PI Industries Q2 FY26 Earnings Results

PI Industries Ltd is a leading player in the agro-chemicals space having strong presence in both Domestic and Export markets. It has state-of-art facilities in Gujarat having integrated process development teams with in-house engineering capabilities.

 

Q2 FY26 Earnings Results

• Revenue from Operations: ₹1,872.3 crore, down 15.7% YoY from ₹2,221 crore in Q2 FY25, and down 1.5% QoQ from ₹1,900.5 crore in Q1 FY26.

• Operating Profit (EBITDA) excluding Other Income: ₹541.3 crore, margin at 28.9%, up 63 bps YoY from 28.3% in Q2 FY25.

• Profit After Tax (PAT): ₹409.3 crore, down 19.5% YoY from ₹508.2 crore.

• EBITDA margin remained strong but contraction in revenue led to PAT decline.

• Other Income declined 32.5% YoY to ₹82.5 crore.

• Interest costs remained low at ₹2.6 crore.

• Depreciation increased to ₹98 crore reflecting ongoing capacity expansions.

• H1 FY26 revenue: ₹3,772.8 crore, down 12.1% YoY.

• H1 FY26 profit declined significantly compared to previous year.

• Employee costs reduced slightly to ₹220.5 crore from ₹232.3 crore sequentially indicating efficient overhead management.

• Pharma segment revenues grew 104% YoY, contributing about 4% to export revenue.

• Agchem exports down 14% YoY by volume but new products grew 46% YoY.

• Domestic agchem revenue increased approx 6% YoY.

• Biologicals products revenue declined 38% YoY.

• Continued investments in R&D and capacity expansion with INR 441.5 crore capex in H1 FY26.

 

Management Commentary & Strategic Insights

• Management highlighted operational efficiencies helping margin resilience despite revenue pressure.

• PI Industries continues investing in growth via innovation, expanded product pipeline, inorganic growth, and technology.

• Margins supported by cost optimization and mix improvements, with cautious outlook given industry volatility and short-term challenges.

• Long-term strategy centers on margin discipline, scaling high-quality growth, and expanding strategic platforms.

 

 

Q1 FY26 Earnings Results

• Revenue: ₹1,900.5 crore, down 8.1% YoY from previous year.

• EBITDA: ₹521 crore, down 11% YoY.

• PAT: ₹400 crore, down 10.9% YoY.

• Operational metrics showed a decline due to regulatory transitions and cyclical softness.

• Capex and R&D spend remain priorities to support future growth.

 

To view the company’s previous earnings and latest concall transcripts, click here  to visit the Alphastreet India news channel.