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Revenue
₹79 Cr
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Revenue YoY
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EBITDA
Pending
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What the record says.
PI Industries reported Q3 FY26 revenue of ₹1,376 crore, reflecting continued global agrochemical headwinds. The CSM export business saw volume-led moderation due to slow demand and customer rescheduling, though new product growth of 10% in 9M FY26 demonstrates pipeline progress. Domestic demand remained subdued due to high channel inventory and low commodity prices. Gross margin expanded to 59% on favorable mix and cost discipline, while EBITDA margin for 9M stood at 27%. Management expects sequential recovery from Q4 FY26, with growth momentum building into FY27 as industry conditions stabilize. The order book stands at $1.2 billion. Key risk: prolonged global demand weakness could delay the expected recovery trajectory.
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Guidance to track
- Management expects volume growth to resume in Q4 FY26, with sequential improvement over Q3.
- Revenue growth is expected to pick up in FY27 as industry conditions stabilize and new products ramp up.
- Management targets EBITDA margin of 25-26% for FY26, consistent with earlier guidance.
- Capital expenditure for FY27 is expected to be in the range of ₹500-600 crore, subject to board approval.
Risks flagged
- Extended downcycle in global crop protection market due to low commodity prices and geopolitical uncertainties could delay recovery.
- Pharma and biologicals businesses are incurring quarterly losses of ₹75-80 crore, and breakeven may take longer than expected.
- Trade working capital days increased sharply to 139 days, reflecting market conditions and partner support needs.
- Regulatory issues in Indian biologicals market have impacted portfolio, though management expects resolution by Q4.
Key quotes
- We are the first company in the world who has commercialized peptides in agriculture.
- Look at these as investments of the future not as losses of present.
- We see the positivity of growth and as I mentioned in my talk earlier that you know the industry is still having an extended cycle of growth.
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