PI Industries is fundamentally an R&D partner to the world’s biggest chemical innovators, not a commodity supplier - it invents, scales and manufactures complex, patented molecules under long-term secrecy, so its customers’ most valuable science never leaves the room. It began in 1946 as a domestic oil and agricultural distribution company, then pivoted decisively in 1995 to become India’s first contract manufacturer for global agrochemical innovators, a model it has since stretched into pharmaceuticals, biologicals and electronics chemicals by repeatedly using the cash and trust from one era to fund the next. The recurring approach is a non-conflicting partnership model built on intellectual-property protection, deep chemistry capabilities and a willingness to reinvent itself before the old engine stalls - a pattern that has held for eight decades. # Business segments Five engines at different stages - an agrochemical contract-manufacturing cash cow, a branded domestic crop-protection platform, a fast-growing pharma services unit, a global biologicals bet, and an R&D backbone that feeds them all - each built with the cash flows and customer trust of the one before. ## 1. AgChem Exports - Custom Synthesis & Manufacturing: the partnership engine that funds everything else **It makes patented crop-protection molecules for the world’s top agrochemical innovators under decade-spanning contracts, earning a manufacturing fee on every kilogram shipped while raw-material and currency swings are passed straight through to the customer.** - **Paid per molecule, not per market price** - revenue comes from manufacturing and supplying complex, early-lifecycle patented molecules on a per-unit basis, with explicit pass-through mechanisms for raw-material inflation and currency deviations, so the business is insulated from generic price wars and destocking cycles. - **The moat is trust, not just chemistry** - over 20 global innovator partners, some relationships spanning more than fifty years, rely on PI’s flawless delivery record and its “zero conflicts with partners till date” principle, which makes it one of the top five contract manufacturers worldwide with roughly a 20% share. - **A pipeline, not a product list** - more than 90 molecules are in active development, over 60% in advanced stages, and the company commercialises four to five new products every year; new products contributed 18% of export revenue in the latest year, and non-agchem's share in new enquiries has increased to roughly 40%+ - electronic chemicals, imaging and other specialties. - **The order book is the forward story** - an indicative order book of about USD 1.8 billion, built on long-term contracts, gives visibility well beyond any single harvest season and reflects innovator confidence in PI as a long-term manufacturing home. ## 2. Domestic Agri Brands - PI AgSciences: the branded Indian crop-protection platform **It sells a portfolio of in-licensed, exclusive and proprietary crop-protection products directly to Indian farmers through a network of over 100,000 retail touchpoints, deliberately avoiding generic commoditised chemicals to protect margins.** - **In-licensed exclusives are the backbone** - more than 60% of domestic revenue comes from molecules in-licensed exclusively from global corporations, giving the business a differentiated shelf that generic competitors cannot copy. - **Crop-solution selling, not product pushing** - the field force of about 1,500 people markets tailored packages for rice, wheat, cotton, chilli, horticulture and other crops, with flagship brands like NOMINEE GOLD (rice herbicide) and AWKIRA (wheat herbicide) holding number-one or number-two positions in their categories, some for more than a decade. - **A distribution engine that reaches the village retailer** - 30 stock points on a hub-and-spoke model feed 15,000-plus distributors and over 100,000 retail points, reaching more than a million farmers, with a centralised SAP system providing last-mile visibility and a mobile app for channel partners to place orders. - **New launches every season** - four new products were launched in the latest year alone (three herbicides and one insecticide), and a development pipeline of over 20 products sits behind them, keeping the portfolio fresh as older molecules age. - **Specialist horticulture arm underneath** - the wholly owned subsidiary Jivagro focuses exclusively on horticulture and plantations, giving the group a separate brand and sales approach for high-value fruit and vegetable crops without diluting the main row-crop franchise. ## 3. Pharma - PI Health Sciences: the CRDMO growth platform under construction **It is a fully integrated contract research, development and manufacturing organisation serving pharma and biotech innovators, built through twin acquisitions in India and Italy and now scaling up as a strategically important long-term bet.