NSE:PIIND Research Reports - SOIC x StockScans

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.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	2,117	1,898	1,741	2,069	2,221	1,901	1,787	1,901	1,872	1,376	1,565	1,702
Growth YoY Revenue Growth YoY%	19.6	17.6	11.2	8.3	4.9	0.2	2.6	-8.1	-15.7	-27.6	-12.4	-10.4
Expenses ExpensesCr	1,566	1,344	1,299	1,486	1,593	1,389	1,332	1,381	1,331	1,073	1,228	1,335
Operating Profit Operating ProfitCr	551	554	442	583	628	512	456	519	541	302	337	367
OPM OPM%	26.1	29.2	25.4	28.2	28.3	26.9	25.5	27.3	28.9	22.0	21.5	21.6
Other Income Other IncomeCr	49	58	60	75	123	76	75	89	85	172	74	66
Interest Expense Interest ExpenseCr	8	7	11	8	9	8	8	4	3	6	4	8
Depreciation DepreciationCr	80	78	80	83	80	99	90	97	98	105	107	104
PBT PBTCr	512	526	411	566	663	481	432	507	525	363	301	322
Tax TaxCr	32	77	42	118	155	108	102	107	116	52	100	78
PAT PATCr	481	449	370	449	508	373	331	400	409	311	200	244
Growth YoY PAT Growth YoY%	43.5	27.5	31.7	17.2	5.8	-16.9	-10.6	-10.9	-19.5	-16.5	-39.4	-39.0
NPM NPM%	22.7	23.6	21.2	21.7	22.9	19.6	18.5	21.1	21.9	22.6	12.8	14.3
EPS EPS₹	31.7	29.6	24.4	29.6	33.5	24.6	21.8	26.4	27.0	20.5	13.2	16.1

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

2,117

1,898

1,741

2,069

2,221

1,901

1,787

1,901

1,872

1,376

1,565

1,702

Growth YoY

Revenue Growth YoY%

19.6

17.6

11.2

8.3

4.9

0.2

2.6

-8.1

-15.7

-27.6

-12.4

-10.4

Expenses

ExpensesCr

1,566

1,344

1,299

1,486

1,593

1,389

1,332

1,381

1,331

1,073

1,228

1,335

Operating Profit

Operating ProfitCr

551

554

442

583

628

512

456

519

541

302

337

367

OPM

OPM%

26.1

29.2

25.4

28.2

28.3

26.9

25.5

27.3

28.9

22.0

21.5

21.6

Other Income

Other IncomeCr

123

172

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

105

107

104

PBT

PBTCr

512

526

411

566

663

481

432

507

525

363

301

322

Tax

TaxCr

118

155

108

102

107

116

100

PAT

PATCr

481

449

370

449

508

373

331

400

409

311

200

244

Growth YoY

PAT Growth YoY%

43.5

27.5

31.7

17.2

5.8

-16.9

-10.6

-10.9

-19.5

-16.5

-39.4

-39.0

NPM

NPM%

22.7

23.6

21.2

21.7

22.9

19.6

18.5

21.1

21.9

22.6

12.8

14.3

EPS

EPS₹

31.7

29.6

24.4

29.6

33.5

24.6

21.8

26.4

27.0

20.5

13.2

16.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	2,117	1,898	1,741	2,069	2,221	1,901	1,787	1,901	1,872	1,376	1,565	1,702
Growth YoY Revenue Growth YoY%	19.6	17.6	11.2	8.3	4.9	0.2	2.6	-8.1	-15.7	-27.6	-12.4	-10.4
Expenses ExpensesCr	1,566	1,344	1,299	1,486	1,593	1,389	1,332	1,381	1,331	1,073	1,228	1,335
Operating Profit Operating ProfitCr	551	554	442	583	628	512	456	519	541	302	337	367
OPM OPM%	26.1	29.2	25.4	28.2	28.3	26.9	25.5	27.3	28.9	22.0	21.5	21.6
Other Income Other IncomeCr	49	58	60	75	123	76	75	89	85	172	74	66
Interest Expense Interest ExpenseCr	8	7	11	8	9	8	8	4	3	6	4	8
Depreciation DepreciationCr	80	78	80	83	80	99	90	97	98	105	107	104
PBT PBTCr	512	526	411	566	663	481	432	507	525	363	301	322
Tax TaxCr	32	77	42	118	155	108	102	107	116	52	100	78
PAT PATCr	481	449	370	449	508	373	331	400	409	311	200	244
Growth YoY PAT Growth YoY%	43.5	27.5	31.7	17.2	5.8	-16.9	-10.6	-10.9	-19.5	-16.5	-39.4	-39.0
NPM NPM%	22.7	23.6	21.2	21.7	22.9	19.6	18.5	21.1	21.9	22.6	12.8	14.3
EPS EPS₹	31.7	29.6	24.4	29.6	33.5	24.6	21.8	26.4	27.0	20.5	13.2	16.1

