# PI Industries (PIIND) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/piind

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,735
- Change: -1.98%
- As of: 2026-11-06
- 1D return: -1.98%
- 5D return: -17.38%
- 1M return: -17.38%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

PI Industries (PIIND) exhibits a strong bearish technical setup as of 2026-11-06, with the stock trading at ₹1735.00, near its 252-day range low (+0.9%). The trend is established across daily, weekly, and monthly horizons, confirmed by ADX readings above 24 and price action consistently below all key moving averages and the Supertrend indicator. Momentum remains negative, evidenced by Minus DI significantly outweighing Plus DI on both daily (45.94 vs 13.16) and weekly (37.69 vs 7.81) charts.

Participation spiked during recent declines; an extreme volume anomaly occurred on 2026-11-05 with a volume ratio of 30.11 accompanying a -19.1% drop. This follows a sequence of reversal patterns, including Evening Star and Doji formations in early November, suggesting sustained selling pressure rather than consolidation. The stock has fallen -53.7% over the past year and is currently down -59.9% from its peak, reflecting high volatility (annualized +31.8%) and significant drawdown risk.

Near-term monitoring should focus on the immediate support level at ₹1653.77 (-4.68%) and resistance at ₹1865.73 (+7.54%). A break below ₹1653.77 would extend downside exposure toward ₹1537.53, while a sustained move above ₹1865.73 would be required to challenge the prevailing downtrend structure.

- Trend Direction: Established bearish trend across daily, weekly, and monthly timeframes; price trades below all major moving averages and Supertrend indicators.
- Momentum & Participation: Strong downward momentum (Daily ADX 30.05, Minus DI 45.94); extreme volume spike (ratio 30.11) accompanied a -19.1% single-day drop on 2026-11-05.
- Price Positioning: Trading near 252-day range lows (+0.9% from low); current price ₹1735.00 is -53.7% below yearly highs.
- Key Levels: Immediate support at ₹1653.77 (-4.68%); first resistance at ₹1865.73 (+7.54%). Break below support risks testing ₹1537.53.

- Evening Star
- Doji
- Harami
- Outside Bar

### News Context

PI Industries reported a sharp deterioration in Q2 FY27 financials, triggering an 18% single-day stock decline and pushing shares to a 52-week low. Consolidated net profit fell 70% year-on-year to ₹122.2 crore, while standalone net profit dropped 57.8% to ₹207.1 crore. Revenue from operations contracted 9% to ₹1,533.5 crore, driven by an 18% YoY decline in agrochemical exports. Brokerage views are divided: Nuvama maintained a 'HOLD' rating with a reduced target of ₹1,682, citing limited downside potential despite weak performance, while Motilal Oswal reiterated a 'BUY' rating based on a $1.25 billion order book and expectations of gradual demand recovery.

- Q2 FY27 consolidated net profit plunged 70% YoY to ₹122.2 crore; standalone net profit fell 57.8% to ₹207.1 crore.
- Revenue from operations declined 9% to ₹1,533.5 crore, with agrochemical exports contracting 18% YoY.
- Shares hit a 52-week low after falling 16.28%–18% on earnings day, extending YTD losses to over 42%.
- Nuvama holds 'HOLD' (target ₹1,682); Motilal Oswal retains 'BUY' citing a $1.25 billion order book.

- [PI Industries hits 52-week low, stock in downtrend for period up to five years; what's next?](https://www.businesstoday.in/markets/stocks/story/pi-industries-hits-52-week-low-stock-in-downtrend-for-period-up-to-five-years-whats-next-566091-2026-11-06)
- [PhysicsWallah shares zoom as Q2 profit doubles, Motilal sees 57% upside potential](https://www.thehindubusinessline.com/markets/stock-markets/physicswallah-shares-zoom-as-q2-profit-doubles-motilal-sees-57-upside-potential/article71669361.ece)
- [PI Industries shares dive 16% to hit 52-week low after Q2 earnings; net profit plunges 70%](https://www.businesstoday.in/markets/stocks/story/pi-industries-shares-dive-16-to-hit-52-week-low-after-q2-earnings-net-profit-plunges-70-565864-2026-11-05)
- [PI Industries shares crash 18% after Q2 profit plunges](https://www.thehindubusinessline.com/markets/pi-industries-shares-crash-18-after-q2-profit-plunges/article71668682.ece)
- [Stock market today: Suzlon, PB Fintech, PFC, Mazagon among 17 stocks that may see short covering](https://www.businesstoday.in/markets/stocks/story/stock-market-today-suzlon-pb-fintech-pfc-mazagon-among-17-stocks-that-may-see-short-covering-565792-2026-11-05)

### What Changed

PI Industries (PIIND) reported unaudited financial results for the quarter and half-year ended September 30, 2026, on November 6, 2026. The company’s shares hit a 52-week low of ₹1,735 on this date, down from ₹1,770 previously, extending a multi-year downtrend. This price action follows reported revenue declines of 9.1% year-on-year, driven by an 18% contraction in agrochemical exports and margin pressure. Brokerage views are mixed: Nuvama maintained a 'HOLD' rating with a reduced target price of ₹1,682, citing limited downside potential despite weak quarterly performance, while Motilal Oswal reiterated a 'BUY' rating based on a healthy $1.25 billion order book and expectations of gradual demand recovery.

