PIIND · Chemicals
PI Industries Ltd. reported revenue of ₹1,702 cr for April to June 2026, −10.4% on the year and +8.8% on the quarter. That is slower than this quarter has grown in recent years (+0.1% on average). Over the last four quarters revenue comes to ₹6,516 cr, −16.6% on the four before.
Operating profit (EBITDA) was ₹367 cr, a margin of 21.6%, −573 bps on the year and +5 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 21.5% to 28.9%). Operating costs grew −3.3%, faster than revenue at −10.4%, so operating profit grew less than sales.
Net profit was ₹244 cr, −39.0% on the year and +22.1% on the quarter, with earnings per share of ₹16.10. Profit before other income, one-offs and tax fell 38.3%, so the profit growth came from the business itself. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹1,165 cr, −27.7% on the four before.
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. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹76.80 over the last four quarters, the stock at ₹2,190.00 trades at 28.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q1 FY27 | Q2 FY26 |
|---|---|---|
| Agro Chemicals Segment Revenue (₹ crore) | 1,649 | 1,809 |
| Pharma Segment Revenue (₹ crore) | 54.2 | 63.4 |
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.
| 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 (−10.4% on the year) and net profit of ₹244 cr (−39.0% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −38.3% on the year, against −39.0% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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