PI Industries LimitedChemicalsPIIND
Q1 FY27 earnings callPI Industries Limited
PI Industries navigated near-term market softness while investing in new growth platforms, maintaining positive domestic volume growth and a strong balance sheet.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | Rs. 17,023 million | — | |
| EBITDA Margin | 22% | — | |
| Gross Margin | 57% | — | |
| Domestic Agri Volume Growth | 12% | — | |
| Biologicals Growth | 50% | — | |
| Net Working Capital Reduction | 19 days | — | |
| Net Cash | Rs. 38 billion | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,900.80 Cr+0.2% YoY-14.4% QoQ | ₹372.70 Cr-16.9% YoY-26.7% QoQ | ₹24.55-17% YoY-26.7% QoQ |
| Q2 FY25 | ₹2,221.00 Cr+4.9% YoY+7.4% QoQ | ₹508.20 Cr+5.8% YoY+13.2% QoQ | ₹33.51+5.8% YoY+13.2% QoQ |
| Q1 FY25 | ₹2,068.90 Cr+8.3% YoY+18.8% QoQ | ₹448.80 Cr+17.2% YoY+21.5% QoQ | ₹29.59+17.2% YoY+21.5% QoQ |
| Q4 FY24 | ₹1,741.00 Cr+11.2% YoY-8.2% QoQ | ₹369.50 Cr+31.7% YoY-17.6% QoQ | ₹24.36+31.7% YoY-17.7% QoQ |
| Q3 FY24 | ₹1,897.50 Cr+17.6% YoY-10.4% QoQ | ₹448.60 Cr+27.5% YoY-6.6% QoQ | ₹29.59+27.5% YoY-6.6% QoQ |
TL;DR
- Revenue was Rs. 17,023 million with EBITDA margin of 22% and gross margin of 57%.
- Domestic agri business grew 12% in volume and 3% in revenue, with biologicals growing 50%.
- Export CSM business faced pressures from soft demand and pricing, with volume down 8% and value down 12%.
- Management expects FY27 to be better than FY26, driven by export recovery in H2, new product launches, and scale-up of pharma and biologicals.
- Net cash position is Rs. 38 billion, and net working capital improved by 19 days.
- R&D investment runs at 3-4% of revenue; FY27 effective tax rate expected around 24%.
Said on the call
“We are moving in next orbit, where we are becoming a research & technology-based company through partnership models with global footprint while investing in our core strengths to bring innovation to life at a global level.”
From the Q&A
| Topic | What management said |
|---|---|
| New Molecule Pipeline | Management said the pipeline of about 90 projects is largely in Agchem, with 4-5 molecules expected for launch in FY27 across Agchem, Electronics, and Health Sciences. |
| Pricing Pressure | Attributed pricing pressure to soft demand, low commodity prices, and high input costs, expecting improvement from Q2 depending on market conditions. |
| Revenue Growth Guidance | Guidance is for 'positive trajectory' and 'lower single digit' growth for FY27, dependent on industry cycle. |
| EBITDA Margin Outlook | Aimed to sustain gross margins through optimization, acknowledging challenges from geopolitical and commodity price volatility. |
| Pioxaniliprole Launch | Domestic launch expected within the year pending regulatory approval; international registrations planned for next year and the year after. |
| New Product Contribution | New products contributed 16% to 18% of CSM segment revenue in Q1. |
| Capex Guidance | Full-year capex guidance is Rs. 700-800 crore, with Rs. 250 crore spent in Q1 across existing manufacturing, new verticals, and innovation. |
| Subsidiary Losses | Explained that losses are due to front-loaded investments in new businesses like global Biologicals and Pharma for future growth, expected to continue for some quarters. |
Guidance
- Expects FY27 to be better than FY26 driven by export recovery in H2, new product launches, and scale-up of pharma and global biologicals.
- Revenue growth outlook is a 'positive trajectory' and 'lower single digit'.
- Effective tax rate (ETR) for FY27 expected to be around 24%.
- Capex guidance for FY27 is Rs. 700 to Rs. 800 crore.
Source
Summary written from the transcript filed by PI Industries Limited for the call held on 18 Aug 2026; published 19 Aug 2026, 13:20 IST.