutral
Price Target:
₹2,976.00
▼(-8.63% Downside)
Action:Reiterated
Date:05/21/26
The score is primarily supported by strong balance-sheet quality and historically solid profitability, but it is held back by the FY2026 slowdown (lower revenue and compressed margins) and a sharp deterioration in cash generation (negative free cash flow). Technicals also remain weak with the stock below major moving averages, and valuation is demanding given the high P/E and low dividend yield.
Positive Factors
Very low leverage
Exceptionally low leverage provides durable financial flexibility and downside protection. It supports organic growth and necessary capex for manufacturing scale-ups in CSM, reduces refinancing risk during cycles, and allows management to fund strategic investments without straining cash flow.
Negative Factors
Negative free cash flow
The switch to negative free cash flow raises medium-term funding and execution risks. It may reflect working-capital swings or heavy investment; persistent negative FCF would constrain reinvestment, limit returns to shareholders, and force reliance on external financing despite low leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Exceptionally low leverage provides durable financial flexibility and downside protection. It supports organic growth and necessary capex for manufacturing scale-ups in CSM, reduces refinancing risk during cycles, and allows management to fund strategic investments without straining cash flow.
Read all positive factors
PI Industries Limited (PIIND) vs. iShares MSCI India ETF (INDA)
Market Cap
₹429.96B
Dividend Yield0.49%
Average Volume (3M)5.05K
Price to Earnings (P/E)33.0
Beta (1Y)0.82
Revenue Growth-15.85%
EPS Growth-20.44%
CountryIN
Employees3,545
SectorBasic Materials
Sector Strength58
IndustryAgricultural Inputs
Share Statistics
EPS (TTM)99.69
Shares Outstanding151,718,120
10 Day Avg. Volume8,851
30 Day Avg. Volume5,049
Financial Highlights & Ratios
PEG Ratio-1.53
Price to Book (P/B)3.67
Price to Sales (P/S)6.14
P/FCF Ratio-91.32
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹3,575.00Price Target Upside9.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)88.03
Revenue Forecast (FY)₹74.40B
PI Industries Limited Business Overview & Revenue Model
Company Description
PI Industries Limited is a global enterprise engaged in the manufacturing and distribution of agrochemicals, with its operations spanning India, the broader Asian continent, North America, Europe, and other international markets. The company's div...
How the Company Makes Money
PI Industries primarily makes money through two revenue streams. (1) Domestic Agri Brands: The company sells branded crop protection and related agri-input products in India through an on-ground distribution network (dealers/retailers) and seasona...
PI Industries Limited Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
88
Very Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 73.86B | 67.14B | 79.03B | 76.12B | 64.58B | 52.99B |
| Gross Profit | 40.38B | 25.66B | 40.95B | 37.34B | 28.63B | 23.77B |
| EBITDA | 23.52B | 21.19B | 25.27B | 22.33B | 17.08B | 12.47B |
| Net Income | 15.13B | 13.21B | 16.60B | 16.82B | 12.29B | 8.44B |
Balance Sheet | ||||||
| Total Assets | 133.01B | 134.44B | 122.77B | 107.64B | 84.80B | 77.91B |
| Cash, Cash Equivalents and Short-Term Investments | 39.18B | 35.09B | 37.59B | 39.49B | 32.23B | 22.64B |
| Total Debt | 2.42B | 3.42B | 1.84B | 1.91B | 465.00M | 3.16B |
| Total Liabilities | 24.74B | 22.13B | 21.20B | 20.33B | 12.81B | 16.71B |
| Stockholders Equity | 108.27B | 112.31B | 101.57B | 87.31B | 71.98B | 61.20B |
Cash Flow | ||||||
| Free Cash Flow | -2.00B | -4.52B | 5.63B | 14.15B | 11.75B | 1.92B |
| Operating Cash Flow | 2.48B | 6.66B | 14.13B | 20.36B | 15.01B | 5.29B |
| Investing Cash Flow | -2.29B | -8.22B | -14.24B | -18.00B | -4.96B | -1.10B |
| Financing Cash Flow | -1.29B | -1.55B | -2.87B | -2.22B | -4.83B | -1.77B |
PI Industries Limited Technical Analysis
Neutral
3257.20
Price Trends
2938.61
Negative
2997.74
Negative
3252.22
Negative
Market Momentum
-36.95
Negative
51.85
Neutral
77.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PIIND, the sentiment is Neutral. The current price of 3257.2 is above the 20-day moving average (MA) of 2809.13, above the 50-day MA of 2938.61, and above the 200-day MA of 3252.22, indicating a neutral trend. The MACD of -36.95 indicates Negative momentum. The RSI at 51.85 is Neutral, neither overbought nor oversold. The STOCH value of 77.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:PIIND.
PI Industries Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹237.12B | 43.47 | ― | 0.26% | 2.85% | 7.43% | |
71 Outperform | ₹49.16B | 16.90 | ― | 0.17% | -0.75% | -2.74% | |
68 Neutral | ₹193.02B | 27.61 | ― | 1.57% | 3.71% | 21.34% | |
64 Neutral | ₹44.54B | 23.67 | ― | 0.92% | 8.79% | 47.20% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | ₹520.68B | 27.00 | ― | 0.77% | 11.15% | 127.12% | |
55 Neutral | ₹429.96B | 33.05 | ― | 0.49% | -15.85% | -20.44% |
* Basic Materials Sector Average
IN:PIIND
PI Industries Limited
2,882.00
-1,235.76
-30.01%
IN:BAYERCROP
Bayer Cropscience India Limited
4,232.45
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-23.25%
IN:DHANUKA
Dhanuka Agritech Limited
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-597.71
-35.72%
IN:RALLIS
Rallis India Limited
229.55
-82.11
-26.35%
IN:SUMICHEM
Sumitomo Chemical India Ltd.
472.40
-24.79
-4.99%
IN:UPL
UPL Limited
615.50
-16.71
-2.64%
PI Industries Limited Corporate Events
PI Industries to Shut Trading Window Ahead of FY26 Results
Mar 24, 2026
PI Industries Limited has announced that its trading window for dealing in company securities will be closed for designated persons and their immediate relatives from April 1, 2026, in line with SEBI’s Prohibition of Insider Trading Regulati...
PI Industries Schedules Investor Meeting With Aditya Birla Sun Life Insurance
Feb 26, 2026
PI Industries Limited has informed the stock exchanges that it will hold a one-on-one meeting with institutional investor Aditya Birla Sun Life Insurance in Mumbai on March 4, 2026, as part of its regular interactions with analysts and investors. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.