PIIND · Chemicals · filed 4 Nov 2026
PI Industries Ltd. reported revenue of ₹1,702 cr for July to September 2026, −9.1% on the year and −0.0% on the quarter. That is slower than this quarter has grown in recent years (−5.4% on average). Over the last four quarters revenue comes to ₹6,345 cr, −14.9% on the four before.
Operating profit (EBITDA) was ₹233 cr, a margin of 13.7%, −1,524 bps on the year and −791 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 13.7% to 28.9%). Operating costs grew +10.4%, faster than revenue at −9.1%, so operating profit grew less than sales.
Net profit was ₹122 cr, −70.1% on the year and −50.0% on the quarter, with earnings per share of ₹8.05. Profit before other income, one-offs and tax fell 72.2%, so the profit growth came from the business itself. The tax rate was 34% against an average of 23% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹877 cr, −42.0% on the four before.
Of the 14 companies in Speciality chemicals and CRAMS that have reported Q2 FY27 so far, PI Industries Ltd. ranks 14th on revenue growth; the sector median is +14.3%. Its margin moved −1,524 bps on the year against a sector median of −268 bps.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand.
On earnings per share of ₹57.87 over the last four quarters, the stock at ₹1,712.90 trades at 29.6 times trailing earnings.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Results filing
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Results filing
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,438 cr | ₹1,611 cr | ▼ 10.7% |
| Inventory | ₹1,224 cr | ₹1,217 cr | ▲ 0.6% |
| Cash | ₹329 cr | ₹283 cr | ▲ 16.3% |
| Bank balances | ₹1,392 cr | ₹1,899 cr | ▼ 26.7% |
| Long-term borrowings | ₹138 cr | ₹149 cr | ▼ 7.4% |
| Short-term borrowings | ₹69.6 cr | ₹89.3 cr | ▼ 22.1% |
| Trade payables | ₹1,135 cr | ₹974 cr | ▲ 16.6% |
| Net block | ₹3,757 cr | ₹3,678 cr | ▲ 2.1% |
| Capital work in progress | ₹999 cr | ₹755 cr | ▲ 32.3% |
| Equity | ₹11,457 cr | ₹11,231 cr | ▲ 2.0% |
| Total assets | ₹13,866 cr | ₹13,444 cr | ▲ 3.1% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹890 cr | ₹248 cr |
| Capital expenditure | −₹655 cr | −₹448 cr |
| Investing cash flow | −₹609 cr | −₹229 cr |
| Financing cash flow | −₹231 cr | −₹129 cr |
| Dividends paid | −₹152 cr | −₹152 cr |
Operating cash flow was 2.43× profit. Receivables at 77 days of sales (−10 days against the last year end). Inventory at 66 days of sales (−1 days).
Other matter 1: “The interim consolidated financial results of two subsidiaries (including four step down subsidiaries, one associate, one joint venture (including its subsidiary)) and one step down subsidiary (including further five step down subsidiaries) reflect total assets of Rs. 18,505 Mn and… Read in full
The interim consolidated financial results of two subsidiaries (including four step down subsidiaries, one associate, one joint venture (including its subsidiary)) and one step down subsidiary (including further five step down subsidiaries) reflect total assets of Rs. 18,505 Mn and net assets of Rs. 13,637 Mn as at September 30, 2026 and total revenues of Rs. 1,376 Mn and Rs. 2,248 Mn, total net loss after tax of Rs. 854 Mn and Rs. 4,083 Mn and total comprehensive loss of Rs. 819 Mn and Rs. 4,080 Mn, for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. 246 Mn for the period from April 1, 2026 to September 30, 2026, as considered in the Consolidated Unaudited Financial Results (before considering the impact of consolidation adjustments). These interim financial results have been reviewed by other auditors and their reports, vide which they have issued an unmodified conclusion, have been furnished to us by the Management or other auditors and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Other matter 2: “The interim financial results of two subsidiaries and one controlled trust reflect total assets of Rs. 3,933 Mn and net assets of Rs. 2,718 Mn as at September 30, 2026 and total revenues of Rs. 770 Mn and Rs. 1,192… Read in full
The interim financial results of two subsidiaries and one controlled trust reflect total assets of Rs. 3,933 Mn and net assets of Rs. 2,718 Mn as at September 30, 2026 and total revenues of Rs. 770 Mn and Rs. 1,192 Mn, total net profit/(loss) after tax of Rs. 10 Mn and Rs. (32) Mn and total comprehensive income/(loss) of Rs. 10 Mn and Rs. (32) Mn, for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. (138) Mn for the period from April 1, 2026 to September 30, 2026, as considered in the Consolidated Unaudited Financial Results. These interim financial results have been reviewed by other auditors and their reports, vide which they have issued an unmodified conclusion, have been furnished to us by the Management or other auditors and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and controlled trust, is based on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Other matter 3: “The Consolidated Unaudited Financial Results include the interim financial results of four subsidiaries which have not been reviewed by their auditors, whose interim financial results before considering the impact of consolidation adjustments, reflect total assets of Rs. 7,221 Mn and… Read in full
The Consolidated Unaudited Financial Results include the interim financial results of four subsidiaries which have not been reviewed by their auditors, whose interim financial results before considering the impact of consolidation adjustments, reflect total assets of Rs. 7,221 Mn and net assets of Rs. 7,154 Mn as at September 30, 2026 and total revenue of Rs. 99 Mn and Rs. 154 Mn, total net profit after tax of Rs. 9 Mn and Rs. 5 Mn and total comprehensive income of Rs. 31 Mn and Rs. 12 Mn for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. (20) Mn for the period from April 1, 2026 to September 30, 2026, as considered in the Consolidated Unaudited Financial Results. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.
