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Informist, Monday, Aug. 10, 2026

 

By Gunjan Rajput

 

NEW DELHI – PI Industries Ltd. is expected to report a sharp year-on-year decline in consolidated net profit and revenue for the June quarter. Continued weakness in its export-focused custom synthesis and manufacturing business and lower prices of key agrochemical molecule Pyroxasulfone because of generic competition are likely to outweigh the seasonal recovery in the domestic agri business.

 

The company is expected to report a consolidated net profit of INR 2.89 billion, down nearly 28% from the year-ago quarter but up 43% from the preceding quarter, according to the average of estimates from eight brokerages. The consolidated revenue is estimated at INR 17.42 billion, down more than 8% year-on-year but up 11% quarter-on-quarter.

 

The highest estimate for net profit is INR 3.86 billion from PhillipCapital (India) Pvt. Ltd., while the lowest is INR 2.34 billion from 360 ONE Capital Market Pvt. Ltd. The lowest estimate for revenue is INR 15.79 billion from 360 ONE Capital, and the highest estimate for revenue is INR 20.18 billion from PhillipCapital.

 

The rise in revenue is supported by steady domestic growth and favourable currency movement despite generic competition in Pyroxasulfone, according to PhillipCapital.

 

The export custom synthesis and manufacturing business is expected to remain under pressure because of lower dispatches of key agrochemical active ingredients and generic competition in Pyroxasulfone. Nuvama Wealth Management Ltd. expects lower custom synthesis and manufacturing volumes to result in negative operating leverage, while Kotak Securities Ltd. expects agrochemical custom synthesis and manufacturing revenue to rise 10% on quarter but decline 16% on year. Kotak expects the improvement from the preceding quarter to come on a low base.

 

The company's earnings before interest, taxes, depreciation, and amortisation are expected at INR 4.22 billion, down 19% on year and up 25% on quarter, according to the average of six estimates. The highest estimate for EBITDA is INR 5.15 billion from PhillipCapital (India) Pvt Ltd. and the lowest is INR 3.80 billion from JM Financial Institutional Securities Pvt. Ltd.

 

Pyroxasulfone prices are expected to remain under pressure as generic competition increases. Nuvama expects the pricing pressure to hurt gross margins, while PhillipCapital expects EBITDA margin to contract 180 basis points on year to 25.5?cause of higher input costs and correction in Pyroxasulfone prices. Prabhudas Lilladher expects EBITDA margin to decline 380 basis points on year to 23.1%. Nuvama expects EBITDA margin to fall 450 basis points on year to 22.8%, while Kotak estimates it at 22.2%, down 513 basis points on year. The company reported an EBITDA margin of 27.3% in the year-ago quarter.

 

The domestic agri business is expected to provide some sequential support, despite the late arrival of the southwest monsoon and weakness in sowing limiting growth. Kotak expects domestic business revenue to remain flat on year. JM Financial also expects the domestic agri business to benefit from the seasonally stronger quarter, although this is unlikely to offset weakness in the export customs synthesis and manufacturing business.

 

The pharma business is expected to grow on year, although its sequential performance is likely to vary. Nuvama expects pharma revenue to grow on year but decline on quarter, while Kotak expects pharma revenue to rise 52% on year and 4.8% on quarter.
 

PI Industries will announce its June quarter earnings on Tuesday. At 1229 IST, shares of the company traded marginally higher at INR 2,776.50 4.60 on the National Stock Exchange. Its shares have fallen over 11% since the company reported its March quarter results.

 

Out of the eight brokerage reports on the company available with Informist, three have a 'buy' recommendation on the stock with an average target price of INR 3,544. This is nearly 28% higher than the current market price. Two brokerages have a 'hold' rating on the stock with a target price of INR 3,498. Three brokerages have a 'sell' rating on the stock with an average target price of INR 2,867.

 

The following are the June quarter earnings estimates for PI Industries from eight brokerages in descending order of the estimate of net profit in INR billion:

 

 

Brokerage name	Net Sales	Net Profit	EBITDA
PhillipCapital (India) Pvt Ltd	20.18	3.86	5.15
Motilal Oswal Financial Services Ltd	18.33	3.56	4.86
JM Financial Institutional Securities Pvt Ltd	17.27	2.74	3.80
Anand Rathi Share and Stock Brokers Ltd	17.09	2.69
Prabhudas Lilladher Pvt Ltd	16.65	2.69	3.84
Nuvama Wealth Management Ltd	16.88	2.61	3.85
Kotak Securities Ltd	17.17	2.59	3.81
360 ONE Capital Market Pvt Ltd	15.79	2.34
Average	17.42	2.89	4.22

 

End

 

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

 

Edited by Akul Nishant Akhoury

 

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