PI Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript PI Industries Ltd filed with BSE on 26 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
PI Industries reported consolidated FY26 revenue of Rs 67,137 million with EBITDA margins of 25% and a cash balance of Rs 34,265 million, while Q4 FY26 revenue was Rs 15,652 million, showing sequential growth. Management said the pharma business grew 40% for the full year and that new products contributed 18% of AgChem exports, while domestic agrochemical demand remained impacted by channel inventory, pricing pressure and lower crop acreages. Management said it expects growth in FY27 supported by export recovery, new product launches including the NCE Pioxaniliprole, and continued scale-up of pharma and biologicals.
Numbers mentioned
Consolidated Revenue: ₹ 67,137 million (FY26)
p. 3
“Our consolidated revenue for the full year FY26, we have delivered revenue of ₹ 67,137 million with healthy EBITDA margins of 25% and cash balance of INR 34,265 million enabling the company to pursue future strategic investments for long - term sustainable growth.”
Mayank Singhal, page 3 of the filed PDF · View the filing
Cash balance: INR 34,265 million (FY26)
p. 3
“Our consolidated revenue for the full year FY26, we have delivered revenue of ₹ 67,137 million with healthy EBITDA margins of 25% and cash balance of INR 34,265 million enabling the company to pursue future strategic investments for long - term sustainable growth.”
Mayank Singhal, page 3 of the filed PDF · View the filing
Pharma business growth: 40% (FY26)
p. 3
“Our Pharma business delivered 40% growth for the full year.”
Mayank Singhal, page 3 of the filed PDF · View the filing
Q4 Revenue: Rs. 15,652 million (Q4 FY26)
p. 4
“For Q4 FY26, we reported revenue of Rs. 15,652 million delivering sequential growth as per our guidance given last quarter.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
Full year revenue: Rs. 67,137 million (FY26)
p. 4
“On a full year basis, revenue is Rs. 67,137 million delivering growth on a 3-year CAGR.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
New products contribution to AgChem Exports: 18% (FY26)
p. 5
“New products now contributing 18% of AgChem Exports highlights our focused derisking strategy and innovation led approach.”
Sanjay Agarwal, page 5 of the filed PDF · View the filing
Gross margin: 58% (Q4 FY26 and FY26)
p. 5
“Our gross margin expanded to 58% during the quarter & for the year, supported by a favourable product mix and strong operational efficiencies.”
Sanjay Agarwal, page 5 of the filed PDF · View the filing
EBITDA margin: 25% (FY26)
p. 5
“Further, at EBITDA level, we delivered what we committed at the start of the year a resilient margin of 25% for full year.”
Sanjay Agarwal, page 5 of the filed PDF · View the filing
Effective Tax Rate: 22% (FY26)
p. 5
“While the ETR for the quarter has risen due to higher non-SEZ sales, on a full year basis, the ETR for FY26 remains at 22%.”
Sanjay Agarwal, page 5 of the filed PDF · View the filing
Trade working capital days of sales: 139 days (FY26)
p. 5
“We have sustained our Trade working capital in terms of days of sales at 139 days despite of volatile market scenario.”
Sanjay Agarwal, page 5 of the filed PDF · View the filing
S&P Global CSA percentile: 98 percentile
p. 3
“On sustainability we have maintained our position in the S&P Global Sustainability Yearbook, and our most recent S&P Global CSA percentile has improved to 98 percentile, placing us firmly in the top tier of global chemical companies.”
Mayank Singhal, page 3 of the filed PDF · View the filing
Capacity utilization: around 80% (FY26)
p. 7
“For FY26, it is around 80%.”
Mayank Singhal, page 7 of the filed PDF · View the filing
Plant Healthcare revenue: USD 12 to 13 million (FY26)
p. 14
“They have been in the range around USD 12 to 13 million.”
Sanjay Agarwal, page 14 of the filed PDF · View the filing
Order book: $1-1.2 billion
p. 12
“Well, we do not have a specific for new areas, but I think somewhere around $ 1-1.2 billion which is already the order book position which continues to hold on.”
Mayank Singhal, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — FY27
stated firmly by Mayank Singhal
p. 4
“We expect FY27 to deliver growth, with exports and global biologicals gaining traction backed by customer momentum as well as domestic business is expected to gain from new brand launches.”