- PIIND shares reached a 52-week low of ₹1,735 on November 6, 2026, following unaudited H1 FY2027 results showing a 9.1% YoY revenue decline.
- Agrochemical export volumes contracted by 18%, contributing to margin pressure and the stock's extended downtrend.
- Nuvama lowered its target price to ₹1,682 ('HOLD'), while Motilal Oswal retained a 'BUY' rating citing a $1.25 billion order book.
- The company published its financial results in national newspapers and released audio recordings of the investor conference call held on November 5, 2026.

- [PI Industries hits 52-week low, stock in downtrend for period up to five years; what's next?](https://www.businesstoday.in/markets/stocks/story/pi-industries-hits-52-week-low-stock-in-downtrend-for-period-up-to-five-years-whats-next-566091-2026-11-06)
- [PI Industries Limited has informed the Exchange about Copy of Newspaper Publication for the Unaudited Financial Results for the quarter and half year ended September 30, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/PIIND_06112026151103_Newspaper_Advertisement_Financial_Result_sd.pdf)
- [PI Industries Limited has informed the Exchange about Link of Audio Recording of Earnings Conference Call pertaining to the Unaudited Financial Results for the quarter and half year ended September 30, 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PIIND_05112026173249_Intimation_Earning_Call_AudioRecording_05112026_sd.pdf)
- [PI INDUSTRIES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_4909_WebXMLFile_20261105_174611877.xml)

### Official Filings

PI Industries Limited reported unaudited financial results for the half-year ended September 30, 2026, following Board approval on November 4, 2026. Consolidated revenue from operations stood at ₹34,041 million with a profit of ₹3,664 million, while standalone figures showed revenue of ₹31,324 million and profit of ₹5,486 million. The company highlighted strong segment performance in Q2FY27, with Health Sciences revenue growing 20% and Biologicals rising over 45%, though Agchem exports declined approximately 18%. A significant operational improvement was the reduction in net working capital by 18 days (from 139 to 121 days), releasing INR 2,981 million in cash. Additionally, the company unveiled Pioxaniliprole on October 29, 2026, recognized as India’s first indigenously discovered insecticide molecule, which has received registration from the Central Insecticides Board and Registration Committee.

- Half-year consolidated revenue reached ₹34,041 million with a profit of ₹3,664 million; standalone profit was ₹5,486 million.
- Q2FY27 Health Sciences revenue grew 20% and Biologicals grew 45%, offsetting an ~18% decline in Agchem exports.
- Net working capital decreased by 18 days (139 to 121 days), releasing INR 2,981 million in cash.
- Unveiled Pioxaniliprole on October 29, 2026, as India's first indigenously discovered insecticide molecule, now registered with CIB&RC.

- [PI Industries Limited has informed the Exchange about Copy of Newspaper Publication for the Unaudited Financial Results for the quarter and half year ended September 30, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/PIIND_06112026151103_Newspaper_Advertisement_Financial_Result_sd.pdf)
- [PI Industries Limited has informed the Exchange about Link of Audio Recording of Earnings Conference Call pertaining to the Unaudited Financial Results for the quarter and half year ended September 30, 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PIIND_05112026173249_Intimation_Earning_Call_AudioRecording_05112026_sd.pdf)
- [PI INDUSTRIES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_4909_WebXMLFile_20261105_174611877.xml)
- [PI Industries Limited has submitted to the Exchange, the Outcome of Board Meeting held on November 04, 2026 for approval of Unaudited Standalone and Consolidated Financial Results for the quarter and half year September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/PIIND_04112026193824_Resultssd.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753163_04112026083540_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753165_04112026083604_WEB.xml)
- [PI Industries Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/PIIND_04112026223344_presentation.pdf)
- [PI Industries Limited has informed the Exchange regarding a press release dated October 29, 2026, titled "Unveiling of Pioxaniliprole, India's first indigenously discovered insecticide molecule.". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/PIIND_29102026183134_SE_Intimation_sd.pdf)
- [Financial Results |Meeting Date: 04-Nov-2026](https://nsearchives.nseindia.com/corporate/PIIND_27102026182045_prior_bm_intimation_sd.pdf)
- [Board Meeting Intimation |Meeting Date: 04-Nov-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_4909_WebXMLFile_20261027_182838918.xml)

### Fundamentals

PI Industries faces a near-term earnings contraction and deteriorating cash conversion. For Q2 FY2026-27, revenue remained flat at ₹1,702 crore compared to Q1, while expenses rose sequentially to ₹1,582 crore. This compressed profitability: Profit Before Tax fell from ₹320 crore in Q1 to ₹181 crore in Q2, and Net Profit dropped from ₹244 crore to ₹122 crore. On an annual basis, the TTM sales decline of 17% and profit growth decline of 33% highlight significant operational headwinds.

Financial health shows mixed signals. While borrowings increased to ₹342 crore (Mar 2026) and Cash from Operating Activity fell sharply to ₹474 crore, interest costs have decreased to ₹20 crore (TTM). However, working capital efficiency has worsened markedly; the Cash Conversion Cycle expanded to 119 days (Mar 2026) from 42 days a year prior, driven by rising Debtor Days (88 days) and Inventory Days (157 days). Despite these pressures, the balance sheet remains solvent with Equity growing to ₹11,457 crore as of Sep 2026, and DIIs increasing their stake to 31.39%.

