PI Industries (PIIND) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 revenue was INR 17,023 million, with gross margin of 57% and EBITDA margin of 22%, despite cyclical headwinds and global disruptions.

• Biologicals business achieved over 50% growth year-over-year, with strong global traction, especially in Brazil, Mexico, Europe, and the U.S.

• Domestic agri business delivered 12% volume growth and 3% revenue growth, outperforming peers amid delayed sowings and high inventory.

• Three new molecules were commercialized, including a new peptide-based biological product launched in the US.

• Consolidated profit after tax for Q1 FY27 was INR 2,002 million, reflecting a year-over-year decline.

Financial highlights

• Q1 FY27 revenue: INR 17,023 million; gross margin: 57%; EBITDA: INR 3,693 million (22% margin); PAT: INR 2,002 million.

• Domestic agri business: 12% volume growth, 3% revenue growth year-over-year.

• Export business faced 8% volume decline and 12% value decline, offset by currency risk management.

• Net working capital reduced by 19 days, releasing INR 300 crore cash; net cash position at INR 38 billion.

• Order book stable at $1.2 billion; contract assets at INR 750 crore.

Outlook and guidance

• FY27 expected to outperform FY26, with export recovery in H2, new product launches, and pharma/biologicals scale-up.

• Revenue growth guidance maintained at low single digits, subject to industry cycles.

• ETR for FY27 expected around 24%.

• CapEx guidance for FY27: INR 700–800 crore, focused on manufacturing, new verticals, and innovation.

• Management remains confident about long-term business prospects despite recent losses in PI Health Sciences.