Mayank Singhal, page 4 of the filed PDF · View the filing
Effective Tax Rate — 24% · FY27 and thereafter
stated firmly by Sanjay Agarwal
p. 5
“We expect FY27 and thereafter ETR to inch upto 24%.”
Sanjay Agarwal, page 5 of the filed PDF · View the filing
Capex — INR 700 to INR 800 crore
stated firmly by Sanjay Agarwal
p. 12
“So, the capex would be as we have guided in the past also, we should have INR 700 to INR 800 crore of capex both at the manufacturing level, some of the new launches which we are going to be having, R&D spends across both pharma and our agrochemical business.”
Sanjay Agarwal, page 12 of the filed PDF · View the filing
Pharma business top line — INR 500 crore – INR 600 crore · next two-three years
stated as an aspiration by Mayank Singhal
p. 10
“As we have seen these things move and as we have stated earlier, achieving a INR 500 crore – INR 600 crore top line is when you would see these things move into a positive phase.”
Mayank Singhal, page 10 of the filed PDF · View the filing
Electronic chemicals revenue — $100 million · next 4 to 5 years
stated as an aspiration by Mayank Singhal
p. 10
“As we have stated earlier last year, we are looking to target about $100 million in the next 4 to 5 years in this segment.”
Mayank Singhal, page 10 of the filed PDF · View the filing
Electronic chemicals revenue — $80 million to $100 million · Five-six years
stated as an aspiration by Mayank Singhal
p. 17
“Five-six years is the estimate about somewhere about $ 80 million to $ 100 million of revenue in this space.”
Mayank Singhal, page 17 of the filed PDF · View the filing
Gross margin — FY27
stated firmly by Mayank Singhal
p. 17
“So, I think as earlier questioned by a couple of others, we said we would continue to manage and maintain the average gross margin of last year.”
Mayank Singhal, page 17 of the filed PDF · View the filing
Contract assets — below INR 500 crore-700 crore
stated conditionally by Mayank Singhal
p. 16
“And I think given the scale and the complexity of the value chain of production, contract assets below INR 500 crore-700 crore would be a challenging number to manage that risk.”
Mayank Singhal, page 16 of the filed PDF · View the filing
Revenue growth — late-stage single digit or early-stage double digit · FY27
stated conditionally by Mayank Singhal
p. 13
“But yes, I can tell you we can definitely look at growth, at nearly late-stage single digit or early-stage double digit at the worst-case scenario.”
Mayank Singhal, page 13 of the filed PDF · View the filing
R&D and launch spend — INR 50 to INR 100 crore of additional spends · FY27
stated firmly by Sanjay Agarwal
p. 12
“Yes, next year FY27 as well, we will have similar expenses for the R&D and also for the launch since we are looking at the Pioxaniliprole launch this year, we will have some additional cost in the next few quarters on that.”
Sanjay Agarwal, page 12 of the filed PDF · View the filing
NCE global filing — end of this year or next year
stated as an aspiration by Mayank Singhal
p. 9
“So, we will be looking to put in application outside India for filing probably at the end of this year or next year.”
Mayank Singhal, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said these are multi-year investments with longer gestation periods across new molecules and technology, with ramp-up taking four to five years.
Answered by Mayank Singhal
Asked by Saurabh Jain: Why has capex of INR 2,600 crore over three years not converted into revenue growth, and when will it?
p. 6
“Yes, but the ramp-up does not happen over one year as you would appreciate. You know, if the eventual new molecule capacities are at X, which move to maturity over five years, you build the plant.”
Mayank Singhal, page 6 of the filed PDF · View the filing
Management said growth from other lines like biologicals and new molecules exists but has not kept pace with expectations given the external environment.
Answered by Mayank Singhal
Asked by Tejas Pradhan: What would FY26 growth in CSM exports look like excluding the largest product, pyroxasulfone?
p. 6
“Well, if you look at the other lines of biologicals, new molecules, yes, there is growth, but expected growth rates which were to be there, given the external environment situation and the agriculture scenario, they have not kept pace.”
Mayank Singhal, page 6 of the filed PDF · View the filing
Management said gross margin would be maintained at last year's average level, but gave no specific EBITDA margin target given cost volatility.
Answered by Mayank Singhal
Asked by Vivek Rajamani: How should EBITDA and gross margin trend into FY27 given recent quarterly compression?
p. 7
“You see, given the present environment, the volatility of the various factors, whether it is input costs or whether it is other cost structures and challenges, our target is always to say that we can continue to manage them.”
