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PI Industries Limited Q2 FY26 earnings call summary

NSE: PIIND · BSE: 523642

Earnings call of 12 Nov 2025, summarised by AI from the filing.

PI Industries Q2 FY26 revenue declined 16% to ₹18,723 million; recovery expected from Q4 FY26.

Key takeaways

  1. Revenue Q2 FY26 revenue ₹18,723 million, a 16% decline from the high base of the same period last year.
  2. Change Trade working capital days rose to 113 days, reflecting current market conditions.
  3. Driver New products commercialised over last three years grew 38% Y-o-Y in H1.
  4. Risk Global crop protection down-cycle; full recovery not expected before H2 2026 or later.

Original filing on BSE

PI Industries Limited Q1 FY27 results

As filed: Revenue ₹1,702 cr (−10% year on year), EBITDA ₹367 cr (−29% year on year), PAT ₹244 cr (−39% year on year), EBITDA margin 21.6% (−577 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹1,565 cr (−12% year on year), EBITDA ₹337 cr (−26% year on year), PAT ₹200 cr (−40% year on year), EBITDA margin 21.5% (−399 bps). Score 14 of 100, Below trend. Revenue growth was below the company's own trend; EBITDA and profit growth were well below it. EBITDA margin fell 399 bps year on year. Other income 25% of PBT. Profit fell 36% from last quarter. Share price after the results: −8.9% in 30 days (Nifty 500: +3.0%).
  • Q3 FY26: Revenue ₹1,376 cr (−28% year on year), EBITDA ₹302 cr (−41% year on year), PAT ₹311 cr (−46% year on year), EBITDA margin 22.0% (−496 bps). Score 2 of 100, Below trend. Revenue, EBITDA and profit before exceptional items growth were well below the company's own trend. EBITDA margin fell 496 bps year on year. Tax rate 14%. Revenue fell 27% from last quarter. Share price after the results: −10.1% in 29 days (Nifty 500: −9.6%).
  • Q2 FY26: Revenue ₹1,872 cr (−16% year on year), EBITDA ₹541 cr (−14% year on year), PAT ₹409 cr (−19% year on year), EBITDA margin 28.9% (+58 bps). Score 19 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin rose 58 bps year on year. Share price after the results: −7.8% in 30 days (Nifty 500: +0.7%).
  • Q1 FY26: Revenue ₹1,901 cr (−8% year on year), EBITDA ₹520 cr (−11% year on year), PAT ₹400 cr (−11% year on year), EBITDA margin 27.4% (−78 bps). Score 17 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin fell 78 bps year on year. Share price after the results: −9.6% in 30 days (Nifty 500: −0.2%).
  • Q4 FY25: Revenue ₹1,787 cr (+3% year on year), EBITDA ₹456 cr (+3% year on year), PAT ₹331 cr (−11% year on year), EBITDA margin 25.5% (+13 bps). Score 28 of 100, Below trend. Revenue and EBITDA growth were below the company's own trend; profit growth was well below it. EBITDA margin rose 13 bps year on year. Revenue fell 6% from last quarter. Share price after the results: +10.1% in 30 days (Nifty 500: +0.3%).
  • Q3 FY25: Revenue ₹1,901 cr (0% year on year), EBITDA ₹512 cr (−7% year on year), PAT ₹373 cr (−17% year on year), EBITDA margin 26.9% (−220 bps). Score 7 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin fell 220 bps year on year. Revenue fell 14% from last quarter.
  • Q2 FY25: Revenue ₹2,221 cr (+5% year on year), EBITDA ₹629 cr (+14% year on year), PAT ₹508 cr (+6% year on year), EBITDA margin 28.3% (+229 bps). Score 49 of 100, In line with trend. EBITDA margin rose 229 bps year on year. Not enough history for a trend yet: scored on growth alone.

Past price moves after results do not indicate future moves. Not a recommendation.

PI Industries Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.