Filing p. consolidated limited review report p.1-3
Incorporated step-down joint venture entity PI Kumiai Private Limited (including its subsidiary Kumiai Chemical Industry (India) Private Limited) w.e.f. July 03, 2026. (p. consolidated note 3)
Tax: Consolidated tax expense of ₹61.80 crore (current tax ₹45.40 crore, deferred tax ₹16.40 crore) on Profit before tax of ₹184.00 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Agro Chemicals Segment Revenue (₹ crore) | 1,628 | 1,649 | 1,809 |
| Pharma Segment Revenue (₹ crore) | 75.9 | 54.2 | 63.4 |
Consolidated revenue from operations for Q2 FY27 stood at ₹1,701.80 crore compared to ₹1,872.30 crore in Q2 FY26 (-9.1% YoY), with Agro Chemicals segment revenue at ₹1,628.00 crore and Pharma segment revenue at ₹75.90 crore.
Revenue softened YoY due to global agchem inventory destocking and pricing pressure.
Business operates across Agro Chemicals (including CSM exports, Domestic Agri Brands, and Biologicals) and Pharma (Contract Research & Development, Contract Development and Manufacturing of Active, key starting materials and intermediates).
Diversified model across CSM agchem exports, domestic brand distribution, biologicals, and pharma CDMO.
Consolidated inventories stood at ₹1,223.50 crore as on September 30, 2026 compared to ₹1,216.70 crore as on March 31, 2026, translating to 65.59 inventory days on annualised H1 FY27 revenue.
Inventory level remained stable and tightly managed despite seasonal demand cycles.
Read using the Speciality chemicals and CRAMS framework (named in the filing read). Primary valuation lens: P/E against volume growth.
Read more closely in this sector: Volume against price in growth · Customer and molecule concentration · Inventory days against sales.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Agro chemicals | ₹1,628 cr | ▼ 10.0% | ₹247 cr | ▼ 58.1% |
| Pharma | ₹75.9 cr | ▲ 19.7% | −₹60.1 cr | — |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,898 cr | ₹1,741 cr | ₹2,069 cr | ₹2,221 cr | ₹1,901 cr | ₹1,787 cr | ₹1,900 cr | ₹1,872 cr | ₹1,376 cr | ₹1,565 cr | ₹1,702 cr | ₹1,702 cr |
| YoY | — | — | +8% | +5% | +0% | +3% | −8% | −16% | −28% | −12% | −10% | −9% |
| EBITDA margin | 29.2% | 25.4% | 28.2% | 28.3% | 26.9% | 25.5% | 27.3% | 28.9% | 21.9% | 21.5% | 21.6% | 13.7% |
| Other income, % of PBT | 11% | 15% | 13% | 19% | 16% | 17% | 18% | 16% | 47% | 25% | 20% | 33% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 15% | 10% | 21% | 23% | 22% | 24% | 21% | 22% | 14% | 33% | 24% | 34% |
| Net profit | ₹449 cr | ₹370 cr | ₹449 cr | ₹508 cr | ₹373 cr | ₹330 cr | ₹400 cr | ₹409 cr | ₹311 cr | ₹200 cr | ₹244 cr | ₹122 cr |
| YoY | — | — | +17% | +6% | −17% | −11% | −11% | −19% | −17% | −39% | −39% | −70% |
| Core profit YoY | — | — | +25% | +17% | −13% | +2% | −15% | −18% | −53% | −37% | −38% | −72% |
| EPS | ₹29.57 | ₹24.35 | ₹29.58 | ₹33.50 | ₹24.57 | ₹21.78 | ₹26.36 | ₹26.98 | ₹20.52 | ₹13.20 | ₹16.10 | ₹8.05 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | 1 | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
PI Industries Ltd. reported revenue of ₹1,702 cr (−9.1% on the year) and net profit of ₹122 cr (−70.1% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −72.2% on the year, against −70.1% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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