PI Industries Limited has informed the Exchange about Transcript of the Earnings Conference Call held on May 20, 2026
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PI Industries reported FY26 consolidated revenue of ₹67,137 million with 25% EBITDA margins and net cash of ₹34,265 million. Q4 revenue was ₹15,652 million with 58% gross margins maintained. The company highlighted a challenging global agrochemical downcycle with muted domestic demand due to channel inventory and lower crop prices. Pharma delivered 40% growth, while new products now contribute 18% of AgChem exports. The first in-house NCE 'Pioxaniliprole' is set to launch domestically, with global filing planned by end of FY27 and strategic partnerships being explored. Global biologicals are progressing, including a foliar nematode product launched in Brazil, Mexico and the US. Management guided for positive revenue growth in FY27 (late single to early double digit at worst case), maintained gross margins at ~58%, and expects effective tax rate to inch up to 24%. FY27 capex is guided at ₹700-800 crore. JMD Rajnish Sarna stepped down from executive responsibilities.
PI Industries demonstrated resilience with flat-to-positive sequential growth and strong cash position, but the market is watching for execution on the NCE launch, pharma break-even (targeted at ₹500-600 crore revenue), and recovery in the core CSM business to justify the ₹2,600 crore capex invested over three years.