Company Update : Pi Industries Ltd by Motilal Oswal Financial Services Ltd
Operating performance misses our estimates
* Revenue stood at INR13.6b (est. INR16.9b), down 28% YoY.
* Agrochemicals business revenue was down 28% YoY to INR13.2b, and pharma business revenue dipped 6% YoY to INR599m.
* EBITDA stood at INR3b (est. INR4b), down 41% YoY.
* EBITDA margin contracted 500bp YoY to 22% (est. 23.9%); gross margin was 59% (up 630bp YoY); employee expenses rose 650bp YoY to 16.6%; other expenses were up 470bp YoY to 20.5% of sales.
* EBIT margin for the Agrochemical business stood at 21.8% (down 730bp), and Pharma reported EBIT of INR580m vs EBIT loss of INR599m in 3QFY25.
* Adj. PAT was down 19% YoY to INR2.2b (est. INR3b).
* For 9MFY26, revenue/EBITDA/adj. PAT declined 17%/21%/23% to INR51.5b/ INR13.6b/INR10.3b.
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