PI Industries Q2 FY27 results: net profit down 70.1% to ₹122.20 crore, revenue down 9.1%

How did PI Industries perform in Q2 FY27?

Consolidated revenue for Q2 FY27 was ₹1,702 crore, down 9.1% from ₹1,872 crore in the year-ago quarter and nearly flat against ₹1,702 crore in Q1 FY27. EBITDA fell to ₹232.70 crore from ₹541.30 crore a year earlier and ₹367.40 crore in the previous quarter, taking the margin to 13.7% from 28.9% and 21.6% respectively.

Net profit for the quarter was ₹122.20 crore, down 70.1% from ₹409.30 crore in Q2 FY26 and 50.0% below ₹244.20 crore in Q1 FY27. Profit attributable to owners was ₹138.90 crore, and basic EPS was ₹8.05 against ₹26.98 and ₹16.10 in the two comparison periods. On a standalone basis, revenue was ₹1,533.50 crore and profit for the period was ₹207.10 crore.

What changed in PI Industries' costs and profit?

Total expenses rose 10.5% to ₹1,582 crore from ₹1,432 crore in the year-ago quarter, even as revenue fell 9.1%. Cost of materials consumed fell 11.5% to ₹789.70 crore, while employee cost rose 16.3% to ₹256.50 crore, other expenses rose 13.7% to ₹352.60 crore, depreciation rose 7.0% to ₹104.90 crore and finance costs rose to ₹8.40 crore from ₹2.60 crore.

Other income fell 25.9% to ₹61.10 crore from ₹82.50 crore a year earlier, and tax expense fell 46.7% to ₹61.80 crore from ₹116 crore. There was no exceptional item in the quarter. Management said Q2 gross margin was affected by higher input costs of 5% and pricing pressure from El Niño and genericization, while overheads rose on continued investment in development of new businesses and R&D, new molecule launch expenses and higher energy costs.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue was ₹3,404.1 crore, down 9.8% from ₹3,772.8 crore in H1 FY26, and total income fell 10.5% to ₹3,529.3 crore from ₹3,941.2 crore. Profit before tax fell 51.3% to ₹500.4 crore from ₹1,027.8 crore.

Net profit for H1 FY27 was ₹366.4 crore, down 54.7% from ₹809.3 crore in H1 FY26, and EPS fell to ₹24.15 from ₹53.35. Management said H1 Agchem exports declined about 15% due to soft demand and pricing pressure from genericization in the global agrochemical industry.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets stood at ₹13,865.8 crore against ₹13,443.7 crore at 31 March 2026, and total equity was ₹11,457.4 crore against ₹11,230.5 crore. Borrowings fell to ₹207.5 crore from ₹238.3 crore, while cash rose to ₹329.4 crore from ₹283.3 crore. Inventories were ₹1,223.5 crore against ₹1,216.7 crore, trade receivables ₹2,176.3 crore against ₹2,319.9 crore, and trade payables ₹1,135.0 crore against ₹973.8 crore.

Cash flow from operating activities for H1 FY27 was ₹889.9 crore, up from ₹247.6 crore in the year-ago period. Investing cash flow was negative ₹608.8 crore against negative ₹228.8 crore, financing cash flow negative ₹230.5 crore against negative ₹128.7 crore, and capital expenditure was ₹655.2 crore against ₹447.5 crore.

How has PI Industries done over the last 8 quarters?

Revenue reached ₹1,900.5 crore in Q1 FY26 and was ₹1,872.3 crore in Q2 FY26, before falling to ₹1,375.7 crore in Q3 FY26. It recovered to ₹1,565.2 crore in Q4 FY26 and ₹1,702.3 crore in Q1 FY27, then was ₹1,701.8 crore in Q2 FY27.

Net profit peaked at ₹409.3 crore in Q2 FY26 and fell to ₹200.2 crore in Q4 FY26, before reported ₹244.2 crore in Q1 FY27 and ₹122.2 crore in Q2 FY27. The EBITDA margin peaked at 28.9% in Q2 FY26, bottomed at 21.5% in Q4 FY26 and was 13.7% in Q2 FY27.

Which businesses drove the quarter?

Agro Chemicals revenue was ₹1,628.0 crore, down 10.0% from ₹1,809.2 crore in the year-ago quarter, while segment EBIT fell to ₹247.3 crore from ₹590.7 crore. The segment margin was 15.2%.

Pharma revenue rose 19.7% to ₹75.9 crore from ₹63.4 crore, while the segment reported an EBIT loss of ₹60.1 crore against a loss of ₹81.9 crore, a margin of negative 79.2%. The inter-segment adjustment recorded an EBIT loss of ₹3.2 crore against an EBIT gain of ₹16.5 crore.

What else did the company announce?

The board met on 4 November 2026 and approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the statement of assets and liabilities, cash flow statements and the limited review report by the statutory auditors. The same-day investor communication was titled “Q2 FY27 net profit falls 70% as export and margin pressures offset growth.” No dividend, fund raise or appointment was filed with the result.

What did PI Industries' management say?

Management said Q2 Agchem exports declined about 18% due to lower demand, genericization and pricing pressure, and that the focus is on volume growth after genericization through price optimisation. It added that cost escalation was not actively being passed through under current market conditions, while domestic revenue grew about 19% and Biologicals grew 45%+, with global Biologicals up more than 250%.

Management set out several forward priorities: “Expect acceleration of growth through new products; 5+ to be commercialized in FY27,” “Dedicated EC Kilo Lab commercialization by Q3 FY27,” and “US: 3 peptides state-registered for 2027 launch; Launching 5 brands.” It also said margins are expected “to normalize once volatility subsides,” and that Health Sciences remains loss-making, with extreme climate and El Niño impacts creating uncertainty around crop outcomes and pricing.

How did other Pesticides & Agrochemicals companies do?

Fifteen other companies in the Pesticides & Agrochemicals industry had filed results for this quarter by 5 November 2026. The median revenue growth among them was 3.0%, and 13 grew faster than PI Industries while 2 grew slower than PI Industries.

Among the 15 peers compared on profit, 5 reported higher profit for the quarter.