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PI Industries Limited
(PIIND)
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Rating:56Neutral
Price Target:
₹2,138.00
▼(-34.36% Downside)
Action:Reiterated
Date:08/21/26
The score is primarily held up by a strong balance sheet and historically solid profitability, but is weighed down by the FY2026 deterioration in growth and cash generation (negative free cash flow) and a clearly bearish technical setup with the price below key moving averages. Valuation adds pressure due to a relatively high P/E and low dividend yield.
Positive Factors
Very low leverage
Very low leverage gives PI Industries substantial financial flexibility and downside protection. A lightly levered balance sheet can support continued investment in research, manufacturing capacity, and product development while reducing exposure to refinancing pressure during weaker operating periods.
Negative Factors
Revenue and margin deterioration
The FY2026 decline in revenue and broad margin compression weaken confidence in the company’s current earnings trajectory. If pricing, product mix, or cost pressure persists, lower operating leverage could reduce profitability and limit the funds available for expansion, research, and shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Very low leverage gives PI Industries substantial financial flexibility and downside protection. A lightly levered balance sheet can support continued investment in research, manufacturing capacity, and product development while reducing exposure to refinancing pressure during weaker operating periods.
Read all positive factors
PI Industries Limited (PIIND) vs. iShares MSCI India ETF (INDA)
Market Cap
₹331.66B
Dividend Yield0.47%
Average Volume (3M)12.80K
Price to Earnings (P/E)27.4
Beta (1Y)0.87
Revenue Growth-16.57%
EPS Growth-27.71%
CountryIN
Employees3,545
SectorGeneral
Sector StrengthN/A
IndustryAgricultural Inputs
Share Statistics
EPS (TTM)76.80
Shares Outstanding151,718,120
10 Day Avg. Volume14,851
30 Day Avg. Volume12,798
Financial Highlights & Ratios
PEG Ratio-1.53
Price to Book (P/B)3.67
Price to Sales (P/S)6.14
P/FCF Ratio-91.32
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,910.00Price Target Upside-10.66% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)77.16
Revenue Forecast (FY)₹70.93B
PI Industries Limited Business Overview & Revenue Model
Company Description
PI Industries Limited is a global enterprise engaged in the manufacturing and distribution of agrochemicals, with its operations spanning India, the broader Asian continent, North America, Europe, and other international markets. The company's div...
How the Company Makes Money
PI Industries primarily makes money through (1) domestic sales of agricultural inputs and (2) export-oriented custom synthesis/manufacturing services for global clients.
1) Domestic agri-inputs revenue
- Product sales: The company sells branded c...
PI Industries Limited Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
88
Very Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 65.16B | 67.14B | 79.03B | 76.12B | 64.58B | 52.99B |
| Gross Profit | 34.21B | 25.66B | 40.95B | 37.34B | 28.63B | 23.77B |
| EBITDA | 18.79B | 21.19B | 25.27B | 22.33B | 17.08B | 12.47B |
| Net Income | 11.65B | 13.21B | 16.60B | 16.82B | 12.29B | 8.44B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 134.44B | 122.77B | 107.64B | 84.80B | 77.91B |
| Cash, Cash Equivalents and Short-Term Investments | 35.03B | 35.09B | 37.59B | 39.49B | 32.23B | 22.64B |
| Total Debt | 0.00 | 3.42B | 1.84B | 1.91B | 465.00M | 3.16B |
| Total Liabilities | -112.31B | 22.13B | 21.20B | 20.33B | 12.81B | 16.71B |
| Stockholders Equity | 112.31B | 112.31B | 101.57B | 87.31B | 71.98B | 61.20B |
Cash Flow | ||||||
| Free Cash Flow | -2.00B | -4.52B | 5.63B | 14.15B | 11.75B | 1.92B |
| Operating Cash Flow | 2.48B | 6.66B | 14.13B | 20.36B | 15.01B | 5.29B |
| Investing Cash Flow | -2.29B | -8.22B | -14.24B | -18.00B | -4.96B | -1.10B |
| Financing Cash Flow | -1.29B | -1.55B | -2.87B | -2.22B | -4.83B | -1.77B |
PI Industries Limited Technical Analysis
Negative
3257.20
Price Trends
2347.37
Negative
2527.49
Negative
2785.08
Negative
Market Momentum
-68.89
Positive
29.89
Positive
27.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PIIND, the sentiment is Negative. The current price of 3257.2 is above the 20-day moving average (MA) of 2226.60, above the 50-day MA of 2347.37, and above the 200-day MA of 2785.08, indicating a bearish trend. The MACD of -68.89 indicates Positive momentum. The RSI at 29.89 is Positive, neither overbought nor oversold. The STOCH value of 27.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:PIIND.
PI Industries Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹159.34B | 21.10 | ― | 4.36% | -2.78% | 23.56% | |
67 Neutral | ₹38.45B | 14.31 | ― | 0.23% | -5.63% | -11.38% | |
63 Neutral | ₹39.83B | 18.59 | ― | 1.47% | 4.41% | 24.42% | |
62 Neutral | ₹195.67B | 33.08 | ― | 0.34% | -3.61% | 4.00% | |
58 Neutral | ₹447.24B | 21.50 | ― | 1.17% | 12.86% | 72.26% | |
56 Neutral | ₹331.66B | 27.38 | ― | 0.47% | -16.57% | -27.71% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:PIIND
PI Industries Limited
2,076.00
-1,445.40
-41.05%
IN:BAYERCROP
Bayer Cropscience India Limited
3,449.00
-1,375.68
-28.51%
IN:DHANUKA
Dhanuka Agritech Limited
854.45
-544.45
-38.92%
IN:RALLIS
Rallis India Limited
203.55
-73.50
-26.53%
IN:SUMICHEM
Sumitomo Chemical India Ltd.
371.35
-146.35
-28.27%
IN:UPL
UPL Limited
512.45
-156.48
-23.39%
PI Industries Limited Corporate Events
PI Industries Closes Trading Window Ahead of Q2 FY27 Results
Sep 25, 2026
PI Industries Limited has announced the closure of its trading window for designated persons and their immediate relatives from October 1, 2026. The move is in line with SEBI’s Prohibition of Insider Trading Regulations and the company’...
PI Industries Publishes Q1 FY27 Unaudited Results in Leading Dailies
Aug 13, 2026
PI Industries Limited has published its unaudited standalone and consolidated financial results for the quarter ended 30 June 2026 and has advertised these results in leading national and regional newspapers. The disclosure, made in line with SEBI...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.