PIIND · Chemicals
PI Industries Ltd. reported revenue of ₹1,901 cr for October to December 2024, +0.2% on the year and −14.4% on the quarter.
Operating profit (EBITDA) was ₹512 cr, a margin of 26.9%, −226 bps on the year and −134 bps on the quarter. Over the last 7 quarters the margin has ranged from 24.5% to 29.2%, averaging 26.9%. Operating costs grew +3.3%, faster than revenue at +0.2%, so operating profit grew less than sales.
Net profit was ₹373 cr, −16.9% on the year and −26.6% on the quarter, with earnings per share of ₹24.57. Profit before other income, one-offs and tax grew faster, at −13.5%; other income, one-offs or tax held the headline back. The tax rate was 22% against an average of 15% over the previous 6 quarters, which weighed on profit this quarter.
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 ₹112.00 over the last four quarters, the stock at ₹1,712.90 trades at 15.3 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
Source: Quarterly statements
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.
| 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 ₹1,901 cr (+0.2% on the year) and net profit of ₹373 cr (−16.9% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −13.5% on the year, against −16.9% for reported profit.
None of the 7 checks that could run raised a question.
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