P.I. Industries (PI IN) – Q2FY27 Result Update – CSM drag to persist over the next 2–3 quarters – HOLD
Published on 05 Nov 2026
PI Industries reported consolidated revenue of INR17bn in Q2FY27, declining 9% YoY while remaining flat QoQ. The CSM segment continued to face headwinds, with exports declining 18% YoY, driven by a 3–4% decline in volumes and a 13–14% impact from pricing and cost pressures, amid genericisation of key molecules and weak global agrochemical demand. Management expects these headwinds to persist over the next 2–3 quarters, with some recovery in volumes towards the end of FY27. The domestic Agri business grew 19% YoY, supported by differentiated products and 45% growth in biologicals. We remain cautious on the stock. However, due to ~19% decline in stock price, we maintain our recommendation to Hold.