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

2,117

1,898

1,741

2,069

2,221

1,901

1,787

1,901

1,872

1,376

1,565

1,702

Growth YoY

Revenue Growth YoY%

19.6

17.6

11.2

8.3

4.9

0.2

2.6

-8.1

-15.7

-27.6

-12.4

-10.4

Expenses

ExpensesCr

1,566

1,344

1,299

1,486

1,593

1,389

1,332

1,381

1,331

1,073

1,228

1,335

Operating Profit

Operating ProfitCr

551

554

442

583

628

512

456

519

541

302

337

367

OPM

OPM%

26.1

29.2

25.4

28.2

28.3

26.9

25.5

27.3

28.9

22.0

21.5

21.6

Other Income

Other IncomeCr

123

172

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

105

107

104

PBT

PBTCr

512

526

411

566

663

481

432

507

525

363

301

322

Tax

TaxCr

118

155

108

102

107

116

100

PAT

PATCr

481

449

370

449

508

373

331

400

409

311

200

244

Growth YoY

PAT Growth YoY%

43.5

27.5

31.7

17.2

5.8

-16.9

-10.6

-10.9

-19.5

-16.5

-39.4

-39.0

NPM

NPM%

22.7

23.6

21.2

21.7

22.9

19.6

18.5

21.1

21.9

22.6

12.8

14.3

EPS

EPS₹

31.7

29.6

24.4

29.6

33.5

24.6

21.8

26.4

27.0

20.5

13.2

16.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	2,096	2,277	2,277	2,841	3,367	4,577	5,300	6,492	7,666	7,978	6,714	6,516
Growth Revenue Growth%	8.0	8.6	0.0	24.8	18.5	36.0	15.8	22.5	18.1	4.1	-15.8	-16.6
Expenses ExpensesCr	1,665	1,724	1,784	2,265	2,649	3,565	4,157	4,950	5,651	5,799	5,014	4,968
Operating Profit Operating ProfitCr	431	553	494	576	718	1,012	1,142	1,542	2,015	2,179	1,700	1,548
OPM OPM%	20.6	24.3	21.7	20.3	21.3	22.1	21.6	23.8	26.3	27.3	25.3	23.8
Other Income Other IncomeCr	35	37	60	60	50	129	105	166	218	349	420	397
Interest Expense Interest ExpenseCr	10	7	5	5	17	28	13	37	30	33	16	20
Depreciation DepreciationCr	54	73	83	93	137	175	202	227	308	353	407	414
PBT PBTCr	403	510	466	538	614	939	1,033	1,444	1,895	2,142	1,696	1,511
Tax TaxCr	91	50	98	128	157	200	189	215	213	482	375	346
PAT PATCr	312	459	368	410	457	738	844	1,230	1,682	1,660	1,321	1,165
Growth PAT Growth%	26.7	47.5	-20.0	11.6	11.3	61.7	14.3	45.7	36.8	-1.3	-20.4	-27.7
NPM NPM%	14.9	20.2	16.1	14.4	13.6	16.1	15.9	18.9	21.9	20.8	19.7	17.9
EPS EPS₹	22.8	33.5	26.7	29.7	33.1	49.9	55.6	81.1	110.8	109.4	87.1	76.8

