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Informist, Friday, Feb. 13, 2026

 

--PI Ind: Co's long-term growth outlook remains intact 

--CONTEXT: Comments by PI Industries' mgmt in post-earnings analyst concall 

--PI Ind: Sector nearing stabilisation, expect sequential growth in Q4 

--PI Ind: Operating environment cautious, see growth momentum building FY27 

--PI Ind: See demand uptick ahead but customer expectations have had a reset 

--PI Ind: Expanding Plant Health Care business in Brazil, Mexico, US 

--PI Ind: Expect to incur roughly INR 5 bln- INR 6 bln in capex FY27 

--PI Ind: See growth in custom synthesis, manufacturing business from Q4 

--PI Ind: Order book hovering around $1.2 billion 

 

By Shakshi Jain and Ruchira Kagita

 

MUMBAI – PI Industries Ltd. expects to incur roughly INR 5 billion to INR 6 billion in capital expenditure in 2026-27 (Apr-Mar), the company's managagement said in a post-earnings conference call with analysts on Friday. The company plans to share an official guidance figure for the metric in the next quarter.

 

The company's order book is hovering around $1.21 billion, largely similar to the $1.25 billion-$1.26 billion disclosed in the last quarter. PI Industries aims to exit FY26 with an earnings before interest, tax, depreciation, and amortisation margin of 25-26%, the management said.  

 

In the first nine months of FY26, the company incurred capex of INR 7.23 billion. Its EBITDA margin for the same period was 27%, down 132 basis points on year. 

 

For the December quarter, the company reported a net profit of INR 2.82 billion, down nearly 34% on year. The company's net revenue declined nearly 29% on year to INR 12.70 billion in the three months.  

 

Consolidated revenue from the company's agro chemicals segment fell over 28% year-on-year to INR 13.18 billion in the December quarter. Sales in the pharma segment declined almost 6% on year to INR 599 million in the three months.

 

"The moderation in agrochem export is primarily volume-led, driven by slow demand and customer delivery schedules," the management said, adding that it remains fully confident of the future of the agro chemical export business. According to the management, domestic agro chemical demand remained subdued for the company in the December quarter due to high channel inventory, low commodity prices, delay in normalisation of the biologicals portfolio post regulatory headwinds, and specific impact from lower demand for a few target crops.

 

"Our domestic business is supported by strong product portfolio and new product launches, which have offset the challenges faced on the ground. We have launched three new herbicides, Alcor, Comet, Fixit, and one insecticide, Uranus, this year, with two more expected to be launched by close of FY26," the management said.

 

Going forward, the company anticipates growth in the custom synthesis and manufacturing business from the ongoing quarter and is also hopeful of an overall volume growth. While the operating environment continues to be cautious, the company expects growth momentum to start picking up from the next financial year.

 

"So, we see the uptick in demand but...there's been a reset in the way the customers are thinking, the way they're looking at agile supply chains, given the challenges, of the product challenges that they've been seeing. But clearly, given where we are, looking at what they feel, the operational aspects of these issues with industry are getting cleaned up. But the external factors still will have a role to play," the management said.

 

On subsidiary Plant Health Care, the company said it is expanding business in the US, Brazil, Mexico, and some European countries. The company has registered for a nematicide product in the US, the approval for which is expected this month. 

 

Overall, the management said PI Industries' long-term growth outlook remains intact. At 1151 IST, shares of the company were at INR 3201.60 on the National Stock Exchange, down 0.6%.  End

 

US$1 = INR 90.74

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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