PI Industries tanks 15%, hits 6-year low on disappointing Q2 results

PI Industries said margins were impacted by higher input costs and pricing pressure due to El Nino & genericization.

PI Industries share price movement

 

PI Industries' share price hit a six-year low of ₹1,859.25, plunging 15 per cent on the BSE in Thursday’s intraday deals in an otherwise strong market after the company reported disappointing September 2026 quarter (Q2FY27) results.

 

The stock price of the pesticides & agrochemicals company plunged below its previous low of ₹2,006 touched on October 27, 2026. It quoted at its lowest level since September 2020. The market price of the company more than halved from its 52-week high of ₹3,829 touched on November 10, 2025.

 

At 09:59 AM, PI Industries quoted 14 per cent lower at ₹1,879.80 on the BSE, compared to a 2 per cent rally in the BSE Sensex. The average trading volume at the counter nearly doubled with a combined 2.18 million shares changing hands on the NSE and BSE.

 

 

PI Industries – Q2 results

 

PI Industries reported a revenue of ₹1,702 crore, down 9 per cent year-on-year (YoY) in Q2FY27. Earnings before interest, tax, depreciation and amortization (EBITDA) dipped 57 per cent YoY at ₹232.7 crore, translating to margins of 13.7 per cent, down 1524 bps YoY. The company said margins were impacted by higher input costs and pricing pressure due to El Nino & genericization.  

 

The company’s profit after tax declined 70 per cent YoY at ₹122 crore. Overheads increased due to continued investments in development of new businesses & R&D and new molecule launch expenses besides increase in energy cost, the company said.

 

PI Industries is a global life sciences organisation with capabilities across agri sciences, speciality chemicals, ag-biologicals, and pharmaceuticals. PI ranks among the world’s top five agrochemical custom synthesis and manufacturing (CSM) players, serving customers across 40+ countries. PI AgSciences provides differentiated crop solutions across key global markets, while PI Health Sciences delivers end-to-end Contract Research, Development, and Manufacturing Organization (CRDMO) services worldwide. 

 

ICICI Securities view on PI Industries

 

According to analysts at ICICI Securities, PI Industries reported a disappointing quarter as agchem exports faced softness amid subdued global demand. Genericization, pricing pressure and cost escalation were not actively passed through under current market conditions.

 

The Pharma contract development and manufacturing organization (CDMO) business witnessed growth as the company commenced commercial GMP (Good Manufacturing Practice) manufacturing of Galidesivir (API). Meanwhile, the Domestic agri business biologicals grew aggressively by over 45 per cent, and the company its expanding crop reach & product portfolio. The company reported a cash balance of ₹3,573 crore and incurred a total capex of ₹567 crore in H1FY27.

 

Importantly, PI onboarded marquee customers including large pharma companies and is working on two strategic products for long-term contracts, indicating continued traction in its CDMO pipeline. However, near-term performance remains challenging due to weak export demand and increased raw material prices, the brokerage firm said, adding that it awaits management commentary for more insights. Disclaimer: Views and outlook in this report belong to the brokerages and analysts cited. They do not reflect the views of Business Standard. Readers are advised to exercise discretion.