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PI Industries (PIIND) investor relations material
PI Industries Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary12 Nov, 2025
Executive summary
Q2 FY26 revenue was INR 18,723 million, down 16% YoY, with EBITDA at INR 5,434 million (down 14%) and PAT at INR 4,093 million (down 19%).
H1 FY26 revenue was INR 37,728 million, down 12% YoY, with EBITDA at INR 10,653 million (down 12%) and PAT at INR 8,093 million (down 15%).
Gross margin improved to 57% in Q2 and H1 FY26, up over 550 bps YoY, driven by favorable product mix and operational efficiencies.
Pharma business doubled revenue YoY in H1, with new customer additions in the U.S. and Europe, though profitability remains impacted by investment phase and product mix.
Biologicals business is in investment phase, with global expansion, new research center in Hyderabad, and new US registration and Mexico launch.
Financial highlights
Agchem exports declined 18% in Q2 and 16% in H1 YoY, mainly due to volume drops and customer delivery schedules.
Domestic revenue fell 13% in Q2, impacted by erratic rainfall and regulatory transitions.
Pharma revenue grew 104% YoY in H1, now contributing ~4% of exports revenue.
Capex for H1 FY26 was INR 4,415 million, focused on manufacturing and R&D infrastructure.
Trade working capital days increased to 115, reflecting current market conditions.
Outlook and guidance
Recovery in domestic and export businesses expected from Q4, with positive Rabi season outlook and improved water levels.
Full industry recovery anticipated in H2 2026 or later; short-term guidance remains muted due to ongoing macro headwinds.
Pharma and biologicals expected to scale up over the next few years, with profitability following as scale is achieved.
ETR expected to be 22%-23% for the next 2-3 years.
Continued focus on margin discipline, portfolio diversification, and scaling strategic platforms.
Analyze H1 revenue decline drivers
What caused the H1 CFO decline?
Assess Pharma segment's increasing loss
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Next PI Industries earnings date
Q3 25/266 Feb, 2026
Next PI Industries earnings date
Q3 25/266 Feb, 2026
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Frequently asked questions
PI Industries Limited is an Indian agrochemical company engaged in the manufacturing and distribution of crop protection products and specialty chemicals. The company operates in domestic and international markets, offering research, custom synthesis, and contract manufacturing services. It is headquartered in Udaipur, Rajasthan, India, and its shares are listed on the NSE.
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