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

2,096

2,277

2,841

3,367

4,577

5,300

6,492

7,666

7,978

6,714

6,516

Growth

Revenue Growth%

8.0

8.6

0.0

24.8

18.5

36.0

15.8

22.5

18.1

4.1

-15.8

-16.6

Expenses

ExpensesCr

1,665

1,724

1,784

2,265

2,649

3,565

4,157

4,950

5,651

5,799

5,014

4,968

Operating Profit

Operating ProfitCr

431

553

494

576

718

1,012

1,142

1,542

2,015

2,179

1,700

1,548

OPM

OPM%

20.6

24.3

21.7

20.3

21.3

22.1

21.6

23.8

26.3

27.3

25.3

23.8

Other Income

Other IncomeCr

129

105

166

218

349

420

397

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

137

175

202

227

308

353

407

414

PBT

PBTCr

403

510

466

538

614

939

1,033

1,444

1,895

2,142

1,696

1,511

Tax

TaxCr

128

157

200

189

215

213

482

375

346

PAT

PATCr

312

459

368

410

457

738

844

1,230

1,682

1,660

1,321

1,165

Growth

PAT Growth%

26.7

47.5

-20.0

11.6

11.3

61.7

14.3

45.7

36.8

-1.3

-20.4

-27.7

NPM

NPM%

14.9

20.2

16.1

14.4

13.6

16.1

15.9

18.9

21.9

20.8

19.7

17.9

EPS

EPS₹

22.8

33.5

26.7

29.7

33.1

49.9

55.6

81.1

110.8

109.4

87.1

76.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	2,096	2,277	2,277	2,841	3,367	4,577	5,300	6,492	7,666	7,978	6,714	6,516
Growth Revenue Growth%	8.0	8.6	0.0	24.8	18.5	36.0	15.8	22.5	18.1	4.1	-15.8	-16.6
Expenses ExpensesCr	1,665	1,724	1,784	2,265	2,649	3,565	4,157	4,950	5,651	5,799	5,014	4,968
Operating Profit Operating ProfitCr	431	553	494	576	718	1,012	1,142	1,542	2,015	2,179	1,700	1,548
OPM OPM%	20.6	24.3	21.7	20.3	21.3	22.1	21.6	23.8	26.3	27.3	25.3	23.8
Other Income Other IncomeCr	35	37	60	60	50	129	105	166	218	349	420	397
Interest Expense Interest ExpenseCr	10	7	5	5	17	28	13	37	30	33	16	20
Depreciation DepreciationCr	54	73	83	93	137	175	202	227	308	353	407	414
PBT PBTCr	403	510	466	538	614	939	1,033	1,444	1,895	2,142	1,696	1,511
Tax TaxCr	91	50	98	128	157	200	189	215	213	482	375	346
PAT PATCr	312	459	368	410	457	738	844	1,230	1,682	1,660	1,321	1,165
Growth PAT Growth%	26.7	47.5	-20.0	11.6	11.3	61.7	14.3	45.7	36.8	-1.3	-20.4	-27.7
NPM NPM%	14.9	20.2	16.1	14.4	13.6	16.1	15.9	18.9	21.9	20.8	19.7	17.9
EPS EPS₹	22.8	33.5	26.7	29.7	33.1	49.9	55.6	81.1	110.8	109.4	87.1	76.8

