PI Industries plunges 10%, hits 52-week low on disappointing Q1 results

The average trading volume at the PI Industries counter jumped over nine-fold with a combined 2.1 million equity shares changing hands on the NSE and BSE till 02:58 PM on Wednesday.

PI Industries share price movement

 

PI Industries hit a 52-week low of ₹2,458, plunging 10 per cent on the BSE in Wednesday’s intra-day trade amid heavy volume after it reported disappointing June quarter results (Q1FY27).

 

The stock price of the agrochemicals & pesticides company fel below its previous low of ₹2,527.30 touched on July 14, 2026. It corrected 37 per cent from its 52-week high of ₹3,916 hit on August 25, 2025.

 

The average trading volume at the counter jumped over nine-fold with a combined 2.1 million equity shares changing hands on the NSE and BSE till 02:58 PM on Wednesday.

 

PI Industries – Q1 results

 

PI Industries reported a 10 per cent year-on-year (YoY) decline in revenue at ₹1,702 crore. Earnings before interest, taxes, depreciation, and amortization (EBITDA) decline 29 per cent YoY at ₹367 crore, translating to margins of 21.6 per cent, down ~570 bps YoY. Profit after tax was down 39 per cent YoY at ₹244 crore.

 

The company reported a 12 per cent decline (volume down 8 per cent) in Agchem Exports due to soft demand in the global agrochemical industry. Despite challenges, domestic volume rose 12 per cent (revenue grew by 3 per cent).

 

PI Health Sciences Limited (PIHS) revenue contracted by 25 per cent YoY due to order book phasing and customer delivery schedule. Increased input material prices due to geopolitical issues impacted gross margin.

 

Brokerages view on PI Industries

 

PI Industries reported a disappointing quarter as Agchem Exports faced softness amid subdued global demand and delayed monsoon-led buying, resulting in partial postponement of sales, ICICI Securities said in a note.

 

The Pharma Contract Development and Manufacturing Organization (CDMO) business also remained weak, primarily due to customer order phasing. The company reported a cash balance of ₹3,794 crore and incurred a total capex of ₹268.5 crore in Q1FY27. 

 

Importantly, PI added four marquee customers, indicating continued traction in its CDMO pipeline. Overall, the near-term performance remains challenging due to demand and order-timing headwinds. The brokerage said it awaits further management commentary for more insights.

 

PI Industries – Outlook

 

PI Industries expressed optimism about the medium- to long-term outlook in its FY26 annual report. Early signals from global innovator partners—evidenced by indicative offtake plans and a stabilised order book—suggest that industry inventory normalisation is underway. Supported by healthy reservoir levels entering Kharif FY26–27 and a stabilised domestic biologicals portfolio following regulatory disruptions, the company said it is well positioned to benefit from improving market conditions.

 

The AgChem business is expected to maintain strong momentum, driven by a healthy order book, a robust pipeline of commercialised and late-stage molecules and deepening partnerships with global innovators. PIHS continues to scale steadily, while the Global Biologicals platform is progressing in line with strategic priorities, strengthening the company’s diversified growth portfolio.

 

Investments made over the past three years are now transitioning from deployment to production, creating a strong foundation for future growth. As these capacities ramp up, the company expects to enhance operational leverage, support new product introductions and improve growth visibility, PI Industries said. Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Reader discretion is advised.