PI Industries is a crop-protection and custom-synthesis company that also runs a growing pharma CRDMO and specialty chemicals business, reporting into a global agrochemical cycle that has yet to show a clear recovery. This print will speak to whether the 22% EBITDA margin run-rate holds as input costs firm, and how the newly registered Pioxaniliprole launch and the loss-making pharma ramp are tracking.
| Results date | November 04, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,702.30 Cr (Q1 FY27) |
| Previous quarter PAT | Rs. 244.20 Cr (Q1 FY27) |
| Previous quarter EBITDA margin | 22% (Q1 FY27) |
| Market cap | Rs. 31,860.8 Cr |
| CMP | Rs. 2,100.0 |
The Board of PI Industries will meet on November 4, 2026 to approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026 (Q2/H1 FY27) under Regulation 29(1)(a). No dividend agenda phrase appears in the board-meeting intimation.
The earnings call is scheduled for November 5, 2026 at 12:00 noon IST. The trading window for designated persons was closed October 1 to November 6, 2026, reopening November 7, 2026.
FY27 revenue guidance tracking: Guidance is positive lower-single-digit growth for FY27, but Q1 FY27 revenue was down 10% YoY, making an H2-weighted recovery essential.
EBITDA margin and gross margin trajectory: EBITDA margin has sat at 22% for three straight quarters against 25% delivered in FY26.
Pioxaniliprole launch progress: Registration was granted September 21, 2026 and the product was unveiled October 29, 2026 as the first insecticide active ingredient discovered in India.
Capex, working capital and contract assets: Balance-sheet discipline has been a support through the down-cycle.
New product execution and ETR: FY27 pipeline commitments span exports, electronic chemicals and pharma.
EBITDA margin fell from 27–28% earlier in FY26 to 22% in recent quarters even as gross margins held at 57–59%, with the squeeze coming from overheads (up 5% YoY in Q1 FY27) and losses in the pharma and biologics businesses. Management has said margins are 'not that straightforward' given geopolitics, commodity prices and logistics, and has prioritised maintaining gross margins over guiding point EBITDA margins.
In Q1 FY27, the pharma segment reported a PBT loss of Rs. (816) Mn on a consolidated segment-reporting basis (Rs. (617) Mn on the PIHS post-eliminations basis), and the Biologics business carried an EBITDA loss of about Rs. 100 crore. Management has guided that pharma EBITDA turns positive once topline reaches INR 400–500 crore, with the investment phase expected to continue 'for another year'.
Contract assets represent revenue recognised but not yet billed, and they stood at about Rs. 750 crore as of June 2026, down from Rs. 1,065 crore in December 2025. Management has guided a steady-state range of INR 500–700 crore, below which it said 'would be a challenging number to manage that risk'.
Registration was granted on September 21, 2026 under Section 9(3) of the Insecticides Act, 1968, and the product was formally unveiled on October 29, 2026 as the first insecticide active ingredient discovered in India. The domestic launch is stated to be 'early this year', with ex-India regulatory filings planned around the end of this year or next year.
Not yet — Q1 FY27 consolidated revenue of Rs. 1,702.30 Cr was down 10% YoY, following declines of 12% in Q4 FY26 and 28% in Q3 FY26 amid the global crop-protection down-cycle. Management has guided FY27 revenue growth to be positive at 'lower single digit', dependent on an export recovery in the second half.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.