PI Industries targets FY27 growth after FY26 profit decline
PI Industries reported a 20% decline in FY26 net profit to INR 13,208 Mn, with revenue falling 16% to INR 67,137 Mn due to global sector headwinds. Despite the downturn, the company maintained a 25% EBITDA margin and grew its Pharma business by 40%. Management remains positive for FY27, anticipating revenue recovery supported by new product launches, a strong order book, and a robust balance sheet with net cash of INR 34,265 Mn.
*this image is generated using AI for illustrative purposes only.
PI Industries reported a 20% decline in net profit to INR 13,208 Mn for the fiscal year ended March 31, 2026, impacted by a volatile global environment and customer delivery schedules. Despite the profitability drop, the company maintained a resilient EBITDA margin of 25% for the year and recommended a final dividend of INR 10 per share. Management expressed optimism for FY27, projecting positive revenue growth led by a recovery in exports and new product launches, including its first homegrown New Chemical Entity (NCE), Pioxaniliprole.
Q4 FY26 Financial Performance
Revenue from operations for the quarter decreased by 12% year-on-year to INR 15,652 Mn. This decline was driven by a 15% drop in Agchem Exports due to an industry contraction and a ~9% softening in Domestic revenue, although Pharma revenue grew by 23%. The Gross Margin improved by 277 basis points to 58%, driven by a favorable product mix and cost discipline, while EBITDA margins contracted to 21.55%.
| Metric (INR Mn) | Q4 FY26 | Q4 FY25 | % YoY |
|---|---|---|---|
| Revenue | 15,652 | 17,871 | (12)% |
| EBITDA | 3,373 | 4,569 | (26)% |
| Net Profit | 2,002 | 3,305 | (39)% |
| EBITDA Margin % | 21.55% | 25.60% | (405) bps |
Annual Performance FY26
For the full fiscal year FY26, PI Industries reported a revenue of INR 67,137 Mn, a decrease of 16% from the previous year. EBITDA stood at INR 17,053 Mn, down 22% YoY. The Net Profit included exceptional income from the writeback of contingent consideration amounting to INR 1,260 Mn, partially offset by additional provisioning of INR 229 Mn as per the New labor code. The company generated a Cash Flow from Operating Activities of INR 4,740 Mn.
Strategic Updates and Outlook
Management highlighted that the Pharma business delivered 40% revenue growth to INR 3,005 Mn during the year, driven by new customer onboarding. The company commercialized 5 new molecules in Exports and 4 products in the Domestic Agri Brands segment. Looking ahead, the company expects FY27 to deliver growth, supported by a strong order book of $1-1.2 billion and plans to launch 5+ new molecules.
The balance sheet remains robust with surplus cash net of debt at INR 34,265 Mn. Capital expenditure for FY26 reached INR 11,508 Mn, with investments directed towards manufacturing, R&D, and new business avenues like electronic chemicals. The company successfully implemented SAP S/4 Hana to strengthen its digital transformation journey.
Historical Stock Returns for PI Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.12% | -4.91% | -11.37% | -19.77% | -28.98% | +1.16% |
What is the expected revenue contribution timeline for the newly launched NCE, Pioxaniliprole?
How will the shift into electronic chemicals impact the company's risk profile and capital allocation strategy?
What specific market conditions are expected to drive the projected recovery in Agchem Exports during FY27?
18
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