- Q2 FY2026-27 Net Profit halved to ₹122 crore on flat revenues and higher expenses, signaling margin pressure.
- TTM sales declined 17% and profits fell 33%, reversing prior growth trends.
- Cash Conversion Cycle widened to 119 days (Mar 2026), indicating slower cash recovery from operations.
- DIIs increased holdings to 31.39% (Sep 2026), while FIIs reduced exposure to 14.79%.

### Bear Case

PI Industries faces significant near-term headwinds, evidenced by a sharp deterioration in Q2 FY27 financials and a prolonged technical downtrend. The company reported a 70% year-on-year plunge in consolidated net profit to ₹122.2 crore, alongside a 9% revenue decline driven by an 18% contraction in agrochemical exports. Standalone metrics were similarly weak, with net profit falling 57.8% to ₹207.1 crore and revenue from operations dropping 14.2% to ₹1,533.5 crore. These results triggered a severe market reaction, with shares crashing up to 18% to hit a 52-week low, pushing the stock’s year-to-date losses to over 46%. Technical indicators reinforce this caution: the daily Supertrend is bearish, with the 20-day EMA slope at -65.19 and Plus DI (13.16) significantly trailing Minus DI (45.94). The stock is currently trading at ₹1,735, sitting within a maximum drawdown of -59.9%, while annualized volatility remains elevated at +31.8%. Although brokerages cite a healthy $1.25 billion order book as a potential stabilizer, the immediate operational reality reflects margin pressure and export weakness.

- Q2 FY27 consolidated net profit plunged 70% YoY to ₹122.2 crore, with standalone profit down 57.8% to ₹207.1 crore, reflecting severe margin and volume contraction.
- Revenue from operations fell 14.2% to ₹1,533.5 crore in Q2 FY27, driven by an 18% YoY decline in agrochemical exports.
- The stock has entered a multi-year downtrend, hitting a 52-week low of ₹1,716.4 on November 6, 2026, with YTD returns at -46.1% and a maximum drawdown of -59.9%.
- Technical setup remains bearish across timeframes; daily Supertrend is negative, ADX is 30.05 indicating trend strength, and price is well below key moving averages.

- [PI Industries hits 52-week low, stock in downtrend for period up to five years; what's next?](https://www.businesstoday.in/markets/stocks/story/pi-industries-hits-52-week-low-stock-in-downtrend-for-period-up-to-five-years-whats-next-566091-2026-11-06)
- [PhysicsWallah shares zoom as Q2 profit doubles, Motilal sees 57% upside potential](https://www.thehindubusinessline.com/markets/stock-markets/physicswallah-shares-zoom-as-q2-profit-doubles-motilal-sees-57-upside-potential/article71669361.ece)
- [PI Industries shares dive 16% to hit 52-week low after Q2 earnings; net profit plunges 70%](https://www.businesstoday.in/markets/stocks/story/pi-industries-shares-dive-16-to-hit-52-week-low-after-q2-earnings-net-profit-plunges-70-565864-2026-11-05)
- [PI Industries shares crash 18% after Q2 profit plunges](https://www.thehindubusinessline.com/markets/pi-industries-shares-crash-18-after-q2-profit-plunges/article71668682.ece)
- [Stock market today: Suzlon, PB Fintech, PFC, Mazagon among 17 stocks that may see short covering](https://www.businesstoday.in/markets/stocks/story/stock-market-today-suzlon-pb-fintech-pfc-mazagon-among-17-stocks-that-may-see-short-covering-565792-2026-11-05)
- [PI Industries Limited has informed the Exchange about Copy of Newspaper Publication for the Unaudited Financial Results for the quarter and half year ended September 30, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/PIIND_06112026151103_Newspaper_Advertisement_Financial_Result_sd.pdf)
- [PI Industries Limited has informed the Exchange about Link of Audio Recording of Earnings Conference Call pertaining to the Unaudited Financial Results for the quarter and half year ended September 30, 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PIIND_05112026173249_Intimation_Earning_Call_AudioRecording_05112026_sd.pdf)
- [PI INDUSTRIES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_4909_WebXMLFile_20261105_174611877.xml)
- [PI Industries Limited has submitted to the Exchange, the Outcome of Board Meeting held on November 04, 2026 for approval of Unaudited Standalone and Consolidated Financial Results for the quarter and half year September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/PIIND_04112026193824_Resultssd.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753163_04112026083540_WEB.xml)

### FAQs

**What were PI Industries' key financial results for Q2 FY27?**

For the quarter ended September 30, 2026, PI Industries reported a 9% year-on-year revenue decline to ₹1,533.5 crore and a 57.8% plunge in standalone net profit to ₹207.1 crore. Consolidated net profit fell 70% to ₹122.2 crore. The Board approved these unaudited results on November 4, 2026.

**How has the stock price performed recently following these results?**

Shares hit a 52-week low of ₹1,716.4 on November 6, closing at ₹1,735.0 after falling over 16% post-results. Year-to-date losses exceed 46%, with a 6-month return of -43.5% and a 1-year return of -53.7%. The stock is currently trading near its lowest levels in five years.

