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P I Industries reported revenues of ₹1,702 crore

ICICIdirect Research 12 Aug 2026 DISCLAIMER

News: P I Industries reported revenues of ₹1,702 crore, down ~10% YoY. CSM, Exports (76% of revenues) declined by ~13% YoY. Pharma, CDMO (3% of revenue), declined by 25% YoY. Whereas, Domestic agri (20% of revenues) grew by 3% YoY. GPM stood at 56.7%, down ~70 bps YoY. EBITDA stood at ₹367 crore, down ~29% YoY translating to margins of 21.6%, down ~570 bps YoY. PAT for the quarter stood at ₹244 crore, down 39% YoY.

View: The company reported a disappointing quarter as agchem exports faced softness amid subdued global demand and delayed monsoon-led buying, resulting in partial postponement of sales. The Pharma CDMO business also remained weak, primarily due to customer order phasing. The company reported a cash balance of ₹3,794 crore and has incurred a total capex of ₹268.5 crore in Q1FY27. Importantly, PI has also added four marquee customers, indicating continued traction in its CDMO pipeline. Overall, the near-term performance remains challenging due to demand and order-timing headwinds. We further await management commentary for more insights

Impact: Negative

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