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P I Industries Results: Latest Quarterly Results & Analysis

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PI Industries Ltd. 12 Nov 2025 12:05 PM
Result PDF

Q2FY26 Quarterly Result Announced for PI Industries Ltd.

Agrochemicals company PI Industries announced Q2FY26 results

  • Revenue: Rs 18,723 million against Rs 22,210 million during Q2FY25, change -16%.
  • EBITDA: Rs 5,434 million against Rs 6,289 million during Q2FY25, change -14%.
  • EBITDA Margin: 29% for Q2FY26.
  • Net Profit: Rs 4,093 million against Rs 5,082  million during Q2FY25, change -19%.

Result PDF

Result PDF

Agrochemicals company PI Industries announced Q1FY26 results

  • Revenue: Rs 19,005 million compared to Rs 20,689 during Q1FY25, change -8%.
  • EBITDA: Rs 5,219 million compared to Rs 5,853 during Q1FY25, change -11%.
  • EBITDA Margin: 27% for Q1FY26.
  • PAT: Rs 4,000 million compared to Rs 4,488 during Q1FY25, change -11%.

Result PDF

Agrochemicals company PI Industries announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue stood at Rs 17,871 million up by 3%
  • EBITDA for the quarter stood at Rs 4,569 million up by 3%
  • PBT Stood at Rs 4,322 million for the quarter up by 5%
  • PAT stood at Rs 3,305 down by 11%

FY25 Financial Highlights:

  • Revenue stood at Rs 79,778 million up by 4%
  • EBITDA for the quarter stood at Rs 21,833 million up by 8%
  • PBT Stood at Rs 21,420 million for the quarter up by 13%
  • PAT stood at Rs 16,602 down by 1%

Result PDF

Agrochemicals company PI Industries announced Q1FY25 results:

  • Revenue: Rs 20,689 million in Q1FY25, an 8% increase compared to Rs 19,014 million in Q1FY24.
  • Gross Margin: 52% in Q1FY25, up by 526 basis points from 47% in Q1FY24.
  • Overheads: Rs 4,880 million in Q1FY25, representing a 16% increase from Rs 4,208 million in Q1FY24.
  • EBITDA: Rs 5,853 million in Q1FY25, a 24% increase compared to Rs 4,726 million in Q1FY24.
  • EBITDA Margin: 28% in Q1FY25, up by 356 basis points from 25% in Q1FY24.
  • Net Profit: Rs 4,488 million in Q1FY25, reflecting a 17% increase from Rs 3,829 million in Q1FY24.
  • Net fixed asset increase by Rs 2,786 million Y-o-Y.
  • Total capex for Q1FY25 is Rs 1,523 million (Q1FY24 Rs 1,241 million).
  • Trade working capital in terms of Days of Sales improved to 55 days as on 30-Jun-24 vs. 83 days as on 30-Jun-23.
  • Inventory levels of Rs 11,270 million, reduced in terms of Days of Sales from 73 days as on 30-Jun-23 to 50 days.
  • Free Cash Flow generation increased 62% to Rs 5,067 million (Q1FY23 Rs 3,132 million).

Result PDF

Agrochemicals company PI Industries announced FY24 results:

  • Overall 18% YoY revenue growth
  • 19% growth in Agchem Exports over a high base mainly on account of scale-up of existing products and introduction of 6 new products.
  • Biologicals products’ revenue increased by ~29% YoY.
  • Overheads increase attributable to the newly acquired Pharma businesses (~16%) and scale-up of Exports (~14%).
  • Overall favorable product mix and operating leverage reflected in improvement in EBITDA margin to 26%.
  • Net profit improved by 37% YoY attributable to EBITDA growth, low ETR.
  • Cash flow from operating activities increased ~16% to Rs 20,359 million (FY23 Rs 17,572 million).
  • Net fixed asset increase by Rs 7,902 million YoY.
  • Total capex for FY24 is Rs 10,823 million including Pharma1 acquired assets of Rs 4,972 million. The capex excluding this addition is Rs 5,851 million (FY23 Rs 3,385 million).
  • Trade working capital in terms of Days of Sales improved to 59 days as on 31- March-24 vs. 79 days as on 31-March-23. Inventory levels of Rs 13,012 million, reduced in terms of Days of Sales from 79 days as on 31-March-23 to 62 days.
  • Free Cash flow increased 20% to Rs 14,152 million (FY23 Rs 11,750 million).
  • Surplus cash net of debt is Rs 38,825 million
  • Proforma EBITDA for FY24, before development spend of ~Rs. 460 million, works out to ~12%.
  • Inventory of Rs 862 million reduced from Rs 865 million as on 31-Dec-23.
  • Capex FY24 of Rs 1,322 million

Result PDF

Agrochemicals company PI Industries announced Q1FY24 results:

  • Revenue of Rs 15,432 million in Q1FY23 compared to Rs 19,104 million in Q1FY24, up 24% YoY
  • Gross margin of 44% in Q1FY23 compared to 47% in Q1FY24, up 267 bps YoY
  • Overheads of Rs 3,310 million in Q1FY23 compared to Rs 4,208 million in Q1FY24, up 27% YoY
  • EBITDA of Rs 3,495 million in Q1FY23 compared to Rs 4,726 million in Q1FY24, up 35% YoY
  • EBITDA as % of Revenue of 23% in Q1FY23 compared to 25% in Q1FY24, up 209 bps YoY
  • Net Profit of Rs 2,624 million in Q1FY23 compared to Rs 3,829 million in Q1FY24, up 46% YoY
  • Total capex for Q1FY24 is Rs 6,490 million including Pharma acquired assets of Rs 5,249 million through business combination. The capex excluding this addition is Rs 1,241 million (Q1FY23 Rs 506 million).