**What are the current technical support and resistance levels?**

Technical indicators show a bearish trend across daily, weekly, and monthly timeframes. Immediate support sits at ₹1,653.77 (4.68% below), with further support at ₹1,537.53. Resistance levels are identified at ₹1,865.73 (pivot) and ₹1,981.97 (high). The maximum drawdown stands at -59.9%.

**What is the market's outlook on the company's future prospects?**

Brokerages hold mixed views. Nuvama maintains a 'HOLD' rating with a reduced target of ₹1,682, citing limited downside potential despite weak performance. Motilal Oswal reiterates a 'BUY' rating based on a $1.25 billion order book and expectations of gradual demand recovery, projecting upside potential.

- [PI Industries hits 52-week low, stock in downtrend for period up to five years; what's next?](https://www.businesstoday.in/markets/stocks/story/pi-industries-hits-52-week-low-stock-in-downtrend-for-period-up-to-five-years-whats-next-566091-2026-11-06)
- [PhysicsWallah shares zoom as Q2 profit doubles, Motilal sees 57% upside potential](https://www.thehindubusinessline.com/markets/stock-markets/physicswallah-shares-zoom-as-q2-profit-doubles-motilal-sees-57-upside-potential/article71669361.ece)
- [PI Industries shares dive 16% to hit 52-week low after Q2 earnings; net profit plunges 70%](https://www.businesstoday.in/markets/stocks/story/pi-industries-shares-dive-16-to-hit-52-week-low-after-q2-earnings-net-profit-plunges-70-565864-2026-11-05)
- [PI Industries shares crash 18% after Q2 profit plunges](https://www.thehindubusinessline.com/markets/pi-industries-shares-crash-18-after-q2-profit-plunges/article71668682.ece)
- [Stock market today: Suzlon, PB Fintech, PFC, Mazagon among 17 stocks that may see short covering](https://www.businesstoday.in/markets/stocks/story/stock-market-today-suzlon-pb-fintech-pfc-mazagon-among-17-stocks-that-may-see-short-covering-565792-2026-11-05)
- [PI Industries Limited has informed the Exchange about Copy of Newspaper Publication for the Unaudited Financial Results for the quarter and half year ended September 30, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/PIIND_06112026151103_Newspaper_Advertisement_Financial_Result_sd.pdf)
- [PI Industries Limited has informed the Exchange about Link of Audio Recording of Earnings Conference Call pertaining to the Unaudited Financial Results for the quarter and half year ended September 30, 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PIIND_05112026173249_Intimation_Earning_Call_AudioRecording_05112026_sd.pdf)
- [PI INDUSTRIES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_4909_WebXMLFile_20261105_174611877.xml)
- [PI Industries Limited has submitted to the Exchange, the Outcome of Board Meeting held on November 04, 2026 for approval of Unaudited Standalone and Consolidated Financial Results for the quarter and half year September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/PIIND_04112026193824_Resultssd.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753163_04112026083540_WEB.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Strong Downtrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹1,865.73
- Risk regime: Higher Price Risk

### Support levels
- 1653.7666666666669
- 1537.5333333333335
- 1325.566666666667

### Resistance levels
- 2237.5
- 2921.9
- 3251.30625

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -1.98% |
| return_10 | -15.41% |
| return_1m | -22.89% |
| return_1y | -53.73% |
| return_20 | -17.38% |
| return_3m | -37.95% |
| return_5 | -17.38% |
| return_6m | -43.50% |
| return_since_start | -53.00% |
| return_ytd | -46.10% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -59.88% |
| annualized_volatility | +31.81% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# PI Industries Limited Q2 FY2026-27: Profit halves as revenue stays flat

PI Industries reported Q2 FY2026-27 revenue from operations of ₹1,701.8 crore, almost unchanged quarter on quarter but 9.1% below the year-earlier quarter. Profit before tax fell 43.6% from Q1, while profit for the period declined 50.0%; expenses rose 9.4% against the flat revenue base. Operating cash flow was ₹889.9 crore and free cash flow ₹281.1 crore.

## Revenue was flat sequentially and lower year on year

Revenue from operations was ₹1,701.8 crore in the quarter ended 30 September 2026, compared with ₹1,702.3 crore in Q1 FY2026-27 and ₹1,872.3 crore in Q2 FY2025-26. Income was ₹1,762.9 crore, marginally below ₹1,766.4 crore in Q1 and down from ₹1,954.8 crore a year earlier.

Revenue had increased from ₹1,375.7 crore in Q3 FY2025-26 to ₹1,702.3 crore in Q1 FY2026-27 before holding broadly steady in Q2. The latest quarter therefore maintained the Q1 level, but remained below the corresponding quarter last year.

## Higher expenses accompanied lower profit

Expenses increased to ₹1,582.4 crore from ₹1,446.5 crore in Q1 FY2026-27, a rise of 9.4%. With revenue essentially unchanged, profit before tax fell to ₹180.5 crore from ₹319.9 crore, down 43.6%. It was also 65.5% below the ₹523.2 crore reported in Q2 FY2025-26.

