Order Book
$1.2B
flat
Order book remains at $1.2 billion, indicating stable long-term visibility despite near-term headwinds.
PI
Diversified
10 Feb 2026
PI Industries Ltd — Q3 FY26
PI Industries reported Q3 FY26 revenue of ₹1,376 crore, reflecting continued global agrochemical headwinds.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
New Products Growth (9M)
10%
+10% YoY
New products in CSM exports grew 10% in 9M FY26, demonstrating continued pipeline traction.
Gross Margin
59%
+700bps YoY
Gross margin expanded to 59% in Q3, driven by favorable product mix and cost discipline.
Working Capital Days
139 days
+71 days YoY
Trade working capital days increased to 139, reflecting current market conditions and partner support.
Management Guidance
Sequential volume growth from Q4 FY26
Management expects volume growth to resume in Q4 FY26, with sequential improvement over Q3.
Management guidance growthFY27 growth momentum building
Revenue growth is expected to pick up in FY27 as industry conditions stabilize and new products ramp up.
Management guidance growthFY26 EBITDA margin target of 25-26%
Management targets EBITDA margin of 25-26% for FY26, consistent with earlier guidance.
Management guidance marginsFY27 capex plan of ₹500-600 crore
Capital expenditure for FY27 is expected to be in the range of ₹500-600 crore, subject to board approval.
Management guidance capexKey Risks
Prolonged global demand weakness
Extended downcycle in global crop protection market due to low commodity prices and geopolitical uncertainties could delay recovery.
high · management_commentarySlow conversion of pharma and biologicals investments
Pharma and biologicals businesses are incurring quarterly losses of ₹75-80 crore, and breakeven may take longer than expected.
medium · analyst_questionWorking capital pressure
Trade working capital days increased sharply to 139 days, reflecting market conditions and partner support needs.
medium · data_observationRegulatory hurdles in domestic biologicals
Regulatory issues in Indian biologicals market have impacted portfolio, though management expects resolution by Q4.
medium · management_commentaryNotable 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.
Frequently Asked Questions
What was PI Industries's revenue in Q3 FY26?
PI Industries reported revenue of ₹1,376 Cr in Q3 FY26, representing a — change compared to the same quarter last year.
What guidance did PI Industries management give for FY27?
Sequential volume growth from Q4 FY26: Management expects volume growth to resume in Q4 FY26, with sequential improvement over Q3. FY27 growth momentum building: Revenue growth is expected to pick up in FY27 as industry conditions stabilize and new products ramp up. FY26 EBITDA margin target of 25-26%: Management targets EBITDA margin of 25-26% for FY26, consistent with earlier guidance. FY27 capex plan of ₹500-600 crore: Capital expenditure for FY27 is expected to be in the range of ₹500-600 crore, subject to board approval.
What are the key risks for PI Industries in FY27?
Key risks include Prolonged global demand weakness — Extended downcycle in global crop protection market due to low commodity prices and geopolitical uncertainties could delay recovery.; Slow conversion of pharma and biologicals investments — Pharma and biologicals businesses are incurring quarterly losses of ₹75-80 crore, and breakeven may take longer than expected.; Working capital pressure — Trade working capital days increased sharply to 139 days, reflecting market conditions and partner support needs.; Regulatory hurdles in domestic biologicals — Regulatory issues in Indian biologicals market have impacted portfolio, though management expects resolution by Q4..
Did PI Industries meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full PI Industries Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.