Chemicals · NSE/BSE: PIIND
PI Industries Limited
Pesticides & Agrochemicals
Market Cap ₹0.44L Cr
Verdict: Average
Quality Scores
Multi-Bagger
74/100
Compounder Quality
81/100
Management Credibility
80/100
Governance
92/100
Cash Flow Quality
65/100
AI Summary
PI Industries is a dominant player in the Custom Synthesis & Manufacturing (CSM) agro-chemical space, holding a position among the top 5 global players. Historically, the company has demonstrated high-quality growth with strong margins, but recently faced a significant cyclicity headwind as evidenced by the TTM sales decline of 16% and profit drop of 25%. While the business remains almost debt-free and holds a high-quality order book (historically ~USD 1.8B), recent working capital expansion and slowing demand indicate a transition period. The transition into pharmaceuticals and the…
Top Opportunities
- Amongst top 5 global players in AgChem CSM
- Almost debt-free balance sheet with large cash reserves
- Consistent double-digit ROE/ROCE over 10-year period
Top Risks
- Revenue growth decelerated significantly in last 5 years
- Working capital days increased from 43 to 192 days
- Negative Free Cash Flow in FY2026 forecast
Latest report: Read the annual report summary →
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