Profit for the period was ₹122.2 crore, compared with ₹244.2 crore in Q1 and ₹409.3 crore a year earlier. Diluted earnings per share was ₹8.05, half the ₹16.10 recorded in Q1 and 70.2% below ₹26.98 in Q2 FY2025-26. Tax expense declined to ₹61.8 crore from ₹77.6 crore sequentially, partially moderating the fall from pre-tax profit. Finance costs edged up to ₹8.4 crore from ₹7.9 crore.

## Operating cash flow exceeded reported profit

Cash flow from operating activities was ₹889.9 crore in Q2 FY2026-27. Investing activities used ₹608.8 crore, leaving free cash flow of ₹281.1 crore; financing activities used ₹230.5 crore.

At 30 September 2026, cash and cash equivalents were ₹329.4 crore, compared with ₹283.3 crore at 31 March 2026. Current investments rose to ₹2,026.8 crore from ₹1,327.1 crore over the same dates, while bank balances other than cash and cash equivalents declined to ₹1,391.6 crore from ₹1,899 crore.

Trade receivables stood at ₹2,176.3 crore at 30 September 2026, down from ₹2,486.2 crore at 30 September 2025. Inventories were ₹1,223.5 crore, compared with ₹1,212.5 crore a year earlier.

## Capital assets continued to increase

Property, plant and equipment was ₹3,756.5 crore at 30 September 2026, up from ₹3,334.1 crore a year earlier. Capital work in progress also increased, to ₹998.7 crore from ₹609.6 crore over the same period, indicating a larger balance of ongoing capital work.

## Key Takeaway

Revenue held at the Q1 level, but higher expenses coincided with a steep sequential decline in pre-tax and period profit. Operating and free cash flow remained positive, while current investments and capital assets were higher than at the prior March and year-earlier balance-sheet dates, respectively.

### Ratios

## Shareholding pattern

- Quarter: FY2026-Q4
- As of: 2026-03-31
- Promoter holding: +46.09%
- FII holding: +15.87%
- DII holding: +31.20%
- Mutual fund holding: +21.81%
- Retail holding: +4.42%
- Promoter pledged: +0.00%

### Major reported shareholders

- MAYANK SINGHAL — +20.45%
- MADHU SINGHAL — +9.42%
- ICICI PRUDENTIAL BALANCED ADVANTAGE FUND — +6.99%
- LIFE INSURANCE CORPORATION OF INDIA - P & GS FUND — +6.89%
- SHEFALI KHUSHALANI JOINTLY WITH MADHU SINGHAL(Trustees of Domane Family Trust) — +4.05%
- SHEFALI KHUSHALANI JOINTLY WITH MADHU SINGHAL(Trustees of Rcane Family Trust) — +4.05%
- POOJA SINGHAL JOINTLY WITH SHEFALI KHUSHALANI(Trustees of Beta Family Trust) — +4.05%
- POOJA SINGHAL JOINTLY WITH SHEFALI KHUSHALANI(Trustees of Alpha Family Trust) — +4.05%
- KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK NIFTY MIDC — +2.26%
- AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS MUTUAL F — +2.02%

## Official filings

- 2026-11-06 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PIIND_06112026151103_Newspaper_Advertisement_Financial_Result_sd.pdf)
- 2026-11-05 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PIIND_05112026173249_Intimation_Earning_Call_AudioRecording_05112026_sd.pdf)
- 2026-11-05 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_4909_WebXMLFile_20261105_174611877.xml)
- 2026-11-04 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PIIND_04112026193824_Resultssd.pdf)
- 2026-11-04 — Financial Results Filing: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753163_04112026083540_WEB.xml)
- 2026-11-04 — Financial Results Filing: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753165_04112026083604_WEB.xml)
- 2026-11-04 — Earnings Presentation: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PIIND_04112026223344_presentation.pdf)
- 2026-10-29 — Press Release: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PIIND_29102026183134_SE_Intimation_sd.pdf)
- 2026-10-27 — Board Meeting Notice: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PIIND_27102026182045_prior_bm_intimation_sd.pdf)
- 2026-10-27 — Board Meeting Notice: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_4909_WebXMLFile_20261027_182838918.xml)
- 2026-10-27 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_4909_WebXMLFile_20261027_182838918.xml)
- 2026-10-27 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PIIND_27102026183159_Earning_Call_Intimation_sd.pdf)
- 2026-10-27 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PIIND_27102026184532_Earning_Call_Intimation_final.pdf)
- 2026-10-27 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_4909_WebXMLFile_20261027_185307185.xml)
- 2026-10-19 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PIIND_19102026184713_PI_Foundation-_Reg_30_disclosure_October_19_2026_sd.pdf)
- 2026-10-19 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_4909_WebXMLFile_20261019_185758853.xml)
- 2026-10-09 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PIIND_09102026121414_disclosure_sd.pdf)
- 2026-10-07 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PIIND_07102026143947_Newspaperadvertisement_filing_sd.pdf)
- 2026-09-25 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PIIND_25092026110926_TradingWindowClosureSeptember302026sd.pdf)
- 2026-09-25 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_4909_WebXMLFile_20260925_111955355.xml)
- 2026-09-21 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PIIND_21092026184749_PIILSEintimation21092026Pioxazonsigned.pdf)
- 2026-09-21 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_4909_WebXMLFile_20260921_185228515.xml)
- 2026-09-18 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_4909_WebXMLFile_20260918_170356248.xml)
- 2026-09-18 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PIIND_18092026171805_invcallsd.pdf)
- 2026-09-06 — Generic Announcement: PI Industries Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_4909_WebXMLFile_20260906_121308291.xml)

