Earnings Outlook
PI Ind Q3 PAT seen down sharply on lower Pyroxa sales
This story was originally published at 16:42 IST on 10 February 2026
Register to read our real-time news.Informist, Tuesday, Feb. 10, 2026
By Diksha Tripathy
MUMBAI – PI Industries Ltd. is expected to report a sharp decline in its net profit and revenue for the December quarter due to subdued sales of its key product, Pyroxa, and a slowdown in the company's core custom synthesis and manufacturing segment, according to brokerages.
The company's net profit is expected to decline nearly 27% on year to INR 3.11 billion in the December quarter, according to the average of estimates from seven brokerages. Sequentially, the net profit is expected to decline by nearly 37%. The highest estimate for the net profit is INR 3.70 billion from Emkay Global Financial Services Ltd., while the lowest is INR 2.86 billion from Nuvama Wealth Management Ltd.
The company's revenue in the December quarter is expected to decline nearly 8% on year to INR 16.40 billion. Sequentially, it is expected to decline by over 6%. The highest estimate for the company's net sales is INR 17.80 billion from Emkay Global and the lowest is INR 15.00 billion from Nuvama Wealth.
PI Industries' earnings before interest, tax, depreciation, and amortisation are expected to be INR 4.2 billion for the December quarter, according to the estimates. The highest estimate for the company's EBITDA is INR 5.01 billion by Emkay Global and the lowest is INR 3.95 billion by Nuvama Wealth.
The company's business is broadly divided into two categories: agrochemicals and pharmaceuticals.
The company's December quarter revenue from the custom synthesis and manufacturing segment is expected to decline 10-16% on year, owing to lower exports, brokerages said. "PI saw price correction in pyroxasulfone in Q1FY26 (Apr-Jun), which has stabilised now, while export volumes of pyroxasulfone remain a worry due to weak commentary by the customer and the product nearing off-patent regime," Emkay Global said.
Analysts differed in their revenue estimates for the domestic agrichemical business. JM Financial Institutional Securities Pvt Ltd. expects a nearly 2% on-year decline in domestic agrichemical business revenue, while Kotak Securities Ltd. sees flat revenues on-year due to the subdued start to the rabi season. By contrast, Emkay Global expects revenues from this business to grow nearly 10% year on year, driven by a good monsoon.
"Demand scenario and product launches in the domestic and CSM (custom synthesis and manufacturing) segments will be the key focus areas," according to Motilal Oswal Financial Services Ltd.
The company's pharma segment is expected to report a high year-on-year growth due to a low base effect, brokerages said. Kotak expects the pharma segment to report high-single-digit growth on year, while Nuvama Wealth and Prabhudas Lilladher Pvt. Ltd. expect it to post 18% and 13% on-year growth, respectively.
For the September quarter, PI Industries reported a net profit of INR 4.91 billion, down 12% on year. The revenues were INR 17.53 billion, down nearly 18% on year. This was the company's biggest on-year decline in revenue since the Oct-Dec quarter of 2015-16 (Apr-Mar).
Of the total eight brokerage reports on the company available with Informist, three have a 'sell' rating with an average share price of INR 3,500 per share. Three have a 'hold' rating with an average share price of INR 3,813 per share. The remaining two have a 'buy' or equivalent recommendation with an average price of INR 4,142 per share. This is over 30% higher than the current market price.
The company will announce its December quarter earnings Thursday.
Tuesday, the company's shares ended at INR 3190.60 on the National Stock Exchange, down 0.8% from the previous close. The stock has fallen by more than 11% since the company announced its September-quarter earnings.
The following are the December quarter earnings estimates for PI Industries from seven brokerages in descending order of the estimate of net profit in INR billion:
|
Brokerage Name |
Net Profit |
EBITDA |
Net Sales |
|
Emkay Global Financial Services Ltd |
3.70 |
5.01 |
17.80 |
|
JM Financial Institutional Securities Pvt Ltd |
3.23 |
4.34 |
16.68 |
|
Motilal Oswal Financial Services Ltd |
3.04 |
4.03 |
16.89 |
|
Kotak Securities Ltd |
2.99 |
4.01 |
16.57 |
|
Prabhudas Lilladher Pvt Ltd |
2.98 |
3.98 |
15.81 |
|
Elara Securities (India) Pvt Ltd |
2.98 |
4.05 |
16.08 |
|
Nuvama Wealth Management Ltd |
2.86 |
3.95 |
15.00 |
|
Average |
3.11 |
4.20 |
16.40 |
End
Edited by Saji George Titus
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