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PI Industries (PIIND) investor relations material
PI Industries Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 FY26 revenue declined 28% year-over-year to INR 13,757 million, reflecting global AgChem downcycle, customer delivery phasing, and market softness.
Early signs of stabilization are visible, with gradual improvement expected in coming quarters; rabi sowing in India is ahead of last year, but agrochemical demand remains muted.
Strategic focus remains on innovation, portfolio diversification, and expansion into biologicals, specialty, and electronic chemicals.
Pharma business delivered 50% year-over-year growth in 9MFY26, with new clients onboarded and expansion into US, Europe, and East markets.
Biologicals segment progressing with regulatory milestones and global expansion, including approval of Harpinαβ in India and Obrona in the US.
Financial highlights
Q3 FY26 revenue was INR 13,757 million, with EBITDA at INR 3,027 million and PAT at INR 3,113 million; gross margin expanded to 59%.
9MFY26 revenue was INR 51,485 million, EBITDA INR 13,680 million, and PAT INR 11,206 million, with gross margin at 58%.
Net profit includes an exceptional income of INR 1,260 million from a write-back in pharma, partly offset by INR 209 million in additional retirement benefit provisioning.
Capex spend of INR 7,225 million in 9MFY26, with surplus cash net of debt at INR 35,066 million.
Interim dividend of INR 5.00 per share approved for FY25-26.
Outlook and guidance
Sequential growth expected in Q4 FY26, with volume uptick already visible and growth momentum anticipated to build into FY27.
Revenue and volume growth expected to resume in FY27, with optimism based on customer visibility and internal initiatives.
Gross margin guidance maintained at 50-53% on a sustainable basis, with quarterly variations due to product mix.
CapEx for FY27 estimated at INR 500-600 crore, with further details to be provided after board approval.
Pharma CRDMO platform expanding with new customer wins and enhanced R&D pipeline visibility.
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