Mayank Singhal, page 7 of the filed PDF · View the filing
Management described it as the first foliar-application biological nematode product and said sales in Brazil were expected to more than triple this year.
Answered by Jagresh Rana
Asked by Rohit Nagraj: What is the market potential for the new biological nematode product launched in the US?
p. 8
“We are expecting a significant growth from this product. We have already launched it in Brazil and Mexico.”
Jagresh Rana, page 8 of the filed PDF · View the filing
Management said growth is expected but declined to commit to a specific range, citing global uncertainty, while suggesting worst case would be late single digit to early double digit.
Answered by Mayank Singhal
Asked by Sumant Kumar: What growth rate should be expected for FY27 – double digit, lower double digit, or mid-teens?
p. 13
“I would say growth for sure. Double or late single will all be subject to how the world reacts. And that is the reality.”
Mayank Singhal, page 13 of the filed PDF · View the filing
Management said spending covered agrochemicals, pharma, R&D, and fine chemicals, including commercialization of the Kilo facility and Flow MPP.
Answered by Sanjay Agarwal
Asked by Abhijit Akella: Can management break down the INR 1,100 crore FY26 capex by project?
p. 13
“Yes, so it is across both the agrochemicals, pharma and the R&D spends which we have done. we are about to commercialize our Kilo facility in Lodi plant, so that has taken substantial sum plus the Flow MPPwe have commercialized during this year.”
Sanjay Agarwal, page 13 of the filed PDF · View the filing
Management indicated investments of around INR 500 crore would be considered substantial for this business area.
Answered by Mayank Singhal
Asked by Rupesh: What is PI's expected gross block investment for the electronic chemicals business over the next 2-3 years?
p. 15
“Anything substantial of that area, INR 500 crore is a number which PI would really look at. INR 100, INR 200 is not a significant investment as you would appreciate in the plant today.”
Mayank Singhal, page 15 of the filed PDF · View the filing
Management said it is too early to guide specifically since supply chains are long and PI only builds to already-contracted volumes.
Answered by Mayank Singhal
Asked by Ram Arvind: Will volumes in the largest CSM molecule pick up given the client's own guidance improvements?
p. 16
“Clearly, it would be too early for us to answer and to guide how we see that, but yes, if they do benefit, it is a good to see the reciprocating benefit over time.”
Mayank Singhal, page 16 of the filed PDF · View the filing
Risks flagged
Global conflict disrupting supply chains and agrochemical industry just-in-time purchasing
p. 3
“The conflict in the Middle East since late February have introduced a fresh layer of disruption that the industry was not anticipating.”
Mayank Singhal, page 3 of the filed PDF · View the filing
Elevated channel inventory, lower crop prices and heavy rainfall muting domestic demand
p. 3
“The domestic backdrop is genuinely encouraging on the fundamentals, even though near-term industry demand has been muted due to elevated channel inventory, lower crop prices and incessant rainfall.”
Mayank Singhal, page 3 of the filed PDF · View the filing
Decline in AgChem exports due to lower volumes from global industry contraction and customer delivery schedules
p. 4
“Decline in AgChem Exports is primarily driven by lower volumes reflecting the broader global industry contraction and customer delivery schedules.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
Domestic agrochemical demand impacted by channel inventory, pricing pressure, regulatory delays and lower crop acreages
p. 5
“Domestic agrochemical demand remained impacted due to channel inventory, pricing pressure, delay in regulatory transitions of biological portfolio and lower crop acreages impacting key crops for PI.”
Sanjay Agarwal, page 5 of the filed PDF · View the filing
Volatility in raw material prices and availability challenges
p. 12
“we are all challenged with that availability and that is not something in our hand, but so far we have been able to manage and will continue to manage, but we never know when the situation changes, the way the world is in today.”
Mayank Singhal, page 12 of the filed PDF · View the filing
External environment challenges in biotech and pharma investment slowing pharma sector aggressiveness
p. 18
“Yes, there are challenges, especially in the pharma sector there has been challenges in the external environment investment, biotech startups-reduction in that space.”
Mayank Singhal, page 18 of the filed PDF · View the filing
Pricing corrections and currency deviations impacting exports
p. 10
“there are pricing corrections, currency deviations that you know, we have pass through models. Yes, we are seeing volatility in the raw material prices and they have had some impact”
Mayank Singhal, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.