** - **Bought, not just built** - the business was jumpstarted by acquiring Therachem’s Indian R&D and manufacturing operations and the Italian CDMO Archimica (founded 1947 in Lodi), then merging the Indian entities into a single subsidiary to create an integrated India-Italy platform. - **Services plus products, innovators only** - revenue comes from both contract research services (48 active customers) and contract manufacturing of key starting materials and intermediates (38 active customers), with a deliberate focus on innovators and biotechs rather than generics. - **The Hyderabad R&D centre is the scientific anchor** - a drug-discovery Centre of Excellence is being staffed at full swing in Genome Valley, alongside operational R&D facilities in Jaipur and a back-integrated manufacturing site in Lodi, Italy, that should be operational in Q1 FY26. - **Still small, growing fast** - the business delivered 40% growth in the latest full year and contributed about 6% of total export revenue, with commercial discussions ongoing for both early and late-stage development programmes. - **Capability build before volume push** - the company is filing for regulatory approval of a GMP kilo facility in Lodi, deploying computer-aided drug design and machine-learning toolkits for library screening, and working with global advisors on commercial, R&D and supply-chain transformation. ## 4. Global Biologicals: the next-generation sustainable-agriculture bet **It develops and sells patent-protected peptide and microbial products that act like vaccines for plants - boosting resilience against disease and stress - and is now selling on three continents after acquiring a UK-based pioneer.** - **A two-decade portfolio accelerated by acquisition** - the biologicals business was built organically in India over twenty years, then supercharged by the £32.78 million purchase of Plant Health Care Plc, which brought the patented PREtec peptide platform (“Vaccines for Plants™”) and a commercial presence in the US, Brazil, Mexico and Europe. - **High margin, early stage** - the ex-India biologicals business runs at an annualised revenue of about USD 12 million with a healthy margin above 60%, and the company is still investing in market development and R&D in both the US and India. - **Government-lab partnerships fill the pipeline** - a strategic partnership with India’s Centre for Cellular and Molecular Platforms (C-CAMP) transferred two exclusive biocontrol technologies - a botanical aphid insecticide and a Xanthomonas control agent - for commercialisation across global markets. # R&D and Innovation Engine **A 700-plus scientist engine spanning four locations that invents new molecules, scales up processes and files patents - feeding every business segment from a single integrated campus in Udaipur.** - **One roof from discovery to pilot** - the Udaipur research centre houses chemical synthesis, bioevaluations, kilo plants, pilot plants and greenhouses on a single site, so a molecule can move from idea to scalable process without leaving the campus. - **India’s first home-grown novel insecticide** - the company discovered Pioxaniliprole, the first novel insecticide from an Indian company to secure ISO approval, and it is now approaching commercial launch, proving the engine can invent at global scale. - **Patents and projects in quantity** - over 250 patents filed to date, 43 in the latest year alone, with more than 90 projects at different development stages and a pipeline of over 20 products moving through registration. - **Digital and AI tools are wired in** - electronic lab notebooks, laboratory information management systems, a quantum mechanics lab and the Spotfire analytics platform are all operational, with over 41 lab processes digitised, speeding up development cycles. - **Green chemistry is a deliberate focus** - innovation programmes target biocatalysis as an alternative to traditional chemical processes, microbial treatments for industrial effluents, and precision-biology fermentation for low-carbon agricultural products. # Group structure and partners **A web of wholly owned subsidiaries and joint ventures - each housing a distinct engine or geography - held together by a debt-free parent with a family trust structure that consolidated control without changing management.** - **Biologicals runs through a Dubai holding company** - PI Industries Management Consultancies L.L.C., a wholly owned Dubai subsidiary, holds the investment in Plant Health Care Plc, which in turn has operating subsidiaries in the US, Brazil and Mexico. - **Two Japanese joint ventures support the core** - Solinnos Agro Sciences (49% PI, 51% Mitsui Chemicals Agro) handles product registrations in India, while PI Kumai Private Limited (50% PI, 50% Kumiai Chemical) manufactures and trades agrochemicals, deepening ties with Japanese innovator partners. - **Jivagro is the horticulture specialist** - this wholly owned subsidiary, created from the acquisition of Isagro Asia’s domestic distribution business, focuses exclusively on horticulture and plantations with its own brand and sales approach. - **Promoter succession was streamlined through family trusts** - in September 2024, 16.21% of the company’s equity was gifted to four newly formed family trusts, with no change in control or management, and the board maintains an optimal composition with 44.44% Independent Directors.