Loading…
Indian agrochemical company known for custom-synthesis manufacturing (CDMO) of patented molecules for global crop-protection majors.
Indian agrochemical company known for custom-synthesis manufacturing (CDMO) of patented molecules for global crop-protection majors.
Makes patented crop-protection molecules under long-term exclusive contracts for global innovators, who keep the patent and pay for the manufacturing, so it earns processing fees without carrying the discovery cost. The domestic branded business sells to Indian farmers through dealers and depends on the monsoon and crop seasons.
Moat: narrow (process know-how, customer qualification, IP / patents). Long-term exclusive CSM contracts with global agrochemical innovators are hard to win, but customer concentration limits scale.
Headquarters: Udaipur, India · Founded: 1946 · Employees: 6,353
Size PI Industries (PIIND.NS) is an India Materials company (Chemicals: Specialty) with a market value of $2.79B, the 305th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,735 on 6 Nov 2026.
Performance Over six months the shares fell 44.1%, against -12.2% for the median peer and 0.0% for the India market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 14.9% over the last twelve months (peer median +8.5%); the operating margin is 13.3% (peer median 9.7%).
Valuation It trades at 22.7× forward earnings against a peer median of 18.8× (9th most expensive of 20).
Capital Return on invested capital runs 9.4 points below its cost of capital (17.3% WACC).
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹63.5B | ₹66.8B | ₹79.1B | ₹76.2B | ₹64.6B |
| Revenue growth | — | -16% | +4% | +18% | — |
| Gross profit | ₹21.3B | ₹19.6B | ₹24.3B | ₹22.4B | ₹17.2B |
| EBITDA | ₹12.7B | ₹17.4B | ₹21.8B | ₹20.3B | ₹15.3B |
| Net income | ₹8.78B | ₹13.2B | ₹16.6B | ₹16.8B | ₹12.3B |
| Free cash flow | n/a | -₹4.52B | ₹7.71B | ₹15.2B | ₹12.2B |
| Capital expenditure | n/a | ₹11.2B | ₹8.50B | ₹6.20B | ₹3.26B |
| Total debt | ₹3.00B | ₹3.42B | ₹1.84B | ₹1.91B | ₹465M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| PI Industries PIIND.NS | $2.79B | -44% | -15% | 13% | 22.7× | n/a |
| UPL UPL.NS | $4.78B | -18% | +10% | 14% | 14.8× | 10.9% |
| Rallis India RALLIS.NS | $389M | -28% | +7% | 10% | 17.6× | 20.1% |
| Anupam Rasayan India ANURAS.NS | $1.40B | -15% | +52% | 16% | 45.8× | n/a |
| Navin Fluorine International NAVINFLUOR.NS | $4.89B | +27% | +46% | 30% | 45.6× | 34.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PIIND.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.5% | -5.5% | 3rd lowest of 21 |
| 6-month return | -44.1% | -12.2% | 3rd lowest of 21 |
| Distance from 52-week high | -54.7% | -34.8% | 4th lowest of 21 |
| Revenue growth (TTM) | -14.9% | +8.5% | 2nd lowest of 21 |
| Operating margin | 13.3% | 9.7% | 6th highest of 20 |
| Forward P/E | 22.7× | 18.8× | 9th most expensive of 20 |
| ROIC minus cost of capital | -9.4 pp | +0.7 pp | lowest of 19 |
| EV / EBITDA | 18.0× | 7.4× | 2nd most expensive of 6 |
| Net debt / EBITDA | -2.7× | 1.5× | least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PI Industries PIIND.NS | India | $2.79B | -44% | -15% | 13% | 22.7× | n/a | n/a |
| Shanghai Bairun Investment 002568.SZ | China | $2.82B | -8% | +8% | 28% | 24.2× | 14.5% | +8.8% |
| Qingdao Gon Technology 002768.SZ | China | $2.83B | +48% | +15% | 7% | 17.7× | n/a | n/a |
| Beijing Easpring Material Technology 300073.SZ | China | $2.86B | -45% | +116% | 5% | 18.8× | n/a | n/a |
| Sichuan Qiaoyuan Gas 301286.SZ | China | $2.88B | -4% | +8% | 26% | 73.4× | 31.8% | +8.0% |
| K+s SDF.DE | Germany | $2.68B | -13% | +6% | 34% | 11.7× | n/a | n/a |
| Guizhou Chanhen Chemical 002895.SZ | China | $2.64B | -20% | +15% | 18% | 12.9× | 2.4% | +36.1% |
| Nifco 7988.T | Japan | $2.62B | +6% | +4% | 14% | 11.7× | -3.5% | +6.6% |
| China Petroleum Engineering 600339.SS | China | $2.60B | -24% | +8% | 1% | 26.7× | n/a | n/a |
| XTC New Energy Materials (Xiamen) 688778.SS | China | $3.01B | -52% | +78% | 4% | 19.2× | 16.0% | +20.0% |
| Quaker Houghton KWR | United States | $2.58B | +2% | +9% | 9% | 16.9× | 16.3% | +5.9% |
| Hubei Zhenhua Chemical 603067.SS | China | $2.56B | -35% | +31% | 11% | 23.6× | n/a | n/a |
| Kemira KEMIRA.HE | Finland | $2.55B | -8% | -3% | 8% | 16.0× | 3.9% | +2.6% |
| Shanghai Haoyuan Chemexpress 688131.SS | China | $3.11B | +30% | +28% | 13% | 59.6× | 32.0% | +35.2% |
| Bloomage Biotechnology 688363.SS | China | $2.49B | -16% | -22% | 5% | 55.6× | 20.8% | +9.8% |
| Luxi Chemical 000830.SZ | China | $3.13B | -36% | -1% | 4% | 12.1× | -1.4% | +10.6% |
| Daicel 4202.T | Japan | $2.48B | +24% | +2% | 7% | 11.1× | 6.1% | +8.1% |
| Hawkins HWKN | United States | $3.14B | -10% | +9% | 11% | 33.9× | 15.2% | +12.7% |
| Levima Advanced Materials 003022.SZ | China | $3.17B | -34% | +66% | 10% | 30.1× | n/a | n/a |
| Shandong Dongyue Silicone Material 300821.SZ | China | $2.43B | -11% | +13% | 13% | n/a | 20.7% | +8.6% |
| Shanghai Huayi 600623.SS | China | $2.41B | -24% | +5% | n/a | 14.8× | -11.1% | +10.3% |