PI Industries could soon dethrone UPL as biggest agrochemical firm

Triggers in exports and domestic businesses to continue driving earnings while pharma CSM foray takes shape

PI Industries’ (PI’s) strong performance for the quarter ended September (second quarter, or Q2), led by growth in both domestic and export markets, helped its stock scale fresh all-time highs on Friday. Though it closed the day 1.5 per cent higher, it takes the total gains for the stock to 46 per cent over the past four months.

With this, the market capitalisation of the agri-sciences company at Rs 33,325 crore is just shy of the largest Indian agrochemicals player, UPL, at Rs 34,623 crore. What’s more, as the Q2 numbers beat expectations and the outlook remains firm, there could be more