## News and market events

- 2026-11-06 — BUSINESSTODAY: **PI Industries hits 52-week low, stock in downtrend for period up to five years; what's next?** — PI Industries shares hit a 52-week low, extending a multi-year downtrend as the company reported a 9.1% year-on-year revenue decline driven by an 18% contraction in agrochemical exports and margin pressure. Brokerage Nuvama maintained a 'HOLD' rating with a reduced target price of Rs 1,682, citing limited downside potential despite weak quarterly performance, while Motilal Oswal reiterated a 'BUY' rating based on a healthy $1.25 billion order book and expectations of gradual demand recovery. — [Source](https://www.businesstoday.in/markets/stocks/story/pi-industries-hits-52-week-low-stock-in-downtrend-for-period-up-to-five-years-whats-next-566091-2026-11-06)
- 2026-11-05 — The Hindu: **PhysicsWallah shares zoom as Q2 profit doubles, Motilal sees 57% upside potential** — PhysicsWallah shares rose after the edtech company reported that its consolidated net profit more than doubled to ₹143.63 crore in Q2, driven by 26.4% year-on-year growth in online revenue and a 9% increase in offline revenue. Motilal Oswal reiterated a 'buy' rating with a target price of ₹200, citing an expected 57% upside potential supported by expanding margins and operating leverage, while PL Capital maintained an 'accumulate' rating with a lower target of ₹140. — [Source](https://www.thehindubusinessline.com/markets/stock-markets/physicswallah-shares-zoom-as-q2-profit-doubles-motilal-sees-57-upside-potential/article71669361.ece)
- 2026-11-05 — BUSINESSTODAY: **PI Industries shares dive 16% to hit 52-week low after Q2 earnings; net profit plunges 70%** — Shares of PI Industries Ltd fell 16.28% to a 52-week low after the agrochemical company reported a 70% year-on-year plunge in Q2 FY27 net profit to Rs 122.2 crore, alongside a 9% revenue decline and significant margin contraction. The sharp drop in earnings, driven by an 18% YoY decrease in Agchem exports, resulted in elevated trading volumes and pushed the stock's year-to-date losses to over 42%. — [Source](https://www.businesstoday.in/markets/stocks/story/pi-industries-shares-dive-16-to-hit-52-week-low-after-q2-earnings-net-profit-plunges-70-565864-2026-11-05)
- 2026-11-05 — The Hindu: **PI Industries shares crash 18% after Q2 profit plunges** — PI Industries shares slumped over 18% to hit a fresh 52-week low after the company reported a 57.8% year-on-year decline in standalone net profit to ₹207.1 crore for Q2FY27. Revenue from operations also fell 14.2% to ₹1,533.5 crore during the quarter, contributing to a sharp drop in trading activity and negative returns across weekly, monthly, and year-to-date periods. — [Source](https://www.thehindubusinessline.com/markets/pi-industries-shares-crash-18-after-q2-profit-plunges/article71668682.ece)
- 2026-11-05 — BUSINESSTODAY: **Stock market today: Suzlon, PB Fintech, PFC, Mazagon among 17 stocks that may see short covering** — Bajaj Broking identified 17 F&O stocks, including Suzlon Energy, UPL, and PFC, as potential candidates for short-covering activity on November 5, citing a strong gap-up opening in Gift Nifty and derivative metrics showing elevated open interest alongside weak price action. The brokerage highlighted that stocks like UPL and Policybazaar exhibit positioning conditions that could trigger unwinding of short bets, while also noting breakout or resistance scenarios for other equities based on call open interest levels. Bajaj Broking cautioned that these observations are informational, do not constit — [Source](https://www.businesstoday.in/markets/stocks/story/stock-market-today-suzlon-pb-fintech-pfc-mazagon-among-17-stocks-that-may-see-short-covering-565792-2026-11-05)
- 2026-11-05 — CNBC-TV18: **PI Industries Q2 review: Sharp margin contraction, weak agri exports drag earnings** — PI Industries reported a sharp decline in Q2 FY27 earnings, with net profit falling 71% year-on-year to ₹118 crore and EBITDA margins contracting significantly due to weak agrochemical exports and rising input costs. While the pharmaceutical segment showed strong growth, the agrochemical business faced headwinds from subdued global demand, leading to a 9% drop in overall revenue. Management maintains its guidance for single-digit revenue growth for FY27 but notes that continued export weakness remains a key monitorable for the second half of the financial year. — [Source](https://www.cnbctv18.com/market/pi-industries-share-price-q2-review-sharp-margin-contraction-weak-agri-exports-drag-earnings-20027560.htm)