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

2,096

2,277

2,841

3,367

4,577

5,300

6,492

7,666

7,978

6,714

6,516

Growth

Revenue Growth%

8.0

8.6

0.0

24.8

18.5

36.0

15.8

22.5

18.1

4.1

-15.8

-16.6

Expenses

ExpensesCr

1,665

1,724

1,784

2,265

2,649

3,565

4,157

4,950

5,651

5,799

5,014

4,968

Operating Profit

Operating ProfitCr

431

553

494

576

718

1,012

1,142

1,542

2,015

2,179

1,700

1,548

OPM

OPM%

20.6

24.3

21.7

20.3

21.3

22.1

21.6

23.8

26.3

27.3

25.3

23.8

Other Income

Other IncomeCr

129

105

166

218

349

420

397

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

137

175

202

227

308

353

407

414

PBT

PBTCr

403

510

466

538

614

939

1,033

1,444

1,895

2,142

1,696

1,511

Tax

TaxCr

128

157

200

189

215

213

482

375

346

PAT

PATCr

312

459

368

410

457

738

844

1,230

1,682

1,660

1,321

1,165

Growth

PAT Growth%

26.7

47.5

-20.0

11.6

11.3

61.7

14.3

45.7

36.8

-1.3

-20.4

-27.7

NPM

NPM%

14.9

20.2

16.1

14.4

13.6

16.1

15.9

18.9

21.9

20.8

19.7

17.9

EPS

EPS₹

22.8

33.5

26.7

29.7

33.1

49.9

55.6

81.1

110.8

109.4

87.1

76.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	14	14	14	14	15	15	15	15	15	15
Reserves ReservesCr	1,157	1,613	1,911	2,272	2,605	5,327	6,105	7,183	8,716	10,142	11,215
Current Liabilities Current LiabilitiesCr	591	551	614	812	1,101	1,257	1,348	1,182	1,711	1,728	1,777
Non Current Liabilities Non Current LiabilitiesCr	186	123	88	58	505	403	323	99	322	392	437
Total Liabilities Total LiabilitiesCr	1,949	2,301	2,626	3,155	4,225	7,002	7,791	8,480	10,764	12,277	13,444
Current Assets Current AssetsCr	956	1,218	1,462	1,691	2,009	4,493	4,964	5,662	6,679	6,952	7,495
Non Current Assets Non Current AssetsCr	993	1,083	1,165	1,464	2,216	2,509	2,827	2,817	4,086	5,325	5,949
Total Assets Total AssetsCr	1,949	2,301	2,626	3,155	4,225	7,002	7,791	8,480	10,764	12,277	13,444

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

1,157

1,613

1,911

2,272

2,605

5,327

6,105

7,183

8,716

10,142

11,215

Current Liabilities

Current LiabilitiesCr

591

551

614

812

1,101

1,257

1,348

1,182

1,711

1,728

1,777

Non Current Liabilities

Non Current LiabilitiesCr

186

123

505

403

323

322

392

437

Total Liabilities

Total LiabilitiesCr

1,949

2,301

2,626

3,155

4,225

7,002

7,791

8,480

10,764

12,277

13,444

Current Assets

Current AssetsCr

956

1,218

1,462

1,691

2,009

4,493

4,964

5,662

6,679

6,952

7,495

Non Current Assets

Non Current AssetsCr

993

1,083

1,165

1,464

2,216

2,509

2,827

2,817

4,086

5,325

5,949

Total Assets

Total AssetsCr

1,949

2,301

2,626

3,155

4,225

7,002

7,791

8,480

10,764

12,277

13,444

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	14	14	14	14	15	15	15	15	15	15
Reserves ReservesCr	1,157	1,613	1,911	2,272	2,605	5,327	6,105	7,183	8,716	10,142	11,215
Current Liabilities Current LiabilitiesCr	591	551	614	812	1,101	1,257	1,348	1,182	1,711	1,728	1,777
Non Current Liabilities Non Current LiabilitiesCr	186	123	88	58	505	403	323	99	322	392	437
Total Liabilities Total LiabilitiesCr	1,949	2,301	2,626	3,155	4,225	7,002	7,791	8,480	10,764	12,277	13,444
Current Assets Current AssetsCr	956	1,218	1,462	1,691	2,009	4,493	4,964	5,662	6,679	6,952	7,495
Non Current Assets Non Current AssetsCr	993	1,083	1,165	1,464	2,216	2,509	2,827	2,817	4,086	5,325	5,949
Total Assets Total AssetsCr	1,949	2,301	2,626	3,155	4,225	7,002	7,791	8,480	10,764	12,277	13,444

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

1,157

1,613

1,911

2,272

2,605

5,327

6,105

7,183

8,716

10,142

11,215

Current Liabilities

Current LiabilitiesCr

591

551

614

812

1,101

1,257

1,348

1,182

1,711

1,728

1,777

Non Current Liabilities

Non Current LiabilitiesCr

186

123

505

403

323

322

392

437

Total Liabilities

Total LiabilitiesCr

1,949

2,301

2,626

3,155

4,225

7,002

7,791

8,480

10,764

12,277

13,444

Current Assets

Current AssetsCr

956

1,218

1,462

1,691

2,009

4,493

4,964

5,662

6,679

6,952

7,495

Non Current Assets

Non Current AssetsCr

993

1,083

1,165

1,464

2,216

2,509

2,827

2,817

4,086

5,325

5,949

Total Assets

Total AssetsCr

1,949

2,301

2,626

3,155

4,225

7,002

7,791

8,480

10,764

12,277

13,444

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	367	339	319	391	698	725	529	1,501	2,036	1,413	474
Investing Cash Flow Investing Cash FlowCr	-303	-235	-181	-322	-985	-2,430	-110	-496	-1,801	-1,424	-614
Financing Cash Flow Financing Cash FlowCr	-48	-53	-106	-125	350	1,690	-177	-483	-222	-286	-171
Net Cash Flow Net Cash FlowCr	16	50	33	-56	63	-15	241	522	14	-298	-311
Free Cash Flow Free Cash FlowCr	48	198	150	23	29	287	193	1,179	1,417	575	-632
CFO To PAT CFO To PAT%	117.7	73.8	86.9	95.3	152.9	98.2	62.7	122.1	121.1	85.1	35.9
CFO To EBITDA CFO To EBITDA%	85.1	61.3	64.7	67.8	97.3	71.6	46.3	97.4	101.0	64.8	27.9

