P.I. Industries (PI IN) – Q1FY27 Result Update – H2FY27 recovery expected to drive FY27 growth – HOLD
Published on 12 Aug 2026
We expect near-term challenges in the agrochemical space to weigh on overall performance. Concentration towards pyroxasulfone which has gone off patent, would also continue to challenge growth. However, medium-term growth will be supported by biologicals recovery and scale-up in pharma. We estimate consolidated revenue/EBITDA/PAT CAGR of about 6%/5%/-1% over FY26–28E. At CMP, the stock trades at 29x FY28 EPS. We value stock at 30x FY28 EPS, arriving at TP of Rs2,569, and maintain our ‘HOLD’ rating.
