PI Industries Limited (PIIND) AI Stock Analysis

• Market Cap: ₹470.08B
• Dividend Yield: 0.49%
• Average Volume (3M): 5.05K
• Price to Earnings (P/E): 32.5
• Beta (1Y): 0.76
• Revenue Growth: -5.90%
• EPS Growth: -14.80%
• Country: IN
• Employees: 3,545
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Agricultural Inputs
• EPS (TTM): 20.50
• Shares Outstanding: 151,718,120
• 10 Day Avg. Volume: 8,851
• 30 Day Avg. Volume: 5,049
• PEG Ratio: -24.79
• Price to Book (P/B): 5.15
• Price to Sales (P/S): 6.56
• P/FCF Ratio: 92.99
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹3,675.00
• Price Target Upside: 12.83% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 91.44
• Revenue Forecast (FY): ₹70.38B

• Rating: 74 Outperform
• Price Target: ₹3,470.00 ▲(6.53% Upside)
• Action: Reiterated Date: 11/01/25
• Date: Action: Reiterated 11/01/25

PI Industries Limited has a strong financial performance with consistent revenue and profit growth, low leverage, and solid cash flow conversion, which significantly boosts its overall score. However, the technical analysis indicates a bearish trend, and the valuation suggests the stock is relatively expensive, which moderates the overall score.

Positive Factors

Strong balance sheet

PI Industries maintains low financial leverage and a healthy equity base, giving it flexibility to fund capex and absorb cyclical agricultural shocks. A strong ROE indicates effective capital use, supporting durable investment in manufacturing and long-term customer contracts.

Solid cash flow generation

Consistent operating cash generation and rising free cash flow underpin the company's ability to self-fund working capital and reinvest in scale-up for CSM operations. Reliable cash conversion supports sustained capex for manufacturing capacity and long-term customer supply.

Diversified, export-linked business model

PI's dual revenue streams — branded domestic crop protection and long-term CSM contracts — provide structural resilience. CSM relationships with global innovators, plus process chemistry and scale capabilities, create recurring export revenue and reduce sole dependence on local seasonal cycles.

Negative Factors

Recent revenue decline

A reported ~12.6% recent revenue contraction signals potential demand weakness, product mix shifts, or timing in CSM shipments. If this trend persists over several quarters it can undermine margin leverage and slow reinvestment in capacity and R&D needed to sustain long-term growth.

Earnings pressure

EPS decline of ~14.6% indicates profit per share deterioration that may reflect margin compression, lower volumes, or one-offs. Sustained EPS weakness reduces retained earnings for capex and weakens the company's ability to reward shareholders while investing in long-duration CSM projects.

Imperfect free cash flow conversion

Although cash generation is strong, the FCF-to-net-income gap shows not all accounting profits convert to cash. That gap can constrain funding for large-scale CSM capex, delay commercialization investments, and increase reliance on working capital management during seasonal or export timing swings.

PI Industries Limited Business Overview & Revenue Model

Company Description

PI Industries Limited manufactures and distributes agro chemicals in India, rest of Asia, North America, Europe, and internationally. The company offers agrochemicals, including insecticides, fungicides, and herbicides; specialty products; and generic molecules, such as profenofos, ethion, and phorate primarily under the Nominee Gold, Osheen, Biovita, Cosko, Roket, Keefun, Elite, Humesol, and Awkira brands, as well as chemical and active intermediates. It also provides research and development (R&D) services comprising target discovery, molecule design, library synthesis, lead optimization, biological evaluation, and route synthesis services; and custom synthesis and manufacturing solutions consisting of process R&D, analytical method development, synthesis of reference standards, structure elucidation and synthesis of impurities, physio-chemical studies and 5-batch analysis under GLP conditions, scale-up studies, safety data generation, waste categorization and treatability studies, process/plant engineering, and large-scale commercial production. It sells its products through distributors/dealers and retailers. The company was formerly known as Mewar Oil & General Mills Ltd. PI Industries Limited was incorporated in 1946 and is based in Gurugram, India.

How the Company Makes Money

PI Industries generates revenue through multiple streams primarily centered around its agrochemical products. The company's core revenue comes from the sale of its crop protection products, which include both branded and generic formulations. Additionally, PIIND earns income from contract manufacturing services, wherein it produces agrochemicals for other companies. The company's strong emphasis on research and development enables it to create innovative products that cater to evolving customer needs, thereby enhancing its market competitiveness. Strategic partnerships with global agrochemical firms also contribute to its revenue, allowing for technology sharing and expanded market reach. Moreover, PI Industries benefits from a growing demand for sustainable agricultural practices, positioning itself favorably to capitalize on emerging trends in the agrochemical industry.

PI Industries Limited Financial Statement Overview

Summary

PI Industries Limited showcases a well-rounded financial profile with strong income statement metrics, a stable balance sheet, and efficient cash flow management. The company’s consistent revenue and profit growth, low leverage, and solid cash flow conversion highlight its strong competitive position and financial resilience in the agricultural inputs industry.

Income Statement

PI Industries Limited demonstrates a robust financial performance with impressive revenue growth over the years. The gross profit margin has remained strong, reflecting efficient cost management. The net profit margin indicates solid profitability, and both EBIT and EBITDA margins are impressive, showcasing operational efficiency. The consistent year-on-year revenue growth is a testament to the company’s competitive positioning in the industry.

