PI Industries

PIIND

NSE

BSE

SectorChemicals

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The Quarter story

The two most recent quarterly results, compared side-by-side.

P I Industries shows steady revenue recovery and strong liquidity, but faces margin compression and slower inventory turnover.

Cash & Investments recovered from ₹35,094 Cr in Q4 FY26 to ₹36,969 Cr in Q1 FY27, keeping liquidity strong.

EBITDA Margin compressed from 29% in Q2 FY26 to 22% in Q1 FY27, reflecting ongoing pricing pressure.

Gross Margin improved from 55% in Q4 FY25 to 57% in Q1 FY27, showing stable product pricing.

Inventory DIO rose from 45 days in Q4 FY25 to 71 days in Q1 FY27, warning of slower stock movement.

Fixed Assets grew from ₹42,050 Cr in Q4 FY25 to ₹58,209 Cr in Q1 FY27, confirming ongoing capacity expansion.

Short Term Debt increased from ₹337 Cr in Q4 FY25 to ₹955 Cr in Q1 FY27, signaling higher near-term funding needs.

Export Revenue rose from ₹12,585 Cr in Q4 FY26 to ₹13,542 Cr in Q1 FY27, indicating recovering overseas demand.

ROCE declined from 28.9% in Q4 FY25 to 18.8% in Q4 FY26, showing reduced capital efficiency.

Trade Receivables DSO eased from 126 days in Q4 FY26 to 112 days in Q1 FY27, speeding up cash inflows.

Water Intensity climbed from 8.39 in Q3 FY26 to 11.49 in Q1 FY27, highlighting operational efficiency strain.

About the company

PI Industries Limited is an agri-sciences company operating in both domestic and export markets. It has three manufacturing facilities in Gujarat and a Research & Development center in Udaipur. The company focuses on two main segments: Agro chemicals and Pharma. In the Agro chemicals segment, PI Industries engages in custom synthesis and manufacturing (CSM) for exports and domestic agri brands. The Pharma segment involves contract research, development, and manufacturing of active materials and intermediates for the pharmaceutical industry. PI Industries offers various services, including R&D, CSM, and distribution. Its product portfolio includes insecticides, fungicides, herbicides, and specialty products. The company has expanded through acquisitions, joint ventures, and investments in new facilities. PI Industries has also diversified into electronic chemicals and established international presence with offices in Germany and subsidiaries in the Netherlands and the United States.