India · Delayed Price · Currency is INR PI Industries Earnings Call Transcripts
Fiscal Year 2026
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FY26 saw resilient performance amid a global agrochemical downturn, with revenue of INR 67,137 million, 58% gross margin, and 25% EBITDA margin. Pharma grew 40%, biologicals expanded, and new product launches are set to drive positive revenue growth in FY27.
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Q3 FY26 saw revenue of INR 13,757 million and gross margin expansion to 59%, despite global headwinds. Sequential growth is expected in Q4, with a stronger recovery and revenue growth anticipated in FY27, supported by new product launches and robust cash reserves.
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Q2 FY26 saw a 16% YoY revenue decline amid global agrochemical headwinds and domestic regulatory disruptions, but gross margins expanded due to product mix. Recovery is expected from Q4, with strong growth anticipated in pharma and biologicals as investments and new product launches continue.
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Q1 FY 2026 saw revenue decline 8% year-over-year but sequential growth of 7%, with gross margin expanding to 57.4% and EBITDA margin at 27.5%. Domestic and pharma segments grew, while biologicals faced regulatory headwinds. Guidance for single-digit revenue growth and sustained margins remains intact.
Fiscal Year 2025
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Standalone revenue grew 6% and EBIT 17% for FY25, with strong domestic and biologicals growth offsetting export headwinds. EBITDA margin guidance for FY26 is 25%, with CapEx of INR 8–9 billion focused on CSM exports and pharma. Biologicals revenue is targeted to grow 5x in five years.
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Q3 FY25 saw stable revenue and profit growth, with strong performance in new products, biologicals, and pharma. Guidance for FY25 remains mid- to high-single digits, with recovery in exports expected in H2 CY25. Investments in innovation, sustainability, and new segments continue.
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Q2 and H1 FY25 saw resilient growth with revenue up 5% YoY in Q2 and 7% in H1, driven by strong export performance and new product launches. Margins expanded on favorable product mix, while guidance was revised to high single-digit growth due to global destocking and cautious procurement.
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Revenue grew 24.38% year-over-year in Q1 FY25, led by strong export and new product performance, while domestic growth was impacted by delayed monsoon. Margins expanded on favorable product mix, and the company maintains its full-year growth and margin guidance, with robust cash flow and ongoing CapEx plans.