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

367

339

319

391

698

725

529

1,501

2,036

1,413

474

Investing Cash Flow

Investing Cash FlowCr

-303

-235

-181

-322

-985

-2,430

-110

-496

-1,801

-1,424

-614

Financing Cash Flow

Financing Cash FlowCr

-48

-53

-106

-125

350

1,690

-177

-483

-222

-286

-171

Net Cash Flow

Net Cash FlowCr

-56

-15

241

522

-298

-311

Free Cash Flow

Free Cash FlowCr

198

150

287

193

1,179

1,417

575

-632

CFO To PAT

CFO To PAT%

117.7

73.8

86.9

95.3

152.9

98.2

62.7

122.1

121.1

85.1

35.9

CFO To EBITDA

CFO To EBITDA%

85.1

61.3

64.7

67.8

97.3

71.6

46.3

97.4

101.0

64.8

27.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	367	339	319	391	698	725	529	1,501	2,036	1,413	474
Investing Cash Flow Investing Cash FlowCr	-303	-235	-181	-322	-985	-2,430	-110	-496	-1,801	-1,424	-614
Financing Cash Flow Financing Cash FlowCr	-48	-53	-106	-125	350	1,690	-177	-483	-222	-286	-171
Net Cash Flow Net Cash FlowCr	16	50	33	-56	63	-15	241	522	14	-298	-311
Free Cash Flow Free Cash FlowCr	48	198	150	23	29	287	193	1,179	1,417	575	-632
CFO To PAT CFO To PAT%	117.7	73.8	86.9	95.3	152.9	98.2	62.7	122.1	121.1	85.1	35.9
CFO To EBITDA CFO To EBITDA%	85.1	61.3	64.7	67.8	97.3	71.6	46.3	97.4	101.0	64.8	27.9

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

367

339

319

391

698

725

529

1,501

2,036

1,413

474

Investing Cash Flow

Investing Cash FlowCr

-303

-235

-181

-322

-985

-2,430

-110

-496

-1,801

-1,424

-614

Financing Cash Flow

Financing Cash FlowCr

-48

-53

-106

-125

350

1,690

-177

-483

-222

-286

-171

Net Cash Flow

Net Cash FlowCr

-56

-15

241

522

-298

-311

Free Cash Flow

Free Cash FlowCr

198

150

287

193

1,179

1,417

575

-632

CFO To PAT

CFO To PAT%

117.7

73.8

86.9

95.3

152.9

98.2

62.7

122.1

121.1

85.1

35.9

CFO To EBITDA

CFO To EBITDA%

85.1

61.3

64.7

67.8

97.3

71.6

46.3

97.4

101.0

64.8

27.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	7,781	11,520	12,245	14,235	16,152	34,206	42,800	45,927	58,697	51,953	41,240	32,824
Price To Earnings Price To Earnings	26.0	25.1	33.3	34.7	35.3	46.4	50.8	37.4	35.0	31.4	31.3	28.2
Price To Sales Price To Sales	3.7	5.1	5.4	5.0	4.8	7.5	8.1	7.1	7.7	6.5	6.1	5.0
Price To Book Price To Book	6.6	7.1	6.4	6.2	6.2	6.4	7.0	6.4	6.7	5.1	3.7	2.9
EV To EBITDA EV To EBITDA	18.2	20.7	24.6	24.6	23.0	32.7	36.5	28.4	27.9	22.8	23.2	20.3
Profitability Ratios Profitability Ratios
GPM GPM%	40.4	44.0	43.0	39.9	39.3	38.9	39.8	40.4	44.8	47.3	51.1	51.1
OPM OPM%	20.6	24.3	21.7	20.3	21.3	22.1	21.6	23.8	26.3	27.3	25.3	23.8
NPM NPM%	14.9	20.2	16.1	14.4	13.6	16.1	15.9	18.9	21.9	20.8	19.7	17.9
ROCE ROCE%	31.8	30.2	23.9	23.6	20.2	16.9	16.2	20.4	21.6	21.0	14.8	14.8
ROE ROE%	26.6	28.2	19.1	17.9	17.4	13.8	13.8	17.1	19.3	16.4	11.8	11.8
ROA ROA%	16.0	20.0	14.0	13.0	10.8	10.5	10.8	14.5	15.6	13.5	9.8	9.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