- 2026-11-01 — DECCANCHRONICLE.COM: **Pioxazon, India’s First Discovered Insecticide Molecule Brought To Farmers By PI** — PI Industries Ltd has commercially launched Pioxazon, a crop protection product featuring Pioxaniliprole, which is described as India's first indigenously discovered insecticide molecule. The product has been registered by the Central Insecticides Board and Registration Committee for controlling specific pests in rice, maize, and Bengal gram. — [Source](https://www.deccanchronicle.com/business/in-other-news/pioxazon-indias-first-discovered-insecticide-molecule-brought-to-farmers-by-pi-2000834)
- 2026-10-29 — The Hindu: **PI Industries to launch insecticide Pioxaniliprole this rabi season in India** — PI Industries announced the launch of Pioxaniliprole, an anthranilic diamide-class insecticide, for commercial sale in India during the current Rabi season. The company plans to expand globally through partnerships in markets like the US and Brazil, while excluding China from initial expansion plans. — [Source](https://www.thehindubusinessline.com/economy/agri-business/pi-industries-to-launch-insecticide-pioxaniliprole-this-rabi-season-in-india/article71640975.ece)
- 2026-10-21 — BUSINESSTODAY: **PI Industries shares fall 5% as Morgan Stanley double downgrades stock** — PI Industries, PI Industries share price, PI Industries stock, Morgan Stanley downgrade, PI Industries target price, Vivek Rajamani, agrochemical stocks, El Niño, earnings growth, PI Industries YTD performance — [Source](https://www.businesstoday.in/markets/stocks/story/pi-industries-shares-fall-5-as-morgan-stanley-double-downgrades-stock-562773-2026-10-21)
- 2026-10-21 — BUSINESS: **Midcap 100, Smallcap 100 index down 1%; MRF, Biocon, Swiggy at 52-week lows** — Yes Bank, PI Industries, MRF, Swiggy, Biocon, NMDC, Tube Investments of India, Vishal Mega Mart, Voltas and Max Financial Services from the Midcap 100 index hitting their respective 52-week lows. — [Source](https://www.business-standard.com/markets/news/midcap-100-smallcap-100-index-down-1-mrf-biocon-swiggy-at-52-week-lows-126102100269_1.html)
- 2026-09-22 — CNBC-TV18: **Closing Bell: Nifty snaps 4-day winning run, slips below 23,350; IT stocks drag** — Indian equities snapped a four-session winning streak on Tuesday as volatility returned to the market, with IT stocks under pressure and crude prices swinging on Iran war updates. The Nifty ended 85 points lower at 23,329. — [Source](https://www.cnbctv18.com/market/closing-bell-nifty-snaps-4-day-winning-run-slips-below-23350-it-stocks-drag-19995809.htm)
- 2026-09-22 — Economic Times: **Stocks in news: ONGC, Lloyds Metals, Canara Bank, Rays of Belief and GRSE** — Indian stock markets closed higher on Monday, with the Nifty 50 and BSE Sensex gaining points. Several companies, including ONGC and Canara Bank, are expected to be active on Tuesday. ONGC announced a gas discovery in the Mahanadi Offshore Basin, while Canara Bank received a rating from Moody’s. Lloyds Metals and Energy approved capacity expansion, and Suryoday Small Finance Bank plans to raise funds. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-ongc-lloyds-metals-canara-bank-rays-of-belief-and-grse/articleshow/134394479.cms)
- 2026-09-11 — CNBC-TV18: **FIIs keep selling as Sensex, Nifty suffer fifth straight weekly loss** — FIIs sold ₹931 crore of Indian equities on Friday, while DIIs bought ₹1,968 crore as the Sensex and Nifty fell for a fifth straight week. — [Source](https://www.cnbctv18.com/market/fiis-keep-selling-as-sensex-nifty-suffer-fifth-straight-weekly-loss-19989625.htm)
- 2026-09-11 — CNBC-TV18: **Sensex ends in red, Nifty Bank rebounds over 900 points: 6 reasons behind today’s move** — The Sensex slipped 121 points to 74,782, while the Nifty fell 80 points to 23,398. The Nifty Bank ended 135 points higher at 56,607, while the Nifty Midcap index declined 160 points to 62,197. — [Source](https://www.cnbctv18.com/market/sensex-ends-in-red-nifty-bank-rebounds-over-900-points-6-reasons-behind-todays-move-19989425.htm)
- 2026-09-11 — CNBC-TV18: **PI Industries shares fall 7% after this negative news extend losses from 52-week low** — Kumiai Chemicals, a key client, has cut its profit guidance for its fiscal year, which ends on October 31, 2026. The full year operating profit guidance has been cut to 2,700 million yen compared to its previous guidance of 7,200 million yen. — [Source](https://www.cnbctv18.com/market/pi-industries-share-price-fall-52-week-low-big-client-cuts-profit-guidance-key-reasons-why-19989250.htm)
- 2026-09-07 — Economic Times: **Nifty Outlook: Analysts pick key levels and stocks to watch** — Nifty has experienced a decline for four straight weeks, breaking through the crucial 24,000 support level. Experts recommend adopting a market-neutral approach to capitalize on expected volatility. Among the stocks to watch are APL Apollo Tubes and One 97 Communications, which may offer promising returns. The Bank Nifty indicates upward trends, encouraging investors to buy on dips around 56,400. Additionally, Hindustan Oil Exploration Company and Engineers India present attractive opportunities... — [Source](https://economictimes.indiatimes.com/markets/stocks/news/nifty-extends-losing-streak-breaks-24000-support/articleshow/133859423.cms)