 

 

Result PDF

Agrochemicals company PI Industries announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Overall 12% YoY revenue growth
    • 15% growth in exports led by price, currency, and favourable product mix of ~17% offset by volume decrease of ~2%
    • Domestic growth at 1% YoY is driven by a volume increase of ~2% offset by a price decrease of ~1%
    • Gross margin improved on account of a favourable product mix
    • 37% increase in PAT attributable to EBITDA growth despite higher depreciation
    • Cash generated from operations before tax during Q4FY23 is Rs 5,729 million (Q4FY22 Rs 2,640 million)
    • Trade working capital was reduced by Rs 2,237 million during Q4FY23
    • The board proposed a final dividend for FY23 of Rs 5.50 per share, aggregating to a total dividend for FY23 of Rs 10.00 per share
  • FY23:
    • Total capex for FY23 is Rs 3,385 million (FY22 Rs 3,204 million)
      • Actual capex spend is in line with the plan
      • A key focus of driving higher capacity utilisation by improving throughput
    • Operating profit before working capital changes is Rs 15,522 million (FY22 Rs 12,314 million)
    • Inventory levels reduced in terms of Days of Sales to approx. 79 days to Rs 13,976 million
    • Improved working capital cycle to 79 days as of 31-Mar-23 vs. 103 days as on 31-Mar-22
    • Cash flow from operating activities is Rs 15,014 million (FY22 Rs 5,287 million)
    • The surplus cash net of debt is Rs 32,343 million. QIP funds remained invested into deposits and debt mutual funds with SLR philosophy while final deployment aligned with PI’s longer-term growth strategy is underway.
    • Capitalised PI Health Sciences (PIHS) for planned acquisitions and capacity build-up

 

 

Result PDF

Agrochemicals company PI Industries announced Q2FY23 results:

  • Q2FY23:
    • Overall 31% YoY revenue growth
    • 29% growth in Exports on a higher base
      • Led by volume growth of 25%, favorable price and currency of 4%
    • 36% growth in Domestic mainly driven by:
      • Volume growth of 31% and price increase of 5%
      • Newly launched brands contributing to significant revenue growth
    • Trend of rising input costs and passthrough continued both in exports and domestic during Q2
    • EBITDA margin improved on account of favorable product mix and operating leverage
    • 46% increase in PAT attributable to EBITDA growth and despite higher depreciation and ETR
  • H1FY23:
    • 30% YoY revenue growth
    • 34% growth in exports over a high base mainly on account of increase in revenue of existing products
    • 19% growth in Domestic segment
      • Strong Kharif season - recovery in Q2FY23
    • Newly launched brands such as Distruptor, Brofreya, Sectin, Provide, Dinoace getting good traction and acceptance
    • Trend of rising input costs and passthrough continued both in Exports and Domestic during H1
    • Favorable product mix and significant increase in operating leverage reflected in improvement in EBITDA margin to 24%
    • Net profit improved by 43% YoY due to EBITDA growth, despite higher ETR

 

Result PDF

Agrochemical company PI Industries declares Q4FY22 result:

  • Q4FY22
    • Overall 17% Y-o-Y revenue growth
    • 11% growth in Exports over a high base (Q4FY21 over Q4FY20 growth ~47%)
    • 47% growth in Domestic revenues - Scale up in wheat herbicide during Q4FY22
    • Revenue growth of 17% driven by price increase of ~7% and balance from volume growth
    • Trend of rising input costs continued. Cost passthrough affected both CSM exports and Domestic during Q3 and Q4 FY22
    • Cash generated from operations before tax during Q4FY22 of ~Rs 2,640 million
    • 14% increase in PAT in line with planned ETR
    • The board has proposed final dividend for FY21-22 of Rs 3 per share aggregating to total dividend for FY21-22 of Rs 6 per share
  • FY22
    • Overall 16% Y-o-Y revenue growth
    • 20% growth in Exports FY21 over FY20 growth ~35% resulting in a high base
    • 4% growth in Domestic revenues. FY21 over FY20 growth ~39% resulting in a high base. Domestic revenue was impacted by unfavourable agro-climatic conditions in the Kharif season
    • Good Rabi season helped recovery in Q3 and Q4FY22
    • Revenue growth of 16% driven by price increase of ~3% and balance from volume growth
    • Rising Input costs, lower export incentives, etc. offset by favourable product mix and price hike led to higher gross margin.
    • Operating Expenses increase of 24% is mainly attributable to sharp increase in fuel prices leading to increase in utilities cost, one-time expenses pertaining to strategic initiatives, Covid19 related expenses, etc.
    • Cash generated from operations before tax during FY22 of ~Rs 7,038 million
    • Net profit improved by 14% YoY on a very high base of ~62% YoY growth in FY21

 

Result PDF

Agrochemicals company PI Industries declares Q3FY22 result:

  • 17% Y-o-Y revenue growth Global Agchem Exports (CSM)
  • 19% growth in Exports Q3FY21 over Q3FY20 growth ~40% resulting in a high base
    Domestic Agri Brands
  • 8% growth in Domestic segment Q3FY21 over Q3FY20 growth 26% resulting in a high base
  • Trend of rising input costs continued…. pass through partially effected by hiking selling prices both in CSM exports and Domestic segment during Q3…full impact to reflect in coming quarters
  • Lower export incentives, partial cost pass through, etc. marginally impacted the gross margin despite favourable product mix
  • Overheads increase of 24% is mainly attributable to sharp increase in fuel and related utilities, shipping cost and one?time expenses pertaining to strategic initiatives
  • 14% increase in PAT in line with planned ETR
  • The board has considered interim dividend for FY21-22 of Rs 3 per share

 

Result PDF

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