7,781

11,520

12,245

14,235

16,152

34,206

42,800

45,927

58,697

51,953

41,240

32,824

Price To Earnings

26.0

25.1

33.3

34.7

35.3

46.4

50.8

37.4

35.0

31.4

31.3

28.2

Price To Sales

3.7

5.1

5.4

5.0

4.8

7.5

8.1

7.1

7.7

6.5

6.1

5.0

Price To Book

6.6

7.1

6.4

6.2

6.4

7.0

6.4

6.7

5.1

3.7

2.9

EV To EBITDA

18.2

20.7

24.6

23.0

32.7

36.5

28.4

27.9

22.8

23.2

20.3

Profitability Ratios

GPM

GPM%

40.4

44.0

43.0

39.9

39.3

38.9

39.8

40.4

44.8

47.3

51.1

OPM

OPM%

20.6

24.3

21.7

20.3

21.3

22.1

21.6

23.8

26.3

27.3

25.3

23.8

NPM

NPM%

14.9

20.2

16.1

14.4

13.6

16.1

15.9

18.9

21.9

20.8

19.7

17.9

ROCE

ROCE%

31.8

30.2

23.9

23.6

20.2

16.9

16.2

20.4

21.6

21.0

14.8

ROE

ROE%

26.6

28.2

19.1

17.9

17.4

13.8

17.1

19.3

16.4

11.8

ROA

ROA%

16.0

20.0

14.0

13.0

10.8

10.5

10.8

14.5

15.6

13.5

9.8

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	7,781	11,520	12,245	14,235	16,152	34,206	42,800	45,927	58,697	51,953	41,240	32,824
Price To Earnings Price To Earnings	26.0	25.1	33.3	34.7	35.3	46.4	50.8	37.4	35.0	31.4	31.3	28.2
Price To Sales Price To Sales	3.7	5.1	5.4	5.0	4.8	7.5	8.1	7.1	7.7	6.5	6.1	5.0
Price To Book Price To Book	6.6	7.1	6.4	6.2	6.2	6.4	7.0	6.4	6.7	5.1	3.7	2.9
EV To EBITDA EV To EBITDA	18.2	20.7	24.6	24.6	23.0	32.7	36.5	28.4	27.9	22.8	23.2	20.3
Profitability Ratios Profitability Ratios
GPM GPM%	40.4	44.0	43.0	39.9	39.3	38.9	39.8	40.4	44.8	47.3	51.1	51.1
OPM OPM%	20.6	24.3	21.7	20.3	21.3	22.1	21.6	23.8	26.3	27.3	25.3	23.8
NPM NPM%	14.9	20.2	16.1	14.4	13.6	16.1	15.9	18.9	21.9	20.8	19.7	17.9
ROCE ROCE%	31.8	30.2	23.9	23.6	20.2	16.9	16.2	20.4	21.6	21.0	14.8	14.8
ROE ROE%	26.6	28.2	19.1	17.9	17.4	13.8	13.8	17.1	19.3	16.4	11.8	11.8
ROA ROA%	16.0	20.0	14.0	13.0	10.8	10.5	10.8	14.5	15.6	13.5	9.8	9.8
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