- 2026-09-04 — Mint: **Gift Nifty hints big gap-up start | Amid Janmashtami celebrations, Vaishali Parekh recommends three stocks to buy today** — Vaishali Parekh recommends three stocks to buy today — Titagarh Rail Systems, Edelweiss Financial Services, and PI Industries — [Source](https://www.livemint.com/market/stock-market-news/gift-nifty-hints-big-gap-up-start-amid-janmashtami-celebrations-vaishali-parekh-recommends-three-stocks-to-buy-today-11788485706235.html)
- 2026-09-04 — Mint: **PI Industries bets on innovation-led growth as agrochem headwinds mount | Company Business News** — PI Industries aims to offset earnings declines and global agrochemical headwinds by shifting from contract manufacturing to proprietary R&D and non-agri diversification. — [Source](https://www.livemint.com/companies/news/pi-industries-bets-on-innovation-led-growth-as-agrochem-headwinds-mount-11788426176987.html)
- 2026-08-13 — The Hindu: **Sensex today | Stock Market Live:  Sensex, Nifty trade lower despite positive global cues; crude prices remain a concern** — Sensex, Nifty, Share Prices Live: Indian equities remained subdued despite stronger Asian markets, with firm crude prices and geopolitical risks keeping investors cautious. Domestic inflation, MSCI’s latest reshuffle and expectations around RBI policy are also likely to influence trading sentiment during Thursday’s session. — [Source](https://www.thehindubusinessline.com/markets/sensex-nifty50-today-stock-market-live-updates-13th-august-2026/article71337670.ece)
- 2026-08-13 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: GIFT Nifty trades lower; Tata Motors CV in focus** — Sensex Today | Stock Market LIVE Updates: Today is the Sensex weekly options expiry session. The Nifty though, finds itself stuck below the 24,500 mark, although a late charge from the Nifty Bank on Wednesday ensured that the index managed to close above 24,400. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-expiry-today-nifty-50-msci-gcpl-lg-tata-motors-lenskart-laurus-adani-ashok-leyland-share-price-liveblog-19968111.htm)
- 2026-08-12 — CNBC-TV18: **Why did stock market fall today? Sensex, Nifty end lower after sharp recovery from lows** — The Nifty Bank gained 440 points to 57,886, closing at the day's high, while the Nifty Midcap index rose 180 points to 64,024. The Midcap Index ended lower but continued to outperform the benchmark indices. — [Source](https://www.cnbctv18.com/market/why-did-stock-market-fall-today-sensex-nifty-end-lower-after-sharp-recovery-from-lows-19967617.htm)
- 2026-08-12 — BUSINESS: **PI Industries slumps after Q1 PAT falls 39% YoY to Rs 244 crore** — PI Industries tumbled 5.31% to Rs 2599.35 after the company reported 39% fall in consolidated net profit to Rs 244.2 crore in Q1 FY27 from Rs 400 crore in Q1 FY26. — [Source](https://www.business-standard.com/markets/capital-market-news/pi-industries-slumps-after-q1-pat-falls-39-yoy-to-rs-244-crore-126081200568_1.html)
- 2026-08-12 — CNBC-TV18: **Q1 Results Live Updates: TD Power revenue jumps 72%, PI Industries misses across the board** — Q1 Results LIVE Updates: Apollo Hospitals and Grasim are among the final Nifty 50 names that will be reporting their results today along with broader market names such as HAL, IRCTC, IRCON, Lenskart, Astral, Tata Motors CV, among others. Manappuram, PI Industries, Bata India, Senco Gold, and others will also be reacting to their results. Watch this space for all the LIVE Q1 result updates. — [Source](https://www.cnbctv18.com/market/q1-results-live-updates-today-hal-apollo-hosp-manappuram-irctc-ircon-lenskart-grasim-pi-ind-astral-share-price-liveblog-19967133.htm)

## Business profile

**Strategic vision:** Integrated agrisciences and life sciences solutions provider.

### Business segments
- **Agri Sciences:** Focuses on bringing agricultural solutions and knowledge to farmers, integrating every step in the agri-value chain.
- **Health Sciences:** Offers end-to-end Contract Research, Development, and Manufacturing Organization (CRDMO) solutions for the health sciences sector.

### Competitive strengths
- Integrated business model across agri-value chain
- End-to-end CRDMO solutions for health sciences

## Related stocks

- [Deepak Nitrite Limited (Chemicals)](https://faxioms.com/stocks/deepakntr) — -0.58%
- [Gujarat Fluorochemicals Limited (Chemicals)](https://faxioms.com/stocks/fluorochem) — -0.20%
- [Himadri Speciality Chemical Limited (Chemicals)](https://faxioms.com/stocks/hscl) — -0.01%
- [Navin Fluorine International Limited (Chemicals)](https://faxioms.com/stocks/navinfluor) — +1.87%
- [UPL Limited (Chemicals)](https://faxioms.com/stocks/upl) — +1.60%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/piind
Markdown representation: https://faxioms.com/stocks/piind?render=md