Balance Sheet

The company maintains a solid balance sheet with a low debt-to-equity ratio, indicating prudent financial leverage. The return on equity is strong, reflecting effective use of shareholder funds to generate profit. The equity ratio is healthy, underscoring financial stability and a strong asset base. Overall, the balance sheet reflects financial soundness and a low-risk profile.

Cash Flow

Cash flow analysis reveals a positive trajectory with a strong operating cash flow to net income ratio, indicating good cash conversion efficiency. Free cash flow growth has been remarkable, though the free cash flow to net income ratio suggests room for improvement in converting accounting profits into cash profits. Overall, the company demonstrates solid cash flow management with effective capital expenditure allocation.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	78.09B	79.78B	76.12B	64.58B	52.99B	45.20B
Gross Profit	42.27B	42.07B	37.74B	28.63B	23.77B	19.14B
EBITDA	24.01B	21.79B	22.36B	17.03B	12.51B	11.43B
Net Income	16.11B	16.60B	16.82B	12.29B	8.44B	7.38B
Balance Sheet
Total Assets	127.63B	122.77B	107.64B	84.80B	77.91B	70.02B
Cash, Cash Equivalents and Short-Term Investments	37.59B	37.59B	39.49B	32.23B	22.64B	23.07B
Total Debt	341.00M	1.84B	1.91B	465.00M	3.16B	3.73B
Total Liabilities	21.63B	21.20B	20.33B	12.81B	16.71B	16.59B
Stockholders Equity	101.57B	101.57B	87.31B	71.98B	61.20B	53.42B
Cash Flow
Free Cash Flow	0.00	5.63B	14.15B	11.75B	1.92B	2.86B
Operating Cash Flow	0.00	14.13B	20.36B	15.01B	5.29B	7.25B
Investing Cash Flow	0.00	-14.24B	-18.00B	-4.96B	-1.10B	-24.30B
Financing Cash Flow	0.00	-2.87B	-2.22B	-4.83B	-1.77B	16.90B

PI Industries Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3257.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PIIND, the sentiment is Negative. The current price of 3257.2 is above the 20-day moving average (MA) of 3123.25, above the 50-day MA of 3177.14, and below the 200-day MA of 3615.01, indicating a bearish trend. The MACD of -27.02 indicates Negative momentum. The RSI at 46.13 is Neutral, neither overbought nor oversold. The STOCH value of 66.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:PIIND.

PI Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PIIND	74 Outperform	₹470.08B	32.50	―	0.49%	-5.90%	-14.80%
UPL	68 Neutral	₹526.04B	30.62	―	0.77%	8.14%	―
NAVINFLUOR	64 Neutral	₹321.53B	57.92	―	0.23%	30.05%	70.18%
DEEPAKFERT	62 Neutral	₹123.61B	14.35	―	0.80%	21.68%	45.18%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SUMICHEM	61 Neutral	₹198.51B	37.72	―	0.26%	8.69%	12.26%
BAYERCROP	61 Neutral	₹204.47B	31.33	―	1.57%	8.92%	5.06%

PI Industries Limited Corporate Events

PI Industries Schedules Investor Meeting With Aditya Birla Sun Life Insurance

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. The company emphasized that no unpublished price-sensitive information will be shared during this engagement and noted that the schedule is subject to change based on exigencies from either the investor or the company.

Such interactions underscore PI Industries’ ongoing investor relations efforts, aimed at maintaining transparency and regular communication with key market participants. While routine in nature, these meetings can help reinforce investor confidence and support informed stakeholder assessment of the company’s performance and strategy without breaching disclosure norms.

PI Industries Faces Rs 3.9 Crore GST Demand, Plans to Appeal

PI Industries Limited has disclosed that the Office of the Excise and Taxation Officer-cum-State Tax Officer, Bhatinda jurisdiction, has issued an order under Section 73 of the Central Goods and Services Tax Act, 2017, read with the Punjab Goods and Services Tax Act, 2017, raising a tax demand of Rs 3.90 crore, including interest and penalty, for the financial year 2021-22. The demand primarily stems from the disallowance of input tax credits claimed by the company; however, PI Industries has stated that the order is not expected to have any material impact on its financials, operations or other activities and, based on legal advice, it plans to contest the order by filing an appeal before the appropriate authority.

PI Industries to Close Trading Window Ahead of December Quarter Results

PI Industries Limited has announced that, in line with the SEBI (Prohibition of Insider Trading) Regulations, 2015 and its internal code of conduct, the trading window for designated persons and their immediate relatives will be closed from January 1, 2026, until 48 hours after the company’s unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, are made generally available. The company will separately communicate the date of declaration of these results, and the move underscores a standard compliance measure aimed at preventing insider trading and ensuring that all market participants have equal access to price-sensitive financial information, which is important for maintaining transparency and investor confidence.

PI Industries Schedules Investor and Analyst Meetings

PI Industries Limited has announced scheduled interactions with analysts and investors on December 18 and 19, 2025, in Mumbai. These meetings, with Mirae Asset Investment Managers and Dolat Capital, are part of the company’s ongoing efforts to engage with stakeholders, although no unpublished price-sensitive information will be disclosed.

PI Industries Schedules Analyst and Investor Meetings in Mumbai

PI Industries Limited has announced its upcoming interactions with analysts and investors scheduled for December 18 and 19, 2025, in Mumbai. These meetings, which will be one-on-one sessions with Mirae Asset Investment Managers and Dolat Capital, are part of the company’s ongoing efforts to engage with stakeholders, though no unpublished price-sensitive information will be disclosed.