7,781

11,520

12,245

14,235

16,152

34,206

42,800

45,927

58,697

51,953

41,240

32,824

Price To Earnings

26.0

25.1

33.3

34.7

35.3

46.4

50.8

37.4

35.0

31.4

31.3

28.2

Price To Sales

3.7

5.1

5.4

5.0

4.8

7.5

8.1

7.1

7.7

6.5

6.1

5.0

Price To Book

6.6

7.1

6.4

6.2

6.4

7.0

6.4

6.7

5.1

3.7

2.9

EV To EBITDA

18.2

20.7

24.6

23.0

32.7

36.5

28.4

27.9

22.8

23.2

20.3

Profitability Ratios

GPM

GPM%

40.4

44.0

43.0

39.9

39.3

38.9

39.8

40.4

44.8

47.3

51.1

OPM

OPM%

20.6

24.3

21.7

20.3

21.3

22.1

21.6

23.8

26.3

27.3

25.3

23.8

NPM

NPM%

14.9

20.2

16.1

14.4

13.6

16.1

15.9

18.9

21.9

20.8

19.7

17.9

ROCE

ROCE%

31.8

30.2

23.9

23.6

20.2

16.9

16.2

20.4

21.6

21.0

14.8

ROE

ROE%

26.6

28.2

19.1

17.9

17.4

13.8

17.1

19.3

16.4

11.8

ROA

ROA%

16.0

20.0

14.0

13.0

10.8

10.5

10.8

14.5

15.6

13.5

9.8

Operational Ratios

Solvency Ratios

Liquidity Ratios

	UPL	PIIND	SUMICHEM	BAYERCROP	JUBLINGREA	SHARDACROP	RALLIS
Market CapitalizationMkt CapCr	44,757	32,824	19,586	15,874	9,952	6,333	4,006
Close PriceClose₹	530.35	2,163.50	392.40	3,532.00	624.80	702.00	205.99
IndustryIndustry	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals
Price To EarningsPE	21.98	28.17	33.80	21.68	31.98	10.11	18.78
Price To SalesPS	0.85	5.04	6.04	2.84	2.14	1.18	1.35
RevenueRevenueCr	52,804	6,516	3,245	5,595	4,651	5,357	2,962
Revenue Growth TTMRev Gr TTM%	12.9%	-16.6%	-3.6%	-2.8%	11.0%	18.5%	4.4%
PAT Growth TTMPAT Gr TTM%	98.4%	-27.7%	3.9%	23.6%	11.2%	49.1%	24.4%

Market CapitalizationMkt CapCr

44,757

32,824

19,586

15,874

9,952

6,333

4,006

Close PriceClose₹

530.35

2,163.50

392.40

3,532.00

624.80

702.00

205.99

IndustryIndustry

Pesticides and Agrochemicals

Price To EarningsPE

21.98

28.17

33.80

21.68

31.98

10.11

18.78

Price To SalesPS

0.85

5.04

6.04

2.84

2.14

1.18

1.35

RevenueRevenueCr

52,804

6,516

3,245

5,595

4,651

5,357

2,962

Revenue Growth TTMRev Gr TTM%

12.9%

-16.6%

-3.6%

-2.8%

11.0%

18.5%

4.4%

PAT Growth TTMPAT Gr TTM%

98.4%

-27.7%

3.9%

23.6%

11.2%

49.1%

24.4%

	UPL	PIIND	SUMICHEM	BAYERCROP	JUBLINGREA	SHARDACROP	RALLIS
Market CapitalizationMkt CapCr	44,757	32,824	19,586	15,874	9,952	6,333	4,006
Close PriceClose₹	530.35	2,163.50	392.40	3,532.00	624.80	702.00	205.99
IndustryIndustry	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals
Price To EarningsPE	21.98	28.17	33.80	21.68	31.98	10.11	18.78
Price To SalesPS	0.85	5.04	6.04	2.84	2.14	1.18	1.35
RevenueRevenueCr	52,804	6,516	3,245	5,595	4,651	5,357	2,962
Revenue Growth TTMRev Gr TTM%	12.9%	-16.6%	-3.6%	-2.8%	11.0%	18.5%	4.4%
PAT Growth TTMPAT Gr TTM%	98.4%	-27.7%	3.9%	23.6%	11.2%	49.1%	24.4%

Market CapitalizationMkt CapCr

44,757

32,824

19,586

15,874

9,952

6,333

4,006

Close PriceClose₹

530.35

2,163.50

392.40

3,532.00

624.80

702.00

205.99

IndustryIndustry

Pesticides and Agrochemicals

Price To EarningsPE

21.98

28.17

33.80

21.68

31.98

10.11

18.78

Price To SalesPS

0.85

5.04

6.04

2.84

2.14

1.18

1.35

RevenueRevenueCr

52,804

6,516

3,245

5,595

4,651

5,357

2,962

Revenue Growth TTMRev Gr TTM%

12.9%

-16.6%

-3.6%

-2.8%

11.0%

18.5%

4.4%

PAT Growth TTMPAT Gr TTM%

98.4%

-27.7%

3.9%

23.6%

11.2%

49.1%

24.4%

P I Industries Ltd

P I Industries Ltd

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