PIIND · Chemicals
PI Industries Ltd. reported revenue of ₹1,741 cr for January to March 2024, — on the year and −8.3% on the quarter.
Operating profit (EBITDA) was ₹442 cr, a margin of 25.4%, — on the year and −380 bps on the quarter.
Net profit was ₹370 cr, — on the year and −17.6% on the quarter, with earnings per share of ₹24.35.
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 ₹110.83 over the last four quarters, the stock at ₹1,712.90 trades at 15.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹1,741 cr (— on the year) and net profit of ₹370 cr (— on the year) for January to March 2024.
None of the 2 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.